What salary are you happy with these days?
Discussion
AB said:
I absolutely refuse to believe that isn't a tongue in cheek post and a complete piss take.
Yet everyday there are similar posts on here, no parodies. There really are people that believe this s
t, like having an expensive watch that you think people will notice when the vast majority don't care, only those similar to their views.I'm happy with my salary now, but of course wouldn't say no to the offer of more, but it's all relative.
I'm 25 and on £34k, girlfriend is 22 on £20k (albeit works much harder, but jobs in the care sector don't get the £ they deserve in my opinion).
We rent a cheap 2 bed semi in the midlands, and only I have a car, so our outgoings are low.
We'll buy a house sooner or later, probably the one we rent now - gives me an excuse to give it a much needed spruce up, and I have great neighbours but even then, midlands house prices mean the mortgage will be around what we pay in rent.
No plans for having any children either.
Admittedly it leaves us in a nice position, but it's mostly just through location. I like where we live, and rent/mortgages generally cost a fraction of what they would elsewhere.
You do have to live in the Midlands though
I'm 25 and on £34k, girlfriend is 22 on £20k (albeit works much harder, but jobs in the care sector don't get the £ they deserve in my opinion).
We rent a cheap 2 bed semi in the midlands, and only I have a car, so our outgoings are low.
We'll buy a house sooner or later, probably the one we rent now - gives me an excuse to give it a much needed spruce up, and I have great neighbours but even then, midlands house prices mean the mortgage will be around what we pay in rent.
No plans for having any children either.
Admittedly it leaves us in a nice position, but it's mostly just through location. I like where we live, and rent/mortgages generally cost a fraction of what they would elsewhere.
You do have to live in the Midlands though
The Spruce Goose said:
Yet everyday there are similar posts on here, no parodies. There really are people that believe this st, like having an expensive watch that you think people will notice when the vast majority don't care, only those similar to their views.
I've got an expensive watch - it is nice but honestly I'm not sure what I thought it was going to do for me though. That's consumerism for you though, it makes you think you need or want something. If we all only bought what we actually need then there'd be quite a lot fewer jobs out there. t, like having an expensive watch that you think people will notice when the vast majority don't care, only those similar to their views.£50k (£85k HHI) is the magic number for us right now.
I have tried to approach my career with errmmm “front loading”. I was contracting from about 27-35 and tried to not let my lifestyle inflate whilst chucking a big chunk in to my mortgage and pension, with the intention of doing this for 10 years to allow an easier life. I’m not massively passionate about my job and couldn’t see myself slogging it out forever in what is now a young mans game (tech).
I went back into permanent employment this year for around 20% less, admittedly a bit accelerated by the response to covid but still more than comfortable as we now pay a fairly average mortgage but live in a pretty decent area but without a flashy lifestyle.
I’m hoping to do this until my mid forties where the mortgage should be negligible and pension pot decentish. At this point I hope to be able to reassess what I want to do rather than what I need to do.
I have tried to approach my career with errmmm “front loading”. I was contracting from about 27-35 and tried to not let my lifestyle inflate whilst chucking a big chunk in to my mortgage and pension, with the intention of doing this for 10 years to allow an easier life. I’m not massively passionate about my job and couldn’t see myself slogging it out forever in what is now a young mans game (tech).
I went back into permanent employment this year for around 20% less, admittedly a bit accelerated by the response to covid but still more than comfortable as we now pay a fairly average mortgage but live in a pretty decent area but without a flashy lifestyle.
I’m hoping to do this until my mid forties where the mortgage should be negligible and pension pot decentish. At this point I hope to be able to reassess what I want to do rather than what I need to do.
NerveAgent said:
I’m hoping to do this until my mid forties where the mortgage should be negligible and pension pot decentish. At this point I hope to be able to reassess what I want to do rather than what I need to do.
Sounds like a sensible strategy, am planning the same.I truly envy the people that love what they do and would be happy doing it until 60+. The rest of us are in the business of selling our labour to the highest bidder and there are always trade-offs.
NickCQ said:
NerveAgent said:
I’m hoping to do this until my mid forties where the mortgage should be negligible and pension pot decentish. At this point I hope to be able to reassess what I want to do rather than what I need to do.
Sounds like a sensible strategy, am planning the same.I truly envy the people that love what they do and would be happy doing it until 60+. The rest of us are in the business of selling our labour to the highest bidder and there are always trade-offs.
At almost 50 yo, I’d say I’ve peaked earnings-wise which I’m ok with as I’m pretty pleased how things are turning out and want to slow down. I’ll give it another 10 years full time to top up my pension and pay off my capital if I live that long. I think you reach a stage in life where shiny stuff matters less than the thought of retiring.
wormus said:
I’m not sure how people make this work given the sums involved. By mid 40s you probably have 20 years of working life behind you, where you’ve needed to support yourself and another 40 years of life left.
If you can save 75% of your income you can go from zero to having enough capital to sustain that level of spending indefinitely in 10-12 years.If you can save 50% you can achieve the same in 15-20 years depending on how well your investments perform.
Once I get to my 'number' I'm out, or at least giving up the 75+ hour week.
