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?

[quote Waxonwaxoff0]@dwiz8 that's their own problem for not managing their money properly. No excuse when you earn a salary like the OP.[/quote]
Not having liquid assets is actually a good way of managing money. Helps it grow and often earning hearty dividends

It does however mean it's hard if it all crashes quickly and you need to get a large amount of cash quickly

Those with large salaries often have expenses lifestyles. So it is a genuine worry if it stops suddenly

Hopefully the OP managed to find those comments through all the jealous, bitter comments

Many high earners on here have said the OP is being a dick. How does that fit with your ‘jealous, bitter’ narrative?

Well said MadgeMak

@Drivingdownthe101

Hopefully the OP managed to find those comments through all the jealous, bitter comments

Many high earners on here have said the OP is being a dick. How does that fit with your ‘jealous, bitter’ narrative?

A few doesn't outweigh the hundreds of salty ones

Most are 'I bet i work harder but don't get paid near what the op does' or any other race to the bottom type comment

@dwiz8 but the OP still has a large salary. It's not stopping. It's the bonus that might be stopping. If you rely on your bonus then you're silly, no matter what you earn. I get a bonus at Christmas, I don't rely on it to pay my bills. It's a BONUS.

take your jealousy elsewhere it’s not jealousy and pulling that line is pathetic. I’d love to earn what OP does but I’m also very happy with my earnings and will keep striving for more. My issue is people not in touch with reality.

High earners can still have money problems

True, but they are not managing their wealth well if they are. As an example, I could afford to buy a much bigger house than I currently have. Instead I have a house that fits my needs, but no more than that. I have a very management mortgage, and I'd still be able to pay that mortgage even if had to get a job in a supermarket.

[quote Waxonwaxoff0]@dwiz8 but the OP still has a large salary. It's not stopping. It's the bonus that might be stopping. If you rely on your bonus then you're silly, no matter what you earn. I get a bonus at Christmas, I don't rely on it to pay my bills. It's a BONUS.[/quote]
In many industries and roles bonuses are essentially guaranteed as part of your income. So it might be a case that the OP will now see a significant drop in salary and that's a worry for anyone.

For example the CEO of Disney, his salary is only £3million a year but with bonuses it's over £65million, many have 'bonuses' which form a large chunk of their salary and would notice the drop.

Not concerned no. Was made redundant this year. DH earns a fraction of your salary but we’ve still always considered ourselves very lucky and saved at least 50% of all income, focussing on pensions and long term investing. Feel lucky every day that our bellies stay full and we have a roof over our heads.

Yes it’s irritating when plans get scuppered but surely you can see, on the brink of a global recession, that a little perspective may be required!?

An expensive lifestyle is a choice. If you choose to spend your huge salary on an expensive lifestyle rather than save for a rainy day then it's entirely your own doing.

@MadgeMak

Why rightly so?

Because it's crass, and lacking in empathy for those who are genuinely and severely affected by the current situation. I'm sure she could ask her financial advisor for specific advice on her specific situation, odd to ask on here. She wasn't even asking for advice, just having a moan about maybe not getting a bonus. Moaning about a what if when she's already in an extremely privileged position, when we're in a middle of a pandemic which is adversely affecting millions of people's lives in more very real ways than her.

I also take umbrage at your assertion that all the negative comments are due to jealousy and bitterness. Not so for me, I've already said I'm relatively well off myself, and other posters who are high earners have also said the same. The OP is getting negative comments not just because she is wealthy,

Exactly it's crass! OP is shit stirring. Not responding to high earners, professionals, people's financial experience and advise or even empathising. Just mocking people who are struggling. It's repellant.

@Waxonwaxoff0

An expensive lifestyle is a choice. If you choose to spend your huge salary on an expensive lifestyle rather than save for a rainy day then it's entirely your own doing.

Ah of course

I bet if you earned £250k a year you'd still live in a £300k house... as people earn more they often start spending more in line with their lifestyle and salary

It's not uncommon, not advisable or wrong for the Op and many others to do that. It also doesn't mean they can't also worry about money

Zzzzz....snore...boring. Move along please

I’ve just been made redundant. My husband won’t get a bonus this year. If I don’t find another job withinn six months we will have to make drastic changes.

