closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Page 2 of 4 FirstFirst 1234 LastLast
Results 51 to 100 of 194

Thread: How wealthy do you 'feel'?

  1. #51
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    28,583
    Quote Originally Posted by Andyg View Post
    £80k might sound quite high, (about £4,600/month take home) but surely it's dependant upon out goings.

    For example if someone had a 600k mortgage that's £1k/month.
    Then you have rates - another £300/month
    Home insurance, Utility Bills, food, etc - another £1000/month
    A decent car On PCP - another £1000/month, inc fuel, insurance, tax etc -
    A £6k holiday fund - £500/month
    £100/week on stuff/luxuries/pets, mobile phone, internet, line rental, etc (£400)
    A contribution to a pension - £300.

    And that's 4.5k a month which leaves £100/month for rainy day money.

    Now compare this with someone on universal credit £317/month.
    Are you for real? Read what you wrote, and keep reading it until you realise why the comparison with UC is nonsensical. And no, I'm not going to help you.

  2. #52
    Craftsman Templogin's Avatar
    Join Date
    Oct 2015
    Location
    Shetland
    Posts
    730
    I earn less than 25k, and I have never earned over £30k. I gave up working 5 days a week to go down to 4. The loss of income was relatively small, and I appreciate a 3 day weekend every week. I live in an extremely low crime area well within my means surrounded by excellent neighbours. I am in a good relationship, have a good view from my house and few worries. I also have few assets, no house or car, and a new SMP300c was a stretch financially. I have little interest in foreign holidays as I find heat difficult, a shame as I enjoy the travelling part. I have no debt. Everything that I have to pay for is in credit.

    Years ago when I lived in an area where there was a large mix of incomes, I was aware that I had the lowest income. Almost every other family would have a new car on the drive, whereas we had a battered old Mk2 Escort. We would go out in it every weekend. Neighbours would often openly admit that they envied how happy we were together despite not having a pot to pee in. Thereís more to wealth than money.

  3. #53
    Craftsman RAFF's Avatar
    Join Date
    Sep 2012
    Location
    London, England
    Posts
    601

    How wealthy do you 'feel'?

    Quote Originally Posted by Templogin View Post
    I earn less than 25k, and I have never earned over £30k. I gave up working 5 days a week to go down to 4. The loss of income was relatively small, and I appreciate a 3 day weekend every week. I live in an extremely low crime area well within my means surrounded by excellent neighbours. I am in a good relationship, have a good view from my house and few worries. I also have few assets, no house or car, and a new SMP300c was a stretch financially. I have little interest in foreign holidays as I find heat difficult, a shame as I enjoy the travelling part. I have no debt. Everything that I have to pay for is in credit.

    Years ago when I lived in an area where there was a large mix of incomes, I was aware that I had the lowest income. Almost every other family would have a new car on the drive, whereas we had a battered old Mk2 Escort. We would go out in it every weekend. Neighbours would often openly admit that they envied how happy we were together despite not having a pot to pee in. Thereís more to wealth than money.
    Well said. Fully agree money does not equal happiness. It just makes things a bit easier though


    Sent from my iPhone using Tapatalk
    Last edited by RAFF; 22nd November 2019 at 21:28.

  4. #54
    Master
    Join Date
    Sep 2003
    Location
    liverpool, uk
    Posts
    2,649
    Iím very envious of you guys that have retired early and found the right balance of money and lifestyle, Iím currently trying to take a step back at 41 and spend more time with kids etc 50% reduction in earnings and but more important 50% reduction in hours (just 40 hours now feels like part time) my next goal is 3 days a week but with 3 young children it will probably take 10 or more years to get there. Ive loved money for the fun Iíve had with it but as Iíve got older Iíve realised I donít need that much to have the same amount of fun just in different ways. I still believe that part of the current curriculum in schools should be how to manage money

  5. #55
    Craftsman RAFF's Avatar
    Join Date
    Sep 2012
    Location
    London, England
    Posts
    601

    How wealthy do you 'feel'?

    Double post

  6. #56
    Grand Master Chris_in_the_UK's Avatar
    Join Date
    Nov 2004
    Location
    Norf Yorks
    Posts
    35,939
    Quote Originally Posted by learningtofly View Post
    Are you for real? Read what you wrote, and keep reading it until you realise why the comparison with UC is nonsensical. And no, I'm not going to help you.
    When you look long into an abyss, the abyss looks long into you.........

