What salary are you happy with these days?
Discussion
RS93 said:
The cost of living seems to regularly increase, and we all live to our means in a way...but what salary are you happy on? Some decide to take a pay decrease for a less stressful job but then of course may be able to afford the nicer things in life..
I seem to sit around the mid 30s..per year, if I want more I need to get chartered (surveying) but unsure whether the additional income is worth the added pressure / responsibilities at present..
I’ve got friends who are on 45-50k but don’t seem any happier, just eat out at more expensive places, more expensive clothes...cars..holidays etc. Work with a lot of site managers who are on 60-70k + a year but seem miserable as anything..
Not entirely sure what I’m trying to say , but keen to hear other people’s thoughts whether you chase the money and are happy doing this or whether you settle for a less paid job that’s more rewarding and your happy?
there is a bit in this....Work with a lot of site managers who are on 60-70k + a year but seem miserable as anything..I seem to sit around the mid 30s..per year, if I want more I need to get chartered (surveying) but unsure whether the additional income is worth the added pressure / responsibilities at present..
I’ve got friends who are on 45-50k but don’t seem any happier, just eat out at more expensive places, more expensive clothes...cars..holidays etc. Work with a lot of site managers who are on 60-70k + a year but seem miserable as anything..
Not entirely sure what I’m trying to say , but keen to hear other people’s thoughts whether you chase the money and are happy doing this or whether you settle for a less paid job that’s more rewarding and your happy?
Seriously they will be under enormous pressure and that will make them crabbit lol
PrinceRupert said:
What higher income does is remove stresses that can cause misery. When we had a big income jump, the most noticeable thing was we no longer had to think about what we are spending. Obviously I'm not talking the level of wealth that let's me buy a Lamborghini on a whim, but I can go out for dinner and get whatever takes my fancy without thinking about it, or pay the 500 quid to get the brakes sorted on my car without thinking twice. The latter being a case in point - before I had to get my brakes sorted on boxing day in a rush and it cost me 500 quid and it was painful. That today wouldn't even register.
Exactly this.30k pro rata but i only do 4 days instead of 5 a week so closer to 24k. Single mid 30s had a job in the same industry paying 65k but it consumed my life. Now im a big fish in a little pond chugging along doing enough to look more competent than my fellow line managers. The hours are a bit s
tty its not 9-5 but 3 days off make up for it.
It is quite a good feeling knowing the company cant play the dangle carrot to make you do more work when they want someone for an extra stty job or responsibility.
Building up a small side business so I can reduce those days or just quite whenever I want.
tty its not 9-5 but 3 days off make up for it. It is quite a good feeling knowing the company cant play the dangle carrot to make you do more work when they want someone for an extra s
tty job or responsibility.Building up a small side business so I can reduce those days or just quite whenever I want.
Rob_125 said:
I'm fairly content with my salary - £37k although around £42k after certain allowances. That said earning potential is easily 50-60k with away jobs, shift work and overtime. As other have said in just cannot justify getting several promotions for a 50k salary, it's not worth the hassle. The missus is on 30k. So we average around 80k combined income which is super comfortable at the moment. Probably saving around a combined 3k a month at the moment, but this will change when we upsize and get a mortgage again.
So you’re effectively living off of your wifes salary day to day as you sound like you save the entirety of yours after tax?To klan8456 and his detractors. Its easily understandable someone in his position, i assume in the SW, originally from outside the UK needing that to fund the lifestyle elements he has described my only comment would be that when you are at that level it gets much more cut throat and the pressure of competition in your industry/field/peers means i would look at developing a safety net or way out should it all come crashing down.
Me, was a techie on mid £30s in my late twenties. Didnt love it, surrounded by 1s and 0s type hardcore geeks. Got binned off during yhe 08/09 crash then blagged a PM role and doubled my salary over 3 years. Got popular with customers, my skill is being able to engage even people that dont like me and tell a story. Watched the sales guys around me making more cash while i did the donkey work. I took the first opportunity that came to make the jump and salary has accelerated significantly since then. I’m a sales leader now and people look to me for a plan about how we’ll make $xM this year or fix a problem customer. Love the buzz and dont see it as stressful as i recall the stresses of not that long ago making much less with several young children.
My older kids know what I make, we live in a nice house, in a nice area and we get to do fun things as a family whenever we want but i go out of my way to ensure that they know its not the be all and end all, we are in a rich vein but if it went away life would still be life and we’d get by.
