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.

I actually hate gardening, sorry. When we moved here 5 years ago it was a deal that we would have a gardener !

Has he always been rich?

Were you “equals” when you met?

Is there an age difference??

Quite possibly. I know of someone who works at a brand of tinned tomatoes who supply exact same ones to a supermarket own brand tinned tomatoes. Off the same production line. Same tins different labels.

If you know which (have link or label) happily try!

Very good point. Aside from the massive house and private school fees, my family & I have the same income as you, after the mortgage.

Oh I have SO many more questions.

Do rich people ever have instant noodles?
Does any of you take sugar?
How many kinds of mushroom can you name?
What thread count are you sheets?
Is all your pasta in jars?
Can you just get anything you want when you're shopping?
Do you go to lovely restaurants all the time?

I'd love to be rich! DPs brother is rich and you could fit my whole old flat in their guest room. Ever time I go there I have the best sleep of my life in their EXTRAORDINARY sheets.

Did you meet your husband earning pretty well? Has it changed your relationship.

None of which is your problem.

How do you budget for holidays if you don't know how much bonus is coming? Do you go large and hope it's a good year?

At no point has either the OP or me said that most people do. 🤷‍♀️

Yes your friend's situation sounds terrible and money doesn't buy happiness. But money can make life a lot easier and less stressful than not having it..

When I was working full time and ran a large, busy house I had a gardener, a cleaner and laundry help. If I'd been a SAHM and could afford it, I would have still had that domestic support because I loathe housework.

I know of someone who works at a brand of tinned tomatoes who supply exact same ones to a supermarket own brand tinned tomatoes. Off the same production line. Same tins different labels

That's really interesting actually because there's a definite hierarchy of tinned tomatoes. Like own brand is fine, bargain brand is usually mostly water so false economy. Then the brand with the black label is like got friends coming over for Bolognese gotta make an effort... And the Mutti ones are like GOD TIER tomatos. I've only had them a few times but god they're so yummy!

bonuses are normally non contractual, so you dont normally include in "you earn"

I had a gardener, a cleaner and laundry help

You mean they take your clothes away and wash them or they wash them on your own house?

Fascinated!

No, we’re poor (UC pay full 85% of our childcare level poor) and Aldi beans are disgusting, I will only buy Branston beans.

No, we’re poor (UC pay full 85% of our childcare level poor) and Aldi beans are disgusting, I will only buy Branston beans

Maybe it was Lidl then.... I only remember because I was moaning on here last year that Heinz's beans had broken the £1 barrier and quite a few people chipped in saying the same. Wish I could remember! It's definitely not Sainos though because their market ones ming.

I think I would struggle with the dynamic of not working - although that's probably true at any level of income. Our combined income is a bit less than yours but our outgoings are considerably less (much smaller mortgage, only one child who goes to the local state school, no car or anything like that) so our monthly income after bills etc is about the same. While my DH earns more than I do, I contribute about 1/3 of it. I think I would struggle if I didn't do that. Plus I'd be a terrible SAHM!

Also, while we are comfortable for sure (and incredibly lucky), we don't live a life of luxury. We go on one holiday a year to stay in a family member's house. I buy most of my clothes from supermarkets.

Can you post some pictures of your house please? Thanks 😊

We got together quite young when we were both in junior positions but with careers that would both take off hugely with a lot of hard work and long hours. I initially progressed faster than him, but when children started it because clear that one of us would have to take a back seat career wise to avoid slowing down the other one. If we had both wanted to share the childcare and family stuff then both our careers would have been fine, but not progressing at the rate they could. So a joint decision, a joint sacrifice.

My husband is lovely, sensible with money, not arrogant or flamboyant, but we buy nice things when we really like them. We don't waste money.

Holidays are expensive, but again we tend not to do long haul. We do spend a lot of time in the alps, but having out own accommodation does help a little, but the cost of a skiing holidays is not really the accommodation. Its everything else.

Our family backgrounds were very comfortable, not as wealthy as us, but I went to private school, he didn't.

I am happy, I'm surprised I've ended up in such a traditional set up. But I've had the options all the way through. It's been a joint decision, I do feel like we are a team. I don't get an allowance, I spend what I want, I don't go mad, I don't buy expensive clothes. out mortgage is the killer really, but its a beautiful house which we are slowly doing up and we hope will make us a lot of money.

I think being a SAHM is a luxury and a privilege these days so I don't blame you at all for checking in your job - but why did you have NHS births? There's no way I'd be giving birth in an overstretched and understaffed NHS hospital if i could afford private.

I love super noodles!
Yes to sugar.
I don't really like mushrooms so we don't tend to eat them
Sheets 400g I think
Pasta in packets

we do go to lovely restauarnats, but definitely not all the time. Still a treat!

Good news is that there is no max to pension pots any more, so he can pay into that again.

Bad news is that you can't make "lump sum" payments into pensions for people who don't work/don't have an income. The maximum per year you can put in is £2,880.

So, your tax situation if you've been putting large amounts into a pension in your name could be tricky.

Actually generally speaking the NHS is better for emergency life saving care and stuff like NICU.

It's a non discretionary bonus, so calculated on income generated throughout the year. Not a bonus as such, more like commission, just paid at the end of the financial year.

Yep, I think it’s quite amazing that the OP has an average household income of 20k a month after tax and doesn’t have a cleaner! I would def have a gardener, it’s a thankless and never ending task in this house and requires expertise I don’t have!

out mortgage is the killer really, but its a beautiful house which we are slowly doing up and we hope will make us a lot of money.

But you have lots of money, why break your back to make more?