  7. #57
    Master
    Join Date
    Apr 2014
    Location
    Cartagena, Spain
    Posts
    9,386
    Quote Originally Posted by bootneck View Post
    Iím very envious of you guys that have retired early and found the right balance of money and lifestyle, Iím currently trying to take a step back at 41 and spend more time with kids etc 50% reduction in earnings and but more important 50% reduction in hours (just 40 hours now feels like part time) my next goal is 3 days a week but with 3 young children it will probably take 10 or more years to get there. Ive loved money for the fun Iíve had with it but as Iíve got older Iíve realised I donít need that much to have the same amount of fun just in different ways. I still believe that part of the current curriculum in schools should be how to manage money
    Sounds like you have a good plan there, youíre half way there, most people donít start planning early enough. If the schools donít or wonít teach it, then I believe it is our responsibility as parents to do so. Best of luck to you.

  8. #58
    Grand Master GraniteQuarry's Avatar
    Join Date
    Jun 2005
    Location
    Aberdeen, UK
    Posts
    25,681
    Bottom line, if you want to be/remain wealthy... don't have kids. Or a wife.

  9. #59
    Craftsman RAFF's Avatar
    Join Date
    Sep 2012
    Location
    London, England
    Posts
    601
    Quote Originally Posted by GraniteQuarry View Post
    Bottom line, if you want to be/remain wealthy... don't have kids. Or a wife.
    You genius, you.


    Sent from my iPhone using Tapatalk

  10. #60
    Quote Originally Posted by Passenger View Post
    Sounds like you have a good plan there, youíre half way there, most people donít start planning early enough. If the schools donít or wonít teach it, then I believe it is our responsibility as parents to do so. Best of luck to you.
    I wish I had someone to guide me years ago, as a 16 year old going out on my own in the big wide world saving money, pensions and budgeting wasn't on my radar.
    I guess I was lucky and was talked in to taking out a pension by my first boss but certainly money matters weren't part of my upbringing....that's not to say they were bad with money mind.

  11. #61
    Master
    Join Date
    Sep 2003
    Location
    liverpool, uk
    Posts
    2,649
    Quote Originally Posted by Passenger View Post
    Sounds like you have a good plan there, youíre half way there, most people donít start planning early enough. If the schools donít or wonít teach it, then I believe it is our responsibility as parents to do so. Best of luck to you.
    There in lies the problem though my parents couldnít really teach me because they never had much money the only thing they taught was stay out of debt which was mainly good but made me very very risk averse to any debt at all not always a good thing. Then you see people that couldnít manage their money if their life depended on it intelligent people with good jobs yet live pay check to pay check supplementing with loans and credit when the washing machine breaks for example I shudder to think how theyíll educate their children. I just think that schools should cover the basics like different accounts, savings, investments (nothing heavy isa type things) mortgages and interest rates etc.

  12. #62
    Master
    Join Date
    Sep 2003
    Location
    liverpool, uk
    Posts
    2,649
    Quote Originally Posted by Franky Four Fingers View Post
    I wish I had someone to guide me years ago, as a 16 year old going out on my own in the big wide world saving money, pensions and budgeting wasn't on my radar.
    I guess I was lucky and was talked in to taking out a pension by my first boss but certainly money matters weren't part of my upbringing....that's not to say they were bad with money mind.
    This exactly

  13. #63
    Master jukeboxs's Avatar
    Join Date
    Apr 2009
    Location
    Scotland
    Posts
    2,271
    Quote Originally Posted by chrisparker View Post
    PM me your mortgage advisor please! Nationwide want £2.6k p/m on a 600k mortgage.
    That £1k pm looks to be interest only. I was more surprised by the £1k pm decent car allowance and the holiday fund. But, then, it's all relative. Everyone is this country is a king (or queen) compared to most of the rest of the global population.

