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.

We earn around thst much and we can't save 1k a month for holidays - god knows where we are going wrong (x 3 kids no nursery feees (just paid last invoice ever))

mortgage 1,500
pension a few hundred goes in

It's a different world, but I do have a high earning relative that I am close to and she supports her elderly parents ( in their 80's, scrimped and saved to send her through uni for 8 years including pulling down their pensions early, lower earners) . She is basically set for life but her greatest joy is that her her mum and dad can live without financial worry.

We stash a fair bit away so, once the crotch goblins have grown and left home, we can spend our days eating out and getting well and truly shitfaced in our old age.

Sorry all the ghastly poor people on Mumsnet are bringing you down with their austerity posts.

How useful are other peoples answers?! Surely it depends on your personal situation.

The faux ‘oh it’s so interesting to see what other people do’ is really 🙄

Getting cross about this thread is a bit like saying there shouldn’t be any threads about activities to do that with the DC, because some are struggling with infertility.

It’s a legitimate question to ask, if it upsets you that some people earn a lot then scroll on.

Lovely thread this morning when I don't have enough money to buy bread today

Sorry op, Don't you know that anyone who isn't desperately paddling to keep their head above water isn't allowed to say anything on MN? I'm a single parent, FT teacher but have 0 left each month. I'm not offended by this thread. If you are, don't click on it. It's reality that actually not everyone is struggling to make ends meet and it's ridiculous to suggest those who are doing well should be ashamed of it and be quiet.

I draw out around a thousand each week in £50 notes then burn them in front of poor people.

As an arguably not-wealthy person (average UK income, renting a terraced in a cheaper area of Eng) I don't think the vitriolic comments on this thread are justified. I assume these posters must spit on every luxury car that passes in the street, simply throwing their wealth in our faces when we can't afford petrol.
Title clearly shows what discussion is, fair warning if anyone is struggling and this kind of talk would be a bit soul-destroying for them.

I clicked on it as I'm nosy, and want to know what wealthy people actually spend their money on because I just think 'oh, investments or property'.

@orwellwasright 🤣🤣🤣

Why are people so bothered by this? Knowing how other people spend their money is massively important for social mobility, otherwise you end up in a situation where the rich stay rich for generations and the poor may get rich for one then it's gone.

Personally we spend about 2/3 of our money on childcare, mortgage, savings into s+s isas, overpaying the mortgage (this varies based on childcare, we couldn't do this with 2 in full time). The other £2k ish goes on not worrying about food, eating out, and savings for the less regular costs like council tax and car insurance as well as some towards a rental mortgage.

We try to make sure we save as much as possible because we've both grown up in families with relatively recent experience of poverty. I'm aware we could make more by risking more but, for me, it's not worth it.

@Merryclaire Did they go on an austerity post and moan about it being depressing, though? You're being a bully.

I’m not really cross - it actually made me laugh. I just find it tone deaf!

@Pollydonia I think that security for yourself and the people you care about is the best thing money buys.

The thread title is very clear. If you don’t want to talk or read about this topic, just don’t click on it. Simple.

😢

Yawn! At 140,000 they have an income higher 98% of the population - equivalent to about 64.3 million individuals. So ffs yes, it is a massive income, London or not London.

My husband used our extra cash to buy gold and silver, to protect our money.

Max out pension. You can put £40k a year in tax free. At your salaries that's the best way to save as it cuts 40% off tax.

😂

This is a post from someone asking strangers how they should spend their excess money. To those defending it, why?

😂😂

@evtheria I don’t mean to be - but you can’t post this on the AIBU board without expecting some stick!

OH and I are not high earners, but we earn more than we need.
We just save it.
We may spend it in our retirement, but otherwise happy to leave it to our kids.
Will give them a leg up that OH and I never had.