£100k and above earners - tell me your money worries

[SortMyHouse]

Hi

Inspired by another thread!

I would like to hear from people who earn over £100k, where do you live, what do you do / sector? What qualifications do you have?

Then the reality of how far that salary goes.
What are your costs?
What are your money worries?

Thanks

@Shellbear84

Really? What an awful thread. This is the 3rd thread I've read as a newbie and I'm certainly not impressed.

Top tip, given you are new. If you don’t like it you don’t even have to read it, let alone post on it.

The flip side of this. 10 years ago when dc were 17 and 13 outgoings were, approximately £8k pcm including school fees but no mortgage.

DP and I are both on between £100-125k a year with one DS. People forget that if you go over £100k you lose your (a) tax free allowance so are taxed at a marginal rate of 60% between 100-125k, (b) free childcare and (c) £10k of tax free childcare.

So for us living in an expensive commuter part of the SE our combined £200+k doesn’t stretch far when you’ve got a mortgage and outgoings of £3000+k a month before childcare!

We would actually be better off earning £99999 a year each. But as we are both in healthcare it’ll mean cutting our hours and therefore our patient time. So it’s a perverse situation where the extra we are working we really aren’t benefiting much from.

Husband earns £100k he is UI designer in games company in london and i’m stay home mum.

living in the 4 bedroom house in cambridge, small mortgage only £400 per month.

husband works from office only 2 days a week so he commute from cambridge to london.

have one bedroom flat in oxford buy to let mortgage but the rent pay for the mortgage.

drive one 2015 range rover.

holiday to indonesia (long haul flight) once a year with husband and my 2 kids (we both from indonesia so we wants to go back every year)

holiday almost every half term anywhere in england.

both kids not privately educated, we couldn’t afford it with £100k salary.

only have small saving less than 10k, we dont worry about money but we are quite a big spender we should think about saving more.

Christ what a pathetic pathetic thread. Try living off 9.50 ph. I really cannot believe what I’m reading!!!

This thread is really old so I don’t know if you’ll even see this @SussexSussex , but are you in a position to put the additional over £100,000 into your pension so that you don’t lose your personal allowance? That’s what I do because not only do you keep your allowance, you can then back the 40% rate tax on it too. So if you’d be better off earning 99,999 then this is absolutely what you should do. Money in your pocket instead of the taxman’s.

This is great advice - one for the future! Thank you! I didn't realise until recently that you lose personal allowance over £100k and also have to do your own tax return. Bizarre

@PARunnerGirl I completely agree with that suggestion. The only issue is my pension growth isn’t far off the £40k annual limit. Another ridiculous arbitrary limit aimed to squeeze the ever squeezed middle class.

Anymore options. Short of the more exotic investment allowances I’m out of ideas!

We need a progressive tax system where there’s a flat rate across society. From top to bottom. Incentivises people to work. Incentivises people to be entrepreneurial. Disincentivises evasion and avoidance.

Both taking home £200K each (after tax), but DH is retiring soon this year. I graduated fm a red brick uni. DH got his diploma fm polytechnic and is in construction business. He got his masters degree at age 40 as he wished to get a proper qualification.

We have 1 DS in independent boarding school (he requested to study there). We lead a very simple life as our work is very demanding and dont have much free time. We used to have 2 holidays a year (1 long haul and 1 short) before covid, but we can only take one holiday a yr now as it is difficult to take leave. We go out for meals on Sat and Sun. We don't cook at weekends, and have someone to clean the house.

We still have a fairly large mortgage as DH's principle is there is no need to pay off your mortgage if u know how to invest and your returns are greater than the interest u pay. We have also bought a small apartment for DS in London (very spoilt, I know) which is now rented out as he is still at school.

I can buy whatever clothes I want but I don't buy luxury brands, except for handbags.
We lead a very modest life, drive a mini and DH likes Zara, Uniqlo, nothing flashy at all.

Hasn’t annual limit increased to £60k now?

Sorry just realised how old that post is 😣

So sad ! Enjoy your money go on holidays what is the point !