  14. #64
    Craftsman RAFF's Avatar
    Join Date
    Sep 2012
    Location
    London, England
    Posts
    601
    Quote Originally Posted by Franky Four Fingers View Post
    I wish I had someone to guide me years ago, as a 16 year old going out on my own in the big wide world saving money, pensions and budgeting wasn't on my radar.
    I guess I was lucky and was talked in to taking out a pension by my first boss but certainly money matters weren't part of my upbringing....that's not to say they were bad with money mind.
    I feel that brother. So many silly mistakes and squandered money. I envy those that had their head screwed on straight at that age!


    Sent from my iPhone using Tapatalk

  15. #65
    Master yumma's Avatar
    Join Date
    Apr 2014
    Location
    Chelmsford, UK
    Posts
    1,736
    So joint income of around top 10%, which is ok, but feels distinctly average, but like anything itís not gonna be a steady curve of progression, just like an elite marathon runner the difference between a top 20% and top 2% is vast. Iíve had some top 5% race finishes but itís still a country mile away from the winner. But Iím happy in my earnings as that represents my qualifications, application, ambition and skill; itís alright as far as Iím concerned but know I could be better. I balance this with home life, personal time, recreation and my mental health; all of which I value more than a pay cheque. But I tip my hat to all who earn a good wage as it normally takes a big commitment and is well deserved.

  16. #66
    Craftsman Templogin's Avatar
    Join Date
    Oct 2015
    Location
    Shetland
    Posts
    730
    Quote Originally Posted by Franky Four Fingers View Post
    I wish I had someone to guide me years ago, as a 16 year old going out on my own in the big wide world saving money, pensions and budgeting wasn't on my radar.
    I guess I was lucky and was talked in to taking out a pension by my first boss but certainly money matters weren't part of my upbringing....that's not to say they were bad with money mind.
    Would you have listened though. Sixty was never coming when I was sixteen.

    Earlier I should have said that I would like to have more to give me more choices, but I would end up with 10 watches instead of 1, which is fairly pointless if my 40+ collection of fountain pens is anything to go by.

  17. #67
    Quote Originally Posted by Templogin View Post
    Would you have listened though. Sixty was never coming when I was sixteen.

    Earlier I should have said that I would like to have more to give me more choices, but I would end up with 10 watches instead of 1, which is fairly pointless if my 40+ collection of fountain pens is anything to go by.
    I don't know, probably not however I only started thinking about money when I started living with the wife back in 92. Even then as 2 earners I wouldn't say we were both savvy with money. It was far too easy to eat out, buy what we wanted with little regard for later life. Whilst I may not have listened I think it would have given me a better start and would have made me wiser once we started living together.
    The wife often says we blew so much money which is right but we did it whilst we could and then cut our cloth when we had children.
    Last edited by Franky Four Fingers; 22nd November 2019 at 23:08.

  18. #68
    Grand Master Chris_in_the_UK's Avatar
    Join Date
    Nov 2004
    Location
    Norf Yorks
    Posts
    35,939
    The only reason I retired with a decent pension was I had no choice, membership was compulsory - and I am now so grateful for this.

    As regards wealth - disposable income is but one measure, lifestyle and many other issues are an influence on the situation.

    Idiotic comments aside, income and council tax is in no way a measure of wealth.
    When you look long into an abyss, the abyss looks long into you.........

  19. #69
    Grand Master Andyg's Avatar
    Join Date
    Oct 2008
    Location
    Wiltshire
    Posts
    22,634
    Quote Originally Posted by GraniteQuarry View Post
    Bottom line, if you want to be/remain wealthy... don't have kids. Or a wife.
    Or get divorced.

    Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
    Friedrich Nietzsche


  20. #70
    Grand Master Andyg's Avatar
    Join Date
    Oct 2008
    Location
    Wiltshire
    Posts
    22,634
    Quote Originally Posted by learningtofly View Post
    Are you for real? Read what you wrote, and keep reading it until you realise why the comparison with UC is nonsensical. And no, I'm not going to help you.

    Whoosh.

    The question was "how wealthy do you feel", which is its relative. Bill Gates might not feel wealthy today because his stock might be down 10 points so instead of being worth 100b he might only be worth 99b, yet he is still considerably more wealthy than 7b other people.

    I have had zero income for the past 3 years, but still consider myself quite wealthy when I compare my situation with others, especially those on UC. See it's relative.

    Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
    Friedrich Nietzsche


  21. #71
    Craftsman RAFF's Avatar
    Join Date
    Sep 2012
    Location
    London, England
    Posts
    601
    Quote Originally Posted by Andyg View Post
    Whoosh.

    The question was "how wealthy do you feel", which is its relative. Bill Gates might not feel wealthy today because his stock might be down 10 points so instead of being worth 100b he might only be worth 99b, yet he is still considerably more wealthy than 7b other people.

    I have had zero income for the past 3 years, but still consider myself quite wealthy when I compare my situation with others, especially those on UC. See it's relative.
    This makes no sense in so many ways.




    Sent from my iPhone using Tapatalk

  22. #72
    Quote Originally Posted by Templogin View Post
    Ask the person on 80k if they would swap their lifestyle with the person on universal credit.
    I'm damn sure that there are quite a few people on UC that wouldn't want the job and the rest that goes with the 80k job.
    It's just a matter of time...

  23. #73
    Yep, discussions like this always remind me of the Mexican Fisherman story. Worth revisiting, no matter how wealthy you feel.

  24. #74
    Craftsman Templogin's Avatar
    Join Date
    Oct 2015
    Location
    Shetland
    Posts
    730
    Snoozing on a red leather bench for £300 a day might have its attractions

  25. #75
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    28,583
    Quote Originally Posted by Andyg View Post
    Whoosh.

    The question was "how wealthy do you feel", which is its relative. Bill Gates might not feel wealthy today because his stock might be down 10 points so instead of being worth 100b he might only be worth 99b, yet he is still considerably more wealthy than 7b other people.

    I have had zero income for the past 3 years, but still consider myself quite wealthy when I compare my situation with others, especially those on UC. See it's relative.

  26. #76
    Quote Originally Posted by Jdh1 View Post
    Yep, discussions like this always remind me of the Mexican Fisherman story. Worth revisiting, no matter how wealthy you feel.
    I have a small company which keeps my business partner and I reasonably comfortable, we're busy most of the time and use the services of a chap that used to work with us at a previous employment. He went out self employed about 8 months ago fully understands it's on a basis of how busy we are but is happy not to come in as he's always rattling around in his own workshop or selling a car.
    What that's done and only done has brought our leadtime down, we were at one stage booking a month in advance which is understandably a long time to wait if your car is broken. It's had little impact on the wage we take home, yes it's increased but not to a point where it's life changing.
    A common topic of conversation is employing people and yes we could without doubt expand considerably.
    We have the room to install atleast 2 more ramps, our landlord has always said he'd build us extra space on the back of the building and indeed 4 extra ramps is viable. We get asked all the time why dont we sell cars, do this, do that, sell parts etc etc. The simple answer is we're essentially happy with our lot. Along with those extra people, ramps etc comes every responsibility, sickness, pension, worry about not enough work coming in, employment law, increased H & S and so on.
    It does make so much sense to expand but we simply don't want to, I know I'd probably be there later, our current opening time is 8:30-5, we'd need to do 8 til 6 for starters
    When we set the business up it was done on the basis of not opening Saturday and we've stuck to that. I'm certain that would change, one of us would have to be there with anyone working and all of a sudden we've lost a Saturday lie in which I value more and more as I'm approaching 50.
    The story of the fisherman is a cracker, I think we all need to stop, take stock of what we've got and if we're happy with it then be happy!

  27. #77
    Master raptor's Avatar
    Join Date
    Apr 2009
    Location
    Sunstroke capital,Cyprus
    Posts
    2,903
    Its like sales figures in a company
    Next year will be old news
    Unless you loose your health or loved ones you dont get the bigger picture. And to most people is temporarily
    Unless you find happiness to what you have you never will
    I feel very wealthy and i come from a very weird island when it comes to what you must show to ďshowĒ wealthy

