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.

What a ridiculous, boastful post.

£100k+ in central London is fine if you don’t have a mortgage but most people are not in your situation. If you have a mortgage and have bought you property in the last few years then you’re going to find it a stretch. Our mortgage in zone 1 is £2000/month. £100k doesn’t go far after that, nursery fees (which are also more in London), service charge and all of the other bills. We don’t go on multiple holidays each year. We haven’t been abroad for 2 years.

whoopiefuckingdooooo!

Oh bore off.

Well 80k and 100k is okay and is adequate and if these posters opened their eyes they would see people in their areas with far less. Or in a area nearby with far less.

Both are far more than adequate - what I think the objection to is that you’re ‘rich’ on that kind of income.

As I said I’m fortunate, I have nothing to moan about money-wise, but I’m not ‘rolling’ in it. The reality is these salaries which, a few years ago would’ve paid for big houses and private education won’t anymore.

That’s fine, those things aren’t a right, but people have short memories and think ‘I could so why can’t you?’

Was watching the gypsies programme last night. He put his horse in the garage.

Wow. How bloody entitled are you?

But it’s disingenuous to claim you could afford two kids in school and still feel comfortable, just a few sacrifices such as one less holiday or whatever.

£60k school fees would wipe out a £90k income alone. £8k after tax is about £5k. So £5k to pay for all your annual bills, travel costs, clothes, school supplies, lunches and trips, holiday to family.

Utterly unrealistic. You’d be barely surviving.

How much mortgage did you have and how long did it take you to pay it off??

Horse

If you are both self employed are you sure you are paying the correct amount of tax?

Parallel universe.

Oblomov19

If the horse is in the garage then where do they keep their lawnmower?

Oh wait! They wouldn’t need a lawnmower! Genius!

shasta paying for kids schooling isn't a must though?

Of course 100k wouldn't be an awful lot if people live beyond their means ie expensive schools. They're not imperative like food and housing are.

Sorry misread oops, didn't realise you were replying to something uotheead

Is it just me who's wondering where the pony lives in zone 2-3?! I'm imagining it lives next door to the OP, where they've turned the adjoining terraced house into a nice ensuite stable with all mod cons....

No, Catkin, not just you...
Seriously OP, please do explain where you keep a pony when you live in zone 2/3 in London. (As do I so I know what I am talking about).
Is this a pony for which your DD does all the daily care, or is it on livery so she just has to hand over a wedge of cash for its upkeep and visit it once a week?

Also, (if any of this is even true) you can’t just blithely say “lucky enough to no longer have a mortgage”- it is not usual for people at your stage in life to have paid off their mortgages, especially if, as you say you have, they have done building work to the house. There must be a huge backstory to how you have become mortgage-free already.

YOU DON'T PAY RENT OR MORTGAGE !!! Doesn't matter where you live, you will be comfortable financially. Simple as that.

To be fair, I had a horse when I lived in London.

Mind you we had to pretend to the nosy neighbours that it was a just a large Greyhound.

and luckily don’t have a mortgage anymore
Yes you are lucky to be mortgage free...
you are also lucky to be the age you are.

Assuming you are serious you must lack imagination as you can’t grasp anyone’s situation but your own

there’s a huge difference between
A. two people earning 100k and a single person earning 100k
B. Being late 20s early 30s (who got screwed on student loans) and over 35+ (who enjoy no or minimal fees and interest at base rate)

I have a higher household income than 100k but am significantly worse off than you.

-I’m a single earner making 115k in my late 20s
So I take home £5220 (post tax 5900 - 680 for student loan!!!)
a couple over 35 earning 50k each (so 15k less) would take home £7130

See the gap?

Our mortgage and bills is just shy of £3500 because we weren't old enough to benefit from the London boom 2010-2016 and have a massive mortgage as we bought a house in an area with decent state schools (as we know we’re unlikely to afford private)

So before we buy food or contribute to pensions or pay for a travelcard we have £1720. Factor those in and we have around £1k pm disposable.

Now if we were both earning 50k, were mortgage free and had no student loans we’d have an extra £5400 per month
disposable income.

At which point maybe I’d go get a pony too!
That said even in situation I feel very lucky and fortunate, but children will be an issue as childcare for 2 would be impossible (nursery is 1k + pm )
So in my situation with even one kid you would not feel well off...

Bless

I live in London. I don’t know anyone with a joint pretax income of 100k. I earn 33, dh earns 21. I know one person who I consider wealthy - a teacher on 48. Most people I know in London earn around 24-28. Educated people with degrees in their 40s or 50s.

I don't believe any of this.

Take this reply from @wutheringheights3

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

She thinks?

Op you don't know what your husband does??????

So if you are young and live in London, how did you buy your home?

Bank of mum and dad? Other inheritances?

Also, if both self employed, assume under a Ltd company, you are taking minimum salary with no tax payable, but extracting directors loans from the company to live on, and therefore only paying corporation tax at 25% on those.

Oh I see, it' s not her DH but a relative.

Look darling OP, if you were handed your home by rich parents, you clearly have no clue about housing costs.

I'm not sure how you paid off a mortgage in under 15 years on 2 incomes of around £50K each (if you were earning that 15 years ago.)

Must have been a a very low mortgage.

You are both on what I'd call a 'medium' salary- the kind a teacher gets if they go to the upper pay scale in their early 30s, so not exactly high salary for professionals.

How did you pay off your mortgage? How much did you borrow?