Are you a top revenue earner?

Diddums · 5 Mar 2024 at 11:27

Maccy said:
Easy to do though mate, and if you're not educated (like so many people) then how are you to know any better? I ended up in a downward spiral in my 20s, thankfully I was able to get it shifted all onto a 0% card and clear it over a few years.

It's not bothering me at all tbh, it's managed and we still live very comfortably. Ultimately it's costing us buttons at the moment but when it's all done and dusted we'll be absolute ballers

willhub · 5 Mar 2024 at 12:27

top revenue earner?

413x · 5 Mar 2024 at 12:31

Diddums said:
It's not bothering me at all tbh, it's managed and we still live very comfortably. Ultimately it's costing us buttons at the moment but when it's all done and dusted we'll be absolute ballers

At least when it's cleared you'll feel like you've had a huge pay rise!

This years spending for me has been on credit card to avoid getting a loan. But the latter half of 2024 and early 2025 probably going to be paying it off at 500 a month.

D.P. · 5 Mar 2024 at 12:35

adam cool dude said:
I see his point. Minimum wage in 2005 was £5.05 and from April this year it will be £11.44. Inflation puts £5.05 at £8.50 in todays money so people on minimum wage are getting paid a lot more than what they were back then. From a business perspective this encroaches on a lot of the more middle group roles which haven't seen that sort of growth in wages.

That is the entire purpose of NMW though, it isn't designed so all salaries increase in line, but to proactively reduce income divide.

aspiring · 5 Mar 2024 at 13:48

ultralaser said:
It varies massively to be honest in my experience. There's nice areas in Manchester, Leeds or York that are getting closer to London prices, especially post covid. That said I'd still map a Northern salary of between 65-75K to a London salary of about 95K-115K.

You think London salary of 95k is sufficient for good lifestyle? Guessing it is probably ok for living outside London and commuting in?

jeffk · 5 Mar 2024 at 14:02

aspiring said:
You think London salary of 95k is sufficient for good lifestyle? Guessing it is probably ok for living outside London and commuting in?

There’s two main factors: where you live in London and if you have kids. Live with your partner in zone 6 and have no kids? £95k is sufficient for a good lifestyle. Two kids and live in zone 1/2 north London? You might struggle depending on your lifestyle.

adam cool dude · 5 Mar 2024 at 14:10

D.P. said:
That is the entire purpose of NMW though, it isn't designed so all salaries increase in line, but to proactively reduce income divide.

Yes I do realise that but indirectly those middle salaries get stagnated for decades and you end up with a massive skill shortage because people train and go elsewhere.

Top end of corporate still want their increasing dividends and to pay for the NMW the middle suffer. Leading to what you have today with a massive wealth divide between the super rich and the rest.

The way we are arguing that a 100k wage is a struggle shows this because that 100k wage should be a lot higher than it is today.

Ayahuasca · 5 Mar 2024 at 14:17

Bassmansam · 5 Mar 2024 at 14:21

jeffk said:
There’s two main factors: where you live in London and if you have kids. Live with your partner in zone 6 and have no kids? £95k is sufficient for a good lifestyle. Two kids and live in zone 1/2 north London? You might struggle depending on your lifestyle.

What is a good lifestyle to you?

jeffk · 5 Mar 2024 at 14:49

Bassmansam said:
What is a good lifestyle to you?

Home ownership and a decent holiday every year.

413x · 5 Mar 2024 at 15:00

Bassmansam said:
What is a good lifestyle to you?

Not worrying about money. But not having cash to throw around everywhere.

There are a few big ticket luxuries.
Nice finance car
Expensive amazing or multiple abroad holidays
Kids
Considerable pension contributions
Big mortgage
Etc

I'd say "good" is only having to give up a couple of these.
No kids/less kids
A banger outright vs a nice car
One cheap Mediterranean holiday a year.
An average pension
An average house (but still yours)

If You get down to only being able to afford 1 or 2 of these I'd say it's OK.

Getting down to 1? That's tough going.
Ie. You rent, go on no holidays abroad, but have kids.

For me it's that

kai · 5 Mar 2024 at 15:20

Bassmansam said:
What is a good lifestyle to you?

413x said:
Not worrying about money. But not having cash to throw around everywhere.

This. Not having to worry (within reason) about monthly outgoings or bills going for meals and a few nice holidays a year.

Ayahuasca · 5 Mar 2024 at 15:24

jeffk said:
Home ownership and a decent holiday every year.

That sounds like a pretty basic lifestyle for someone in a first world country, not a good one.

413x · 5 Mar 2024 at 15:41

Ayahuasca said:
That sounds like a pretty basic lifestyle for someone in a first world country, not a good one.

Yeah I'd put that at "OK"

As in its livable.. But it's not enjoyable

Nitefly · 5 Mar 2024 at 15:49

Ayahuasca said:
That sounds like a pretty basic lifestyle for someone in a first world country, not a good one.

I doubt most people truly ‘own’ their homes under 40… I don’t!

Lopéz · 5 Mar 2024 at 16:00

randomshenans said:
Tax in Germany is mega though. Proper slap.

Worse here unfortunately.

My take home is 4k p/a less than it would be in Germany

Lopéz · 5 Mar 2024 at 16:04

Diddums said:
We were idiots when we were young, as I suspect many are. Hindsight is a wonderful thing sadly, and I wouldn't wish what we went through on anyone.

We've actually got quite a bit of capital but we're just whittling these debts down from our younger days.

The sad part is that most people are embarrassed about their debts and this will affect their mental health, it's a horrible situation to be in.

This time 5 years ago I had about 18k of accumulated credit card and overdraft debt, like you I could "afford" it but we were still talking £400 plus in repayments even on low life of balance interest rates.

Got a better job and started paying it off in bigger chunks and now I don't have any debt, feels a lot better and I know what's mine is mine. I mean ours. Hers.

jeffk · 5 Mar 2024 at 16:16

413x said:
Yeah I'd put that at "OK"

As in its livable.. But it's not enjoyable

I find it hard to believe that flash cars and exotic holidays are the only things in life that you find enjoyable. Don’t make me summon @moon man to lecture you on enjoying the simpler things.

413x · 5 Mar 2024 at 16:19

jeffk said:
I find it hard to believe that flash cars and exotic holidays are the only things in life that you find enjoyable. Don’t make me summon @moon man to lecture you on enjoying the simpler things.

Holidays are what I personally spend my "extra" on that comes with a decent salary and cheap Base costs.

I actually love a lot of what @moon man does too.

However as property in those areas is so expensive in priced out of his feet/sea views. He's fortunate to have gotten in an area before it.. Mooned.. In price.

Bassmansam · 5 Mar 2024 at 16:20

413x said:
Not worrying about money. But not having cash to throw around everywhere.

There are a few big ticket luxuries.
Nice finance car
Expensive amazing or multiple abroad holidays
Kids
Considerable pension contributions
Big mortgage
Etc

I'd say "good" is only having to give up a couple of these.
No kids/less kids
A banger outright vs a nice car
One cheap Mediterranean holiday a year.
An average pension
An average house (but still yours)

If You get down to only being able to afford 1 or 2 of these I'd say it's OK.

Getting down to 1? That's tough going.
Ie. You rent, go on no holidays abroad, but have kids.

For me it's that

Shared ownership flat in Zone 6
Citreon c1 2016 - does that. count as a banger?
Married - No kids
Holidays planned this year - Center parcs ( paid for by parents) Turkey 1 week all inclusive, Budapest 3 nights

Where do i rank sir?