  28. #78
    Master
    Join Date
    Apr 2014
    Location
    Cartagena, Spain
    Posts
    9,386
    Quote Originally Posted by Franky Four Fingers View Post
    I don't know, probably not however I only started thinking about money when I started living with the wife back in 92. Even then as 2 earners I wouldn't say we were both savvy with money. It was far too easy to eat out, buy what we wanted with little regard for later life. Whilst I may not have listened I think it would have given me a better start and would have made me wiser once we started living together.
    The wife often says we blew so much money which is right but we did it whilst we could and then cut our cloth when we had children.
    We, the wife and I came together naturally/by chance with two sides of the plan I think... she had always had this notion that it was bonkers that we all generally speaking have to work through our best years and then only get to retire when inevitably either /or both mind/body starts to go and I was brought up just this side of the poverty line, but from an early age could see other family members with nowt and I had hard work, responsibility and the importance of saving hammered in from an early age. Although not financially literate or sophisticated at 16 or 18 I knew I really didn't fancy 50 years of the grind and that if I was to 'escape' it was on me.
    Luck in terms of time and place played a part as it does for everyone ie moving to London, also Government assisted by imo deliberately deforming the property market along with the availability of OPM for extra leverage creating an opportunity, these factors along with a couple of jobs in financial services and real estate which though they didn't end up as careers taught me a few more things which I/we applied to our advantage.
    We also didn't fancy bringing children into the world until we had a degree of financial security and once you begin making investments and 'feathering your nest' it becomes addictive and a lot of fun, especially if you view it as beating the system. So almost any amount of hard work and a little sacrifice was easy to justify because the progress was tangible, it's then a case of figuring out how much is enough. The Spain idea was another 'happy accident', so now we live somewhere full time that enjoys great weather, lovely countryside, cheaper cost of living and some other folks work all year to come and enjoy a couple of weeks holiday.
    Last edited by Passenger; 23rd November 2019 at 08:54.

  29. #79
    Master subseastu's Avatar
    Join Date
    Oct 2012
    Location
    Ashby, uk
    Posts
    1,491
    Quote Originally Posted by KNog View Post
    .

    Work to live not live to work.
    At 44 I'm only just coming to realise that this is how it should be.

    Sent from my H8314 using Tapatalk

  30. #80
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    3,553
    Quote Originally Posted by learningtofly View Post
    I actually agree with your sentiments but responding to Andy with a gormless pic that has been posted a thousand times before does you more harm than good. It also reeks of bullying.

  31. #81
    Master
    Join Date
    Feb 2013
    Location
    Edinburgh
    Posts
    1,913
    Quote Originally Posted by Mick P View Post
    I actually agree with your sentiments but responding to Andy with a gormless pic that has been posted a thousand times before does you more harm than good. It also reeks of bullying.
    Mick, I really donít see how the posting of that particular meme reeks of bullying. Someone trying to equate an income of £80,000 per annum with UC of £317 per month is somewhat in need of a reality check. Most of the people I know on UC also happen to work hard on zero hour contracts and need UC to make ends meet.

  32. #82
    Grand Master learningtofly's Avatar
    Join Date
    Jul 2010
    Location
    Everywhere & nowhere, baby
    Posts
    28,583
    Quote Originally Posted by Mick P View Post
    I actually agree with your sentiments but responding to Andy with a gormless pic that has been posted a thousand times before does you more harm than good. It also reeks of bullying.
    Thanks for the input, Mick!

  33. #83
    Master
    Join Date
    Feb 2014
    Location
    England and Spain
    Posts
    3,553
    Quote Originally Posted by seabiscuit View Post
    Mick, I really donít see how the posting of that particular meme reeks of bullying. Someone trying to equate an income of £80,000 per annum with UC of £317 per month is somewhat in need of a reality check. Most of the people I know on UC also happen to work hard on zero hour contracts and need UC to make ends meet.
    The pic is a form of bullying / ganghut mentality and is what you expect in the BP, not here.

    The point Andy has failed to grasp is that if you earn £100k and mortgage yourself to the hilt, you may feel poor because because you will struggle to meet the normal household bills. However, you will be living in a nice house in a nice area and that does make you wealthy, especially when house prices start to creep up again.

  34. #84
    Craftsman RAFF's Avatar
    Join Date
    Sep 2012
    Location
    London, England
    Posts
    601
    Quote Originally Posted by Mick P View Post
    The pic is a form of bullying / ganghut mentality and is what you expect in the BP, not here.

