To be in this job and feel poor?

This has been published by the way, I saw it on Facebook today

40k is a good salary but after 7 years of studying, and having a doctorate, it doesn’t seem especially high as some of their friends are earning almost that salary now without a degree or any student debt 🤷🏼‍♀️.

I am confused by the second part of your post. The family member I was posting about has already worked in industry for 27K, with a masters degree. If they want to do a post doc, eg to stay in academia, the salary is around £40k. If they move into industry the salary is substantially higher so they’ll probably end up taking that route even though they would prefer the post doc.

Anyway, I understand the bit about being bemused at a single person struggling on £58k as I am on a low salary and have to support children 🤷🏼‍♀️.

@Abovedeckdeck They used to moan that friends with no uni degree were earning more than them. After PHD, if they do a post doc their salary will only be around £40k after 7 years studying! This is in a profession that is very important to all of us.

"Only"? First of all, £40k is an excellent salary, although as a former postdoc, I understand that postdoc salaries need to be high to compensate for the 1 or 2 year short term contract (my current salary is lower than £40k, but at least my position is permanent).

Once this person moves into private industry, they will quickly discover that starting salaries are often below £30k, and they too will be bemused as to how someone can struggle on a whopping £58k.

With the mortgage hike your current lifestyle isn't really sustainable. There's been times in my life where I have had to consider sudden salary drops such as because of redundancy, and one off service demands for my flat. The only way to deal with it is to be flexible and that means compromise, I have never bought a brand new car.. a friend of mine has a ledger and she earns over £100k but needs the money to pay her mortgage and have a better life style e. I get a decent enough salary more than you but I am also a lot older. I think when you are starting out it's really easy to think that you work and study hard and life is a breeze then you realise that the train driver on your commute is paid more than you but you still don't want to drive trains...

People seem to be missing the point that a £500 increase in mortgage payment is huge

Yup there’s two of us so more combined salary but 4 children. Luckily our mortgage didn’t increase much but even the bills , food etc is squeezing the budget. An 40 and feel worse off than when I was earning 12k when I was 20 .

You are on a high wage. You have managed to buy your own property and presumably have a fairly new car so you ARE doing well. There are lots of things you can do to improve income eg lodger, extra weekend job, look at changing car but, I agree, you shouldn’t really have to. I am surprised that you are struggling as a single person on that wage.
FWIW I am on an extremely low income less than 1/5 of yours and have 3 children to support.
However, I do see where you are coming from. One of my family members is doing a PHD and prior to this worked using their masters, they were on £27,000. They used to moan that friends with no uni degree were earning more than them. After PHD, if they do a post doc their salary will only be around £40k after 7 years studying! This is in a profession that is very important to all of us.

My first salary £6250 trainee lawyer in London in 1983. I just applied the inflation calculator t that and that is £20,345. I think that was from the days not that long after people or their parents had to PAYE to be a trainee lawyer as you are a burden on a firm so we were on less than the secretaries even despite having a law degree and post grad. Those trainee lawyers today in London are on £43k in other words double in real terms what I was on (not that I think generational comparisons are particularly helpful as things change so much like 9% student loan "tax" and higher London rents for people in those kinds of jobs).

So in other words you are twice as well off in real terms today as a trainee lawyer in London as you were in 1983 BUT if you are in a much lower paid minimum wage trainee lawyer job - loads of young lawyers are - then you are on about the same that I was on in 1983.

Student pan repayments
Pensions
Memberships of professional bodies for accreditations
Insurance for your professional role

These add up to
Then there's commute
Parking

I dont get it, on 58k but struggling? have you got loads of other outgoings? can you move to a cheaper area??

I'm sorry but that's rubbish. DS2 is on 1500 a month after housing costs and manages fine.

And that's in the SE

@hendoop I am on a lot less but 58k is not a lot and is the equivalent in the 90's of 25-30k

Which was a very high salary in the 90s...

I am on a lot less but 58k is not a lot and is the equivalent in the 90's of 25-30k, it is barely liveable in a single person household

Inflation is awful and everyone is struggling

I think I forgot how many wealthy and privileged people exist on mumsnet.

I'd put them at "high" rather than "very high", but equally...neither of those are "colossal".

Can't disagree about the SUVs, though.

Yes, those are all very high salaries for those time points.

Have you lost your mind? Maybe if everyone didn't drive ugly SUVs, we would all have a lot more money in our pockets.

Surely 200 per month on fuel depends on how much driving she needs to do. Fuel is expensive and if that’s her commute it is what it is and not something she can cut back on

£76k.

Check it out here:

https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator

It's really quite depressing. My starting salary was pretty low in 1998, £16k (as an unqualified, inexperienced IT tech). That's the equivalent of £29k now.

@ntmdino what would £58k in 2016 be equivalent to in 2024?

£58k isn't "colossal". In fact, the 2016 equivalent (which is what most people seem to compare to) was £44k. The equivalent from when the OP was at university (2009) would be £38k.

Those salaries are all seven years apart, which shows how shit things are right now.

I always find it interesting on how salary/income can make people be harsh on circumstances.

I have friends on £20k, they are in council accommodation, receive some income support, go on holidays and very happy.
I have other friends on like OP, earn £60k, but due to expenses on the job they are in, it is like they are on much less (fuel/travel) etc. and do feel like they are making do.

Me and my wife earn decent wages, but still have times we feel stressed because as we’ve earnt more our lifestyle expenses increased. One vet bill can be stressful (albeit a luxury stress so to speak).
I was asked recently about my income from a colleague who wanted to go self employed like me, as I earn easily more than double them, until they realise I spend £200 per week on fuel and £3-400 per week on train tickets.
Everything is perspective, i always think of the picture of the person walking wanting the bicycle someone’s riding, that person wants the old runabout car, that person wants the Ferrari, and so on.

OP, it’s ok to feel stressed, most people are currently. The only way to feel better financially though, is either another income stream (Someone mentioned lodger), or cut your cloth somewhere.

In regards to the NHS, getting rid of it is absolutely stupid! However it is not free, it’s a subsidised private health system. It’s free at the point of service, we all pay for it through taxation. Those that don’t pay (don’t or can’t work), still require the same support and that is the way it needs to stay. No one knows when they may have to stop working.

How do you propose health care is provided - the numbers requiring treatment is at an all time high and is unlikely to reduce. The majority of the population can’t afford anything additional to their budget let alone funding healthcare costs.

Plenty of countries do not have an NHS. It is not the UK religion or our "culture" that we must support having an NHS. If we are going to have tons of old people and hardly any young ones it is a debate that needs to be had.

It's a well paid job in my eyes but I can't work any more hours otherwise I'd have to pay for childcare so I'd probably end up with even less!!

How would you determine the value of someone’s role in society? Are you suggesting higher weighting for a higher level taxpayer v someone on a minimum wage v someone long term unemployed v a stay at home parent? A good society doesn’t work like that.