London salaries is 60k ok or not high enough

[00077k]

DH and I are both on 60k gross salary in our 40s living in London. Dont usually talk about money with our families but after a rather boozy sunday lunch, my parents have basically suggested that we really should be earning more at our age. For those of your who live and work in London - would you agree that 60k salary just isnt that much? I think this was in part said in comparison to my sibling and partner who are on 150k each.

Yes, depends on your sector - social worker, nurse or teacher then yeah, great salary. Software developer, then lower end of normal. Its all relative.

I think you know full well it’s a decent salary.

And no, at 120k joint income you absolutely shouldn’t have ‘money problems’ unless you insist on living well beyond your means.

It really depends what qualifications and experience you have.

If you are both educated to post graduate level with twenty years experience it’s not huge for London. But you aren’t exactly on the poverty line!

people on mumsnet always quite average salaries - but we should compare ourselves against our peers (in terms of experience and qualifications) not the average.

if you're both teachers then that's considered a good salary but not if you're a barrister!

o/t but you may want to read up on the fact barristers are currently taking action/striking because their pay is actually pretty crappy atm.

they aren’t salaried, and the current state if british courts mean they’re not getting anywhere near what people think they do.

o/p, are you struggling financially on that salary? Because your dad is right, either get on top of your budget, or earn more if you want a more expensive lifestyle.

There are barristers and there are barristers. Some criminal barristers who do legal aid work are making less than the minimum wage; By contrast top commercial barristers in London could be making seven figures. I think it’s fairly transparent that it’s the latter that the PP was talking about.

Even for London that’s a huge combined income compared to many, many people. Your parents are rude.

You both earn way above the national average. Both my brothers live in London. They and their wives earn less than you and they seem comfortable enough. Not rich but they have enough to live on and money for treats, meals out, nice clothes, holidays etc. I think your parents comments came from a place of real privilege. How on earth do they imagine most people survive?!?

Im a bit horrified that your parents even know how much you or your sibling earns - let alone combined incomes with spouses! That is serious overinvolvement and I would be very upset in my inlaws knew what I earned - its private. If they are not paying your bills or underwriting you in any way, why do they have this information? Time to step back and put them on an information diet - your income and expenses as independent adults are absolutely none of their business, they have no right to know your confidential financial information, and even less to comment.FFS!!!!!

It's above the average salary so yeah it's fine

Lol my starting salary in London was £17k... four years ago. How are things going backwards??

DH and I are similar in terms of age/multiple degrees and we both earn less than that (50k each).
We have the opposite problem - friends and family seem think we earn loads and we really don't. I appreciate we don't have awful salaries and we aren't struggling but due to the cost of living in London our outgoing are much higher than theirs, which they don't appreciate and won't accept.
But it's hard to know if any money problems are your fault or not - if you got into huge debt buying unnecessary luxuries, of course it is. If you have 2 small children in expensive full time childcare, then it isn't really your fault (though I suppose someone could argue that was your choice...).

Your parents are clearly snobby twats. Very sad they feel the need to be so judgemental of their child.

You're earning 120k between you. You're not on the breadline. Obviously, and you know rightly, this is above average and makes you much better off than a large portion of people.

If you're not living within your means though, that's the issue here. Stop feeling sorry for yourself, and sit down and sort your budget and make sure you're spending money sensibly. Of course you're going to feel like crap if you're earning 60k but living the lifestyle of someone earning much more, so just make sure you're not.

Probably going to get flamed for this - but are they so wrong?
It’s all well and good for other posters saying ‘it’s above the national average/I’m a single parent and I live comfortably’.

But YOU clearly aren’t, if you have a large mortgage, children and are worried.

Also to add according to MN a ‘good’ standard of living involves eating out and holidays.
Both of which are very expensive.

You could do without, but it’s London, everhone around you is constantly eating out/drinks whatever.

It’s a hard thing to hear, and probably a bit blunt because there were a few drinks taken, but if you can leverage your education and experience to earn more- you should definitely explore that.

Now I’m not saying you should look for a job that’s horrible and you know you wouldn’t enjoy just for the money, and 60k each really is very good money so well done you! it’s a big achievement and you should be very proud, most people won’t see that sort of salary inside or outside London. However times are changing, and even the previously comfortable are at risk now financially and if I’m honest- I do sometimes get frustrated with professional friends of mine who wish they had more money, but are not prepared to take more risks and explore the wider world to see what they could make in other industries or roles.

This is especially true of people who have things like PhDs or professional identities like lawyer, professor, or doctor. I sometimes hear the same friends be resentful of “less qualified” people being higher earners with more senior roles and I just think “have you ever aggressively gone after promotion?” “Did you even apply for that directorship?” “Did you ask for a raise at every good performance review?” the answer, when I do ask them is usually- no. So, there’s no reason you should feel bad about yourselves, but if you want more money and you have a good education and experience then yeah I would recommend you do the leg work and figure out if you are getting as much value as you can from what you have to offer. Half the game is really just asking for more, the other half is filling in any skills gaps and doing the hard work of applying for roles outside of your comfort zone. IF having more money is important to you.

You're in your 40s and can't figure out if you're being paid the correct salary for your position and skills?

And you also don't understand the concept that being older doesn't mean a higher salary?

I should have seen that coming. But you are referring only to criminal barristers who do a lot of legal aid work.

You could do without, but it’s London, everhone around you is constantly eating out/drinks whatever.

@DomPerignon12 - no they aren't it's a myth.

The job is irreverent. 60k is a good salary regardless of your job. 120k gross household income should leave you comfortable.

Yes in some careers there's the potential to earn a lot more but that can often come with a loss of work/life balance and 120k gross is still a lot to live on. You have DC which mean some careers will be harder to manage

It depends what your job is?

Its good for public sector

You must be in a management role

Private sector is ok but obviously there's more earning potential for senior level roles

Well no, if the market rate for a job is 100K and you get paid 60K it’s not a good salary. It’s also a myth that highly paid careers involve a loss of work life balance, it’s all about skills and if you have something rare then you can name your terms

Not everyone in London is obsessed with earming the max possible. Thank God.

And what does your salary have to do with your parents? You are in your 40s! We've never discussed our salaries with our parents or anyone else for that matter.

Exactly.

I have friends in London who probably earn £45,000 pa as a couple, right up to £500k or more (guessing). It's all fine if you make it work.