I am product of a working class family where money was never easy and my parents both probably worked harder. So i make my kids aware, Daddy worked hard but the thing that made the difference was a couple of timely opportunity grabs and a hefty(very very hefty) dose of luck.
klan8456 said:
GT03ROB said:
The question being asked is why take all those responsibilities, so you have to earn the money & make yourself miserable. If you lived a simpler life without all those responsibilities wouldn’t you be happier? Do you need such a big mortgage? Do you need to send your kids to an elite school? Do you need to fly business class? You could maybe reduce those long hours you claim to work, and live a little?
Well, the parental responsibilities I don’t have a choice, and that figure is only going to increase if one or both of them end up in a care home. So right from the start I don’t have a choice but to chase big £, even if I were to compromise on everything else for my own personal lifestyle. The hours worked to reach 350k and 150k in the City are broadly the same, so why not have a higher target? That mortgage in London would still be a big compromise, raising a family in 1,000 to 1,200 sq ft is a space management challenge.
Private education is absolutely mandatory. Both my wife and I were fortunate enough to be educated at elite private schools on academic & means tested scholarships. We have both seen the opportunities this eduction has afforded us, and want the same for our child. It’s completely non-negotiable from her stand point. That aside, being mobile for work means we do need to provision for private education if we get dropped into a new country and the state education system isn’t good or is in a foreign language.
Biz class travel isn’t mandatory, but getting home is ca. 25 hours flying time and at my height being further down the back of the bus is distinctly unpleasant, I’d not unhealthy.
1200sqft for a family of 3 is what many make do without a problem; economy class travel is also what most make do with (including beanpoles); private education is not mandatory whatever your wife thinks, it's a very expensive optional extra and certainly doesn't even develop an individual enough to be able to spell the word "education"
. But like I say if you are happy then none of this is a problem.So are you really happy paying for all these things & having to work as you do? Because seriously if you do start to resent it, then there is a relationship that is going to suffer, and as I said before somewhat tongue in cheek, you'll resent it, even more, when she walks off with 75% of everything.
If you think you have no choices you are wrong. You sound like you are doing everything for everybody else, I don't see one mention of doing any of this for yourself. Do yourself a favour & think about it.
cavey76 said:
To klan8456 and his detractors. Its easily understandable someone in his position, i assume in the SW, originally from outside the UK needing that to fund the lifestyle elements he has described my only comment would be that when you are at that level it gets much more cut throat and the pressure of competition in your industry/field/peers means i would look at developing a safety net or way out should it all come crashing down.
Indeed, these roles often have a short shelf life and are difficult to pick up, which is why I specifically mentioned the rainy day fund. Also note that a substantial portion of the £350k I quoted would come in the form of bonus, being stock that is vested over a 3 - 7 year period. You end up being locked in.
Also forgot about the wife’s mother, needing to support her in the same way as my parents, in a far-flung country with no social security net.
So actually, to maintain adequate cash flow year on year, I’d say it’s closer to £400k needed, plus £150k for the wife.
Re: kids and the monumental expenses they rack up, daycare here at the basic local Montessori is £2k a month. Does it cost that much in the rest of the country?
Edited by klan8456 on Monday 19th October 08:32
GT03ROB said:
klan8456 said:
At today’s expense levels, it would be £350k. That provides for savings for a rainy day, a child in private school, look after my parents and ability to pay off a mortgage quicker than 30 years. Once HMRC takes half, there isn’t all that much left to go around!
Gotta keep going on the hamster wheel, chasing the cheese.
Klan you really are full of it Gotta keep going on the hamster wheel, chasing the cheese.
RS93 said:
The cost of living seems to regularly increase, and we all live to our means in a way...but what salary are you happy on? Some decide to take a pay decrease for a less stressful job but then of course may be able to afford the nicer things in life..
I seem to sit around the mid 30s..per year, if I want more I need to get chartered (surveying) but unsure whether the additional income is worth the added pressure / responsibilities at present..
I’ve got friends who are on 45-50k but don’t seem any happier, just eat out at more expensive places, more expensive clothes...cars..holidays etc. Work with a lot of site managers who are on 60-70k + a year but seem miserable as anything..
Not entirely sure what I’m trying to say , but keen to hear other people’s thoughts whether you chase the money and are happy doing this or whether you settle for a less paid job that’s more rewarding and your happy?
