Millions have saving of less than £100

Millions have saving of less than £100

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VolvoT5

4,155 posts

173 months

Friday 30th September 2016
quotequote all
z4RRSchris said:
i am lucky to earn 6 figs, i have zero savings (29, rented house, no kids) - find life much better when you just spunk it.
Is this for real or a wind up post?

I mean honestly I'm wondering how someone so short sighted could get high enough on the ladder to earn 6 figures. Zero savings... What if you get ill or are made redundant and can't work for a while?

What the hell do you spend it on? Unless you live in a very expensive part of London (even so...why?) it is pretty hard to see how you can blow through 65k+ (net) a year as a single man with no commitments.

Edited by VolvoT5 on Friday 30th September 18:28

towser44

3,472 posts

114 months

Friday 30th September 2016
quotequote all
VolvoT5 said:
z4RRSchris said:
i am lucky to earn 6 figs, i have zero savings (29, rented house, no kids) - find life much better when you just spunk it.
Is this for real or a wind up post?

I mean honestly I'm wondering how someone so short sighted could get high enough on the ladder to earn 6 figures. Zero savings... What if you get ill or are made redundant and can't work for a while?

What the hell do you spend it on? Unless you live in a very expensive part of London (even so...why?) it is pretty hard to see how you can blow through 65k+ (net) a year as a single man with no commitments.

Edited by VolvoT5 on Friday 30th September 18:28
No commitments, except he hasn't said he doesn't have a Mrs ;-)

Burwood

18,709 posts

245 months

Friday 30th September 2016
quotequote all
VolvoT5 said:
z4RRSchris said:
i am lucky to earn 6 figs, i have zero savings (29, rented house, no kids) - find life much better when you just spunk it.
Is this for real or a wind up post?

I mean honestly I'm wondering how someone so short sighted could get high enough on the ladder to earn 6 figures. Zero savings... What if you get ill or are made redundant and can't work for a while?

What the hell do you spend it on? Unless you live in a very expensive part of London (even so...why?) it is pretty hard to see how you can blow through 65k+ (net) a year as a single man with no commitments.

Edited by VolvoT5 on Friday 30th September 18:28
I believe Chris has a lot of nice clothes, watches etc. Im not taking the piss either. Each to their own. I know several 40 something professionals with 50k on a credit card paying 18% or whatever it is. All because they have to keep up with their friends and have 3 nice holidays. These are people who earn 300K a year and they still blow it of crap, and school fees smile

768

13,599 posts

95 months

Friday 30th September 2016
quotequote all
VolvoT5 said:
What the hell do you spend it on? Unless you live in a very expensive part of London (even so...why?) it is pretty hard to see how you can blow through 65k+ (net) a year as a single man with no commitments.
http://www.pistonheads.com/classifieds?Category=used-cars&MinPrice=65000&SortOptions=PriceLowToHigh

VolvoT5

4,155 posts

173 months

Friday 30th September 2016
quotequote all
towser44 said:
No commitments, except he hasn't said he doesn't have a Mrs ;-)
Oh ok fair enough but presumably if he does have a better half and they don't have kids then she would be working too.... so even more income to burn.

I just find it hard to believe anyone doing that well in life would be so short sighted and have literally 0 savings as a back up plan.


z4RRSchris

11,218 posts

178 months

Friday 30th September 2016
quotequote all
5% pension from work. Don't pay in myself

I spunk it on rent, cars, food, holidays, clothes watches taxis booze and the girlfriend

I could sell some of my material goods if I really wanted to if st hit the fan





Edited by z4RRSchris on Friday 30th September 19:22

klmhcp

247 posts

91 months

Friday 30th September 2016
quotequote all
Some of you guys need a reality check. £100k is a very average salary in London. Not really enough to buy a nice place with and so I'm unsure why people think he's lying - he's like many: ok earnings but nothing to show for it. Seems ridiculous to people outside the young(ish) in London but it's a common story.

I'm always amazed at how people will work long hours to earn the money but do t bother to try and save or invest some. Their bosses must laugh at them gratefully.

