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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

High earner - but unsettled

426 replies

Iprobap · 19/08/2020 19:50

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?

OP posts:
ChazsBrilliantAttitude · 19/08/2020 21:33

dwiz
There is a time and a place for these sorts of discussions.

If I have a moan about school fees to my financial services colleagues who are also paying school fees that is fine. If I was to complain to someone who earns less than I pay in fees I would be a monumental twat.

The simple fact is that well paid people have more scope to insulate themselves from life’s vicissitudes. Right now there are a heck of a lot of people who are facing a very uncertain future without the luxury of a financial buffer nor the ability to build one. The best thing I can say about the OP’s post is it is utterly self absorbed and tone deaf.

Redbirds · 19/08/2020 21:34

A lot of people are working harder for less pay, I know I am, but I’m grateful to have a job. I would focus on what you have rather than what you would like.

OnlyFoolsnMothers · 19/08/2020 21:34

Fortune, lick and financial security is all relative I would almost buy that if OP was on c. 100k (which I’m no where near), but on 250k, over 50% of your outgoings are Likely lifestyle choice! As a grown adult if you can’t rationalise this then I have no time for you

dwiz8 · 19/08/2020 21:35

@Redbirds

A lot of people are working harder for less pay, I know I am, but I’m grateful to have a job. I would focus on what you have rather than what you would like.
How do you know how hard the OP works?
SecretSpAD · 19/08/2020 21:35

I had plans, which will be slowed down by this.

A lot of people - millions in fact - have not just had their plans slowed down, but destroyed overnight.

They are the ones I feel sympathy for, sorry.

GetUpAgain · 19/08/2020 21:35

Welcome to mumsnet...

Yes I am worried about my financial situation and I'm sure I work harder than you do OP. Luckily I expect my kids will have the chance to buy their own property at some point, they are hard working and healthy. Unless there is a reason your DC can't work I suggest you instill a good week ethic into yours. Ta da your plans are resolved. Invoice to follow.

dwiz8 · 19/08/2020 21:36

@ChazsBrilliantAttitude

dwiz There is a time and a place for these sorts of discussions.

If I have a moan about school fees to my financial services colleagues who are also paying school fees that is fine. If I was to complain to someone who earns less than I pay in fees I would be a monumental twat.

The simple fact is that well paid people have more scope to insulate themselves from life’s vicissitudes. Right now there are a heck of a lot of people who are facing a very uncertain future without the luxury of a financial buffer nor the ability to build one. The best thing I can say about the OP’s post is it is utterly self absorbed and tone deaf.

So where is the time and place for the OP to have an anonymous discussion around her financial concerns?

It's not unreasonable for her to ask on here as there will be others in a similar boat who can offer advice

andyindurham · 19/08/2020 21:36

It's not really about feeling 'unsettled' (or concerned, or wake-up-screaming-in-the-night-terrified, for that matter). It's about what you are going to do about it.

My income is down, my time in work is down, so I'm using some of the extra time to explore new areas of business. Slow progress, I've put in a lot of effort for little tangible reward, but I've got an interview tomorrow morning - off the back of my 'hobby' efforts - that might lead to paid freelance work helping to develop an app. Could you do something similar, look to pivot to a related field that is less affected by the current situation?

If it's specifically an issue that you no longer feel your employer is giving you what you deserve, can you leave that employer and work somewhere else? Even if you are paid less in a new role, you might find that the job is less pressured and you lose the sense that you are undervalued because your salary is more in line with the effort you are putting in?

If, as you suggest, you can get by on a fraction of your current salary, could you do that for real? Simply walk away, retire, and devote the rest of your life to whatever it is that gets your pulse racing? Who knows, you might find you can generate some income out of that, depending on where your passions lie. It won't be six figures, but it might cover your costs and make you a happier person.

You have options, if you are genuinely unhappy with your situation. If these options aren't likely to work for you, unfortunately you probably have to suck it up. And that, broadly, is true regardless of income / wealth.

maverickallthetime · 19/08/2020 21:36

I'd like to be paid for what I put in but some professions don't get it! It is a goady post, my husband and I together don't even earn a quarter of your salary and never will. If you cut live on that or even half of that then you've issues

Porridgeoat · 19/08/2020 21:36

I think often people are jealous of high earners - hence all the catty comments.

Everyone’s been effected by Covid differently. Some will have lots their income, some reduced income, some inherited, some started new Covid related businesses. My income has stayed the same throughout but my job has been incredibly stressful due to covid logistics and it continues to be rather thankless.

ihoeihoeihoe · 19/08/2020 21:37

@RiteAid

🤣🤣 best response

SueEllenMishke · 19/08/2020 21:37

Jeez between us me and DH earn half of your salary and we've kept our mouths shut about work stresses and potential pay cuts as some of our friends are potentially going to be in pretty shit situations soon.... redundancies, serious pay cuts etc.

Get yourself in the real world op

Redbirds · 19/08/2020 21:37

Because the OP said she was working harder for less pay.

dwiz8 · 19/08/2020 21:37

@GetUpAgain

Welcome to mumsnet...

Yes I am worried about my financial situation and I'm sure I work harder than you do OP. Luckily I expect my kids will have the chance to buy their own property at some point, they are hard working and healthy. Unless there is a reason your DC can't work I suggest you instill a good week ethic into yours. Ta da your plans are resolved. Invoice to follow.

