What salary are you happy with these days?
Discussion
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.
Hope it works out for you. My brother in law had a similar ethic (although in a very different industry) and now lives in a large manor house and has nice new Range Rover every two years. The downside is that he lives there alone as wife and kids left years ago as they were fed up of him having no input into the family. No idea whether he thinks it was worth it.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.
anonymous said:
[redacted]
If you need to spend £X to achieve your desired quality of life then you need approx. 30-35 times £X (3-3.5% SWR) in net assets to sustain that spending indefinitely with no need to rely on future earnings.Therefore, for the sake of argument, if X is £50k then you need to have your house paid off plus capital of c. £1.5-2 mm to be 'financially independent' under my definition.
phumy said:
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.NickCQ said:
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.
Assuming you live that long and even if you don’t end up dead, you’ll wish you were 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.
I earn 35-40k depending on overtime, I average 6 days a week in hours and to be honest I think I work to much. And I also worry I’m not saving enough for retirement because I’m not earning enough.
I could get promotions etc but I have been in management before and hated life. I’m on the tools and happy with the work but that comes with the problem of being bottom of the ring and seen as a cash cow when savings are needed.
I’m comfortable in life and generally happy and content. Although I might do this for another 10 years then go part time in my mid 40’s and work till I die in the happy work life balance
I could get promotions etc but I have been in management before and hated life. I’m on the tools and happy with the work but that comes with the problem of being bottom of the ring and seen as a cash cow when savings are needed.
I’m comfortable in life and generally happy and content. Although I might do this for another 10 years then go part time in my mid 40’s and work till I die in the happy work life balance
wormus said:
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.
The numbers can work because the higher amounts went in to my pension and paying off my mortgage early.
WhiskyDisco said:
Jasandjules said:
Sycamore said:
No plans for having any children either.
You may not, but she may well......It's something we've both agreed isn't on our to do list, and it's unlikely she is able to for various reasons anyway.
But never say never and all that.
I’m pretty happy with mine which is low 20s. SWMBO comfortably earns more than double what I do but comfortably has more than double the stress and responsibility I do too. I used to earn more than her before selling my business, but now doing what I do I go to work, do my job then come home leaving it all at work until the following day.
I’d like a couple of k more - who wouldn’t - but between us, with only five years left on the mortgage meaning it’ll be paid off before we reach 60, I’d say we’re comfortable and happy. I’ve even just bought myself a new car on a four year finance deal for the first time ever and still have money left over at the end of each month to do whatever with.
So at the moment, for me, earning buttons in the great scheme of things, life is good and I’m not sure I’d want to go back to earning a bigger salary with all of the baggage that comes with it.
I’d like a couple of k more - who wouldn’t - but between us, with only five years left on the mortgage meaning it’ll be paid off before we reach 60, I’d say we’re comfortable and happy. I’ve even just bought myself a new car on a four year finance deal for the first time ever and still have money left over at the end of each month to do whatever with.
So at the moment, for me, earning buttons in the great scheme of things, life is good and I’m not sure I’d want to go back to earning a bigger salary with all of the baggage that comes with it.
Sycamore said:
WhiskyDisco said:
Jasandjules said:
Sycamore said:
No plans for having any children either.
You may not, but she may well......It's something we've both agreed isn't on our to do list, and it's unlikely she is able to for various reasons anyway.
But never say never and all that.
Antony Moxey said:
I’m pretty happy with mine which is low 20s. SWMBO comfortably earns more than double what I do but comfortably has more than double the stress and responsibility I do too. I used to earn more than her before selling my business, but now doing what I do I go to work, do my job then come home leaving it all at work until the following day.
I’d like a couple of k more - who wouldn’t - but between us, with only five years left on the mortgage meaning it’ll be paid off before we reach 60, I’d say we’re comfortable and happy. I’ve even just bought myself a new car on a four year finance deal for the first time ever and still have money left over at the end of each month to do whatever with.
So at the moment, for me, earning buttons in the great scheme of things, life is good and I’m not sure I’d want to go back to earning a bigger salary with all of the baggage that comes with it.
Amen to that. I’d like a couple of k more - who wouldn’t - but between us, with only five years left on the mortgage meaning it’ll be paid off before we reach 60, I’d say we’re comfortable and happy. I’ve even just bought myself a new car on a four year finance deal for the first time ever and still have money left over at the end of each month to do whatever with.
So at the moment, for me, earning buttons in the great scheme of things, life is good and I’m not sure I’d want to go back to earning a bigger salary with all of the baggage that comes with it.
I'm just going through redundancy from a reasonably paid job, and I will willingly take a job that pays less than before if it's closer to home and less stress. I don't mind working a few years longer if I enjoy my job (which, I've been lucky enough to do for the past decade).
Antony Moxey said:
So at the moment, for me, earning buttons in the great scheme of things, life is good and I’m not sure I’d want to go back to earning a bigger salary with all of the baggage that comes with it.