Willy Nilly

12,511 posts

166 months

Friday 30th September 2016
quotequote all
z4RRSchris said:
5% pension from work. Don't pay in myself

I spunk it on rent, cars, food, holidays, clothes watches taxis booze and the girlfriend

I could sell some of my material goods if I really wanted to if st hit the fan





Edited by z4RRSchris on Friday 30th September 19:22
Have you been told what that will give you when you retire? If so, can you afford to live on it? You do realise that you get quite a bit of tax relief of pension contributions? Never mind various savings products that are designed for exactly people like you that don't save?



caelite

4,273 posts

111 months

Friday 30th September 2016
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Currently got £23.97 in my account & I dont get paid until next week, thank god for credit cards, lifes a bh.

don4l

10,058 posts

175 months

Friday 30th September 2016
quotequote all
Burwood said:
I believe Chris has a lot of nice clothes, watches etc. Im not taking the piss either. Each to their own. I know several 40 something professionals with 50k on a credit card paying 18% or whatever it is. All because they have to keep up with their friends and have 3 nice holidays. These are people who earn 300K a year and they still blow it of crap, and school fees smile
I had a friend who earned the same as I did.

I once said to him "Oh, I have a shirt just like that" pointing at the shirt that he was wearing. His reply was "Oh no, you haven't".

He knew that my clothes came from M&S, whereas his came from the most expensive outlets. The two shirts did look identical.

He ended up losing his house and car. He now lives in rented accomodation.

He had bought the house jointly with his mother. She had put £170k into it. By the time he was forced to sell, he only had £20k equity in it.

Very sad.


anonymous-user

53 months

Friday 30th September 2016
quotequote all
anonymous said:
[redacted]
I would suggest that for some, especially in London, it's fairly easy to blow £5k each month.

At a guess:
£2000 a month rent
£1000 bills (council tax, Sky, broadband, gas, electricity, mobile phone, car payments/leasing, etc)

That leaves £500 a week to spend on shopping, food, drink, petrol, car expenses, hobbies, eating out, entertainment, clothes and other purchases.

That's before you factor in large purchases and holidays etc.

z4RRSchris

11,218 posts

178 months

Friday 30th September 2016
quotequote all
1800 rent and bills, spunk the rest. Circa 6kpm blown

GT03ROB

13,207 posts

220 months

Friday 30th September 2016
quotequote all
z4RRSchris said:
1800 rent and bills, spunk the rest. Circa 6kpm blown
I guess if you are happy thats fine!

rsv gone!

11,288 posts

240 months

Friday 30th September 2016
quotequote all
PorkInsider said:
lotusmad2001 said:
I do have a pet hate for people that don't spend a penny on anything. sat in a house that is in disrepair, knackered old car and screaming poverty when they have £££££'s in the bank with no mortgage. Do not get that mentality at all
The middle ground is where it's at.
It doesn't make a good PH thread, though.

scenario8

6,554 posts

178 months

Friday 30th September 2016
quotequote all
Just to remind everyone, for the nth time, that even in London £100k pa is only a very average salary in a peculiarly PH kind of way.

That said, there are oodles of high earners in London who manage to find themselves "short" with great frequency. I think this in some way explains why these high earners seem to consistently consider themselves "average" earners. Further down the strata hundreds of thousands, if not millions of Londoners live pretty much hand to mouth with next to no liquid assets and are only ever one or two months away from ruin should they get that figurative call from HR to pop upstairs for a chat.

RYH64E

7,960 posts

243 months

Friday 30th September 2016
quotequote all
z4RRSchris said:
1800 rent and bills, spunk the rest. Circa 6kpm blown
You're doing well to rent a £1m flat for £1800/month including bills.

basherX

2,463 posts

160 months

Friday 30th September 2016
quotequote all
scenario8 said:
Just to remind everyone, for the nth time, that even in London £100k pa is only a very average salary in a peculiarly PH kind of way.
This isn't borne out by the ONS data: http://metro.co.uk/2015/11/18/how-does-your-salary...

anonymous-user

53 months

Friday 30th September 2016
quotequote all
anonymous said:
[redacted]
For some people just burns a hole in their pocket.
I am the same, as was my father.


I have always found a way to keep the wheel turning, even when I was 16 with completely different aspirations and monthly outgoings.


I quite enjoy working though, which is a good job history suggests I will probably keep going even though I would have been better off if i have taken a sensible pill and retired when I was 40.

TheLordJohn

5,746 posts

145 months

Friday 30th September 2016
quotequote all
scenario8 said:
Just to remind everyone, for the nth time, that even in London £100k pa is only a very average salary.
If it's the nth time, feel free to stop telling us smile

Fittster

20,120 posts

212 months

Friday 30th September 2016
quotequote all
scenario8 said:
Just to remind everyone, for the nth time, that even in London £100k pa is only a very average salary in a peculiarly PH kind of way.
Evidence for that fact?