Any point in not just taking out a large mortgage?

[TA14]

Bluebarge said:

jonah35 said:

Which bit don't you believe?

Look on pilot jobs network for pilot pay in Dubai. They get basic plus flight pay plus pay for working days off.
Solicitors, Google the pay for magic circle law firms.
Dentists can be on easy £100k plus with final salary pension
Oil and gas mates get £600 per day
IT mates anything between £300 and £900 per day

They could be lying but I don't think so, they're all brutally honest and don't care and would tell me to the penny if I could be bothered asking.

Getting off topic though, your statement that they will 'trend upwards' kind of implies what I mean,mine you state it's a fact they will rise.

They may well do and you may be right but it's the certainty that people believe that gets me

Magic Circle firms make up a very small proportion of the lawyers in this country, and you will need to do a lot more than "go to Uni and do as you're told" to be on those figures ...
So, in the field I know about, the figures you quote are miles away from the reality for most people.

No, no, no. What do you and the IFS know? Read the thread - hard working magic circle guys will be on at least double the £100K per anum that a run of the mill lawyer (or plumber) earns:

jonah35 said:

Solicitors if you just go to uni and do what you're told are on over £100k at 30

[crackthatoff]

Wacky Racer said:

Who dares wins.....

Not for me thanks, I like to sleep at night.

What goes up always comes down....

same here... if the worst came to the worst i could still afford to pay the mortgage working at maccy d's

[berlintaxi]

jonah35 said:

Which bit don't you believe?

Look on pilot jobs network for pilot pay in Dubai. They get basic plus flight pay plus pay for working days off.
Solicitors, Google the pay for magic circle law firms.
Dentists can be on easy £100k plus with final salary pension
Oil and gas mates get £600 per day
IT mates anything between £300 and £900 per day

They could be lying but I don't think so, they're all brutally honest and don't care and would tell me to the penny if I could be bothered asking.

Have a look on here.

http://www.payscale.com/research/UK/Job=Dentist/Sa...

Ok, it is average salaries, so some people will earn a lot more, but they will not be the majority. Your figures sound like pub talk.

[GreatGranny]

Timmy40 said:

Cobblers. A £100k salary gives you £65k take home annually. A day rate of £340 a day give you the same. £340 a day is by no means high. A relatively inexperienced monkey BA will get that.

Don't believe me? Go to Jobserve, type in Business Analyst.

How many days a year are you working for?

Working 5 days a week for 48 weeks a year gives you £81,600 at 340/day.

You would need to work an average of 5.6 days a week for 52 weeks to earn £100 gross.
(Yes I am bored at work)

[trooperiziz]

The rule of thumb is x1.4 gross, I believe, to get an equivalent package if contracting, to cover everything extra you get with a permanent position (holiday, sick, pension, bonus, insurance, etc...)

[Timmy40]

GreatGranny said:

Timmy40 said:

Cobblers. A £100k salary gives you £65k take home annually. A day rate of £340 a day give you the same. £340 a day is by no means high. A relatively inexperienced monkey BA will get that.

Don't believe me? Go to Jobserve, type in Business Analyst.

How many days a year are you working for?

Working 5 days a week for 48 weeks a year gives you £81,600 at 340/day.

You would need to work an average of 5.6 days a week for 52 weeks to earn £100 gross.
(Yes I am bored at work)

No you wouldn't. Knock 20% tax off that £81k and you get £65k which is the same take home as a permie on £100k.

[Otispunkmeyer]

Sheepshanks said:

CoolHands said:

not many couples earn 200k so I hardly think your examples are typical.

I think another very Southern thing is women earning good money - male colleagues are married to doctors, dentists, solicitors, head-teachers etc. The one married to the head-teacher complains about how little she gets paid.

How can you be a head teacher at 30? All my head masters were old boys who put the fear of god into you. Think one of them got a knighthood for his best impression of the demon headmaster. "YOU BOY....."

[Otispunkmeyer]

Bluebarge said:

jonah35 said:

Which bit don't you believe?

