What salary are you happy with these days?
Discussion
loskie said:
Kent and Bobby
I think one of the best things you could do would be for your children once in their teens to do weekend and school holiday work. I worked on farms from the age of 14.
Also for birthdays if I wanted something big like a bike I had to save and pay for half of it, things didn't come easy.
My father was director/co owner of a fairly large company so it wasn't as if he was hard up .
He was pretty mean though!
I worked in a supermarket from the age of fifteen, and I agree, it was very valuable. Learning that you have to turn up on time, do what you are told, and stay there to the end is a far larger fraction of being good at work than I would otherwise have known.I think one of the best things you could do would be for your children once in their teens to do weekend and school holiday work. I worked on farms from the age of 14.
Also for birthdays if I wanted something big like a bike I had to save and pay for half of it, things didn't come easy.
My father was director/co owner of a fairly large company so it wasn't as if he was hard up .
He was pretty mean though!
Everything about my upbringing was right, I think. My parents made clear that education was critically important, we had just enough money to get by, so I knew its value, and I was able to walk to my primary school and cycle to my middle and high schools, so had lots of friends who lived locally to me.
Because my wife and I both work, we'll likely choose to send our children to private school (something that I really didn't want to do) so that they will have enough after-school activities to let us keep our jobs, and the big one is that I work between two countries, doing a weekly commute in normal times, which is pretty far from normal.
We'll see, they are far too young to notice much at the moment, I hope.
bobbysmithy said:
Kent Border Kenny said:
I see the same lack of ambition in friends of mine whose parents kept supporting them into adulthood. Money for a house, gifts for the grandchildren, a car bought for them when they have maintenance issues on their current one.
It’s something that worries me about my own children. How do stop them being spoiled? How do I help them to understand that they can only live a lifestyle like mine if they plan a good career?
I imagine that they’ll not thank me if they spend their best years doing as little work as they can get away with, and then as is very likely feel real regret when their own children leave home.
I considered retiring when my first child was born, to bring him up, but realised that even when he went to school I’d be pretty unhappy being home.
i believe duncan bannatyne or peter jones had the same dilemma. One of their rules was to offer double salary to them as a gift if they did something 'good buy underpaid' i.e. nursing/teaching/police. If it was law, medicine or something with higher wage, there would be 'top up' cash in early years, or something likke that.It’s something that worries me about my own children. How do stop them being spoiled? How do I help them to understand that they can only live a lifestyle like mine if they plan a good career?
I imagine that they’ll not thank me if they spend their best years doing as little work as they can get away with, and then as is very likely feel real regret when their own children leave home.
I considered retiring when my first child was born, to bring him up, but realised that even when he went to school I’d be pretty unhappy being home.
All the doctors I know (GPs especially) advise their children not to do medicine...many don't listen.
loskie said:
yes I agree.
Re the vouchers, we get them too, limited places to spend them in my area. My initial thought are they are nice then when I think about it I find it quite insulting, it's like throwing me a few extra crumbs and expecting me to be grateful. When more often than not I am working two grades above the one I'm paid for.
I'm on a lowly and I think insulting 26.5k for what I do.
I'll await the flak.
Depends on the situation I suppose. Our staff are v grateful for the vouchers. When you're only getting paid just over the living wage (reception/admin) a £50 voucher is a decent gift. (IIRC giving more had some kind of tax implications but unfortunately can't remember).Re the vouchers, we get them too, limited places to spend them in my area. My initial thought are they are nice then when I think about it I find it quite insulting, it's like throwing me a few extra crumbs and expecting me to be grateful. When more often than not I am working two grades above the one I'm paid for.
I'm on a lowly and I think insulting 26.5k for what I do.
I'll await the flak.
Kent Border Kenny said:
bobbysmithy said:
i believe duncan bannatyne or peter jones had the same dilemma. One of their rules was to offer double salary to them as a gift if they did something 'good buy underpaid' i.e. nursing/teaching/police. If it was law, medicine or something with higher wage, there would be 'top up' cash in early years, or something likke that.
They are still very young, but it feels like something that I need to pay attention to even now.I wonder about moving back to my home town in the future, so they are brought up around people like me, back in the same state school.
Thoroughly admire him for that. Whether his kids do is another matter...
67Dino said:
Remember reading about Richard Stilgoe, the lyricist for Starlight Express and Phantom of the Opera. When Lloyd Weber approached him, he was a modestly well-known TV panellist/writer and knew the royalties would be huge. So, since he didn’t want his kids to be spoiled by the wealth, he set up a charitable foundation and directed his income into it.
Thoroughly admire him for that. Whether his kids do is another matter...
I think that what's best for everyone is if I spend everything myself, on cars, alcohol, and fast living.Thoroughly admire him for that. Whether his kids do is another matter...
Kent Border Kenny said:
67Dino said:
Remember reading about Richard Stilgoe, the lyricist for Starlight Express and Phantom of the Opera. When Lloyd Weber approached him, he was a modestly well-known TV panellist/writer and knew the royalties would be huge. So, since he didn’t want his kids to be spoiled by the wealth, he set up a charitable foundation and directed his income into it.
Thoroughly admire him for that. Whether his kids do is another matter...
I think that what's best for everyone is if I spend everything myself, on cars, alcohol, and fast living.Thoroughly admire him for that. Whether his kids do is another matter...
g3org3y said:
(IIRC giving more had some kind of tax implications but unfortunately can't remember).
It's the HMRC limit for a "Trivial benefit" which means it doesn't need to be taxed.https://www.hillierhopkins.co.uk/here-for-your-bus...
g3org3y said:
Depends on the situation I suppose. Our staff are v grateful for the vouchers. When you're only getting paid just over the living wage (reception/admin) a £50 voucher is a decent gift. (IIRC giving more had some kind of tax implications but unfortunately can't remember).