    The point Andy has failed to grasp is that if you earn £100k and mortgage yourself to the hilt, you may feel poor because because you will struggle to meet the normal household bills. However, you will be living in a nice house in a nice area and that does make you wealthy, especially when house prices start to creep up again.
    I find it hard to agree that anyone struggling to pay the bills could be considered wealthy. If your mortgage is crippling you then you canít afford it.


    Sent from my iPhone using Tapatalk

  35. #85
    Master
    Join Date
    Apr 2014
    Location
    Cartagena, Spain
    Posts
    9,386
    That house price wealth idea only really works if you can at some stage cash out realising your gains and move somewhere cheaper and in your opinion 'better', I think sadly for most folks while it represents theoretical wealth too often it's going to be siphoned off to pay medical/care bills or they make the mistake of using it to fund 'lifestyle' in the mistaken belief that's what wealth is and can be sustained because house prices will always only go one way. Just my view.
    Clever idea by Governments though encouraging rampant house price growth to make folk feel wealthier and so buy votes, in reality when it's your own home with a mortgage you are still on the treadmill servicing/paying the debt. The near zero rates post 2008 are essential to keep the plates spinning and forestall a horrible crash.

    Sorry, will say no more, straying into politics territory albeit not intentionally.
    Last edited by Passenger; 23rd November 2019 at 10:31.

  36. #86
    Master ryanb741's Avatar
    Join Date
    Jun 2008
    Location
    London
    Posts
    6,952
    Lots of posters here saying work shouldn't be a focus. Well on a personal level I love work, I love what I do and it actually gives me respite from what can at times be a challenging home environment. So quitting work as soon as possible would not be something I would want to do.

    Sent from my SM-G950F using Tapatalk

  37. #87
    Master
    Join Date
    May 2005
    Location
    Cheshire, UK
    Posts
    4,548
    Quote Originally Posted by ryanb741 View Post
    Lots of posters here saying work shouldn't be a focus. Well on a personal level I love work, I love what I do and it actually gives me respite from what can at times be a challenging home environment. So quitting work as soon as possible would not be something I would want to do.

    Sent from my SM-G950F using Tapatalk
    Yes, it seems to me that how you will value your life with hindsight will be how you have used your time.

    Money is a resource that you can renew but time is a one use resource and should be treated with the respect that it warrants.

    I also loved my work (apart from the management/political aspects in latter years) and I don't think that I was at home much in the 80s and 90s. i quite enjoyed getting on a plane two or three times a week in those days too before all this security sh**

    I think it is good to reflect and act when the time scales tip to more used than left.

    I am probably in all definitions comfortable but I have always avoided showing wealth.
    I never "feel" wealthy or poor - I'm OK. I really never judge people based on possessions so when I went to poor areas of the world I always saw people; not their wealth or poverty. I did recoconise contrasts of course.

    B
    Last edited by Brian; 23rd November 2019 at 13:46. Reason: Spelling

  38. #88
    It seems he is an IT contractor so is probably aggrieved feeling he is forced into PAYE from IR35 changes and will no longer be able to pay himself via dividends or off shore loans etc. and as an IT contractor moves around the higher earners (fellow IT workers and the businesses that use them).

    The whole debate is well summed up by this tweet from lawyer Jolyon Maugham

    "Fact. Earning £80,000 a year puts you well into the top *3%* of adult earners."

    He added: "£80,000 - what an MP earns - puts you into the top 3% but it doesn't give you the lifestyle the English middle class once had.

    "No private school, no comfortable house (certainly not in London), and so on. What we used to call a middle class existence is increasingly unobtainable.

    "I'm not playing a violin for him - about 97% have it worse - but it does tell a story about how all the gains are going to an infinitesimally small number of people and how (in a way) everyone else can be cross with justification."

  39. #89
    Craftsman
    Join Date
    Aug 2009
    Location
    Tyneside
    Posts
    328
    Healthy = Wealthy

  40. #90
    Master thieuster's Avatar
    Join Date
    Mar 2009
    Location
    GMT+1
    Posts
    6,718
    Blog Entries
    1
    My divorce back in the mid-90s almost bankrupted me. Despite all the turmoil and aggravation, I felt better than in the period before the divorce with more than enough money. I'd never been so poor but on the other hand: I was richer than before.

