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?

Never count any discretionary bonus into your lifestyle. If it comes then spend it/save it but never have a lifestyle that depends on it

Been you. Your headed for a mental health breakdown. Not trying to be mean, just lived it. Was a beautiful architect with castle, jag, yacht, marathon runner, sky's the limit. Could have everything. Still could. Pm me privately I'll talk.

Anyone faced with a possibility of pay cut will be concerned.

Concern is an interesting word- that doesn't just indicate annoyance, but actual worry. What would you be worried about? Is there the slightest risk that you won't be able to meet your needs on that income?

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

But you will be paid your full salary. Bonuses are just that- bonuses. Extras. The salary is the pay for the work you were contracted to do.

Cant believe you come on here with this, when today a lovely lady has asked if she is skint at having £150 month left over for her and the 2 children, after rent and bills etc. You sound pathetic

ODFOD

@Iprobap

MissConduct you know nothing about my finances. Shirley Mushy Cannon Anyone faced with a possibility of pay cut will be concerned. Pretending otherwise is goady. Regardless how much I earn, I am still want to be paid for what I put in.

It isn’t a pay cut and if you are thinking in that way you are wrong.

It is a discretionary bonus many of which include company as well as personal performance

My DH has had a bonus (finance/banking) every year for the past 30 odd years. This year he won’t due to cv19. That’s life

My pay and benefits have been cut due to Covid. My industry is pretty screwed. I have worked far more extra hours since lockdown, I was also due a good pay rise and end of year bonus. None of which I have got. BUT, I have a job in a career
I have chosen, I have not yet been made redundant. My salary and package will go back to what it was when life starts returning to normal. We are in a recession, your base salary is healthy. Be grateful for what you have. There are people far worse off than you, and of course there will be people that it has not affected, but that's the way of the world.

Have you furloughed the pool man?

More info needed, really.
We know what your income is, but not how exposed you are (mortgage?) or what your lifestyle is like (private schooling?)

I earn a fraction of what you do, but probably more than the average person replying. Hmmm... actually, the average person replying might well have more than me as a household income.

Anyway... I have a mortgage that I could afford on half my salary, and current save half my salary “for a rainy day”. So I’d be pissed off to lose a lot of money, but it would make no difference day to day, and this would be my rainy day (decade?)

So - if you’ve been stupid enough to piss away a fortune up until now, on your own head be your stupidly. If you’ve been saving - you’ll be just fine.

Money can’t buy you empathy though.

Any drop in income can be concerning I imagine. I can't really empathise as it takes me 4-5 years to make that amount, but people do tend to live to their means.

I do wonder why you bothered posting the amount you make if you just want to know if others are unsettled. And it should be pretty obvious that they are, even from way up there, given all the people losing their jobs and record amounts of benefit claimants.

You shouldn't rely on bonuses as a given. You should live within your means on your salary alone and then bonuses are extra. If you've been living beyond your means on such a huge salary and relying on bonuses to fund it then I've absolutely no sympathy whatsoever.

Oh please, fuck right off!

I think everyone is going to take a financial hit post-COVID, either through earning less, paying more tax, getting less return on their investments etc. etc. You are unlikely to be immune to this.

But really, count your flipping blessings. You probably won't be homeless. You probably won't have to choose between food and heating. You probably won't have to take a second or third job. Your high salary doesn't make you a better or harder working person, just luckier. Be grateful for your luck.

Has to be a wind up...surely no one on Earth is this self absorbed

MissConduct didn’t say anything about your finances - they weren’t making a judgement, just stating facts. If you’ve saved you’ll be OK. If you haven’t then you’ve more reason to be concerned.

Anyone on any salary will feel unsettled and concerned to ‘lose benefits’ but if you’re on a high base salary then you’ve no need to worry too much overall. It’s not like your basic salary has been cut. You just might not earn bonuses.

Anyone faced with a possibility of pay cut will be concerned.

You're not being faced with the possibility of a pay cut, you're worried about the possibility of no pay increase and/or no bonus. A bonus is a bonus, not guaranteed.

Pressed too soon. Of course I am unsettled, it's not ideal, we wanted to start a family and time for me is ticking and I'm a higher earner in our relationship. But it is what it is. I've always thought a bonus is a bonus. It's not ideal but neither is the pandemic. Life will return, it will just take a few years.

you know nothing about my finances.

You literally posted your salary, along with details about bonuses, on a public forum... surely if you're paid that salary you must more sense than replying with such a ridiculous comment?

Depends if what you think you 'put in' is intrinsically worth more that £200odd k? Or more than someone on less than a 10th of that but still working their tits off?

Be annoyed, sure. But unless you've been pretty shit with money over the years hopefully you have savings to fall back on

I can’t understand why people are giving you shit OP. Would you all jump on someone complaining about having no money?

I don’t think it’s in bad taste, there are plenty of really wealthy people on this site and they have the right to ask about wealth management the same as someone on benefits has the right to ask about that.

You all sound jealous btw.

Seriously ...

If I understand correctly - you are worried about pay dropping from £250,000 to perhaps £125,000.

Should you be unsettled by that? No of course not - would still be in the top 1% of earners.

If someone has been earning £250,000 pa for a while - and hasn't saved anything so that they can survive a drop to £125,000 pa - then we'll get out the tiny violins.

Tory idiot

Everyone here jumping on the OP like they deserve no sympathy, they obviously work bloody hard, and if they employ a cleaner/gardener/dog walker/ironing lady/window cleaner and can no longer afford these services, what do all those lower paid people (who seem to be the only kind that merit sympathy) do instead? Im sure that is a wider concern to the OP...

People are absolutely thick if they can't understand that higher earners make a larger contribution to the economy, therefore society needs them too.

You do realise that your annual income is more than most people will spend +25 years, paying off on a mortgage to keep a roof over their head? Millions will never be able to raise necessary deposit to even be able to get a mortgage. Your post is grossly insensitive given the current situation. Yes, it’s unsettling times for a great many people and worse is to come.you may well lose some or all of your income but you will still be better placed than many others.