I am retired now, with total state and modest private pensions of £13,000ish, which is ample for my needs as my younger wife has a well paid job, and pays all of our living costs.I seem to sit around the mid 30s..per year, if I want more I need to get chartered (surveying) but unsure whether the additional income is worth the added pressure / responsibilities at present..
I’ve got friends who are on 45-50k but don’t seem any happier, just eat out at more expensive places, more expensive clothes...cars..holidays etc. Work with a lot of site managers who are on 60-70k + a year but seem miserable as anything..
Not entirely sure what I’m trying to say , but keen to hear other people’s thoughts whether you chase the money and are happy doing this or whether you settle for a less paid job that’s more rewarding and your happy?
During my working life however, I chased money having a premises management job paying C£40,000 per annum (from which I was fired in 2000), and having various business interests in cars and property.
Although I had plenty of money most of the time, it didn’t make me happy, cost me two marriages, and very nearly my sanity.
I would live my life differently given the opportunity to have another go at it.
I am happy with my salary. Essential expenses constitue approx 55% of my take home. I have about 5 months off each year. I guess I would be happier with more, but then who wouldn't? At the moment I think I have a pretty good work/life balance and secure employment, which in the current climate is a huge contributory factor in that happiness.
The general consensus of this thread seems to be that the more you are paid the more stressful and unpleasant your job must be. In my experience that isn't necessarily always the case. If you find something that you are passionate about and make that your career you are likely going to be very good at it. If you are very good at something then the rewards generally follow.
I've always been happy if I don't have to think about most normal purchases or worry about getting to the end of the month.
i.e. when the dishwasher and dryer packed in, we didn't have to stress about buying new ones and when we bought a new TV and the legs were to wide to fit on the existing TV stand we didn't have to stress about going out and buying another one.
Or when friends ask if we want to go away for New Year we can say count us in without worrying where it is (knowing that our friends wouldn't have booked first class to Barbados obviously).
What is more important is that I enjoy going to work, enjoy what I do, enjoy working with my colleagues and my customers are great mostly. My wife doesn't work so we have no childcare issues, we live close to and see our family quite often (in normal times).
As long as you're happy and not struggling to do what you want to do, surely that's all that really matters?
i.e. when the dishwasher and dryer packed in, we didn't have to stress about buying new ones and when we bought a new TV and the legs were to wide to fit on the existing TV stand we didn't have to stress about going out and buying another one.
Or when friends ask if we want to go away for New Year we can say count us in without worrying where it is (knowing that our friends wouldn't have booked first class to Barbados obviously).
What is more important is that I enjoy going to work, enjoy what I do, enjoy working with my colleagues and my customers are great mostly. My wife doesn't work so we have no childcare issues, we live close to and see our family quite often (in normal times).
As long as you're happy and not struggling to do what you want to do, surely that's all that really matters?
I suppose I've always been happy with my salary and if I wasn't, I went somewhere else where I was... I left college at 18 and landed a warehouse operative job on £28k, which looking back is insane. Living at home and not even being able to drive at the time meant I was banking a lot. I took a pay cut to start an IT apprenticeship and even then I was happy with my salary as it was much easier/nicer, despite earning less.
More recently, after working my way up in my respective field I was happy with my job and salary just before me and my girlfriend bought our first house, I was on £47k and she was on £24k so we were pretty well off considering we live in the North West and we were 24/21 respectively...
By the time we found a house and moved in, we had both been promoted so I went from a healthy £47k to £61k and my OH from £24k to £34k... So it was clear to see from all of the living expenses we had planned out and were comfortable with before just become even more comfortable. We didn't get to feel the benefits of the pay-rise whilst paying those bills but it just meant our previous standard of living (multiple holidays, eating out and cars) didn't have to temporarily go on hold for a year or so whilst we bought all the expensive furniture/appliances, we could just continue... Which was a relief, I just didn't get to feel the relief, if that makes sense?
Either way, I'm happy, we're both in secure employment, permanent WFH, DB pensions, high salaries (especially for our age/location) and we're on the housing ladder (1 year exactly come to think of it!). We're overpaying our mortgage, sticking a chunk in S&S ISA's, going on holidays, eating out and buying nice things etc. Oh and I bought an M2
... so I'd like to think we're pretty well rounded already, just awaiting some compounding.