    Then I met my current wife. We started from scratch: she'd been unemployed after graduating from the uni and I lost virtually everything. Our first 'home' together was were two rooms in a derelict house, sharing kitchen and bathroom with other tenants. With the smell of joints coming through the floorboards every evening... Now 20+ yrs later, our situation is couldn't be more different.

    What we notice is that our oldest, looking for a home for himself, thinks that trees grow into the sky. He thinks that he can look for an apartment (!) suited to the lifestyle he's used to at home. But with his little income, student loan and some monthly allowance from us for insurance and dental health, he's forced to look elsewhere. Something that fits his income. We're not going to buy or rent it for him; he's not happy with our point of view. But we're not budging. The only thing we're paying without a blink of the eye are sailing related matters or parts. I buy and pay the parts and hand them to him. I won't give him the money so that he can use it for something else.

  41. #91
    Master draftsmann's Avatar
    Join Date
    Oct 2015
    Location
    Malta and sometimes bits of Brit
    Posts
    4,324
    Sad but inevitable that some posters have tried to turn the thread political. Iíll resist the temptation.

    Iíve spent my career working for some seriously wealthy people. In my line of work if youíre at all good at it you can do reasonably well yourself, although paling into insignificance compared to some of the clients. What I did learn from the smarter clients was the importance of staying grounded, in touch with reality, and respectful of the people around you, be they employees, business associates or people at the sharp end of providing services. Sadly my observation is that too many people flaunt their financial success and think that it exempts them from basic common courtesy towards those around them.

  42. #92
    Quote Originally Posted by jukeboxs View Post
    That £1k pm looks to be interest only. I was more surprised by the £1k pm decent car allowance and the holiday fund. But, then, it's all relative. Everyone is this country is a king (or queen) compared to most of the rest of the global population.
    It's probably about average for car ownershipchoice you take into account the purchase price, depreciation and replacement after x years, insurance, road tax (road fund licence fee), fuel, servicing and other running costs.

    Car ownership for most people is not that effective an option, but to lots of us was sold as a necessity.

    On the feeling of wealth, I took the option of working part-time and doing more personal studying a few years back, and apart from helping out a couple of client's in the last 18 months (which at times meant working back at for jelly full-time hours or above) I've generally gone back to a part-time week with two or three month long holidays throughout the year - so I am a lot more time rich than I used to be, and I enjoy being able to do my own things a couple more days a week, or having long weekends every week.

    I could have carried on working longer hours, but I wanted more free/me time now while I'm still young/healthy enough to enjoy it.
    It's just a matter of time...

  43. #93
    Journeyman
    Join Date
    Sep 2017
    Location
    UK
    Posts
    145
    Quote Originally Posted by Andyg View Post
    £80k might sound quite high, (about £4,600/month take home) but surely it's dependant upon out goings.

    For example if someone had a 600k mortgage that's £1k/month.
    Then you have rates - another £300/month
    Home insurance, Utility Bills, food, etc - another £1000/month
    A decent car On PCP - another £1000/month, inc fuel, insurance, tax etc -
    A £6k holiday fund - £500/month
    £100/week on stuff/luxuries/pets, mobile phone, internet, line rental, etc (£400)
    A contribution to a pension - £300.

    And that's 4.5k a month which leaves £100/month for rainy day money.

    Now compare this with someone on universal credit £317/month.
    -Someone with an 80k income wouldnít be able to borrow £600k.

    -£1000 for utility bills then another £400 for phone, internet, like rental?!

    -£1000 PCP? Whatís decent? I previous car was an Audi A5 which cost around £500 all in (Lease payment, tax, insurance, petrol for 1000 miles/month)

    I hope the above is hypothetical. Someone earning £80k, borrowOMG £600k for a mortgage and decides that £500 a month for a holiday fund an £1000 a month for a car are essentials, leaving £100 for a rainy day fund is managing their money really badly.

    Having said that, Im not the most financially responsible myself. Fortunately a big portion of my income comes from performance related quarterly bonuses so I donít need to budget/save for any luxuries such as holidays or watches. I will probably need to get my act together at some point!

  44. #94
    Quote Originally Posted by Brian View Post
    Money is a resource that you can renew but time is a one use resource and should be treated with the respect that it warrants.
    Rarely do I quote posts, but you are a wise fella Brian.