I have a masters degree and good experience, but I don’t feel confident like of the other posters about finding a new job.

I suppose I am not “plodding along on £25k” (what a rude way to refer to hard working people) but neither am I on £250k.

Sometimes I think it’s not how hard you work or how talented you are, but what lane you started life in. It’s hard to change lanes. That’s what makes people seem “bitter.”

But going back to the OP, everything is relative, and changes in plans and expectations are unsettling to everyone.

Dwiz,

You are living in a works that I know well. It is based on a competitive need to show off by having a ridiculous and unnecessarily expensive lifestyle. Managing money is about investing intelligently, which includes rainy day planning. This is easy for those on a high salary. If losing bonuses is scary, you are not a good money manager.

And banks don’t drive the economy, as can be seen from their share prices. They have declined over 20 years. Bankers pay a lot of tax as they effectively tax other sectors of the economy, mainly pension funds, which is (to a great part) why bankers are do well paid and pensions are so disappointing.

Sure, we need some finance to provide liquidity to real wealth producing sectors. But it is a bloated sector whose main purpose is to enrich its employees.

There are several on this thread who are far wealthier than the OP (and I know several personally) but they would never be so crass to moan about not getting a bonus.

😂😂😂 I knew this was gonna end well, goady fucker.

It also doesn't mean they can't also worry about money

She isn't worried about money - she knows she'll be fine, she just can't buy a house for her kids right now and pay it off as fast as she wanted. So it's really a non-thread, apart from to stir up some shit.

@dwiz8 I would happily live in a less than £300k house if I was on that salary. I don't value material possessions, and I'm a single parent of one, what would I need a massive house gathering dust for?

Besides, I've lived in poverty before so I know what it's like. I would never waste money on crap that I don't need to impress other people.

@larrygrylls

Dwiz,

You are living in a works that I know well. It is based on a competitive need to show off by having a ridiculous and unnecessarily expensive lifestyle. Managing money is about investing intelligently, which includes rainy day planning. This is easy for those on a high salary. If losing bonuses is scary, you are not a good money manager.

And banks don’t drive the economy, as can be seen from their share prices. They have declined over 20 years. Bankers pay a lot of tax as they effectively tax other sectors of the economy, mainly pension funds, which is (to a great part) why bankers are do well paid and pensions are so disappointing.

Sure, we need some finance to provide liquidity to real wealth producing sectors. But it is a bloated sector whose main purpose is to enrich its employees.

There are several on this thread who are far wealthier than the OP (and I know several personally) but they would never be so crass to moan about not getting a bonus.

Banks do drive the economy

A quick google would help if you care to educate yourself on how the world works.

There is a reason when struggling governments will push to bail out banking institutions as they are an integral element to the economy.

I think OP initially got everyone's backs up by coming on an announcing her large salary. It isn't a very classy thing to do

@EmpressoftheMundane

I’ve just been made redundant. My husband won’t get a bonus this year. If I don’t find another job withinn six months we will have to make drastic changes.

I have a masters degree and good experience, but I don’t feel confident like of the other posters about finding a new job.

I suppose I am not “plodding along on £25k” (what a rude way to refer to hard working people) but neither am I on £250k.

Sometimes I think it’s not how hard you work or how talented you are, but what lane you started life in. It’s hard to change lanes. That’s what makes people seem “bitter.”

But going back to the OP, everything is relative, and changes in plans and expectations are unsettling to everyone.

Hardly rude

Many people don't work hard and earn £25k

Many on here have claimed the OP doesn't work hard yet somehow achieves a very high salary.

I second the idea of a high earners section if this is the reaction. It’s not in poor taste to ask about money from a high earners perspective, what it does is show the ones who are bitter about their own situation.

OP the reaction is a reflection of other people’s money issues. I spent a long time dealing with my money crap and went from a single parent working 3 jobs including one that kept me out till 11pm with DD asleep in her prom so I could work to now, a self made millionaire.

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

There is already a money section if the OP had wanted a discussion about money from a HNWI perspective.

@dwiz8 look I understand the comments you are making. Taxes, assets, responsibilities, debts, companies, investments, dependants, employees etc etc all of that. Just think Op is having a piss take.