This thread served as a good reminder to be grateful for what we have, it's very easy to lose sight of how far you've come sometimes... I remember my goal was to always earn more than my Dad, I managed to do that after 3 years of working and I wasn't happy, I felt kind of guilty, as I know he works physically harder and has more responsibilities.
I have found though that as I've progressed from Apprentice > Junior > Mid > Senior the responsibilities have increased but so has my knowledge and experience, so my stress levels haven't spiked suddenly, they've just incrementally risen along with the title. I do plan to progress further, but whether or not I'll make the jump from techie to management, meh, I'm not sure. I like being branded a techie so I get left alone and don't have to do much talking
I do sometimes feel like I have peaked early in my 7 year career, but if that's the case and I'm sat where I am for a few years then I don't mind.
More recently, after working my way up in my respective field I was happy with my job and salary just before me and my girlfriend bought our first house, I was on £47k and she was on £24k so we were pretty well off considering we live in the North West and we were 24/21 respectively...
By the time we found a house and moved in, we had both been promoted so I went from a healthy £47k to £61k and my OH from £24k to £34k... So it was clear to see from all of the living expenses we had planned out and were comfortable with before just become even more comfortable. We didn't get to feel the benefits of the pay-rise whilst paying those bills but it just meant our previous standard of living (multiple holidays, eating out and cars) didn't have to temporarily go on hold for a year or so whilst we bought all the expensive furniture/appliances, we could just continue... Which was a relief, I just didn't get to feel the relief, if that makes sense?
Either way, I'm happy, we're both in secure employment, permanent WFH, DB pensions, high salaries (especially for our age/location) and we're on the housing ladder (1 year exactly come to think of it!). We're overpaying our mortgage, sticking a chunk in S&S ISA's, going on holidays, eating out and buying nice things etc. Oh and I bought an M2
... so I'd like to think we're pretty well rounded already, just awaiting some compounding.This thread served as a good reminder to be grateful for what we have, it's very easy to lose sight of how far you've come sometimes... I remember my goal was to always earn more than my Dad, I managed to do that after 3 years of working and I wasn't happy, I felt kind of guilty, as I know he works physically harder and has more responsibilities.
I have found though that as I've progressed from Apprentice > Junior > Mid > Senior the responsibilities have increased but so has my knowledge and experience, so my stress levels haven't spiked suddenly, they've just incrementally risen along with the title. I do plan to progress further, but whether or not I'll make the jump from techie to management, meh, I'm not sure. I like being branded a techie so I get left alone and don't have to do much talking
I do sometimes feel like I have peaked early in my 7 year career, but if that's the case and I'm sat where I am for a few years then I don't mind.
95JO said:
I suppose I've always been happy with my salary and if I wasn't, I went somewhere else where I was... I left college at 18 and landed a warehouse operative job on £28k, which looking back is insane. Living at home and not even being able to drive at the time meant I was banking a lot. I took a pay cut to start an IT apprenticeship and even then I was happy with my salary as it was much easier/nicer, despite earning less.
More recently, after working my way up in my respective field I was happy with my job and salary just before me and my girlfriend bought our first house, I was on £47k and she was on £24k so we were pretty well off considering we live in the North West and we were 24/21 respectively...
By the time we found a house and moved in, we had both been promoted so I went from a healthy £47k to £61k and my OH from £24k to £34k... So it was clear to see from all of the living expenses we had planned out and were comfortable with before just become even more comfortable. We didn't get to feel the benefits of the pay-rise whilst paying those bills but it just meant our previous standard of living (multiple holidays, eating out and cars) didn't have to temporarily go on hold for a year or so whilst we bought all the expensive furniture/appliances, we could just continue... Which was a relief, I just didn't get to feel the relief, if that makes sense?
Either way, I'm happy, we're both in secure employment, permanent WFH, DB pensions, high salaries (especially for our age/location) and we're on the housing ladder (1 year exactly come to think of it!). We're overpaying our mortgage, sticking a chunk in S&S ISA's, going on holidays, eating out and buying nice things etc. Oh and I bought an M2 ... so I'd like to think we're pretty well rounded already, just awaiting some compounding.
This thread served as a good reminder to be grateful for what we have, it's very easy to lose sight of how far you've come sometimes... I remember my goal was to always earn more than my Dad, I managed to do that after 3 years of working and I wasn't happy, I felt kind of guilty, as I know he works physically harder and has more responsibilities.