  45. #95
    Get by on a little less than that but to do so I work 15 hrs a week in addition to a great Fs pension and have zero owed.
    Therefore feel pretty good.

  46. #96
    Master
    Join Date
    May 2005
    Location
    Cheshire, UK
    Posts
    4,548
    Quote Originally Posted by noTAGlove View Post
    Rarely do I quote posts, but you are a wise fella Brian.
    They were wiser than me the stoics, those thousands or so years back - I just read the likes of Seneca.

    They are the wisdom.

    You have now realised their gift.


    B

  47. #97
    Master Onelasttime's Avatar
    Join Date
    Oct 2014
    Location
    Everywhere, yet nowhere...
    Posts
    7,089
    Quote Originally Posted by hafle View Post
    80k a year before tax is an inconceivable amount of money for someone like me. Whether that guy is right or wrong, if he doesn't feel he is wealthy, perhaps he should stop to think what that means for those lower down the ladder.

    And it depends where in London you live Ryan. I was able to live there on about £10k a year. Poor people love in London too.
    But didnít you also inherit a substantial sum of money and buy a collection of Omega and Rolex watches during this time of self-imposed austerity?

    You never actually had to live on £10k a year - you chose to. Itís a bit different.

  48. #98
    Master
    Join Date
    Apr 2009
    Location
    Dorset
    Posts
    2,415
    I turn 40 next year and recently gave up working full time, to dropping down to a three day week earning a lot less per hour.
    However I save at least three hours a day commuting, and I have no job stress, I can schedule my days around the kids needs, financially it has taken some adjustment but I'm happier and so are the family because of this.
    My wife works full time and is working up the ladder at work, she loves her work which is a bonus.
    Neither of us earn 80k but we live well.



    Sent from my VOG-L29 using Tapatalk

  49. #99
    Master ryanb741's Avatar
    Join Date
    Jun 2008
    Location
    London
    Posts
    6,952
    Edited because someone is going to take this the wrong way
    Last edited by ryanb741; 24th November 2019 at 00:14.

  50. #100
    Craftsman
    Join Date
    Jan 2018
    Location
    London
    Posts
    539
    Quote Originally Posted by ryanb741 View Post
    Hats off to those guys living as a couple on £1500 a month or less. Genuinely amazing. I don't consider myself rich at all even though earnings wise a large proportion of my salary is taxed at 45%. I've listed my monthly outgoings below (single earner supporting a family) and it would be interesting to see how that compares with others as I would welcome ways in which I could save money. For context I live in Kingston in South West London.

    Mortgage - £1516
    Service Charge (includes parking) - £775
    Car PPC Payment - £586
    Petrol per month - £100
    Car Insurance - £118
    Sky TV - £68
    TV Licence - £12
    Phone contracts (2 phones) - £160
    Council Tax - £229
    Private Pension Payments - £700 (this is that max I can do as my tax-free allowance is £10k per annum)
    Train Travel (to get to work in Central London) - £250
    Bills - £200
    Bank Fees (premier banking fees) - £80
    Dog insurance - £67
    Home Insurance (including watches) - £108
    Food for cooking at home - £500

    That's basically the absolute basics that keeps us alive. That in itself is around £5400 just there.

    On top of this is spending money, I give my wife a monthly allowance of around £800, factor in at least £100 a month for clothes and shoes for our son, then going out, lunches at work, clothed for me etc then (and I know these are luxuries) I will buy a new watch fairly regularly (at least monthly) (part funded by flipping existing ones, part funded by income), then holidays etc.

    This isn't aimed as a show off - far from it, but is a genuine illustration of spending habits that I don't think are that extreme. Sure, the fact the missus doesn't work and relies on an allowance is unusual, you could take the pension payments out and the mobile phone bill is stupid (based on always having to have the latest phone) but a lot of the other expenses aren't. So I always get told that I earn 'a fortune'. And yet many people I know who earn a LOT less live in big houses (I'm in a 2 bed apartment) and have a lot of savings. I suspect partly it is to do with the taxation system and the fact that 2 people each earning half my salary would be much better off after deductions than I am.
    Oh dear.

    Sent from my SM-N950F using Tapatalk

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •