High earners - how do you spend your salary?

I'm a tramp income wise by Mumsnet standards and I always buy McVities. I know I should be eating smart price on our income but they don't come close to the real ones!

😂

Mortgage
holidays
cleaner/dog walker/personal trainers/gardener/hairdresser
food/eating out
kids activities

I think people saying that 140k isn't a high earner is tone deaf but I understand why people want to discuss those things.

I earn well for where I live (top 10%) but earn much less than posters here, and I feel extremely comfortable. I'm in a better position than almost all my friends because I didn't spend a couple of years after uni enjoying my newfound income and going on holiday etc as they did, and instead bought a house ASAP - again obviously very lucky that those were the choices we were making rather than eating or heating but it does put me in a different position now - my mortgage is 1/2 theirs and that means I have enough money to pay a cleaner, have a posh gym membership, buy nice (to me!) wine and go on holidays. They probably cost me £350 per month in total, will be a chunk more when I've got the capacity to plan something long haul.

I feel like what I don't know is where to start on things like investing, but I have enough cash now that I really ought to at least start dripping money in. It's not something my parents have ever been in a position to do so I just have no idea. I'm not putting loads extra into my pension because I have a DB scheme and assuming I don't change industry it will end up valued so highly that I'm likely to top out my tax free pot so there's no point.

Obviously this is a great situation to be in, but it doesn't change the fact that I end up looking for advice from people who have been through similar situations.

We have a joint income of about yours OP. We pay the mortgage, bills, pension etc but spend alot of it on holidays and travel - probably about £30,000 a year. As a family of 4 we take at least 3 trips a year overseas for 8 weeks. Both of us work in healthcare and see too many lives cut short. We put enough away for a rainy day, but make sure we see as much of the world while we're on it!

I’ve only read two pages and already I’m smiling to myself.

I love these kind of threads!!!

I agree Robinni.

I hear you.. any particular brand? Have tried a lot of the variations but considering just going back to good old original orange Mcvities. May as well splurge 😉

Read through OP posts only - I think the advice to have multiple pots and investment for the future is good to enable early retirement.

While you don’t have kids currently, I think putting more money towards them now would be a good call - if you are in a 3 bed semi you will definitely want to move and it makes life a lot easier if you are already settled in the “forever home” before having them. Trying to move or self build with young children is a mare. So maybe put more money towards moving plans to expedite them.

Also re. private school, some are of the opinion they want kids going to private school so they are mixing with children from similar backgrounds - despite excellent free schools in area. Friend of mine went to a regular school, had high earning parents and was constantly teased about having nicer clothes/bigger house etc. Another went to a prep but was treated like a pleb as parents only teachers (according to them) and not owning own business/lawyer/doctor. Most doctors I know have their kids in prep, unless for some reason they want a religious school…. For the simple reason it’s easier for the family to mix socially with the parents/kids, with a level of commonality and no jealousy. Something to consider for the future.

Paying off your mortgage early is definitely not my strategy. It's the cheapest money you'll ever have to invest. The only reason to do so is if you don't have any other income streams/ investments and retirement is looming.

Majority of my salary goes on housing and private schooling. I invest in wine and property. We go on holiday a lot though too. I have seen too many friends and colleagues die early to not have half an eye on a good time.

Jaffa cakes.

I should stay of mumsnet as some of these unpleasant boastful threads make me depressed

Why do you need to spend it? What's wrong with saving?

crossed posts but why do you need to save it? What's wrong with enjoying the things money can buy?

No stealth needed here.

-------------->

This way to the thread for serious wealth boasting.

We save/invest some and have good pensions, but otherwise spend it on living well. Decent house, currently renovating again. A lot of travelling - 5* hotels or luxury villas. Reliable cars - not flashy but new and with all the extras. DCs in private schools and get to do any and all hobbies they want to do. Eating in fancy restaurants, buying good quality sustainable clothes etc.

I have no interest in being the richest corpse in the cemetery. And I've had some health scares which really make you re-evaluate things.

OP your money is your money. Do not let your dh dictate where hair, nails, lashes money is spent from providing it's from your account. Keep your own bank account. Don't assume earnings will keep increasing and maintain agency over your personal spends from your personal pot.

Why do you need to spend it. We have an income similar but a little higher than yours and just pay our mortgage, the usual bills, hobbies and private pension and then save what is left. If we need to buy anything I.e. New bed is most recent purchase, we just buy really good quality so it lasts. Why do you need to spend it? What's wrong with saving?

If I had an income of £140k I would use £100k to pay off the mortgage each year.

I think £40k is more than enough for a childless couple to live on and I’d want the security of owning my home outright as soon as possible.

If you break up or one of you can’t work then at least you’d have paid a good chunk off or you could sell and buy somewhere cheaper.

OP, I would prioritise reducing debt eg overpay the mortgage if allowed

And save, save, save

Financial security is a wonderful thing, if you can achieve it

I do think it was insensitive to post in AIBU

I can't draw any other conclusion than that this thread was posted in aibu to stir things up. Why not post in money and have an actual proper question otherwise?

As for those telling people not to comment on the thread if they don't like it, the op asked if it was unreasonable to ask for others to post what they spend their high salaries on? So those who find that unreasonable are perfectly justified to say so, indeed they've been invited to. So maybe those complaining about people who think it's not reasonable need to scroll on by instead.

😂dream on.......

I think I am well off financially.

However, how my money is spent is my own business and I will say no more.