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.

Violet Bucket is that you?

YANBU we get approx 50k in Bristol with high mortgage and manage. We don't have any ponies or posh holidays tho. From what I can see the only extra cost for London is mortgage. Surely food & bills are similar. I don't imagine my mortgage which is £1000 per month being 50k more per year.

I'm on £18k, 22 and bought a house last year.

That's a struggle. But its do-able

I have to say, the OP comes across as far less self-centred than people who say that they are just about getting by although they have almost three times the median London household income, and they don't really think anyone could cope on less. Or that they feel somehow entitled to to a big house and four kids at boarding school.

I'm on £18k, 22 and bought a house last year.

That's a struggle. But its do-able

Not in London it’s not - not even close.

In London? You couldn’t buy a house on that. Even a shared ownership keyworker one bed flat would be impossible unless you have a hefty deposit.

I think that a number of people here are being overly mean to the OP (who didn't realise that not paying a mortgage is the reason why she's comfortable). I didn't detect any malice in her post. Of course 100k will seem like a huge amount to someone on close to minimum wage. To people who earn a lot, it's not much.

I look forward to seeing this thread in the DM (!).

@bearbehind

I'm in a pretty secluded area of Gloucestershire.

I used to know a pony that lived in Finchley - no joke

My household income is just under 100k and I have no kids. We own a 1 bedroom flat in a grim area of zone 4. I save a decent amount and live a fairly nice lifestyle but honestly, mortgage free with a child in private school and a pony? I don't believe you.

@horsememoftheapocalypse

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

I think your numbers are slightly skewed - 50k pa is around £3.1k after stoppages (ignoring BIK and pension) so nowhere’s near £7.1k between two.

@SuperSara
Ah okay fair enough
I just used listentotaxman

I think the point remains though - two people earning 100k still make more than a single person earning 15% more

@daisypond just because you do not personally know people doesn't mean they don't exist.

We have a joint income of £33k. We have a mortgage to pay and 3 kids.
£100k+ would be wealthy to me and incredibly lucky and fortunate.
Do you mean to be so rude and run people's face in your smugness?

*by rubbing our face

I think anyone on £100k who feels they're struggling financially has probably over-extended themselves by quite a bit. We did flat shares while young to keep costs low and save up for a deposit, then my first place needed doing up and was further out in a less expensive part of London. Nobody needs to buy the most expensive house they can possibly get a mortgage for, just build up slowly. Spending below your income level gives you options; that won't be possible on £12k nor even £30k realistically in London, but it's clearly possible on £100k.

Childcare costs and maternity leave are expensive but on that salary should be fine if you aren't over-extended elsewhere and they just last a few years. People live reasonably on far less, so it seems very silly to suggest the £100k crew can't cut back elsewhere to create space in the budget; lower shopping bill, cheapest utility providers, don't go away for holidays for a couple of years, don't get new cars / furniture / clothes etc. If you find you're really stuck because of over-extending then increase your mortgage term by an extra say 10 years to reduce your payments; once your expenditure on childcare comes down again you can overpay to reduce the term.

I'm not sure why anybody needs to keep their own pony in London but there are stables in Brixton, Dulwich, Eltham etc, so it's certainly possible.

scream I know that people will earn 100K, but most people in London won’t. I’m highly educated and so is my dh, but we still have what I would call ordinary jobs paying about the national, not London, average. We are clearly not working in law or banking.

Combined income if £70k. Living in a naice area of SE London. We live in a 2 bed flat, mortgaged. We would love to get a house near my dd school but we can't buy anything decent for under £600k it's a good school and that's why the housing is so fucking expensive We are fortunate in that we bought this flat 16 years ago so are making big dents in repaying the mortgage. We save about £300 a month which we are putting towards refurbishment. For that reason, no Big Holiday this year. The Big Holiday is usually a package in Europe somewhere, nothing fancy. We have entertainment subscriptions, service charges, insurance, phone bills etc to pay. I skim the bank account regularly to trim the fat here and there.

When dd hopefully goes to Uni we are moving out of London to the South Coast to get the house with a garden we always wanted.

I am full of admiration for Londoners earning less than us. They are survivors.

OP, your post is goady and big-headed. Get yourself a reality check. Maybe find out what your cleaner, or refuse collectors lives are like.