My 25 year old kid has a household income of 300k. AIMA

[ByFirmStork]

Questions welcome. He’s from a poor northern comp.

120k is quite low for a junior banker. Does he get bonuses on top?

Do you want a badge?

so what, my daughter is 25 and on UC AMA

Might be a bit out there, but I'd hazard a guess at;

Was one of the more able kids from a relatively stable home in terms of adequate housing, family income reliable, that sort of thing, scored highly in CAT4 assessment at 11, didn't get mixed up with the biggest dickheads at school, probably quite good at a team sport or two, got GCSEs and A Levels, went to University, studied something Finance or Maths related, got a job on a Finance/Banking Graduate scheme just after Covid lockdowns, met the girlfriend through friends, turned up on time looking smart and continued studying once employed.

So a mixture of ability and luck, much like anybody else.

They will be selling their souls for these salaries.

Wow a lot of haters and jeolousy here! I think that’s fantastic and well done in instilling a good work ethic! I hope they are able to live within their means, make lots of savings and investments, do not try to keep up with the jones because by ‘upping’ their lifestyle the money will not go far. But well done to them!

I hope they are able to live within their means, make lots of savings and investments, do not try to keep up with the jones because by ‘upping’ their lifestyle the money will not go far

@BelleGibson yeah And if they invest wisely and are smart with their money they can leave and do something else in their 30s or 40s if that’s what they want. Set up a business, go into another less pressurised field etc.

No it’s not, plenty of investment bankers earning less than that after only a few years.

He’s 25 so probably has been there for at most 4 years maximum if he went to uni.

@ByFirmStork but this is not an AMA, you still haven’t returned. What was the point?

My two cats retired when they were five, but the only reason they can afford not to work is they are being bankrolled by their human servants.

That's the life.

One of my parents friends used to talk constantly at get togethers about how much her sons earned. Absolutely everyone laughed at her behind her back for it.

More remarkable than that even, a single, very young mother, she lived rough on the streets and had no education whatsoever 😂. She’s a completely self-made millionaire of dental sticks!

That's extraordinary. What an incentive for those lazy creatures who just hang out in cafes and pubs, then go to sleep in front of the fire.

We have three children. No idea how much money comes into their homes. Both married with children, two working adults. They've both moaned about being skint at times with young children.

No 3 born much later we're still helping out to get through the masters course.

Thinking back I have no idea what my father earned, mother didn't work. But we were never asked what we earned either.

Is it a British thing not to enquire?

Little do you know he’s burning through that million plus he owes biscuitloads to his catnip dealer.

I've heard tell of certain "cat parties" where a lot of money changes paws..🤔

Does your son pay £500 a month for a car that he doesn't own, take more than one foreign holiday a year, and have children that he never budgeted for, then he complains online about how he actually lives in poverty and can't make ends meet?

So, by implication, people who work in other professions don't have a good work ethic?

DD is one of the hardest working people I know, but a career in law or finance doesn't interest her.

I don't think most of the nay sayers ars jealous. They are just frustrated by the inequality in salaries.

I came from a working class background, my parents worked in factories, I made career choices where I knew I could demand a certain salary and lifestyle, my interests had nothing to do with it! Working hard to me means having to endure and sacrifice in the short term for future gain, so your DD is obviously happy now, doing something she enjoys, but has she thought (and have you guided her) to think about the future? Or will there be a future thread on here by your daughter about the housing crisis, affordability, cost of living etc… You need to be realistic about the world we live in. I wish health care workers and bin men were paid more as they’re such a valuable asset to society, but that’s the way life is. So good on the OP for guiding her child to move out of the class he was born in!

questions 1. do they have more money coming in than you and 2. do they ever give you any of it?

DD has health issues which would preclude her from working insane hours.

Her career aspirations won't make her poor but they won't make her a millionaire either.

And she hates London.

AIMA

I thought this meant AMA.

But OP hasn't come back. 😏

@BelleGibson I made career choices where I knew I could demand a certain salary and lifestyle, my interests had nothing to do with it!

It's impossible to predict future earnings based on career choices, as jobs and incomes vary widely even within specific fields. A lot of success comes down to cronyism and nepotism. It doesn't matter if you're the hardest working person, it won't go anywhere unless you're buddies with people working in the same field.

Working hard to me means having to endure and sacrifice in the short term for future gain, so your DD is obviously happy now, doing something she enjoys, but has she thought (and have you guided her) to think about the future?

So again, there are lots of people who work hard and make short term sacrifices, but self-evidently most of those people end up earning median incomes...

What does the " I " in AIMA stand for then if AIMA = Ask Me Anything?

The Indian community, the largest Asian ethnic group in Britain, is outperforming all ethnic groups, including white British, when it comes to the percentage that work in professions, hourly pay rate, the percentage that owns homes, and the percentage in employment or self-employment.

Taken from: https://timesofindia.indiatimes.com/world/uk/british-indians-most-successful-ethnic-group-in-uk-report/articleshow/114265995.cms

Based on this report:
https://policyexchange.org.uk/wp-content/uploads/A_Portrait_of_Modern_Britain.pdf

Funny how immigrant Indians have predicted the future and now their future generations are doing so well in the UK. Indians are known for a strong work ethic. Those that came from India in the 60s came with very little money and financial support, such as my parents. They worked hard in factories, doing all possible overtime they could, my dad saved and invested, in the meantime instilling values of a good education and sacrifice. My parents still live in the same street, and either side our lovely white neighbours are still there. The now adult children had the same opportunities I did, we went to the same state school, obviously parenting styles were very different so outcomes are completely different.