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.

Can I ask what you work at? Work from home job with decent wages is the dream.. 100k would be plenty lol

Business Development

grr - I have heard tell of these paragons of domestic bliss. Treat them like the treasure they are.

@ohthejoys21

Op my dh earns double to what your dh takes home, and I don't work either but it wouldn't occur to me that anyone would be interested, or even that it was unusual?

You don't think earning over a million pounds a year is 'unusual'?

You must be incredibly unaware of the world around you. Do you not read or watch the news at all?

So OP my question(s) and BTW I am NOT judging you here at all. I'm just interested in the reasons why some people sacrifice more for earlier security and others enjoy the trappings more so work longer.

I'm not a fan of the joyless FIRE moment but did you ever think about building up assets so you could live off them sooner and not have to work (although I imagine both your main home and the holiday home are good assets and have/will appreciate)?
Did you just fall into this lifestyle - the ski lodge, the private schools and the big house? Is this your background, did you aspire to have it, or have you just added to your lifestyle as you got richer?
Did you ever consider state schools and just topping these up with extra circular and targeted support?
Did you consider a smaller mortgage free house or even two or three smaller houses - for rental income? I see you have an airbnb did you buy your house because of this or was it just a lucky addition to a house you loved?

Maybe your DH loves work and the idea of a simple life just doesn't appeal. I just wonder if way-back-what you ever truly considered the alternatives available to you or did you just go along with what you knew i.e. you went to a private school so just assumed you should send your children private. This seems to be quite common. Although, unlike you, lots can't afford to repeat this. They are initially outraged and then actually quite impressed by the state system, at least in my part of town.
Have your outgoings increased, over time, in line with your income?

Looking back OP, could you see a different life where you had no debt, more assets and more time as a family while the children are young? Or are you living the life you and your DH always wanted and are very, very happy with?

sorry 'bring the weather.' I seem to have tagged you in an unrelated question piece!. Think I was going to say to you I agree - OP is married so all the post about being vulnerable and needing to work are a bit silly since she will be entitled to half of everything (including OPs pension).

The one thing it has reminded me of is how pleased I am that we escaped the North London bubble. DH grew up in The Wood and said he would never raise his kids like that.

I have lived in North London for eight years, and have a child in private school here, but I have no idea what or where “The Wood” is! Can you explain @LaChienneDesFromages ?

ah bless. You seem to be one of those in either the jealous camp or the I don't believe people earn this amount camp.

Just sharing experiences. You can choose not to read the thread equally as well.

I wondered this too! Cricklewood? Or maybe Highgate (as there is Highgate Wood?).

I lived in North London for 22 years and never heard of "The Wood" either!

Thanks for your comprehensive response!
My question about a Labour government? Welcome or fear such a thing?

"You don't think earning over a million pounds a year is 'unusual'?

You must be incredibly unaware of the world around you. Do you not read or watch the news at all?"

Yes globally of course. But just think of the salary needed to put 3 kids through private school.. not unheard of.. 1m is 500k, minus mortgage etc.. what I'm trying to say is that of course it's not the average but probably more common than you assume.

I live 5 minutes from Highgate and have never heard it called that.

It's inevitable, I've voted Cons in the past, won't this time, it's a shit show. I do worry our children are going to have a hard time in this country, we need a change in government.

I suppose I do fear a labour gov, thats no surprise. But these things always go in cycles. We've been very fortunate under the tories, I know others haven't of course I do, I don't live in a box.

Me neither. I hope that poster comes back to enlighten us!

Nobody said it's 'unheard of'. But it's absolutely 'unusual' in the UK despite you saying otherwise.

I hope that your children are aware of that so that they don't have a skewed version of reality. Not only so they appreciate their privilege but also so that as adults they have a grounded awareness of salaries and don't think that it's 'usual' to earn over a million pounds in the UK.

It's a lot for them to live up to and will leave them feeling like they've failed if they 'only' earn an average or middling wage due to either their ability or choices.

Interesting. You will have been very fortunate under the Tories, indeed. We'll see what happens.

I thought it referred to St John's Wood?

Do you really need lecturing strangers on how to raise their children?

Children will see their environment in their school as 'normal' but when they go to uni they're in a much broader environment which opens their eyes. Mine are now working adults with a broad and balanced view of society.

Could be. I see that as more central London than North London, though.

Some people do not want someone in their house. I don’t.

We have a similar financial situation, DH actually earns slightly more than this recently. Also own property abroad. Have 3 kids. I work full time as we don't feel even slightly wealthy. We must be doing something wrong I think!

@OneSpunkySnake your message cut off before you were finished writing.

I really appreciate you taking the time to write such a thorough response and also your honesty, people do treat us like there is something wrong with us.

And you're right, they will judge me and I'm probably right to assume that and worry but perhaps I need to read the subtle art of not giving a f* because those people will judge either way, so why waste my energy on it.

Again thank you. I love this app for times of I internal crisis.