I'm curious as to whether you think you'd still have the same opinion had you not previously earnt a higher salary, or if your wife wasn't able to be bringing in a higher salary at the moment? I do think I share the same opinion though in that if it came down to it I'd rather be in a lower paid job and be happy as opposed to higher paid with more baggage, although I suppose I'm biased to think that being as I enjoy my current job and the salary that goes with it.
Sycamore said:
Antony Moxey said:
So at the moment, for me, earning buttons in the great scheme of things, life is good and I’m not sure I’d want to go back to earning a bigger salary with all of the baggage that comes with it.
I'm curious as to whether you think you'd still have the same opinion had you not previously earnt a higher salary, or if your wife wasn't able to be bringing in a higher salary at the moment? I do think I share the same opinion though in that if it came down to it I'd rather be in a lower paid job and be happy as opposed to higher paid with more baggage, although I suppose I'm biased to think that being as I enjoy my current job and the salary that goes with it.
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.
To be honest I find that very distasteful & just couldn’t go there. It’s almost like wishing your parents dead. My parents a re in their 80s. Their estate will be in 7 figures. There is only me & my sister. Last time I saw them my mum wanted to explain to me how to open the safe & where their accounts were should anything happen, It was very uncomfortable for me. the idea of factoring in the inevitable I frankly can’t do.
In relation to other comments on retirement, my mum also asked me when I was going to retire. I said, “why would I retire? I get paid good money, I actually quite enjoy what I do & I get to live & work in interesting places. Oh & dad still works”.
Edited by GT03ROB on Thursday 22 October 22:10
Countdown said:
Pit Pony said:
As an aside, I saw a contract advertised at JLR as Gaydon, Castle Bromwhich, Solihul and Halewood. £28 an hour compared to being on £32 at RR. I would be happy to drop £4 an hour to only have a 20 minute commute.
On contacting the agency. £28 was for Gaydon. Halewood was £22 an hour. Given that I do about 2000 hours a year that's £20k. My costs of being away during the week were about £500 a month.
I didn't bother on principle.
Typo? 2,000 x £22 = £44kOn contacting the agency. £28 was for Gaydon. Halewood was £22 an hour. Given that I do about 2000 hours a year that's £20k. My costs of being away during the week were about £500 a month.
I didn't bother on principle.
64k vs 44k
Although once you factor in 6k of the costs of living away in the week, it's 58k vs 44k
GT03ROB said:
To be honest I find that very distasteful & just couldn’t go there. It’s almost like wishing your parents dead. My parents a re in their 80s. Their estate will be in 7 figures. There is only me & my sister. Last time I saw them my mum wanted to explain to me how to open the safe & where their accounts were should anything happen, It was very uncomfortable for me.
the idea of factoring in the inevitable I frankly can’t do.
In relation to other comments on retirement, my mum also asked me when I was going to retire. I said, “why would I retire? I get paid good money, I actually quite enjoy what I do & I get to live & work in interesting places. Oh & dad still works”.
I'm the same, I'd rather they spend it all and enjoy their last few years, don't stick it all away, downsize the house and spend the money on holidays. I struggle to get it into my head that one day they'll be gone and I'll have to sort their estate out (hopefully it's many many years away).the idea of factoring in the inevitable I frankly can’t do.
In relation to other comments on retirement, my mum also asked me when I was going to retire. I said, “why would I retire? I get paid good money, I actually quite enjoy what I do & I get to live & work in interesting places. Oh & dad still works”.
Edited by GT03ROB on Thursday 22 October 22:10
Weirdly I know a couple who are living with one set of parents, they're genuinely waiting for the father to pass away so they can have the house (the mum has said she'll live in the annex), when they said it publically at an event we were at, I was genuinely disgusted.
For me this is a hard question to answer as I am never happy with what I have, this includes my salary. I'm currently on just under 40k, which more than covers all my bills and I'm left with £1200 as free money after bills + saving. I have absolutely no need for more money, but that doesn't stop me thinking about it daily.
Not sure if I have a problem here, but I do find it somewhat consumes my thoughts.
Two years ago I was on 50k and I was for the first time in my life happy with my salary. I felt secure with the amount of money I had coming in, but I HATED the job and I ended up taking a paycut, but now I am desperate to get back up to 50k again.
My gf and I own our own house, no kids, no debt, decent savings + investments and I think I'm one of those people who never have enough.
To answer your question OP, 50k is what I'll be happy with. I think...
Not sure if I have a problem here, but I do find it somewhat consumes my thoughts.
Two years ago I was on 50k and I was for the first time in my life happy with my salary. I felt secure with the amount of money I had coming in, but I HATED the job and I ended up taking a paycut, but now I am desperate to get back up to 50k again.
My gf and I own our own house, no kids, no debt, decent savings + investments and I think I'm one of those people who never have enough.
To answer your question OP, 50k is what I'll be happy with. I think...
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