What household income supports this lifestyle ?

[Drealifegoals]

If your lifestyle looks anything like this please share with me what yearly household income you have!

please share mumsnetters, this is where I want to end up for my 40s and there are people around us living this kind of lifestyle but I can’t ask them how much they earn IRL!

dream lifestyle is:

3 holidays a year - one long haul two smaller European city breaks type
1 nice car bought outright - nothing majorly expensive around the 60k mark
coffee out for both adults x5 a week
lunch out for both adults x2 a week
dinner out every Friday - whole family two adults two kids
good Christmas every year
money for regular hair appointments for whole family
enough money for both kids to do sports and music out of school
nicely decorated house
monthly shopping treats for all family members maybe £50 each
Food shop from M&S
clothing to be mainly high street with the odd designer item thrown in for whole family.

no mortgage, no childcare fees, both children in state school.

Why a 60k car, we have a really good lifestyle, obviously not necessarily the way you see it. but otherwise not that different apart from the ridiculous car.

Depends on one earner or two. One earner would have to earn a lot more to bring home £7000 a month compared to two earners earning a reasonable salary.

Of course she doesn't, she's mortgage free.

No mortgage. We can make better coffee at home. I take a packed lunch and flask to work.

Sorry, should have caveated that with most people I know. Most took out 25 year mortgages, or smaller terms when they moved in 30s.

I certainly wouldn’t be buying a car upfront. I’d lease one, much better value

We have a combined income of £100k and we have no where near this lifestyle. I think you need around £7.5-£10k pcm take home for this.

we have three children and live in a £400k 5 bed (but bought for £250k). We can only afford an abroad holiday every other year and have a UK holiday and a weekend away on the year we don’t go abroad.

We have a take away once per week and go out for dinner maybe every six weeks. Life is very expensive and a few years ago a combined salary of £100k would have bought you a lifestyle but I think the cost of living has killed that.

Love This for you.

do you not like holidays?

and how much do you pay per month to get that paid off so quickly? Did you start with lots of equity?

ONS states 34 as the average age of a first time buyer at a #5 year term.

That's translates to average age of payment of last mortgage installment is 59

Based on what?

A dream

so much crap posted on here!

Why on earth buy a brand new car?

I think you're either being deliberately disingenuous, or you're someone who'd rather have the worst possible version of something as long as it's new, rather than something vastly better second hand.

Generally those who buy brand new, aren't doing it to get value for money. The basic models are only bought new as fleet cars.

Tiny city cars aren't ideal if you go on holiday/ to visit family by car as a family of four with adult sized teenagers and luggage, or generally if you don't live in a city and carpool full car loads of kids and equipment for sports etc. Lots of reasons family cars usually have five doors and plenty of luggage space by preference. Something you can get for 20k in a nearly new reasonably priced car by preference to the smallest, most basic, three door brand new car with (possibly) a subjectively more prestigious badge.

I think, from her sums (buying at 34 and stating the personal interpretation that this means paying off at 59) she meant to write a 25 year term, not #5.

The maths ignores the tendency to increase the mortgage term when "climbing the housing ladder" though - in the UK (unlike many European countries) people usually expect to sell their first property and buy something bigger, and often to repeat that process a few years later. They often reset the clock when doing so, rather than having a 20 year term to pay off property two, or 12 years to pay off property three (or whatever) so mortgages are as likely to be paid off later than late 50s as they are to be paid off much earlier.

The OP said earlier on though that she bought her house with an inheritance (or inherited the house, either way she didn't buy it from earnt income).

Sorry, fat fingers. 25 year term!

So 34 plus 25 is not forties and early 50s

I agree 👍

Our household income is 260k, my lifestyle sounds slightly less lavish but have a mortgage (though not huge, less than our annual gross income).

How old are you @foursquares ?

So I am and that’s how much we spend to have the kind of lifestyle she wants.

How much is your mortgage?

Average mortgage being 25 years. No one I know will have mortgage beyond 55.