What salary are you happy with these days?
Discussion
I think "ideal salary" is correlated to what your Friends/Family earn. You could be on £20k and feel wealthy or you could be on £100k and feel poor - it's all relative.
Slightly related - a lot of people will justify working 8am - 8pm and weekends not for themselves but because it enables them to buy nice things for the Family (possibly stuff that they wanted when they were kids but knew mum and dad couldn't afford). Actually you might find that your wife and kids value your Time far more than the money you're spending on them.
Slightly related - a lot of people will justify working 8am - 8pm and weekends not for themselves but because it enables them to buy nice things for the Family (possibly stuff that they wanted when they were kids but knew mum and dad couldn't afford). Actually you might find that your wife and kids value your Time far more than the money you're spending on them.
Countdown said:
I think "ideal salary" is correlated to what your Friends/Family earn. You could be on £20k and feel wealthy or you could be on £100k and feel poor - it's all relative..
...and this is what gets people in all sorts of trouble. I certainly don;t know many that share their income. Playing keeping up with the Jones when you have little clue about the Jones finances will only end in tears.I have been striving for £50k and have been doing the work I need to do to justify it, but given the current climate it looks like the next move will be downwards to £42k. This is an issue for me mostly because my recent workload and responsibilities have been what you would expect for a much higher rate. I do need my work / life relationship to rebalance. This is more important than the figure itself right now.
I'm on just shy of £50k.
Next job move will hopefully be to something more enjoyable for around £35k. Thankfully my Mrs and I live pretty frugally, so that won't affect the day to day quality of life so much. Of course, it does mean less spare money, but I'm fine with that.
You need SOME money, because houses and food and electricity (and doing nice things) cost money, but above that I have to say owning additional currency is nice, but I'd not be miserable for it. I'm perfectly happy driving round in my little van. I'm not saying an Aston Martin wouldn't be nice, I'd not turn one down, but if I have to be constantly stressed to get it, I'll leave it, thanks.
Next job move will hopefully be to something more enjoyable for around £35k. Thankfully my Mrs and I live pretty frugally, so that won't affect the day to day quality of life so much. Of course, it does mean less spare money, but I'm fine with that.
You need SOME money, because houses and food and electricity (and doing nice things) cost money, but above that I have to say owning additional currency is nice, but I'd not be miserable for it. I'm perfectly happy driving round in my little van. I'm not saying an Aston Martin wouldn't be nice, I'd not turn one down, but if I have to be constantly stressed to get it, I'll leave it, thanks.
I'm on just shy of £50k.
Next job move will hopefully be to something more enjoyable for around £35k. Thankfully my Mrs and I live pretty frugally, so that won't affect the day to day quality of life so much. Of course, it does mean less spare money, but I'm fine with that.
You need SOME money, because houses and food and electricity (and doing nice things) cost money, but above that I have to say owning additional currency is nice, but I'd not be miserable for it. I'm perfectly happy driving round in my little van. I'm not saying an Aston Martin wouldn't be nice, I'd not turn one down, but if I have to be constantly stressed to get it, I'll leave it, thanks.
Next job move will hopefully be to something more enjoyable for around £35k. Thankfully my Mrs and I live pretty frugally, so that won't affect the day to day quality of life so much. Of course, it does mean less spare money, but I'm fine with that.
You need SOME money, because houses and food and electricity (and doing nice things) cost money, but above that I have to say owning additional currency is nice, but I'd not be miserable for it. I'm perfectly happy driving round in my little van. I'm not saying an Aston Martin wouldn't be nice, I'd not turn one down, but if I have to be constantly stressed to get it, I'll leave it, thanks.
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.
Gotta keep going on the hamster wheel, chasing the cheese.
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.
I remember reading an article in Men's Health on how much you earn correlated to happiness. I cant remember how it was worked out, but at something relatively easily achievable of 70/80k it said gave 90% of the happiness of someone who earned millions.
Probably makes sense, as depending on where you live, it allows for all the food, shelter and bills paid for plus a bit of fun money for cars and holidays. The millionaire would just have more time to themselves and 'better' cars/holidays.
Probably makes sense, as depending on where you live, it allows for all the food, shelter and bills paid for plus a bit of fun money for cars and holidays. The millionaire would just have more time to themselves and 'better' cars/holidays.
GT03ROB said:
Klan you really are full of it
I’m sorry, but why exactly? I have to support my parents 1.5 - 2k a month, pay a mortgage in London, save for a rainy day / retirement and private school is 30 - 40k a year. Plus a few trips home per year in biz class which is 4 - 5k per pax.As others said, location makes a difference. Property here is £1k per sq ft, and you’d need a minimum of 1000. And in terms of other expenses, parking is £1.5k pa per car, insurance £3k, apartment service charge 8- 10k pa etc. It’s just expensive
Quite how that can be comfortably done on less than £350k as a salaried employee with no tax deductions I don’t know, but I’m sure you’ll enlighten me.
Edited to say: this assumes the wife is >£120k as well, as will need full time live-in help given working hours and business travel demands
Wife is a CFA and CA and has done the numbers, and that is what it will take.
I am rather envious of those who DON’T need to chase the £££ and can live a simpler, less stressful life.
Edited by klan8456 on Sunday 18th October 16:56
Went from high 40's to nothing and living off savings for the last couple of years.
Weirdly didn't feel any poorer earning nothing, although I'm lucky enough to own my house but still running a few cars inc a TVR.
