The salary question?

[DanTheMan]

I've been in that situation, and it did bother me, because I felt like my compensation did not reflect the level of my contribution. After trying to make my case and fail to convince management that I shouldn't be paid less than those who contribute less than I do, I lost interest and left for a new, much better paying job.

Being paid fairly for the work you do and effort you put in is different. I'd absolutely be annoyed if I didn't think that my pay reflected the workload and effort required.

Part of the reason I'm happy with my salary is there's a lot of the time I feel like I'm being overpaid for the level of effort and knowledge required.

Also, the benefits / working hours / commute / where you live can play a massive difference in your 'real' wage. Our household income is ~£65k in Manchester and we worked out we would need a household income of around £100k+ to live as comfortably in the South East. That would also probably require a much longer commute than I have now unless I wanted to live in a smaller house.

 

[Martynt74]

I've been in that situation, and it did bother me, because I felt like my compensation did not reflect the level of my contribution. After trying to make my case and fail to convince management that I shouldn't be paid less than those who contribute less than I do, I lost interest and left for a new, much better paying job.

Sorry, maybe i should've clarified i meant my friend group. I'll edit my post now

 

[HACO]

Sorry, maybe i should've clarified i meant my friend group. I'll edit my post now

Oh I see! Yeah, I misunderstood, thought you were referring to professional group.

 

[CosmicClown]

People who don't mention it are either being too much for the time they have been there relative to other employees.
Ones who are open about it usually are trying to figure out whether they are being ripped on their wage

 

[Ev0]

Whoops, yes that was a typo. You can tell I've just resigned myself to bending over and watching them take what they like.

Hah I know the feeling, I'm the same every time a coding notice drops through the door, I just accept it's going to cost me more

 

[Greebo]

Being paid fairly for the work you do and effort you put in is different. I'd absolutely be annoyed if I didn't think that my pay reflected the workload and effort required.

Part of the reason I'm happy with my salary is there's a lot of the time I feel like I'm being overpaid for the level of effort and knowledge required.

Also, the benefits / working hours / commute / where you live can play a massive difference in your 'real' wage. Our household income is ~£65k in Manchester and we worked out we would need a household income of around £100k+ to live as comfortably in the South East. That would also probably require a much longer commute than I have now unless I wanted to live in a smaller house.

Indeed. We live in Co Durham and my partner took a new job in Newmarket several years ago. It was a massive step up in salary (like £15K+) and she said for 6 months she would rent somewhere in Newmarket and stay down there during the week with a view that it it all worked out then we would move down there permanently . I would easily be able to get a job down there paying lots more than I get up North as well. But when we looked at the housing prices and the commute times and cost of living we wouldnt have been much better off and we would have to make compromises on lifestyle. She stuck it out for a couple of years before managing to bag a WFH job.

 

[FishFluff]

I work in the NHS so my salary is publicly available if my friends ever wanted to look it up (Band 8d if anyone was wondering).

 

[Chrisc]

I think again it's usually down to the people. In my friend group i'm on less than half what some of the other people earn and yet my salary is around £43k so about 50% higher than the UK average. Likewise i'm sure there are some others in our group who earn less than me.

It doesn't really bother me, it's just a fact of life.

I Think you get to a certain threshold where you're happy. I earn 32k a year, my manager earns in the region of £45k yet once all the expenses come out, its not considerably more. Not for the additional stress anyway.

 

[glenimp617]

Salary is also linked to the region you live in. How much would I need to earn in say London to afford a 5 bed detached house, and run two expensive cars with enough left over for holidays and stuff?

I've honestly no idea. Never worked in London.

 

[LiE]

Salary is also linked to the region you live in. How much would I need to earn in say London to afford a 5 bed detached house, and run two expensive cars with enough left over for holidays and stuff?

I've honestly no idea. Never worked in London.

Typically people who work in London who require that life style don't live in London, they commute. Unless they are on absurd money. You wouldn't need to run 2 expensive cars to get around London either.

 

[Skeptic]

West Midlands: 30 hrs p/w (salaried), 7 ish (private) = between 75k-100k pa. Aged 33.

I’ve just bought a house here for approx £500k - it was on the market for about 2 hours before being sold, and in that time it had 3 viewings, one of which being me. Certainly doesn’t seem to be a shortage of financially well-positioned people here...

