Anyone earning 'big bucks' (£200k+ per year)? Would love to hear your story!

Sounds like he's working as consultant/contractor though with his own ltd company (may be wrong though).

Surely high up managers at FTSE 100 companies who are earning hundreds of thousands or million+ would be paid via PAYE no? Or do they not tend to be salaried staff in the same way as most employees?

If they have shares, they earn dividends, thats already a pretty good way to get tax free money. You can get around 34k completely tax free that way (well it's taxed at 10%, but you get a ... 10% tax credit), and the next chunk (up to 150k if I remember) is only taxed ~22% accounting for tax credit... Then you add the normal PAYE tax free allowance obviously.
I don't know how they manage the taxes on say 1/2m bonus and that sort of things, but I suspect these guys know a HELL of a lot more than I do on how to dodge the taxes..

I always try to convince my friends to ditch their PAYE job and do their own company, seriously, just go to the various online contractor calculators and then slap yourself, repeatedly.
 
I always try to convince my friends to ditch their PAYE job and do their own company, seriously, just go to the various online contractor calculators and then slap yourself, repeatedly.

Are you forgetting that Corporations get taxed, you have to be careful not to trigger anti avoidance legislation, and being a consultant offers much less job security and benefits than employment?

This is going off topic.
 
Just had a new baby daughter so 200k or the future equivalent, adjusted for inflation is now probably out of the realms of possibility for me without making unacceptable sacrifices to family life. I am in the nuclear industry, engineering consultancy, so have decided 10 yrs in with a new family to play the long game. If I get the right projects under my belt and keep building networks then 100k+ should be easily manageable at 20 yrs in, especially if contracting. I'm happy to work 40 hours and spend the rest with wife and daughter for half that sum at the mo. Engineering is a bankable skill, and you can manage big bucks with good experience without working 80hr weeks - perhaps not 200k though. I would never work 80hours a week. I love my job and the new challenges it brings everyday, but I love my family more. If I was working that amount of hours it would have to be for myself. I couldn't do it as someone else's employee.

There is one common thread appearing here. To earn 200k+ you need to sacrifice a lot of time. You just need to decide if that is acceptable to you. Everyone is different and priorities change as life develops.
 
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The betting on football guy - did he once win one lucky accumulator and now just puts on loads of accumulators every week?
 
Megakid - you make me hate myself.

Agreed.
I took I took on some risk working for a small startup. Pay is OK but the big draw was stock options, any realistic sale of the company would make me a millionaire. After years of long days and weeks, sacrificing weekends, canceling vacation etc I'm now a few weeks away from being unemployed.
 
My wife earns in excess of the OP figure. She said her secret was to take opportunity based on future progression, not on offered salaries, sometimes she took large paycuts just because the experience gained would pay off long term. She is a Chartered Accountant who works as a Finance Director for a (smaller division) of a leading multinational in her field. She also said that diplomacy was tantamount, with so many arrogant people in her field the fact that she is quietly spoken, inoffensive (and very tiny) made her stand out more and that made prospective employers actually listen to what she was saying rather than assessing whatever image someone is trying to project. She didn't aim to earn high salaries, her aim was to be the best at what she does, I don't think she even thinks about how much she earns.

So I suppose she is essentially saying, always be yourself and take risks to gain the opportunity and experience to progress and don't upset the wrong people.
 
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I joined a small proprietary high frequency trading firm and did that for 3 years. That particular company (Tibra trading) seemed on a downturn in 2011 so I jumped ship despite them treating me well (I look back fondly). I am now working at a sports betting consultancy (can't mention the name sorry)

I guess (allegedly) stolen code is only going to give someone an edge for a limited time period.
 
The betting on football guy - did he once win one lucky accumulator and now just puts on loads of accumulators every week?

No, made a lot of his early money when internet gambling was becoming popular and you could easily make money from bookmakers without them banning you after one bet.
 
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So.. I wanted to ask the question to the people on OCUK who are earning (lets say) substantial money.... Here we go:

General point, but when you get above 200K, for most people, that will be a mixture of basic and bonus if you are an employee. I would not include pension, shares or other benefits as part of my annual wage, not sure why people would do that other than to make their earnings sound higher. A wage for me is what hits the bank each month and what that totals at the end of 12 months. The other stuff are benefits that make up my package, but not my wage.

1) At what point in your life did you realise you were destined to take home a 'substantially above average' pay cheque
Well when I chose a career in IT in the mid 80's it was a good start. The industry back then was full of people who made it big and though that changed there has always been big money in the right areas of tech. The first time you realise is when you get the payslip with confirmation and that is a fantastic feeling. Seeing a wage for a month that is maybe 4/5 times the average annual wage is quite something, but that tends not to be a monthly thing for the reasons I mention above.

2) Would you say your success was down to skill or luck? Or both? were you in the right place at the right time or did you have to fight for everything you achieved?
Both, but skill of the two is much more important. How you define skill is broad and is made up of many things, but luck IS elevated high by people who do less well to a disproportionate level. It is standard human nature for most to find reasons outside of their control to explain why they have failed to achieve something.

3) Did smarter people than you achieve far less purely because they did not know how to handle people and/or situations?
All the time. I have worked with many incredibly bright and talented people, who have an ability to understand and articulate that incredibly. But they often don't have the same triggers as people earning big money and are not motivated the same way. Nothing wrong with that, if they are happy then that is all that matters as not everyone can be good at everything.

4) What skill is most important in earning a huge salary (for your field)?
The ability to listen and apply learnings from bad and good experiences and the ability to spot an opportunity helps. For the vast majority of people and circumstances the person is the most influential aspect of success or not. Also learn to surround yourself with good people and try and ensure if they have your back, you have theirs.

Incredibly simply answers for a big question but tried to keep it concise and avoid my often seen wall of text :D
 
I guess (allegedly) stolen code is only going to give someone an edge for a limited time period.

True. I joined in 08 and didn't see any evidence of stolen code. My code, amongst loads of others, was taken to the trial for analysis and it definitely wasn't stolen. I know those personally named in the trial and I doubt they stole code directly/verbatim. Ideas, perhaps but that happens everywhere. Anyway a non admittance out of court settlement closed that chapter but it did hurt the company quite a lot
 
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