Someone else so sure they 'work harder' than the OP

You have no idea whether you work harder than anyone else, bitterness is an ugly trait

Redbirds · 19/08/2020 21:38

Sorry my response was to Dwiz8

Veryverycalmnow · 19/08/2020 21:41

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
Another one agreeing with this.
Have you any idea what's going on for some people? Bore off with your bonus

MyGhastIsFlabbered · 19/08/2020 21:41

See what annoys me is that during the initial lockdown who kept the country going? Not the bankers with their fat cat bonuses...it was poorly paid shop workers, bin men, etc...yet their worth isn't reflected in their pay (a slightly disgruntled NHS worker here)

CookieDoughKid · 19/08/2020 21:42

Op.. I understand your concerns. I’m also a 1% earner and mumsnet won’t take too kindly to our kind of concerns. I honestly think there needs to be a high earner section on mumsnet as there’s a few of us and I think our wealth and career management concerns are not of the same type to the rest. There’s going to be an immediate reply on this saying I’m goody but it’s not easy being a 1% high earner because if it was, we all would be.

To answer your question there is financial impact. In my company they are laying people off and freezing bonuses. In response, I’m moving equity and money around to much higher risk market exposure as I think there will be good gains from a dire market crises. Now is not the time to be risk averse. I use a robo wealth management platform and have seen overall positive returns of 4 %, which has been brilliant. Stocks and Share I’ve made a 15% return . I think I’m too late for investing in gold. My pension has taken a dip though. Honestly think these threads need to move to the money section or career section so we don’t get thrown off the bus by mumsnetters.

DH is in AI, automation and Big Data. I work in bleeding edge Technology so we are both in Silicon Valley. Our jobs are relatively safe and companies are preparing well in current climate. We’ve 9 new engineers starting on Monday so that really tells you something about the positive outlook. However I completely recognise it’s mostly not like that elsewhere. I’m encouraging both my children to consider data science jobs as we predict real change in future services industry and employment. I’m in a hotel in Italy right now and they don’t have gardeners to mow the lawn. They have a robotic lawn mowers to mow lawn and they keep them on all the time....

ChazsBrilliantAttitude · 19/08/2020 21:42

Anybody who works in FS knows full well that the regulators are pushing the banks etc to preserve capital during COVID that’s why dividends have been postponed. It’s bloody obvious that large bonuses are going to be scrutinised at the moment.

www.reuters.com/article/us-health-coronavirus-boe-banks/bank-of-england-says-top-banks-should-not-pay-bonuses-idUSKBN21I3DG

There is no advice other than discretionary means just that.

Lifeisgenerallyfun · 19/08/2020 21:42

If you are living a Life that will be severely undermined by loss of bonus/shares of that scale, maybe take this opportunity to assess what really matters to you and why. Have you been dragged into an overly materialistic value system, do you see your worth only in terms of monetary reward, do you view prosperity in economic terms.

Now might be the time to show gratitude for the things you have

Hutella · 19/08/2020 21:42

Surely you'd have tonnes of savings and investments, especially if you own your house outright and drive an old banger?

I dont get what the problem is. You cant control the economy, and you will be more than fine, and you dont sound in the slightest bit extended (unless there are some lifestyle implications you are not saying). What exactly are you unsettled by?

MadgeMak · 19/08/2020 21:44

Oh come off it, dwiz. OP has said herself that she could easily live off less money and that wasn't her concern. She's just worried that she won't be able to pay off the house she buys her children as quick. She's still able to buy the house, just that it might take her longer to completely pay off, that's her concern. How worrying for her. It's absolutely fine to have these worries, what's not fine is to be repeatedly told to get some perspective but not show even a shred of self awareness. That's why she's getting a bashing, not because she's rich, but because she's displaying alarming levels of sociapathy.

CookieDoughKid · 19/08/2020 21:45

Just to clarify whilst we’ve been laying off non critical job roles like office managers (sorry if I’ve offended anyone) we’ve been hiring critical ones like engineers.....

larrygrylls · 19/08/2020 21:45

This is just very crass. I remember thinking the same in 2008/2009, after taxes had been raised on the middle classes, people on 200k basic saying that they were ‘working for nothing’ as there would be no bonus that year.

There is something about the financial services industry that promotes a lack of empathy (or even sympathy).

I think that, at heart, people know that they are vastly overpaid, but build a lifestyle on it. There is a real fear that the house of cards will collapse, thus the aggressive defensiveness, almost to prove to themselves that they are worth it.

SecretSpAD · 19/08/2020 21:46

I know it is hard to believe given the usual MN poverty olympics.

Wow. Fucking hell. Just when I thought it couldn't get any worse.

What's the worst that's going to happen to you and your family? You have to pay for a house for the kid(S) for a little bit longer or, god forbid they can pay for it themselves.

Meanwhile in the real world people are losing their jobs, their homes, going hungry.....it's not poverty olympics. It is real fucking life for many people in this country who, after being screwed over by 10 years of austerity are now suffering from the after effects of the pandemic. And the governments mismanagement of it and that's before we get to Brexit and the clusterfuck that's going to be.