High earner - but unsettled

[Iprobap]

Annual pay about £250k, between 16% - 50% discretionary bonus and shares. Overseas based for UK global financial services company.

Personally still earn full salary, but possible no increase, bonuses and shares this year and next few maybe? I foresee retrenchments in future because of COVID-19.

I know we are on different scales on here and this is no brag. Curious to know if others are as unsettled by possibility of losing benefits because of impact of COVID-19 on global economy?

@NiceGerbil

The point is she didn't have to say how much she earned at all.

If she'd said, my role is one that has a large % of income as a bonus, but it's not guaranteed, and I'm worried about how to manage on half (or whatever) I've been banking on, response would have been different.

If you want to worry about this stuff as a high earner then talk to your colleagues who will have similar worries and as in same boat might have some ideas.

Coming on a site which is visited by a massively wide range of people and posting what she did is crass.

But then IME many high earners are clueless arseholes tbh. Even the ones who worked their way up turn this way when they go over a certain threshold. Generalising there obviously.

I think it's a defence reaction to guilt, personally. It you can make yourself believe, try really hard to make yourself believe, that you are just a different superior breed- cleverer, harder working, better... Then you can step over the homeless people in the city a little bit more easily.

Just my view, of course.

But it's not crass

It's not the OPs fault people have such bitter personalities and jealousy is rife

Also I may add another recent thread declared an op rude for discussing her salary and money worries with her friends and co-workers so op wouldn't have won either way

So yes, this bracket of “rich” (because let’s face it, in London you are not properly rich on 250k plus bonus especially if you are relatively young and have to pay 1.5 million plus for a house and 20k per child school fees)

Nobody had to do this or pay these sums. It is a choice. Education is free if you choose to use it. There are cheaper houses available.

Personally I think it's ok for posters to talk about salary. There are some very high paying jobs out there, that people don't necessarily know about. I have said on threads before that I know teachers earning 60k & lawyers earning 600k & been told I've been lying in both cases 🤷‍♀️

Why are you assuming the people who think it's crass are jealous or bitter?

That's your own prejudice.

I agree flatpack.

Binky I agree but there is a time and a place. The threads which say, tell me about your highly paid job, what do you do, how do you get into it etc are really interesting. But this OP is simply crass.

• No one should be allowed to earn that much. Disgusting.

People are dying.
People in their thousands are relying on food banks to feed their children.

*People like you are the problem.

Someone earning 250k is not really the problem.

We are high earners. Added to that we have inherited wealth to the extent that makes this OP seem like a pauper.

See! this is the problem 🤣

Very odd thing to ask here. Good luck!

Wealth inequality is another topic.

Question is whether op needed to mention her salary in order to get support around losing income.

I'd say she didn't and it's crass.

I'm also interested in how she is predicting the situation next march and why panic now. Seems a bit premature. If she's in banking it's a volatile game anyway.

On the grapevine I have heard that higher earners are increasingly more worried about big raises in taxes and inflation.

I would be most concerned about this

Maybe people should be encouraged to talk about money more, maybe its needed to in order to open up to everyone who earns what and how they got there. The context in OPs question was non existent so I think it’s a wind up thread.

But generally, it’s this secretive culture in this country around earnings and pay which makes the whole thing very cloak and dagger. I think there is a lot of envy towards higher earners which underpins that attitude but we are doing future generations a disservice if we view high earners with contempt. Especially women who should be encouraged by other women’s success.

The reason it’s crass is because there is a certain income level - it’s debatable exactly what this is but certainly a lot lower than £250k a year - which will cover all possible necessary or ‘minor’ luxury items for your average human. Food, travel, clothing, housing, savings, bla bla.

As we are entering possibly the biggest economic crisis in living memory there’s a very real possibility of millions loosing everything. Plenty are already on or over the brink. Children going hungry. Food banks.

The op has chosen, at this time, to post about the worrying possibility of her annual income reducing to £125k minimum - still far more than ‘enough’ for anyone’s needs.

Of course it’s fucking crass 🙄

Just wow!!!!!!! If you don't think majority of UK will think that's bragging then you are obviously earning more than most. So fuck off with your rich problems 🙁

personally i don't get the big issue about mentioning the salary & agree that she would probably have still received some abuse. However I'm
not English & money is less of a taboo in my parents home country.

sst agree that secret salaries are disadvantageous to various groups. Women especially.

But this thread is not about that.

OP between husband and I we make slightly less than you but still a high income, also non-UK.

And no, we're not worried about a reduction in income (which will happen at some point), because we save over half of what we make per year and therefore have no debt and some savings and investments. We drive second hand cars and don't take expensive holidays. When our incomes went up sharply about 3 years ago, we just kept living the same way as before. We are very lucky.

Suggest you tighten your belt if worried.

And as for you asking whether people are worried about losing their benefits: ODFOD.

One thing about MNs high earners is they are always so conscious of spending it, 2nd hand old cars, camping holidays, houses that cost less than their salary, blah, blah, blah, just once I wish someone would post that they earn 500k, spend a ton on holidays, drive an Aston Martin etc. Jesus, give us something to aspire too!

Diceroll you’ve never heard of financial forums or something? What do you think MSE or The Motley Fool are? A lot of excellent high level financial and invest advice is given out there

Neither of those are Mumsnet, so not sure what your point is?

Meanwhile in the real world

Op works for a massive company and presumably has colleagues she gets on with (???) who will be in the same boat.

Seems better to talk to them. TBH. They know the company, the roles, the ins and outs.

Personally I think this is goady or at the very least crass.

The good news is, that over a certain level, more wealth does not bring more happiness...

I find the jealously etc comments really interesting.

It's a knee jerk thing. Like a kid. Or a trump-like thing. They don't agree. Waah! They're jealous.

OP and others have no idea of the earnings of others on the thread who say the op was insensitive and crass .

The fact that bonus time is march which is a long way off, and the omg what can I do? But actually it's fine stuff. Says, goady or someone who really lacks a basic understanding of humans.

The items they list as well are, well. I can't believe someone who earns that much is so naive and lacking in people skills (read the room!).

The people who have jumped on to say oooh jealous with no idea how much most of these 'jealous' people earn... Need to consider their biases. IMO.

interesting thread tbh.

Either goady or an object lesson in how disconnected many wealthy people are from society (the society they live in).

@binkydinky we may do that in future, but not until we are properly financially secure (ie have enough in reasonably liquid assets to maintain our current standard of living in perpetuity if we stopped running our business/working and also give something to our children and parents, and to charity).

I'm very aware that our income could sharply decrease, or value of investments could drop, so we're conservative with money.

I think most people who build and don't inherit wealth are like this (presumably also many of those who inherit wealth, not that I know any of them as I'm a bit too middle class )

@binkydinky

One thing about MNs high earners is they are always so conscious of spending it, 2nd hand old cars, camping holidays, houses that cost less than their salary, blah, blah, blah, just once I wish someone would post that they earn 500k, spend a ton on holidays, drive an Aston Martin etc. Jesus, give us something to aspire too!

Thats not how people keep thier money

OP we earn slightly less than you but you're a lot braver than me to whinge in public! FWIW I took a salary drop just over a year ago and lost my bonus too which had been 20% of my salary. It was a big blow but necessary and o told myself I was still very fortunate. I have 2 massive mortgages & childcare to pay and have managed. I think you'll be fine.

Your disposable income must be bloody massive without a mortgage to pay. You need to get a grip.

Personally I won't be buying houses for my children and paying them off. It's a nice idea but surely we want our children to learn to manage money, not have everything handed to them on a plate. So, up to you but if that's the reason you are dreading losing your bonus then I think it might not be so bad.