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.

Of course people earn money like this. Just not most people.

I know someone very well as a friend and was a close work colleague for years with a high income (probably around 250k) but due to inheritance and being landed gentry their assets ownership is eye watering. Possibly into a billion. But they've had cancer and lost a child in an accident. Another child is seriously mentally ill. They'd give it all up to reverse these things.

Some of the posters are coming across as quite bitter and jealous IMO so ignore that OP.
People ARE interested in this AMA even if they just want to tear your life apart and find out that you are actually really unhappy!

The issue is she gave up a job she lovedbecause husband told her to /got too stressed
The issue is she does it all for dc and home
The issue is kids will grow up and leave home and what will she have? Other than continue to service dh and house?

I’m interested! I’ve never met anyone (I don’t think) on a household income that high. Nowhere near. (High earner family here, SAHM).

how much does your husband put into his pension per month, guessing maximum allowed? Will he have a multi-million pound pension pot when he retires?

Why don’t you have a cleaner? What do you do for fun? Does his / your family know how much he earns and does it cause an issue if not from money?

What do you give to charity or to help others?

The children are not preschoolers, 1 primary 2 secondary.
Before 3rd child I carried on with my very well paid job, used to earn m ore than my husband. But with children we decided one of the careers had to be sacrificed, because his hours are such that the child care stuff could not be shared. Its old fashioned I guess, but we both chose this way of making out work together.

I will work again, probably in a few years, but for now the children are very used to having me around, and I feel very lucky to have been around for them.

Where do you do your food shop?
How many bedrooms does your house have?

I don't know why everyone is moaning about you gloating, I find it interesting.

Do you ever wish your life was different?

Would you trade the big house and huge salary for a dh with a £60k 9-5 stress free job and plenty of family time? Or do you prefer things the way they are?

Ours is split differently in that as a partner in a profession DH gets drawings on account of profit at a more normal income amount with distributions quarterly which we used to use for school fees, and now self fund uni, invest and pay into pensions. In fact most of the investments are in my name as it makes sense tax wise. Also we have saved for deposits for the children - so we are MN evil on notes fronts being able to fund uni and deposits.

I worked in a profession too when I worked but have enjoyed time as a SAHP/PT work being able to go to matches and shows. I am.older than OP and am.now enjoying grandchildren, travel and friends who do the same or are now retiring or dropping hours. Also we are now mortgage free.

I drive a normal hatchback, DH has a mid life crisis car, we shop in Tesco and occasionally pick up stuff in Waitrose or M&S. People would probably be surprised to know our income .

I'm interested. It's mad that your take home monthly amount is so low, I'm guessing due to pension contributions and student loan repayments etc.

Would you ever think of downsizing the gigantic mortgage and living somewhere less impressive to have a simpler, mortgage free life? I think I would hate to have so many big bills to pay, just to keep up with a lifestyle.

Edited for spelling mistake.

As a SAHM I personally find it incredibly insulting that people assume when my kids have left home I'll have nothing to do. You can have a rich, full life that doesn't involve paid work, you know.

Yup 3 k is not much after council tax bills..birthday parties school trips ..eating out...clothes to begit a high earner tailor made suits?? Corporate wife cocktail dresses? ...but maybe bonus covers holidays etc

But technically you earn nothing.

Your husband brings that money home...

So I am not sure what the point of your thread is.

You married a wealthy man and are happy for him to finance your lifestyle while you do everything at home.

OK. Good for you.

Beyond that there is little than anyone else can learn here...

I do hope you are being sensible and have thought about what would happened financially if the marriage broke down and that you have developed your own interests too.

Well, you could be. Any of us could be. I could be a lonely long-distance lorrydriver in a lay-by masquerading as an academic living in a semi-renovated ruin who’s just come in from digging the garden/building site because it’s pouring.

I mean, you might wonder why anyone would bother, but people do invent all kinds of scenarios on here. Personally I take it all with a grain of salt, or a whole handful.

Wow! 3k for all bills/food/clubs/clothes? That actually seems a bit tight to me, surely the CT on a a massive house takes up a chunk of that alone? I assume you have a separate holiday budget?
What does your year look like? How often do you go away for holidays/weekends away etc?

Someone I knew recently divorced a man who earned a similar amount and she had been a SAHP for 20 years. She was left with the (mortgage free) family home, 50% of his pension, spousal maintenance and child maintenance.

His pension pot is at the max, he cannot pay anymore into it now because of tax rules, so we make other investments with that money. Stock market, Isa's etc.

My pension pot is healthy from the years I was earning a lot. We now make lump sums into that too.

We don't have a cleaner because I feel like it should be me! I don't mind. I like to keep the house looking nice, but it's very loved in and by no means a show home. We have a small self contained flat in the garden that we let out on airbnb. I manage that too.

I don't think any of our families know exactly how much he earns, but obv have a fair idea. None of them come close to it really, but we are generous with our ski place and our hospitality and I think they appreciate that, so it's not been a problem. We are very conscious not to rub their noses in it.

I agree, and am hoping op comes back to outline her hobbies and interests
So far she only mentions dc and keeping house

What does he do that justifies a salary of £500k?

I've done a lot of volunteering over the years. School governor, other school volunteering, charity work etc

Pretty standard for finance, that'd be my guess.

What charity work specifically?

Thank you. I thought some people would. House has 6 bedrooms. Food from M&S and Waitrose, also Sainbsurys and Aldi!

Works in a profession where that is normal I guess. In London that can be law, accountancy, IT, banking, hedge funds, communities, entertainment, consulting, sports management. It isn't as uncommon as people think.

Yeah this is fascinating, I'm very interested! Would also like to know what your DH does.