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?

Grow up, what kind of response did you expect on here? I actually WANT you to lose your job, you sound so up yourself

@Diceroll

I don’t really have a clue about wealth management and would welcome these conversations instead of paying $$$ to a wealth management company.

So you'd rather listen to random anonymous people online, where you have no idea if they're honest about who they are, rather than invest a comparatively small amount of money investing in some professional advice? Self made millionaire my arse with that logic.

Comparatively small?! Clearly you’ve never had to deal with wealth managers. They take a massive % of investment returns and charge an arm and a leg for the advice in the first place.

There are loads of wealth management forums but hardly any that are mainly women. I’ve been mansplained at enough times to know I’d rather speak with other wealthy women.

Why is it so hard to believe that there are wealthy people on this forum? I won’t stop saying it because it’s true but every time I tell my story on here I’m accused of being a liar. Are only men allowed to be self made millionaires? I’m proud of what I’ve done for myself and my family and why shouldn’t I tell other women that they can do it to.

@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!

I drive a Maserati? Does that count?

It’s a shame OP you’re not a front line NHS worker because I’ve had more sympathy.

Oh, that’s right, medical front line staff do not get paid what they’re worth to society.

Well presumably on that sort of figure you have a significant savings buffer? If not, you need to look at why not urgently.

If you're on that kind of money and can't afford to be totally out of work for a couple of years if the worst happened then something is very wrong

Hi OP. I think people are getting a bit shirty because they are aware, as I am that there are families really struggling financially, not being able to feed their DCs etc. I'm sure those people would be really disheartened to hear that your plans to buy your DC a house have been delayed.

Count your blessings that you're such a high earner, not everyone is so lucky.

@LongPauseNoReply asking for advice on money management is fine. Moaning that you won't be getting a bonus so you can't buy a house for your DC is insensitive.

On the radio last night there was man sobbing cos he is getting evicted soon - saving my sympathy for people like him

@Plumplumbadum

I think it's in poor taste to ask this right now, as many people here have lost their jobs and businesses. I'm sure someone will be along shortly to tell me IABU.

This! Agreed.

OP - really?!
Surely there are colleagues/friends or even online forums on your industry with similar pay scale you can discuss and share your “wealthy concerns” with. The OP is quite insensitive at this time!

A bonus is not guaranteed though and shouldn't be factored into income in the first place.
I'd love to know what skills you have to do a job you're paid that much to do if the grasp of this basic fact eludes you.

Wind 'em up and watch them go...

There are patterns to these types of threads, a controversial first post, a few more to get things going and then the op goes quiet.

This thread is exactly why NHS staff should be paid more than finance people!

Longpause,

There are many types of wealth management companies with a wide variety of fee structures.

You need to spend some time doing research and decide how much you want to pay for what level of advice.

The reason the finance industry pays so well is that, on average, it fleeces its customers. There are honourable exceptions, though.

It is also perfectly possible to manage your own money. It is not as hard as most think.

OP I think you’ve misjudged How people in general are feeling right now in the midst of covid ... lots of people are getting made redundant, scared for their jobs/health/not seeing loved ones etc...are you just trying to get people upset?

Regardless how much I earn, I am still want to be paid for what I put in.

You are, and more.

I have £8.90 in my bank to last until pay day. We have £0 left a month after mortgage, bills, food and fuel. We have a £180 budget a month for food. No money for any extras. Clothes, savings, emergencies, etc. It's tight and horrible. DH had a pay cut because of Covid. Things are shit right now for everyone, OP. I wish I had a 250k Salary! But I am sorry you're not getting your bonus. All you can do is get by and hope things improve next year. Good Luck, OP.

My friends husband - the sole earner - lost his job and was moved into another role in the company with no bonus. His base pay is about 50 percent of his previous earnings. They now can't pay their mortgage which is interest only in the first place. They are looking at selling up as he doesn't think there will be other jobs in the market.

I earn well over 6 figures with a similar discretionary bonus. Yes, I am worried about what might happen in the future. But I have never relied on the bonus (and have usually just saved it) over the years.

And you and I, OP, are so lucky. I thank my good fortune every day. We have enough money that we will be far more insulated than most, whatever comes our way.

So yes, you can be unsettled. We all can. But perhaps there was a more tactful way to phrase your OP. And to recognise your/our good fortune.

And are we "worth" these sums? Really? I don't know. Happy to take my salary, try to do some good in the world with it (and ensure I have a good buffer).

@Sigh81 thank you - it seems you are still in touch!

This thread is exactly why NHS staff should be paid more than finance people!

Plenty are, not everyone in finance earns 6 figures.

And are we "worth" these sums?

On the one hand no but then if you're bringing in millions of pounds of revenue for your firm why shouldn't you benefit.

I am curious as to why the OP feels she is worth, on average, 300k/annum.

What metric is she using?

Making returns for her stockholders? I don’t think so, as the finance sector has yielded zero share price growth since the 90s, despite a massive bail out from the tax payer in 2008.

Contribution to the community? Has she helped more than a dedicated doctor or nurse or social worker?

Pay for her unique skills and expertise? Is she brighter and more expert than some of the top academics and scientists?

Or is she just comparing herself to others in the same overvalued (by some) gilded sector? I suspect that this is the correct answer.

Bible,

If your firm (like the big tech firms for instance) is making fabulous returns for shareholders, there is a case for fabulous salaries.

The finance sector, however, has not done this at all. In a good year the profits are mainly paid to employees and, in bad years, the ‘too big to fail’ argument is used.

Binky, not bible!