AMA Income over £500k

[AMAIncomeRelated]

Following the thread on the disadvantages of earning just over £50k, it got me thinking that if some people think that is a huge amount to earn, what do they think of my life.

We live in North London. Husband earns a lot, over £500k most years. We live in a big house, with a huge mortgage, 3 children at private school, 3 dogs, own a ski chalet which is let out as well as for our use. I don't work, I did try a part time job 5 years ago and whilst I loved it, it cause too much stress at home because my husband is used to me doing everything.

We obviously live very comfortably, but also there are lots of things we'd like to do but can't afford the big projects at the moment. My husbands job is very stressful.

AMA. I am absolutely not gloating, I know only too well how fortunate we are.

Why did you get such a huge mortgage? Are you not scared? Does it make financial sense to do that - as in, you think the house price rise will cancel out the huge debt payments over time?

I am a saver. I would be way too scared to live like this. I would have it all saved for the DC and send them to grammar school instead in North London. I am always amazed that people in stressful jobs do this. What if your DH gets stress related burnout?

I just wanted to say thank you for your honesty. You sound lovely. I admit I’m going through a horrid envy period where I look at people who are ostensibly rich and think how “easy” life looks for them, so to read things keep you up at night too is oddly comforting. I’m a single mum on low income with 2 children with additional needs and I literally account for every penny. My children sometimes see big houses or adverts for holidays on sunny beaches and say “i wish we could be rich and go there/live there”. I often feel I’ve failed them because all they’ve known holidays wise is a damp caravan in the rain. This isn’t a pity party! I just wanted to be honest and say hats off to you and your hubby for making enough to live a lovely life and I hope one day maybe I won’t have to panic whenever a bill drops through my door (well my inbox as they’re all electronic now aren’t they 😂)

Doesn't your home location or style give off your income bracket?what about your job title wouldn't people guess? I understand if you mean your car and clothes are very budget and understated but usually people can work it out from home and job.

What job does your DH have?

And for anyone else reading - what other jobs earn £500k a year? (So I can tell my kids to try for them!)

@obviouslyaburner what job do you do?

Why don’t you have a cleaner? We are on a lot less and still have a cleaner! 😱

I’ll be honest op, I’m not sure sensitive this is considering the current col crisis.

Nice men can suddenly become not so nice if they meet someone else. How are you protecting yourself? Are you on the deeds of your house? How many of the investments are in your name? Do you have your own bank account? Any expensive jewellery? Any savings in the children's names?

Never leave all the finances to your husband.

@LivelyLemonDuck Great question. I guess we'd have to ask my friends to know the truth but yes my profession suggests above average income, but my house is pretty average (secretly no mortgage) and my car is 10 years old. I've never bought anything designer ever. I see how people are suckered into keeping up with the Joneses. I plan to leave my job before I have a heart attack, too many don't!

I also wonder this! You don’t want to become part of that trap where the more you earn the more you spend. We have a modest house for our income as want to retire and not worry about money!

How did you max out your pensions pots?

I thought you can’t contribute much if you earn over 150k and if you are not earning, then the limit is under 3k?

“I also wonder this! You don’t want to become part of that trap where the more you earn the more you spend. We have a modest house for our income as want to retire and not worry about money!”

Same here - we are still hoping to retire early and travel the world. Sort of relive a gap year type thing. I have always valued time with family, culture, experiences far more than material goods/big house though/postcode.

Please may I ask what job you do? And I know this sounds silly but does this mean your boss earns even more than you?

I definitely need to retrain

Doing well! Congratulations, I find it impressive and interesting that you earned more than him at some point and still decided that its your job that will be sacrificed.

You sound like a very conscientious, hard working and successful family.
I thought this needed to be said too.

@OddSockChaser partner in a law firm. But it’s very very few who make it to this level. Eg DH top of his year for English at top secondary school. Oxbridge, law school, pick up training contract at top law firm in the City, slog guts out for 25 years and counting.

He’s not recommending it as a career option to our DC, but largely because it’s so competitive to get to the very very top (he quite enjoys the work itself as do I (also a solicitor but not a partner) but both of us laugh that we couldn’t get the jobs we do now if we were applying as the trainees coming through are so scarily accomplished and driven).

3k a month after mortgage and fees doesn’t leave that much! (In context of 14k take home!). I appreciate you don’t have to look at the price of a loaf but it doesn’t leave lots of room for quaffing champagne and 5 star hotels. I can imagine that mortgage gives you the odd moment of concern. Especially in recent years!!!

have you got a fixed term?

What car do you and DH have?

What do you think about VAT on private schools? That will cost you another 20% per month on the 5k making it 6k and rising?

How much tax did your DH pay in total in the tax year ending April 2023?

@geoger
Niche tech in a big company. My boss will earn more than me, and his boss, and his bosses boss.

The biggest change comes when you're high up enough in the firm to be given equity which now makes up half my money.

I shouldn't derail someone else's thread sorry OP.

What sort of role in tech?

Both my husband and me work in tech and both earn £200k+

I'd hate to think we would still have a mortgage with a family income that high.

Undertaking your own chores,watching your own kids is NOT a job.
its in no way comparable to a being nanny or a housekeeper

if doing your own chores or watching your own kids is a job, then by that standard vast majority folks have two or more jobs

Yer example of nanny and housekeeper - Both those jobs will have JD, expectations to an external standard, and a sanction if undertaken poorly or off sick etc. OP is doing her own chores, watching her own kids

OP can undertake her tasks and parenting to her own standards in her own time frame and in her own way, its tasks. Not a job. Not at all, not remotely comparable to working or a proper job as you put it

If you had read the thread you would know that she was in the same field and earned more than him but when they got together and wanted to start a family they knew the best set up was for one to pursue a career fully rather than both be held back by being part time or unable to fully commit. This is quite common for professionals who meet at work.

I didn’t know that a thread on mumsnet has such high qualifying standards… :-)

Even more silly question from me….when people say they work in tech or have a role in tech what does this actually mean?
Apologies for sounding thick but in my organisation the people who work in tech make sure the computers and whiteboards etc all work

Exactly. There is an awful lot of begrudgery on this thread. Ignore them OP. There are all envious posters who love to say how much they value their degree while simply adoring sending their kids to wraparound care. They wouldn't work either if they had a lifestyle that afforded them not to.....
Privately educating children is a long term investment in itself.
Your house must be incredible OP.
What industry does your DH work in?