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.

Did you read the part op doesn’t work now because her husband does not like it, it causes stress at home. she last worked 5 year ago and she loved it. her husband did not love it, she quit work. Interesting dynamic. She gave up something she loved

➡️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 did the same and it was because I actually do think that nature does often make mothers more of a nurturer! I was earning slightly more than DH and by the time I had our last (having gone back after the first two) and missed out on raises and promotions as you did in those days he was earning not only more but his promotion to partner meant his raise was more than my salary.

Also having worked for 15 years in the city I was feeling burnt out somewhat and then welcomed the chance of school runs, matches etc before doing a very part time in house role for £150k pro rataed to £30k for a day a week. And then volunteering on the board of a health charity.

I always find it interesting that people assume that SAHP must be either bored out of their skulls or boring themselves. I met so many different people arguably more varied and interesting when not working than when I was.

@geoger Fair enough. Technology now includes the companies that make the devices we're all typing on, social media companies, software companies, cybersecurity, a well known search engine.

More generally if every FTSE CEO earns a few million, theyre likely to have a series of people under them earning a million and more people under them earning half that. Almost all of them are men.

Congratulations on the pregnancy, congratulations on the promotion!!
We need more women like you around.
Please make it work. Rooting for you

She didn't say he was stressed, just stress at home. Potentially hers?

*caused too much stress at home because my husband is used to me doing everything *

her external job caused stress as he is used to his wife being available and doing everything. Clearly her part time hours made her unavailable for everything. She gave up a job she said she loved . That’s not a statement of a harried worker, to love your job

All bold, that is novel and wholly unintentional

Wow. This entire thread has been an eye opener, I didn’t even know people could earn a few million a year! For context, the entire annual budget for the organisation I work for is £7 million per year; out of this all salaries (approx 190 staff) have to be paid for plus maintenance of the buildings, tech, utility bills, equipment and stationary and books etc etc

500k a year and no cleaner. This can't be real

Do you dread a Labour government coming to power?

That’s like saying “wow you earn tonnes and don’t drink champagne every day”. Everybody has different tastes and preferences. I could afford a cleaner but I am very private and would hate someone in my house moving my stuff about.

Do you do beauty treatments and tweakments? Any good gym routines? What's your favourite clothes brand?

Do you worry about your kids growing up in this environment

@geoger I understand entirely. There is so much money in the world yet 99% don't benefit from it.

The top company in GB made 600 million in profit last year. The top company in America made 43 billion in profit last year. The average pay of a UK FTSE CEO is £3.5 million.

Next time anyone feels imposter syndrome ask yourself if a CEO is really 100 times smarter or more hard working than you.

It is not a job, as in being employed by an employer but we all know that. The same tasks are paid for services by working parents, they are paying for a professionals time. If OP worked, she would have to pay someone to mind the children and do her household work.

People pay family members etc, the tasks still get done even if they are not officially employed.

Thank you so much for your reply - so informative. I had no idea people earned this much money or even wanted to earn this much money. I’m going to get my dc to start researching careers in these companies.
In my field big salaries like this and bonuses don’t exist at all and there are hardly any perks (we buy our own pens and bring in our own tea/coffee and milk). The entire organisation relies heavily on the goodwill of staff to get the results and outcomes we do and it’s def not a job for the faint hearted.
I’m seriously thinking of changing careers

I did not assume SAHP boring.

To tell you the truth I do wish that it was more balanced between genders.
But that’s completely unrelated to the post.

@geoger It's hard to predict the future and where money will lie then except for bankers who will probably still earn like bankers ;)

If you want your children to have a shot as a higher earner I'd focus on helping them be good at changing, adapting, and taking risks. There's more to life tho, there are alot of miserable rich people. Some money buys alot of happiness coz it gives you security. Alot of money just buys you stuff you don't need.

Thank u for the nice thread within a thread.

Monthly take home should be over 20k with 500k salary.

Hi, what’s his job?

@OneSpunkySnake this almost reduced me to tears tonight. Such a nice thing to say.

Unfortunately the anxiety is due to the fact I work in a male dominated environment, the two above me are men and the stakeholders around me too.

It's isolating to be secretly pregnant and knowing my promotion will be announced tomorrow. My mental health has taken a battering due to the anxiety, how sad in today's world a successful woman feels ashamed to be continuing the human race and creating a life.

I hope to report back in a few months and all be ok, that it was in fact all in my head and I hope to help women for years to come in case they go through anything similar.

This is very interesting. Thanks for sharing. My worries - if I were in your position! - would be the mortgage! If the economy contracts, hubby out of work that 6k a month is massive and the chance of finding someone else to buy if economy tanking is much less likely at that category of house prices- I remember the 90s house repossessions vividly. I would much rather have 2 incomes that made up to the 14k including one that was recession proof. Then I would sleep OK! We are kind of like that I'm in healthcare key worker type role so even if my other half lost his job the show would still go on okay, we could cover all monthly.outgoings on one salary. Just wondering if that was a concern or savings would cover the 6k mortgage indefinitely?

Thank you for replying to my nosey posts.
I am joking about changing jobs. Your comments about money are very true. I love my job - it’s more of a vocation or ‘calling’ and I cannot see myself doing else. I’m not highly paid by MN standards but my work is deeply rewarding and even if I won the lottery I would still go in and work for free

Working in finance is where the money is.
DD deliberately chose to do an economics degree because she wanted to work in an investment bank and earns lots of money.
She has already been offered a contract in one of the big four investments bank for next year. Her starting salary will be 75k, she will be 21 when she starts working
You can imagine how much she could earn if she was working for twenty five years.

@geoger Thank u for doing a role that's useful and benefits people.