Look on pilot jobs network for pilot pay in Dubai. They get basic plus flight pay plus pay for working days off.
Solicitors, Google the pay for magic circle law firms.
Dentists can be on easy £100k plus with final salary pension
Oil and gas mates get £600 per day
IT mates anything between £300 and £900 per day

They could be lying but I don't think so, they're all brutally honest and don't care and would tell me to the penny if I could be bothered asking.

Getting off topic though, your statement that they will 'trend upwards' kind of implies what I mean,mine you state it's a fact they will rise.

They may well do and you may be right but it's the certainty that people believe that gets me

Magic Circle firms make up a very small proportion of the lawyers in this country, and you will need to do a lot more than "go to Uni and do as you're told" to be on those figures - try a first from Oxbridge and in your LPC and a lot of useful work experience before you are accepted for training in a Magic Circle firm, where, after 2 years training, IF they offer you a job, you can expect to be on about £60k in your 1st year post-training; 6 years post-training, you probably wouldn't be on more than £120k, and then would sit at that level unless you make partner. So, 8 years post-Uni you might just be about on the figures you mentioned, but, in the meantime, you would be expected to work minimum 12 hour days with many weekends as well, and sometimes work round the clock for 48 hours or more. It's not money for nothing, by any means.

In a commercial firm in the Midlands, you would probably get £32k on qualification, and then not get much more than £60k by 6 years post-training, unless you make partner.

In some High Street firms, partners with 20+ years experience are not making more than £40-50k.

So, in the field I know about, the figures you quote are miles away from the reality for most people.

Swings and roundabouts this salary stuff. I know someone who whilst well into their 40's now, earns over 250k PA. But, they have a nanny, cleaner, gardener, private schooling for two kids and when stuff like the boiler breaks, that other posters plumber mate will be round to fleece her for a £2k boiler install because a pump died. Because she doesn't even have the time to question what is wrong with the boiler, just easier to pay some man "some money" to make it go away.

Other friends and my Dad work in O&G. My dad would spend 6 months of the year in a 6ft cube shared with a sweaty arab. My friends are doing similar or living out of a suitcase for most of their life.

IT seems to have good balance among my friends though. Earning good but not always burning the midnight oil. And they only do that because they fanny about or haven't planned properly.

Just leaves the profession the rest of my friends chose, including me. Engineering. Mistake. I thought it would be interesting as a career. It isn't. Really the choice potential engineering students should be given is: Do you want to make a little money working long boring hours or do you want to make more money working long boring hours? If the latter...leave the room now.

Oh and do you like Excel?

Edited by Otispunkmeyer on Tuesday 28th April 13:31

[vxsmithers]

[quote=jonah35

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.


[/quote]

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

Or an FD for that matter. Genuinely interested

[TA14]

vxsmithers said:

jonah35 said:

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

About £250K pa - why do you think that the NHS is so short of money?

[vxsmithers]

TA14 said:

vxsmithers said:

jonah35 said:

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

About £250K pa - why do you think that the NHS is so short of money?

I wish this was true. I could give up work and let the Mrs scrape a living. It would be tough but some sacrifices would need to be made

[vxsmithers]

berlintaxi said:

vxsmithers said:

[quote=jonah35

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

Or an FD for that matter. Genuinely interested

You have to remember that these are the OPs poorer friends, his other mates are creaming it.

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Edited by berlintaxi on Tuesday 28th April 14:56

Ahh didn't realise he had history in fantasy land

[Neil H]

vxsmithers said:

berlintaxi said:

vxsmithers said:

[quote=jonah35

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

Or an FD for that matter. Genuinely interested

You have to remember that these are the OPs poorer friends, his other mates are creaming it.

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Edited by berlintaxi on Tuesday 28th April 14:56

Ahh didn't realise he had history in fantasy land

"£250k is £9720 after tax and a modest 4% pension.

It is not much."

[TA14]

Neil H said:

vxsmithers said:

berlintaxi said:

vxsmithers said:

jonah35 said:

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

Or an FD for that matter. Genuinely interested

You have to remember that these are the OPs poorer friends, his other mates are creaming it.

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Ahh didn't realise he had history in fantasy land

"£250k is £9720 after tax and a modest 4% pension.

It is not much."

