To be pissed off at BIL's and SIL's money issues?

[DSM]

Lets's begin this with the story - this is about DP's Brother and his wife.

DP and I are both low earners (both

They tell me they get tc. That's all I know.

It's NOT a salary jump. I don't know how else to explain this..

He has been, for the past 18 months, training for the job he now does, with a firm of whom he is now associated, and they paid him £50k per annum as a trainee salary.

He is now essentially self employed, and will consult on things (can't say what as it's terribly specific) of which he will be paid, he says, about £20k per consult and he'll do 4 a month. Averages.

I don't know why folk aren't getting this, but okay.

Seriously OP, there is not a job that exists where you earn £50k as a trainee then earn £900k as soon as you qualify.

I know people who earn that kind of money and it generally requires working 18 hour days and 150% commitment, and that's after you've built your reputation over years post qualification.

Who the fuck is going to pay an unknown rookie £20k a week for doing anything- unless he is a premiership footballer?!

I stand by the fact he is talking out of his arse.

TBH, so much of your post makes you identifiable, stating his actual field of work isn't going to make much difference if you want to prove me wrong.

You also didn't explain how you pay income tax when your salary is below the personal allowance threshold?

I think hes bullshitting you DSM, trying to impress you know doubt.

Its hard when another family member is significantly wealthier, but its really best to try not to think about it too much. Let it wash over you, otherwise it`ll drive you mad.

£50k salary and paid off a mortgage in 10 years. Where do they live?

That is amazing budgeting by them. I can easily believe they had less disposable income than you to pay that off. That is the decision they made. They will benefit from it.

On £50k they will take home £3k a month. You will take home £1.9k ( £0.7k+1.2K) a month. That is only a little over £1k more than you a month. Without knowing your costs or other benefits compared to theirs there may not be much difference at the end of the day.

Perhaps they are as skint as they say.

It sounds like they are deliberately trying to wind you up. We earn nowhere near 50K and have lost our tax credits. We have friends who we know earn less than us. Even if we are skint, we would never dream of asking them to provide the wine for our dinner party. Either they are ignorant or they are stealth boasting and think you should be working harder or something and are trying stupidly to motivate you. I don't see why you can't avoid them if they wind you up so much. If you do need to see them a lot, maybe you should call them up on what they are saying. Point out that they are luckier than most.

First of all, I don't know why I pay income tax, but I do. My tax code is 846L so I assume it's because I earn over 8460.

They paid off most of their house that they now rent as prior to 18 months ago, he earned a lot more. About £140k from what I remember.

Anyway, as I have said.. My issue is that they moan at us about their finances when they know they'll soon be loaded. And we won't. And it's shitty.

And not that it matters, but I have explained already that he has spent years in his profession. He has built up a reputation. He was doing so well in his salaried job, that he took a leap into the very specific and difficult sector of consulting in his field, which is a HUGE difference in earnings. Only a few are capable. Whilst undertaking the very specific training (it's actually shadowing an existing consulting member), you are paid a basic 'living wage' as he referred to it (don't know if that's the formal term) which was £50k. It was a huge pay drop, obviously.

This is TMI now.

Thanks to everyone who was sympathetic to my irritation at their inappropriate moaning about being 'poor'.

I know this isn't the point of the thread but a basic tax code should be 944L therefore if you don't know why yours is 846L you don't actually understand tax.

If you don't understand your own financial affairs, I fail to see how you have such a detailed grasp of those of your relations and I still don't believe the salaries you are quoting.

He's paid 20k a consult? Nobody in any field is paid 20k a consult after 1 year's training regardless of how highly esteemed they were in a previous job. If he needs to do 18 month training then he's a rookie.

Was he a solicitor? Now a barrister? He's talking out of his arse if that's the case. Good skill in the job.

You better tell us what sort of role he does that moves him from 50k to 900k....

I really don't think you understand that they are winding you up.

If my income dropped by a third, I'd probably moan about being skint as well. They're obviously comparing what they have now to what they had a couple of years ago.

Well its a jon only a select few can do, so I reckon MIB

job

I don't know why folk aren't getting this, but okay

Because no job exists with this high salary jump thats why, and you are not prepared to say what it is to show it is....all you keep saying is its too identifiable, but there are already loads of identifiable details now.

