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Share your dilemmas and get honest opinions from other Mumsnetters.

High earners - how do you spend your salary?

988 replies

Citygirly · 21/05/2022 10:03

DH and I earn just under £140k combined.

We do maximum pension payments (his is 9% as NHS) and we also give about 10% a month to charity.

Other than that, we plan to start overpaying the mortgage. We invest £1k a month (so £500 each) and save £1k for holidays. We of course do general/specific savings but then have a good chunk left over for disposable income.

AIBU to ask other high earning households how they tend to allocate their money? Just want to see if we could be using it better or this is about right for comparables.

OP posts:
gotthis · 26/05/2022 16:13

@Topgub You are worth an infinite amount of hedge fund traders, lawyers etc. I am forever indebted to the kindness of nurses at times when we have needed them, like so many. I wish you were paid more too.

AnuSTart · 26/05/2022 16:09

Nurses should absolutely be paid more.
To be honest maybe this is a UK problem.
My sister is a nurse and is planning on moving to the US or Australia

Topgub · 26/05/2022 15:57

@Citygirly

I'm a senior charge nurse

Topgub · 26/05/2022 15:56

@Lunar27

But you're still implying that higher earnings careers are better.

Theyre not.

Not everyone wants to earn lots of money and sacrifice job satisfaction to do it.

Yes I think my role should be paid more and others less but thats not ever likely to happen.

My career is still hugely valuable to society

Society would be fucked without it

Lunar27 · 26/05/2022 15:26

Topgub · 26/05/2022 15:02

@Lunar27

making better career decisions.

youmean making decisions that lead to more money.

I dont need to make better career decisions. My career is great.

It just doesn't pay well

But I'm a degree educated, highly skilled professional with lots of responsibilities

Yes, that's what I meant when I said playing the game.

I didn't mean that you needed to make better career decisions personally but that it's a factor.

Citygirly · 26/05/2022 15:10

Topgub · 26/05/2022 15:09

@Citygirly

Yes it frustrates me that my role isn't appreciated and recognised for what its worth

But there's lots if factors as to why that is the case and I still do it.

I dont consider under 40k to be well paid for what I do.

What is it that you do?

OP posts:
Topgub · 26/05/2022 15:09

@Citygirly

Yes it frustrates me that my role isn't appreciated and recognised for what its worth

But there's lots if factors as to why that is the case and I still do it.

I dont consider under 40k to be well paid for what I do.

Citygirly · 26/05/2022 15:06

Topgub · 26/05/2022 15:02

@Lunar27

making better career decisions.

youmean making decisions that lead to more money.

I dont need to make better career decisions. My career is great.

It just doesn't pay well

But I'm a degree educated, highly skilled professional with lots of responsibilities

Does it frustrate you that you aren't well paid? Because that's how it comes across. Also, what do you consider to be "not well paid"?

OP posts:
Topgub · 26/05/2022 15:02

@Lunar27

making better career decisions.

youmean making decisions that lead to more money.

I dont need to make better career decisions. My career is great.

It just doesn't pay well

But I'm a degree educated, highly skilled professional with lots of responsibilities

Lunar27 · 26/05/2022 14:47
  • Less well paid work
Lunar27 · 26/05/2022 14:46

@Topgub

I agree. I'm no better than I was when I was doing less paid work. The only thing that makes us better people is our personal conduct, morality and behaviour.

Although there is definitely a case of making better career decisions. But it's all playing the game to some extent. Personally I couldn't be a lawyer, accountant or in business as it's just not my cup of tea. So that limits my options but made the best career decision for me, in order to maximize my income and do a job that gives me genuine job satisfaction.

As I said before though, I'm lucky that I can balance both of these aspects.

Xenia · 26/05/2022 14:32

At sixth form lever 20% go to private schools not the 7% of lower down the age ranges so 30% at Oxbridge from private schools is only a 10% discrepancy which can be accounted for because parents there tend to invest in all senses a huge amount in education so in my view Oxbridge is just about right now for representing the % at private and state schools. Posh comps and state grammars are another story though and those may need to be the ones discriminated against to help those on FSM to rise up.

Topgub · 26/05/2022 14:30

I know @Lunar27

I was making a point.

There are millions of people on low earnings.

They aren't chucking bricks through peoples windows either.

The idea that higher earners are better people is nonsense.

Lunar27 · 26/05/2022 14:27

@Topgub

There are numerous jobs that pay well but don't require the sorts of acts you speak of.

