High earners - how do you spend your salary?

Incorrect to assume schools outside London are cheaper; supply and demand dictates school fees, and you'll actually find that in London (apart from the obvious very expensive ones), they're often cheaper, or certainly comparable to, those elsewhere, because there's more competition, as well as grammar schools. 🙃

We over pay the mortgage as we’re paying interest on that. So keen to get rid of it asap. We’ve always been told by financial advisors to get rid of debt really before doing anything else.
We invest in medium and high risk shares and crypto.

Oh wow really?! Need to try those!

It's something we really enjoy and I think it's really important to have as we make lovely memories and get a good break from our stressful and time intensive jobs.

Yep. Pretty much applies to most of the population I'd say.......

@SicParvisMagna

bloody hell.
“only you can change that”
spectacularly wrong on so many levels

If you can buy a house in your locality for 200 grand to live in I would do that and if you can’t buy a house for 200 grand on a buy to let mortgage and rented out especially if you can wait about 12 to 18 months when the madness of highest prices hopefully will end you might be able to snap of a good deal. In the meantime for 20 grand each into a ISA I made about £2000 last year on a stocks and shares Isa. If you’re under 40 I believe you can get the first time buyers ISA, one each and the government Will add 25% to both of your totals.

We allocate £12k to holidays a year currently and will want this to go up once we have DC. It's something we really enjoy and I think it's really important to have as we make lovely memories and get a good break from our stressful and time intensive jobs.

Dorsal fin spotted heading for shore... 🦈🦈🦈

@resipsa
I’m sorry to hear about the cancer diagnosis.

Do you mind me asking what job you and your DH did to earn so much?

This is actually a good point. I can see them limiting leisure flights in the not so distant future if we can’t get things under control…. So high earners will need to find something other than holidays… dread the housing market then.

School fees times 4

Actually tell a lie I would like to ask something. My husband currently earns just under £30k and I am not in work due to having to leave my retail job after an injury (nothing serious enough to claim for but enough for me to have to leave before I was forced out).

We don't own our own property, and we have no savings.
My husband is also a part time script writer and has started to get some success with projects being made. Each one is probably only going to be in the region of £20k and under a time (some as low as £2k), but added together it would be a nice little amount especially since we are currently poor!

I would like to save it, possibly put towards a house (would only buy if we could be mortgage free, we're late 30's early 40's and I don't think we would get a mortgage now but would rather not have one if we could possibly avoid it).

If you was in my position, and had a lump sum of say £60k what would be the best course of action? I'm utterly clueless so any advice would be grand. I know that's not a life changing amount, but I hope it would just be the beginning of what he will earn.

Absolutely agree! My DH earns more than OP's and her DH's joint income and my salary is 6 figures too for context). We lived accordingly but were blind-sided by a cancer diagnosis at 38. Income protection saved us.

Hi Boris.

I have nothing really constructive to add to this thread, except that Morrisons own Jaffa cakes are banging and far better than Mcvities.

Lordofmyflies

I can see the argument for seeing the world while you are on it but don’t you worry about the impact on the climate emergency and the future for your kids? I’d feel too guilty to fly so much.

Seriously - that is high earning. I live in London too and that is high earning and not sure why you think otherwise

Nando’s.

We save it and also help family. Mortgage is paid off. Earn around 200k combined and live in London suburb.

Probably live a similar lifestyle to those on a quarter of our combined salary and don’t do anything particularly special with it.
DC is at a state school, no debts.

What our income affords us is not having to worry about money and if something needs replacing/breaks, we can buy it without it having any impact.

You’d hate me then I was on 100 grand a year at 22 back in 1999.

@orwellwasright what is wrong with somebody from a humble background asking other high earners how they manage their money?

The girl has no social reference points.

If she were from a family of high earners they would already have an investment portfolio and be guiding her as to how to wisely manage money for the most beneficial long term outcome. Probably would have her as a director of several family businesses already.

MN is for everyone and honestly I don’t understand why any time an individual so much as mentions money be it their earnings or inheritance they are met with women being jealous/suspicious/outright nasty.

I have gone long on McVities rich tea I managed to secure them at 1.9 for two packs which I’m very pleased about, that’s an investment that’s going to prove lucrative.

generally speaking most of my money goes in my pension now. I cannot wait to exit the rat race even if I won’t be wealthy in my dotage I won’t be working so I’ll be happy.

i’m hoping that that will mean that I’m able to support my daughters in their career choices as well and help them by providing childcare I do you think that’s probably the best gift you can give your children.

My dh is in banking and earned much more than this at 27. It just shows the poster is clueless as to other professions existing. It is very much possible.

I think it's beneficial for you to realise that it's not ok to pretend you need help so that you can boast about your earnings.

Seriously, sweetheart. You're going to be so embarrassed about this when you're older.