Yes sounds like solicitor to barrister to me. Some barristers do earn that much, but not just out of pupillage and although his existing contacts from his time as a solicitor shoud enable him to ramp up more quickly, it woud still be years before he goes up to that level.

I'm not buying the rich are bad, poor are good vibe.

Just sounds like a hard working man supporting his family.

Tax in this country and cost of living means having one earner on 50k and the other on nothing means watching what you spend.

Sounds like you and your DP have had exactly the same opportunities in life as BIL and his wife, so maybe they are just cleverer than you and less satisfied to stay scrimping and saving and more inclined to do something about it.

No point in being jealous of people who are cleverer and harder working than you. Their moaning about finances is probably because they are driven people, that's all. Why don't you learn from their example?

btw you really need more attention to detail when discussing finances, tax, etc, because you quite clearly get things wrong.

Don't think income jump us unrealistic.

Sounds like a patent attorney to me. I live in the 'provinces' and know of patent attorneys who go from earning 40-50k as employed associates to £500k when they make partner after 'serving their time' as employees. A jump to £900k isn't inconceivable if the partnership is very successful and/or in L

Whoops hit send too soon!

... In London or South East.

My sympathies are with OP who is NBU at all. The BIL and SIL sound simply awful. I'm thinking of the Harry Enfield 'considerably richer than yow' sketch - but pleading poverty on top. Puh-leeese.

Some people can't manage their money well no matter how much they earn. It maybe a case of earning a pound and spending two in your BILs case. They need to adjust their spending habits to stretch their money further. My SIL is a bit like this, she spends £60 on night cream every 6 weeks but complains about not having enough money to feed her kids with.

Wind them up by printing off details of the CAB money management workshop & a budget planner & pointedly ask them about their money problems when in company. They may not want others to know about their financial issues so may shut up about them.

www.moneysavingexpert.com/family/

Some people can't manage their money well no matter how much they earn. It maybe a case of earning a pound and spending two in your BILs case. They need to adjust their spending habits to stretch their money further. My SIL is a bit like this, she spends £60 on night cream every 6 weeks but complains about not having enough money to feed her kids with.

Wind them up by printing off details of the CAB money management workshop & a budget planner & pointedly ask them about their money problems when in company. They may not want others to know about their financial issues so may shut up about them.

www.moneysavingexpert.com/family/

Some people can't manage their money well no matter how much they earn. It maybe a case of earning a pound and spending two in your BILs case. They need to adjust their spending habits to stretch their money further. My SIL is a bit like this, she spends £60 on night cream every 6 weeks but complains about not having enough money to feed her kids with.

Wind them up by printing off details of the CAB money management workshop & a budget planner & pointedly ask them about their money problems when in company. They may not want others to know about their financial issues so may shut up about them fingers crossed.

www.moneysavingexpert.com/family/

OP you are totally misunderstanding the point about 'buy to let'

They have to pay tax on the rental income, you can offset interest if there is a mortgage in the property against that. Hence no one would be stupid enough to have a mortgage on the house they live in while having a mortgage free property to rent out. Doesn't make tax sense. They would be saving 40% x mortgage interest cost in tax savings if they remortgaged the rental property and paid down their residential mortgage

Secondly, they do not get tax credits on £50k.

Thirdly, bull shit on £50k to £900k. Come the fuck on. You SERIOUSLY believe that?

Fourthly, £50k at HRT and post NI and pension to run a house, 2 kids, non working wife actually doesn't leave you with loads.

And lastly, it's polite to take wine when someone else is cooking dinner.

I get you OP - I understand where you are coming from......

I understand where the OP is coming from but if you feel resentful of all the Billy Bullshitters who feed you with their cock and bull stories, you will live a pretty miserable, jealous existence.

Whois...

They may have a mortgage on their home of just 0.5%. Many people have dirt-cheap trackers thanks to rates being slashed over the last 5/6 years.

To remortgage to a buy to let on the other property now would not necessarily be sensible if this is the case. BTLs typically cost 2-3% more and often with £000s of fees, so wiping out any tax benefit....