to be shocked that people think 100k isn’t adequate

[wutheringheights3]

We live in London (zone 2/3 so fairly central for families). We have a household income/wage of 95k-120k each year and it only varies because we’re both self employed.

We own our house and luckily don’t have a mortgage anymore, can afford for DD to have a pony, DS wanted to go to our local secondary school but had the option of the independent sector, as did DD who took advantage of it. We’re also very grateful that we can afford to go away 2/3 times a year (usually somewhere warm in summer for a few weeks, a European city break and Cornwall/Scotland). We also have a lot of savings and have money put aside for the children for university/adult life.

DH and I are by no means incredibly wealthy, just very comfortable.
However, I just don’t understand how people think 100K isn’t enough to live on in London comfortably. Many of DS’ friends parents earn less than us and still live lovely lives in the capital.

Merry He works in the city for a tech company I think.

Hmm I don't understand how you manage on even 120K. Is that your post tax income?
Did you pay school fees yourself?
London school fees for 2 children would be at least 40K a year ......

It depends how many people there are.

A single person on £100k? Ka-ching. A family on £100k? Well, a family can't squeeze into a studio flat like a single person can. Depending on the age/health of the family, let's say, one bed for the parents and one bed for each child. Two children? Three bedroom property.

A three-bed property in London? Uh-oh.

Then you have travel. Do both parents work? More travel. And childcare.

Then you need to factor in the 'normal' living costs like food and basic school supplies etc.

It doesn't matter how high the salary is, once you start splitting it between multiple people and require a large property in London to house them all, it does start to require some budgeting... Property is the most expensive cost. Like I said, you can occupy a tiny space as a single person (you can even rent a house share), but you need more room for kids.

Yes, I was thinking that, MerryOldGoat.

Wow talk about lack of self awareness.

Like anything it depends on incomings and outgoings. If i didn’t pay a mortgage I’d have an extra £6k a year to spend on holidays and pony’s

Jesus! Expensive pony if it's keep equates to a London mortgage. Is it Shergar?

We bought our house just before DS was born so early/mid 2000s. That definitely made a difference I think as our house is worth much more now than it was then. I do feel quite stupid now!

I had to laugh at the pony mention.

If you can't afford a decent life on 100k then you're doing something very wrong. OP, YANBU. But it's Mumsnet - someone's husband rents out the Moon for £1million a week during the Summer holidays.

no children and don’t own our own property and whilst we have about 5 holidays a year and gym memberships etc. I don’t feel it is enough.
😮

It’s not the pony which was expensive, although it bloody was! It’s the upkeep of her plus competing so it does come to quite a lot.

Gobsmacked at your post. Are you just bored as it’s bank hol?

We bought our house just before DS was born so early/mid 2000s. That definitely made a difference I think as our house is worth much more now than it was then. I do feel quite stupid now!

And there you go - proof that high salary doesn’t equal intelligence.

Vladmirs

GF much?
From 2016 but relevant nonetheless:

In 1996, London was just coming out of the recession-before-last. The average home cost £79,000. Today prices have jumped 518 per cent to an average £488,908.

Wages have failed to keep pace with this leap. In 1999 the average Londoner earned £22,487, compared to an average £36,302, a 47 per cent increase. Which means property prices have risen more than 11 times as fast as incomes, locking many Londoners off the property ladder (sources: Office for National Statistics; Savills).

Merry You seem so lovely ;) I have never once said I’m intelligent and my salary isn’t very high, it’s a household income, not my income.

Adequate for what? To survive on? Yes of course - you're not going to be visiting foodbanks but on that salary lots of suburbs will be unaffordable to you so you'll be compromising somewhere on commute time, desirability of area, good schools etc. You probably won't be sending two kids (or even one) to the private secondary school of your choice without making massive compromises in terms of the rest of your lifestyle.

@wutheringheights3 I am genuinely interested in this. Are you able to state your monthly expenditure?
Eg school fees, bills etc
And what type of property do you live in?
And as asked before is it post tax income you have mentioned?
I am interested because I have the potential to earn that much myself so if I can afford your lifestyle with kids in private school and multiple holidays a year, I want to know how.

Ya great ninny.

You have no mortgage. You bought a house ages ago.

You have a pony on whom you can perch and delicately nibble all those biscuits PPs have thrown at you.

How on earth does one afford household staff salaries, upkeep of one's holiday homes, etc, etc, on less than £250k per year? Let alone schooling, polo club fees (and livery), flying lessons for the children, etc.

I did read that benefits are available to those unfortunate enough to have a household income below £250k per year, but still, it can't be easy.

I never processed to be, but I have little patience with posters who are clearly being goady and lack any insight into sutuations differing from one’s own.

The fact you didn’t re-read your OP before posting and think ‘hmmmm, actually, given we bought out house over 15 years ago and don’t actually have a mortgage now, I’m probably in a different position to the posters who find it a bit tougher’ tells me you’re either stupid or goady.

Which is it?

MrsC that is such a shocking difference isnt it. I feel we just missed out.

*Professed. Fucking autocorrect.