Its interesting how every one talks about saving for their pensions but no one factors in inheritance for long term planning, I am probably in a lucky position that i know at some point in my life i will inherit a decent amount and with the right wealth management in turn i should be able to leave a decent amount to my future child. I am also in the high 5 figures to six figure salary range and my partner is on a decent amount so roughly our house hold income is between £130-160k. we also live within our means don't drink, non smokers, sensible house and one big holiday a year.
Lord.Vader said:
That’s unbelievable that you feel the need to work 75h p/w.
That’s 15 hours per day, with 7 hours sleep you have 2 hours per day to spend with family / friends plus the weekend?
Even 7 days p/w it’s 10.7 hours p/d.
What a sad, sad life.
Unless working away overseas ? getting the hours banged in because thats the way of being in that zone.That’s 15 hours per day, with 7 hours sleep you have 2 hours per day to spend with family / friends plus the weekend?
Even 7 days p/w it’s 10.7 hours p/d.
What a sad, sad life.
Lord.Vader said:
That’s unbelievable that you feel the need to work 75h p/w. That’s 15 hours per day, with 7 hours sleep you have 2 hours per day to spend with family / friends plus the weekend? Even 7 days p/w it’s 10.7 hours p/d. What a sad, sad life.
It's my choice - jam now vs jam tomorrow. Hours of 9 am till late with a couple on the weekend are fairly normal in my industry.I don't do it for free and I expect to be financially independent at a comfortable quality of life by my mid to late 30s as a result.
Understand why it's not for everyone.
wastedyouth86 said:
Its interesting how every one talks about saving for their pensions but no one factors in inheritance for long term planning, I am probably in a lucky position that i know at some point in my life i will inherit a decent amount and with the right wealth management in turn i should be able to leave a decent amount to my future child. I am also in the high 5 figures to six figure salary range and my partner is on a decent amount so roughly our house hold income is between £130-160k. we also live within our means don't drink, non smokers, sensible house and one big holiday a year.
The thing is that relying on someone else dying in order to fund your future isn't a plan. They may live a very long time and you may need the money sooner, or they may live a very long time and require a lot of care which eats through their money and assets. I'm 53 and have never taken any money from my parents and I'm certainly not banking on them willing their money to me on their death. It's their money so they should spend it on what they like and if, say, they want to skip a generation and leave things to their grandkids, then that's their choice and I'm happy for them. A plan generally requires you taking a) responsibility and b) some action to make it happen.Also, many people think you'll spend less in retirement and so plan for that. That may have been true once but it actually isn't true any more. The pattern is that people spend more money early in retirement than in the years before (eat out more, go out more, have the holidays they always wanted while they can travel, visit the family in Australia etc), then it reduces as you get older, less mobile but then it increases again as you become infirm and less well and require 3rd party care. In addition, whereas 40 years ago your retirement assets only had to fund you for c10 years (retire at 65, die at 75) if we reach retirement age now we can expect to live for up to another 25+ years. You need a lot more money now then you used to and that means the people you rely on to give you an inheritance may have used it in equity release or any other numerous ways to get through.
Perfect cash flow planning would have you spending your last pound just as you step foot in your grave. That's what I'm planning for.
like I said I am in a fortunate position and to be fair i am still saving and putting money into a pension so i am not solely relying on their money. There is a difference though as say your parents inherited money and their parents before them inherited it would you still class it as their money or rather family money and each generation doing their bit to top it up for the next generation?
NickCQ said:
It's my choice - jam now vs jam tomorrow. Hours of 9 am till late with a couple on the weekend are fairly normal in my industry.
I don't do it for free and I expect to be financially independent at a comfortable quality of life by my mid to late 30s as a result.
Understand why it's not for everyone.
Understand that, I did it in my 20’s, wouldn’t want to be doing it in my 30’s.I don't do it for free and I expect to be financially independent at a comfortable quality of life by my mid to late 30s as a result.
Understand why it's not for everyone.
4 days and 35 hours for me now, easy life and a few additional ‘fun’ income streams.
ETA; assuming you’ll receive inheritance is poor planning at best, I hope my parents spend every penny of their money.
The cost of care homes will wipe out any equity in a house within 5-10 years.
wastedyouth86 said:
like I said I am in a fortunate position and to be fair i am still saving and putting money into a pension so i am not solely relying on their money. There is a difference though as say your parents inherited money and their parents before them inherited it would you still class it as their money or rather family money and each generation doing their bit to top it up for the next generation?
Inheritance is not a right of life FFS, give your parents some space, you sound like a horrble little man wringing his hands waiting for your parents to pass on so you can lay your hands on their money.Lord.Vader said:
Understand that, I did it in my 20’s, wouldn’t want to be doing it in my 30’s.
4 days and 35 hours for me now, easy life and a few additional ‘fun’ income streams.
ETA; assuming you’ll receive inheritance is poor planning at best, I hope my parents spend every penny of their money.
The cost of care homes will wipe out any equity in a house within 5-10 years.
Sounds like we are on a similar track, you just made it out earlier!4 days and 35 hours for me now, easy life and a few additional ‘fun’ income streams.
ETA; assuming you’ll receive inheritance is poor planning at best, I hope my parents spend every penny of their money.
The cost of care homes will wipe out any equity in a house within 5-10 years.
On the second point definitely agree - so much risk of care home costs or more punitive wealth / inheritance taxes wiping out any proceeds
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