High earners - how do you spend your salary?

[Citygirly]

DH and I earn just under £140k combined.

We do maximum pension payments (his is 9% as NHS) and we also give about 10% a month to charity.

Other than that, we plan to start overpaying the mortgage. We invest £1k a month (so £500 each) and save £1k for holidays. We of course do general/specific savings but then have a good chunk left over for disposable income.

AIBU to ask other high earning households how they tend to allocate their money? Just want to see if we could be using it better or this is about right for comparables.

@BellePeppa

I meant state school. Bog standard one in a deprived area.

This thread Is vulgar! I’m sitting here trying to work out how to make 70 quid last me till payday in two weeks. Good for you all hip hip hooray to you all with ether yourself or husbands earning your big bux. Husbands in most cases in the majority. But what I have seen is 24 pages of brag upon brag. Have some respect.

I don’t begrudge people having money, after all I’m the only reason why I don’t earn big bucks (I don’t have the sort of personality most big buck earners have) but the thread is pretty bad taste when most of us are struggling to pay bills, although I’m quite enjoying reading it. My ex earned a lot of money and our lifestyle was private school, 5* hotels and the occasional Michelin starred restaurant etc but I was so, so unhappy and trapped in the relationship. I became a single mother and now on UC but am so much happier. When I read all about the ‘stuff’ people have I don’t envy them. As long as I can pay my bills I’m happy, I really don’t need anything more (although I wouldn’t say no to nice windfall 😁).

Other than one year, I've always earned more than my husband. But I agree, all we should be doing is encouraging our daughters to marry men with good earning potential so they can come on MN and brag ;)

If I wasn't an above average earner (not high) I wouldn't have opened this thread. And in fact I am going to look into unlocking some savings today so that I can subsidise my mum's and my son's energy bills in the winter.

I don't think it's vulgar to ask how to manage your money well. Well off people often live on credit to keep up with their friends and that is not advisable.

Other than one year, I've always earned more than my husband

Yup. I've only once in my 20s dated a man who earned more than me. Other than that I've always been the breadwinner in my relationships, including my current long term one. I just couldn't be with a man who earned more and whose cash I was dependent upon for my lifestyle. Granted, I earn a "measly" 50k (😂), which I accept is peanuts compared to these huge salaries .... but I'd still much rather be the person taking home the bulk of our household income. Just in case I ever find myself alone...

If I’d had daughters I would have have instilled in them how important it is to make your own money and never ever rely on a man (or even another woman) for your finances. Biggest mistake of my life was giving up my financial independence because my (now) ex earned mega bucks. I didn’t earn big money but I was completely financially independent before children. The difference in mental well-being in relying on yourself and relying on someone else is immense.

This is good advice. But then I also see women on here resentful that their husbands are not earning much, because it seems that men are often crap at being SAHM's or doing household stuff, so the woman just ends up doing double. By and large though, I do agree with you.

However, my creative DD has gone and picked a profession which she enjoys hugely, but will never make her money, so.....I am going to leave her some money so she has independence ( though I took nothing from my own parents).

Absolute bollocks one of the happiest people I know has been married three times and lived at her ex-husband’s expense extraordinarily happily, her children are always beautifully turned out they’ve had the best of everything and are now about to inherit best part of 2 million each. They all have what I would call a trust fund job which is just as well because They don’t have two brain cells to rub together.

Whilst i didnt marry for money, I can’t say I’d be too upset if my daughters fell in love with a rich man put it that way.

@Nothappyatwork

I read @BellePeppa's comment as the difference in her own mental well-being when relying financially only on herself, is immense. I didn't get the sense she was commenting on everyone in general.

Are your daughters also too thick to earn their own money like these trust fund recipients?

You've managed to be really offensive about at least four kids here.

Yes absolutely. I can only speak for myself. My mental health wasn’t good when the only earner was someone who was capable of using money as a weapon. Being on UC is better than that, so that’s saying something! I know some people are lucky and don’t live with a (albeit well-off) jerk but when you do, 😬

Also, what makes you happy about marrying three times? An obsession with wedding cake?

What are you talking about? How can my own personal experience be ‘absolute bollocks’? How can instilling in girls the importance of being financially independent be ‘absolute bollocks’?. What a bizarre and ranty reply🤔

Really enjoying the idea that the mark of a happy and fulfilled life is 'always being beautifully turned out'.

You might be a vapid, conniving, friendless cunt but you've got a lovely frock on so all is well.

Earning your own money is massively overrated as you’ve all demonstrated here, your actual wealth does not come from your earnt income it comes from stocks shares, Isa’s, property, basically you earn money off other people‘s efforts so please do not come back and try and imply that it’s all your hard work… you literally know nothing of that … come on.

You only have to watch an episode of the Real Housewives franchise to see that’s true😁

😂
Laughed a bit too much at this.

They are friendless cunts to be fair, I was just trying to look for something positive to say about them.

Earning your own money is massively overrated as you’ve all demonstrated here,

Say what? 🤔

It’s okay, you weren’t privately educated, you’re not in the club, you wouldn’t understand

Don’t you need the money in the first place to do all that?

What?!

The actual investment money comes from hard work…. Then you have to have good sense as to where to put the money, build wealth and maintain it. For instance investing more hard earned money into property, dealing with tenants etc.which is no picnic. Depending on the portfolio it can be considered a second job. Or insuring your money is pulled and moved as needs in shares and not being a complete numpty.

Other people’s efforts pfft

It’s okay, you weren’t privately educated, you’re not in the club, you wouldn’t understand

😂 OK. I assume you're taking the piss.
@Nothappyatwork

Indeed. We have huge wealth inequality and poor socially mobility. Encouraging our daughters to marry rich men isn't the solution.

lol after this super long thread not sure if poster is still watching, but in terms of advice as I am now mid 40s.
You will never have this level of disposable income again so use it wisely. Areas I would suggest:

1. put savings aside to allow for maternity leave/ p/t role. In high intensity careers you will either need full time nanny/ incredibly supportive family or one of you will have to take a back step on the career front, so talk about this now and look at costs and save appropriately.
2. think about pensions now and use tax allowance.
3. max out S&S savings every year.
4. don’t waste money on cheap fashion and high street clothes. Buy a wardrobe of more expensive high quality classics that will last a lifetime. I wasted huge amounts of money on cheap going out clothes in my 20/30s most of which I gave away or went to charity shop so saw no return. I probably could have paid off half my mortgage with what I spent now!
5. start investing for next house move and time it well (hopefully when there is a downturn).
6. if you want to splurge invest in high end luxury goods which will increase in value but you can enjoy in meantime or pass on to children (watches, classic chanel/Hermes handbags, good jewellery)
7. don’t drive expensive cars , they lose money as soon as you leave the forecourt and no matter how careful you are they get trashed. As you say spend on what matters to you e.g holidays/experiences and avoid lifestyle creep as your income increases.