Going back into similar paid work next year but hopefully not too much stress. Family time is more important than chasing an extra few grand.
Weirdly didn't feel any poorer earning nothing, although I'm lucky enough to own my house but still running a few cars inc a TVR.
Going back into similar paid work next year but hopefully not too much stress. Family time is more important than chasing an extra few grand.
Kids are the killer. Late 20s, reasonable dual income with no kids was great, saved loads... In hindsight that was a sensible thing to do. Now with more mouths to feed, childcare, wife working part time, its harder to save much. I am in favour of a decent work-life balance though and am fortunate to have that, because again kids make things even harder and probably change your priorities. I'm not driven to work all the hours or climb right to the top of the pole just for a bit more cash.
klan8456 said:
GT03ROB said:
Klan you really are full of it
I’m sorry, but why exactly? I have to support my parents 1.5 - 2k a month, pay a mortgage, save for a rainy day / retirement and private school is 30 - 40k a year. Plus a few trips home per year in biz class which is 4 - 5k per pax. Quite how that can be comfortably done on less than £350k as a salaried employee with no tax deductions I don’t know, but I’m sure you’ll enlighten me.
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?
All depends on where you live IMO.
I'm 26 and will probably take home about 50k this year, but that's doing a lot of overtime. I could get a higher salary but with that would come more responsibility, which I certainly don't want for another few years at least. No kids and still living at home means I can save like mad, but in the next 3 or 4 years I'll have my own place and hopefully at least one child, so my salary definitely won't go as far as it does at the minute!
I'm 26 and will probably take home about 50k this year, but that's doing a lot of overtime. I could get a higher salary but with that would come more responsibility, which I certainly don't want for another few years at least. No kids and still living at home means I can save like mad, but in the next 3 or 4 years I'll have my own place and hopefully at least one child, so my salary definitely won't go as far as it does at the minute!
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.
Awful thread, you knew how it was going to look, I flicked through a few posts and found them all, rich, bragging, funny and sad.
Life is about living, not working, it's really that simple for me, salary wise my industry has been decimated by Eastern European immigration so my levels have dropped a lot and it means I am confined to certain parts of the country to live that are expensive to live in.
Life is about living, not working, it's really that simple for me, salary wise my industry has been decimated by Eastern European immigration so my levels have dropped a lot and it means I am confined to certain parts of the country to live that are expensive to live in.
ChocolateFrog said:
Went from high 40's to nothing and living off savings for the last couple of years.
Weirdly didn't feel any poorer earning nothing, although I'm lucky enough to own my house but still running a few cars inc a TVR.
Going back into similar paid work next year but hopefully not too much stress. Family time is more important than chasing an extra few grand.
I'm at the start of your journey having just been made redundant.Weirdly didn't feel any poorer earning nothing, although I'm lucky enough to own my house but still running a few cars inc a TVR.
Going back into similar paid work next year but hopefully not too much stress. Family time is more important than chasing an extra few grand.
I've got enough put aside to last a year but I'm hoping I can find something before then.
I haven't got any particular salary expectations. Being furloughed has reined my expenditure right in so if I continue in that vein I can live on a lot less than I was.
klan8456 said:
I’m sorry, but why exactly? I have to support my parents 1.5 - 2k a month, pay a mortgage in London, save for a rainy day / retirement and private school is 30 - 40k a year. Plus a few trips home per year in biz class which is 4 - 5k per pax.
As others said, location makes a difference. Property here is £1k per sq ft, and you’d need a minimum of 1000. And in terms of other expenses, parking is £1.5k pa per car, insurance £3k, apartment service charge 8- 10k pa etc. It’s just expensive
Quite how that can be comfortably done on less than £350k as a salaried employee with no tax deductions I don’t know, but I’m sure you’ll enlighten me.
Edited to say: this assumes the wife is >£120k as well, as will need full time live-in help given working hours and business travel demands
Wife is a CFA and CA and has done the numbers, and that is what it will take.
I am rather envious of those who DON’T need to chase the £££ and can live a simpler, less stressful life.
Where are you flying that it costs you £4-5k per passenger in business class? I can’t think of many places that cost that much unless you’re really not very savvy with purchasing your tickets.As others said, location makes a difference. Property here is £1k per sq ft, and you’d need a minimum of 1000. And in terms of other expenses, parking is £1.5k pa per car, insurance £3k, apartment service charge 8- 10k pa etc. It’s just expensive
Quite how that can be comfortably done on less than £350k as a salaried employee with no tax deductions I don’t know, but I’m sure you’ll enlighten me.
Edited to say: this assumes the wife is >£120k as well, as will need full time live-in help given working hours and business travel demands
Wife is a CFA and CA and has done the numbers, and that is what it will take.
I am rather envious of those who DON’T need to chase the £££ and can live a simpler, less stressful life.
Edited by klan8456 on Sunday 18th October 16:56
Anyhoo, I’m happy with what we have. We could live on less, I wouldn’t complain if it was more but I’m lucky enough to have found something that I like doing that pays me well enough to enjoy my hobbies and gives me plenty of down time. I could do what klan says and work more but then I wouldn’t be living, I could do something with less responsibility but then I’d be both bored and have to think about money more which would offset some of the reduced pressure. It’s all about finding a sweet spot and in this country we’re quite fortunate that for many with a little effort and expectations set appropriately we can find a good work/home life balance unlike many in other countries.
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