Hold on I quite agree with Jonah there. Let's look at that again:

jonah35 said:

£250k (p.a.) ... is not much ... Maximise his and hers isas so £2500pm there. Mortgage, cars, bills, schooling, holidays, waitrose, cleaner, gardener, usual average stuff and it's all gone.

So that's £250K, less tax, less £100K for the gardener and less another £100K for the cleaner, all the usual wages, you won't even break even. How on earth he can afford to shop at Waitrose on £250K p.a. amazes me

[vxsmithers]

TA14 said:

Neil H said:

vxsmithers said:

berlintaxi said:

vxsmithers said:

jonah35 said:

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

Or an FD for that matter. Genuinely interested

You have to remember that these are the OPs poorer friends, his other mates are creaming it.

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Ahh didn't realise he had history in fantasy land

"£250k is £9720 after tax and a modest 4% pension.

It is not much."

Hold on I quite agree with Jonah there. Let's look at that again:

jonah35 said:

£250k (p.a.) ... is not much ... Maximise his and hers isas so £2500pm there. Mortgage, cars, bills, schooling, holidays, waitrose, cleaner, gardener, usual average stuff and it's all gone.

So that's £250K, less tax, less £100K for the gardener and less another £100K for the cleaner, all the usual wages, you won't even break even. How on earth he can afford to shop at Waitrose on £250K p.a. amazes me

Somehow I don't think he'll come back to answer my question probably too busy worrying how to pay the feng shut consultant

[Sheepshanks]

Otispunkmeyer said:

Sheepshanks said:

CoolHands said:

not many couples earn 200k so I hardly think your examples are typical.

I think another very Southern thing is women earning good money - male colleagues are married to doctors, dentists, solicitors, head-teachers etc. The one married to the head-teacher complains about how little she gets paid.

How can you be a head teacher at 30? All my head masters were old boys who put the fear of god into you. Think one of them got a knighthood for his best impression of the demon headmaster. "YOU BOY....."

I know the comment in TIC, but the one I know got the job as no-one applied and they begged her (she was deputy head) to do it. Lack of applicants is a big problem in the SE, apparently - being a head isn't much better paid then being deputy but get a bad Ofsted and you're out on your ear with little chance of getting another job.

I saw an article about a 28yr old Head the other day.

[Condi]

TA14 said:

So that's £250K, less tax, less £100K for the gardener and less another £100K for the cleaner, all the usual wages, you won't even break even. How on earth he can afford to shop at Waitrose on £250K p.a. amazes me

He lives in Middlesbrough, according to his profile. You can probably rent an army of home help for £2.50 and a packet of ciggies. With 100k/yr you're the richest person there!

[pauldavies85]

Not much help but as a dentist qualified in the past decade, very few earn 100k let alone easy.
Maybe a older practice owner who hasn't got 500k or more of loans to pay off!

And dentists have never had final salary pensions, as they've never been employed by the
NHS. they are self employed contractors, associates such as myself are privately reimbursed by the practice, GP's work much in the same way.

[jonah35]

Hmm, not gone the way I'd have hoped.

If you work hard and do well you would work at the top of your profession.

The pay scales for plumbers and electricians etc are low because they want to declare low incomes.

It's not about whether you think £250kmpa is much money or not. Personally, I fully accept it is a lot more than most, BUT £10k per month could easily be spent. It would not allow flash new cars, £20k holidays 4 times pa, top private schools, Nannys etc.

Believe what you want about salarys but some lawyers earn over £100kpa, some dentists do, many contractors earn £600 per day, traders can earn a lot too. I'm not going to argue

My point being that all these people feel that house prices will only go up and, if this is the case why bother doing anything but take out a large mortgage. Eg a £500k house in London going up to £800k is £300k tax free. That is a lifetimes saving for most people. Even someone earning £100k could save what, £1-2kmper month? It would take an entire working life to save up that £300k.

[jonah35]

vxsmithers said:

[quote=jonah35

I look online at these payscales for financial directors, pilots, nurses, teachers etc and they all seem far lower than reality.

My favourite quote. How can online salaries not be linked to reality? How much do you think a real life nurse earns???

Or an FD for that matter. Genuinely interested

My friend is a nurse and she gets about £40k plus a final salary pension.

Not every online survey is correct!