I think if it is above £50 you then pay income tax on it. Which is amusing as it means my girlfriends £100 voucher should technically be taxed at 40%. So she has to pay £40 in return for her £100 John Lewis voucher ... ChevronB19 said:
I’m now in government, but as a consultant at a company that may or may not be involved in ‘test, don’t bother with tracing’, I won a 13M contract off my own bat (paid about 40k per annum at the time). I found the opportunity, wrote the bid etc (and this was being a scientist, not a bids person), took it through review, submitted etc.
I got a £70 reward voucher (bear in mind what I achieved was way over my job description at the time). I think I bought a portable DAB radio. Redeemable only in certain stores by the way.
Next annual review, I was criticised for ‘taking other people’s credit’. In this case it was my senior manager (2 levels up) claiming credit for what I’d done.
The only answer to this is challenge them or leave.I got a £70 reward voucher (bear in mind what I achieved was way over my job description at the time). I think I bought a portable DAB radio. Redeemable only in certain stores by the way.
Next annual review, I was criticised for ‘taking other people’s credit’. In this case it was my senior manager (2 levels up) claiming credit for what I’d done.
Edited by ChevronB19 on Monday 2nd November 21:19
There is only one person who will take the time and effort to progress your career / job / employment and that's you.
Kent Border Kenny said:
67Dino said:
Remember reading about Richard Stilgoe, the lyricist for Starlight Express and Phantom of the Opera. When Lloyd Weber approached him, he was a modestly well-known TV panellist/writer and knew the royalties would be huge. So, since he didn’t want his kids to be spoiled by the wealth, he set up a charitable foundation and directed his income into it.
Thoroughly admire him for that. Whether his kids do is another matter...
I think that what's best for everyone is if I spend everything myself, on cars, alcohol, and fast living.Thoroughly admire him for that. Whether his kids do is another matter...
I'd love to create something that can be passed down as long as possible.
67Dino said:
Remember reading about Richard Stilgoe, the lyricist for Starlight Express and Phantom of the Opera. When Lloyd Weber approached him, he was a modestly well-known TV panellist/writer and knew the royalties would be huge. So, since he didn’t want his kids to be spoiled by the wealth, he set up a charitable foundation and directed his income into it.
Thoroughly admire him for that. Whether his kids do is another matter...
I guess Stilgoe though of it as 'finders keepers, losers weepers'.Thoroughly admire him for that. Whether his kids do is another matter...
AB said:
I disagree with that train of thought, I work hard to enjoy myself and so my kids/family can too.
I'd love to create something that can be passed down as long as possible.
Which is fine,m you do what you think is best for your family. I prefer to not give mine money, and to stick to the other things (that I am sure that you are giving yours too), a love of learning, a sense of duty to society and others, and an understanding that happiness and wealth while related, are not the same thing.I'd love to create something that can be passed down as long as possible.
What's a good proportion of income to give to charity?
No one absolutely needs north of 100k to live on but many choose a lifestyle that needs that or more. Good for them. But should they also give some, if not chunky sums, to charity?
I've heard of a few big hitters who do just that. They make millions but live off ten per cent or less of income and rest goes to charity.
No one absolutely needs north of 100k to live on but many choose a lifestyle that needs that or more. Good for them. But should they also give some, if not chunky sums, to charity?
I've heard of a few big hitters who do just that. They make millions but live off ten per cent or less of income and rest goes to charity.
MrJuice said:
What's a good proportion of income to give to charity?
No one absolutely needs north of 100k to live on but many choose a lifestyle that needs that or more. Good for them. But should they also give some, if not chunky sums, to charity?
Surely that is entirely personal? I give 18 quid a month to 3 charities, I make a decent sum of money, but actually do 'need' it to keep the lights on, you have no idea who may need something. No one absolutely needs north of 100k to live on but many choose a lifestyle that needs that or more. Good for them. But should they also give some, if not chunky sums, to charity?
MrJuice said:
What's a good proportion of income to give to charity?
No one absolutely needs north of 100k to live on but many choose a lifestyle that needs that or more. Good for them. But should they also give some, if not chunky sums, to charity?
I've heard of a few big hitters who do just that. They make millions but live off ten per cent or less of income and rest goes to charity.
A single bloke/woman living in an expensive area of London may well need north of 100k to live on, especially if they have a couple of kids.No one absolutely needs north of 100k to live on but many choose a lifestyle that needs that or more. Good for them. But should they also give some, if not chunky sums, to charity?
I've heard of a few big hitters who do just that. They make millions but live off ten per cent or less of income and rest goes to charity.
Making millions is a lot different to earning 110k. Charity starts at home, but I like to donate to the cancer charities, as they've helped out my family (and most others I'd imagine) personally.
NickCQ said:
MrJuice said:
What's a good proportion of income to give to charity?
10% of net is probably an absolute minimum.It's a battle between our own selfishness and our empathy.
Countdown said:
Why 10% of net pay? I'm genuinely curious. In islam it says 2.5% of net assets. I've heard people say that if you're not actually "going without" yourself then you're not giving all you can afford.
It's just what my parents do and I have followed suit.It has its roots in the tradition of tithing (a tithe is 10% of something).
Kent Border Kenny said:
It’s something that worries me about my own children. How do stop them being spoiled? How do I help them to understand that they can only live a lifestyle like mine if they plan a good career?
.
I do not think its mostly about parents. I work with loads of young colleagues and they are well qualified talents in their fields. Its a very mixed group, some from really wealthy families, grammer or boarding school background.Some have more modest but hard working families. The common aspect I've observed, almost all of them have curiosity, strong work ethics and self discipline. The problem is, it is difficult to employo keep young talents here anymore, and can't blame them....
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