I have found though that as I've progressed from Apprentice > Junior > Mid > Senior the responsibilities have increased but so has my knowledge and experience, so my stress levels haven't spiked suddenly, they've just incrementally risen along with the title. I do plan to progress further, but whether or not I'll make the jump from techie to management, meh, I'm not sure. I like being branded a techie so I get left alone and don't have to do much talking
I do sometimes feel like I have peaked early in my 7 year career, but if that's the case and I'm sat where I am for a few years then I don't mind.
Great post.More recently, after working my way up in my respective field I was happy with my job and salary just before me and my girlfriend bought our first house, I was on £47k and she was on £24k so we were pretty well off considering we live in the North West and we were 24/21 respectively...
By the time we found a house and moved in, we had both been promoted so I went from a healthy £47k to £61k and my OH from £24k to £34k... So it was clear to see from all of the living expenses we had planned out and were comfortable with before just become even more comfortable. We didn't get to feel the benefits of the pay-rise whilst paying those bills but it just meant our previous standard of living (multiple holidays, eating out and cars) didn't have to temporarily go on hold for a year or so whilst we bought all the expensive furniture/appliances, we could just continue... Which was a relief, I just didn't get to feel the relief, if that makes sense?
Either way, I'm happy, we're both in secure employment, permanent WFH, DB pensions, high salaries (especially for our age/location) and we're on the housing ladder (1 year exactly come to think of it!). We're overpaying our mortgage, sticking a chunk in S&S ISA's, going on holidays, eating out and buying nice things etc. Oh and I bought an M2
... so I'd like to think we're pretty well rounded already, just awaiting some compounding.This thread served as a good reminder to be grateful for what we have, it's very easy to lose sight of how far you've come sometimes... I remember my goal was to always earn more than my Dad, I managed to do that after 3 years of working and I wasn't happy, I felt kind of guilty, as I know he works physically harder and has more responsibilities.
I have found though that as I've progressed from Apprentice > Junior > Mid > Senior the responsibilities have increased but so has my knowledge and experience, so my stress levels haven't spiked suddenly, they've just incrementally risen along with the title. I do plan to progress further, but whether or not I'll make the jump from techie to management, meh, I'm not sure. I like being branded a techie so I get left alone and don't have to do much talking
I do sometimes feel like I have peaked early in my 7 year career, but if that's the case and I'm sat where I am for a few years then I don't mind.
I always wanted to earn more than my dad too, then I did and like you I felt guilty, because he is genuinely one of the smartest people I've ever met and has many practical and technical skills, the only thing he can't do is IT stuff (which is my only advantage over him).
Congratulations on the M2 and the house, don't forget to enjoy yourself while young.
Leicester Loyal said:
Great post.
I always wanted to earn more than my dad too, then I did and like you I felt guilty, because he is genuinely one of the smartest people I've ever met and has many practical and technical skills, the only thing he can't do is IT stuff (which is my only advantage over him).
Congratulations on the M2 and the house, don't forget to enjoy yourself while young.
Thanks, I wasn't sure how personal I should delve in my post but I remember years back when I used to read these threads I used to really appreciate the ones that actually had some real world figures etc - I've learnt a lot from PH, not much about cars, but a lot about investments, pensions, tax and just general employment matters. It's served me well so far, so hopefully this post is the first step in giving something back.I always wanted to earn more than my dad too, then I did and like you I felt guilty, because he is genuinely one of the smartest people I've ever met and has many practical and technical skills, the only thing he can't do is IT stuff (which is my only advantage over him).
Congratulations on the M2 and the house, don't forget to enjoy yourself while young.
Yeah, it's a weird feeling. The initial warehouse job I had is where he worked and still does, so I've seen first hand the toll his job has on him and he's the one who encouraged me to take the pay cut and get into IT, even found me the job application - I really wouldn't be here without him (literally too of course
).Cheers, an M2 has always been an "attainable" dream car!
klan8456 said:
Well the parental responsibilities I don’t have a choice, and that figure is only going to increase if one or both of them end up in a care home. So right from the start I don’t have a choice but to chase big £, even if I were to compromise on everything else for my own personal lifestyle. The hours worked to reach 350k and 150k in the City are broadly the same, so why not have a higher target? .
What do you do in the city to only get £350k? What happened to the value of that private education?We may look to put our children into private school when the time comes, but it obviously carries quite the stigma, so we’ll need to think carefully.
Neither my wife nor I were thick enough to need it, but it’s obviously possible that our children won’t be so lucky.
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