Should say, while I would see myself as having a comfortable life, I don’t feel ‘rich’. I recognise that the money is ‘good’, but it doesn’t go that far around here, despite what people believe of the midlands.

 

[kai]

My forum question is still going strong. As first suspected its a question that divides opinion.

I don't know how anyone works 12+ hour days in a job that requires you to be mentally focused. I have to do a fair bit of reading and processing of information in my role and I'm pretty much done after 6.

Not surprised people are smashing the bevvies in every evening!

I would say i average 12 hours a day in a demanding role. If you LOVE what you do as a job you do not tend to notice the extra hours.

 

[Greebo]

West Midlands: 30 hrs p/w (salaried), 7 ish (private) = between 75k-100k pa. Aged 33.

I’ve just bought a house here for approx £500k - it was on the market for about 2 hours before being sold, and in that time it had 3 viewings, one of which being me. Certainly doesn’t seem to be a shortage of financially well-positioned people here...

Should say, while I would see myself as having a comfortable life, I don’t feel ‘rich’. I recognise that the money is ‘good’, but it doesn’t go that far around here, despite what people believe of the midlands.

So you are in the top 1 to 2% earners in the UK and even you don;t feel "rich". Amazing isnt it?

 

[quickshot89]

Base is £64K with On-Call & OT took me up to around £110K-£120K last tax year, on course to do the same but OT hours are dropping due to burnout. Aged 30.

£320K House in NE area, as with Skeptic, I dont feel rich but know I have a good life

 

[randomshenans]

Should say, while I would see myself as having a comfortable life, I don’t feel ‘rich’. I recognise that the money is ‘good’, but it doesn’t go that far around here, despite what people believe of the midlands.

I feel the same. All houses around here on the border towns/villages are about 4-500k EUR, salaries ARE higher in Switzerland, but I know from talking with friends that my latest offer is very good and above the norm.
I put my salary offer from the job I'm starting in Business & Moment thread:

They offered 150k EUR basic, with salary review next year, 15% annual bonus, 8% pension contribution (currently, sliding scale up as you get older), with 6% my contribution and 25days holiday, 5 bridging days and flexi time to earn more time off...! Can't really be too upset with

I'd say very comfortable, but certainly not rich.

 

[kai]

So you are in the top 1 to 2% earners in the UK and even you don;t feel "rich". Amazing isnt it?

It was mentioned earlier and i 100% agree.

"Give a person earning 20k a 50k year salary and they will feel very wealthy. In a year or two it will just be the norm and they will be in the same boat everyone else is in."

You adapt and your life style changes. For me personally, i am now in a position I no longer have to worry (within reason) about monthly outgoings, bills or going out etc. However, you start looking at new homes, cars etc all relevant to your 'new' outgoings.

 

[tom_e]

I certainly feel like I had more "disposable" cash when I was earning around £19k I'm now on more than double that but as others have said lifestyle/payment of past debt has increased inline with my salary.
Right now the idea of the extra money I'll have when I finish paying my debts makes me think like I'll actually feel much more well off, but I'll probably find a way to just absorb that extra into my general lifestyle again.

 

[LiE]

I think it’s a bit of a trap that people fall into. Imagine the position many people would be in if, as they earned more, they didn’t let their lifestyle creep.

What if you had a modest house and modest car while earning £100k pa? It opens up a lot options.

 

[randomshenans]

What if you had a modest house and modest car while earning £100k pa? It opens up a lot options.

I think it often depends where you live. Not always, but for a lot of it, I find the higher paid jobs are often around more expensive living areas. Then also, as you grow older, and earn more, you often have a family to go with that, which adds to the house size etc.

 

[dowie]

So you are in the top 1 to 2% earners in the UK and even you don;t feel "rich". Amazing isnt it?

There is some serious wealth inequality in the UK so it is fairly understandable. The sort of house he perhaps bought for 500k in the midlands, assuming a nice-ish area could well be a very ordinary family home with say 4 bedrooms (one of which might only be a small guest room/study), lounge, dining room, kitchen and double garage... maybe a conservatory at the back and a modest garden (or tiny garden if a relatively new build).

While in terms of income he's up there near the top, in terms of wealth/assets he's still pretty average as there are an entire generation of boomers + plenty of Gen X who accumulated similar or bigger assets while not having to be anywhere near as high in terms of income percentiles at the time.