I don't harm people directly in any way. The environment most definitely but not individuals.

Bankers are at an extreme end of wealth. Some of us, like the OP are more modestly well off with six figure incomes.

Topgub · 26/05/2022 14:11

@SlightlyGeordieJohn

You don’t base your decisions on an implausible world.

Not my fault you can only come up with implausible suggestions

Youre not worth your wage. I'm worth more than mine.

I wouldnt chose differently

Topgub · 26/05/2022 14:09

@SlightlyGeordieJohn

I absolutely am being ripped off.

Its not a presumption. Your comments align exactly with my view of investment bankers

No one in my home caused a global recession or snorts cocaine while commuting sexual assaults and DV

SlightlyGeordieJohn · 26/05/2022 13:46

Topgub · 26/05/2022 13:25

@SlightlyGeordieJohn

Nah, its just your investment bankers robbing the country blind and causing global recession which lead to those in poverty stealing

Just your investment bankers sexually harassing and assaulting their female co workers
Just your investment bankers propping up columbias economy

Just your investment bankers kicking the shit out of their wives.

Or is thar just my prejudice?

Yes, it absolutely is your prejudice. Please don’t assume we behave at home like you are used to.

SlightlyGeordieJohn · 26/05/2022 13:44

Topgub · 26/05/2022 13:30

@SlightlyGeordieJohn

Lots of reasons. The main one being im not motivated by money but that doesn't mean its ok for my skills and experience to be ripped off.

And if everyone chose to be a higher earner, who would do the lower paid jobs?

How would society function without nurses and carers, cashiers, refuse workers, delivery drivers?

You aren’t being ripped off. Your employer offers you a wage, and you choose to do the job in exchange for it.

It’s the same with the OP’s job, and with mine, the employer pays what they have to to get someone in who’s got the qualifications and the skills to do the job.

The “but what if everyone did it” argument doesn’t work. That’s like saying there’s no point planning to do a long drive overnight when it’s quiet, as if everyone else did the same you’d not gain any advantage. You don’t base your decisions on an implausible world.

Topgub · 26/05/2022 13:43

@dillydally24

The revenue generators cant generate revenue without the cost centres

Simple as that.

The revenue generators could maybe justify earning a bit more. But not 1000x more

dillydally24 · 26/05/2022 13:43

I do agree that the min. wage should be higher, but with what's going on with Russian and China and supply chains moving back home, I think that you'll see low wages rise at a much faster rate than they have during the prior three decades of globalization and offshoring.

dillydally24 · 26/05/2022 13:40

This may sound harsh, but the reality is that some people are revenue generators (and are paid more), while others are cost centers (and are paid less). We need the cost center people for businesses to operate, but they will not make or break the success of the business like the revenue generators. Hence they are paid less. If you want to earn more, become a revenue generator. Or don't. Whatever makes you happy. Revenue generators make more money than cost centers, but they are not necessarily better people.

Topgub · 26/05/2022 13:30

@SlightlyGeordieJohn

Lots of reasons. The main one being im not motivated by money but that doesn't mean its ok for my skills and experience to be ripped off.

And if everyone chose to be a higher earner, who would do the lower paid jobs?

How would society function without nurses and carers, cashiers, refuse workers, delivery drivers?

Topgub · 26/05/2022 13:28

@dillydally24

If we aren't to pay people in accordance with their skill, revenue-generating capability and hours worked

we dont pay people in accordance to skill, capability* *or hours worked. Thats the point

We pay them in revenue generated capability alone

Which they then keep even though they can't generate the revenue on their own.

They need everyone else to pay the revenue.

Id like to see linked wages. And a much higher minimum wage

Topgub · 26/05/2022 13:25

@SlightlyGeordieJohn

Nah, its just your investment bankers robbing the country blind and causing global recession which lead to those in poverty stealing

Just your investment bankers sexually harassing and assaulting their female co workers
Just your investment bankers propping up columbias economy

Just your investment bankers kicking the shit out of their wives.

Or is thar just my prejudice?

SlightlyGeordieJohn · 26/05/2022 13:16

Topgub · 25/05/2022 21:24

@Lunar27

Obviously its subjective.
Thats the problem

How have we got to the point where its ok for footballers and kardashians to make what they do from others and keep it?

I think i should be making what the op does too.

Youd think we would have learnt from the pandemic but apparently not.

If you would like to earn what the OP does then why did you not do what they do?