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.

Sorry to bother you @JenniferPlantain but I would you mind returning dh before the monthly hunt please? He needs to look after the kids so I can go out and verbally mob high earners.

Please think of the bairns. Will nobody think of the bairns?

This thread has gone bonkers.

Personally interested as thinking of future investment and humming and hahing over private school so was informative for me and happy to help others.

Anyone who has done well for themselves deserves a pat on the back. If people are unhappy with their lives there are ways to change it.

I have had times in life in 5* hotels and times where I had to watch every penny. If you are of the opinion that you are a certain category it becomes a self fulfilling prophecy.

Agree on cancel culture. Takes things too far.

They could better spend their money by rounding us up and giving us all a bloody good spray wash using dettol or some such so we can clean up our act. This would certainly solve the ills of society. All of society's problems are caused by us at the bottom of the shit heap, you know, the great unwashed.

@Robinni

Why do people who have 'done well for themselves' deserve a pat on the back?

They've not worked harder than anyone else they were just lucky.

We also shouldn't be measuring success by wealth

I've done very well for myself. I'll never earn a high wage because its not a priority for me.

Anyone who has done well for themselves deserves a pat on the back. If people are unhappy with their lives there are ways to change it.
If you are of the opinion that you are a certain category it becomes a self fulfilling prophecy.

You do realise that many people work hard to change their lives (or even just to stay afloat) but are hampered/limited by all sorts of circumstances that hold them back from getting where they want to be, I take it? You make it sound like anyone who hasn't successfully moulded their life into what they want it to be must just not want it enough/be working hard enough for it.

Also, what about people who have done well for themselves but have had it all handed to them on a plate and not had to struggle for it? They don't particularly deserve any special accolades in my book.

@Topgub

I am saying anyone who is successful - in any manner deserves support. Well done to you for being happy in life.

I don’t understand why people are filled with hatred and feel the need to tear others down.

I do not want to go into my personal circumstances other than to say that I put myself through Uni, availed of the very many grants, loans, hardship funds etc that are available for all those who are struggling. Luck had nothing to do with it. I was determined and sacrificed other things to achieve what I wanted.

@Robinni

Who is filled with hateed or tearing anyone down?

In context your post definitely read like you were saying higher earners should be patted on the back for doing well. Not everyone.

Lots and lots of people (myself included) work much harder than lots of higher earners.

Being a higher earner doesn't have much to do with hard work. (Not to day higher earners dont work hard, some do but do do lots of people)

Our society just values the wrong things

@Topgub

If you are not from a wealthy background, and you do not work in a high earning field, where have you formed these perceptions and how can you be sure of their accuracy on a broad scale?

If you’re not a high earner and are aggrieved for whatever reason I don’t understand what you’re doing being on this thread and Turing it into a social argument. It’s completely off topic.

@Robinni

What perceptions?

I'm not aggrieved. I cant remember what comment it was that I first replied to now but it was about social politics and not the op. Plenty of others have hone off topic.

A load of well off people congratulating each other on how they spend their money would be particularly boring

Clearly this is an offensive post, when some people are literally starving. It's either obtusely insensitive or deliberately cruel, as are those who blithely comment. This is a question for a money forum or financial advisor. People are entitled to state it is unreasonable. And obviously many carers work much harder than lawyers, but we don't value their compassion. There is an argument for lawyers to be replaced by AI, eliminating human error. There is no argument for replacing carers in this way, the skills of empathy can not be artificially conveyed, therefore carers should be valued more.

Wisely.

Well said.

Society places worth on all the wrong things imo.

And obviously many carers work much harder than lawyers, but we don't value their compassion. There is an argument for lawyers to be replaced by AI, eliminating human error. There is no argument for replacing carers in this way, the skills of empathy can not be artificially conveyed, therefore carers should be valued more.

Agreed.

Maybe

I think that lots of lower earners work very hard

But Dh and 1 earn much much more than our siblings and we have worked much longer and harder to get there from the same starting points
Worked abroad and away to earn money- not as a great lifestyle choice- not seen out children for week on end
Worked 70 hours a week for many years for no extra money
Work when on holiday

etc etc

Working away doesn't mean you're working harder

I've worked 70 hour weeks. I used to do nights in my own job then go and do back shifts in another.

Me and oh work opposite each other so dont see each other plus I do 12.5 hour shifts so went days without seeing the kids when they were wee.

I'm never 'off duty' due to the nature of my role.

My role carries huge amounts of responsibility and stress and is mentally and physically exhausting.

I could work hundred hour weeks and still wouldnt be a higher earner because my role just doesn't make money.

I get why higher earners get annoyed when its pointed out they dont deserve their higher earnings. But you'll never convince me that an accountant or a hedge fund manager or IT coder is worth their pay (Especially when you read stats about how shit some of them are) in comparison to what a carer or a firefighter is making

Lol. Rich people aren't just happy with their wealth, they want everyone else to applaud them for it too and get all hurty feelings if they don't.

The entitlement is just staggering. Truly, embarrassingly unbelievable.

I also think that a lot of the hours that higher earners put in are presenteeism, inefficiency and lack of flexibility from employers.

None of which are good things.

(Not all)

I get why higher earners get annoyed when its pointed out they dont deserve their higher earnings. But you'll never convince me that an accountant or a hedge fund manager or IT coder is worth their pay (Especially when you read stats about how shit some of them are) in comparison to what a carer or a firefighter is making

Deserving is highly subjective. Footballers out earn almost everyone for just kicking a bag of air around.

Sadly it's not about deserving but often how much is generated as a result of your work. Either that or the value society places on your job. My daughter is a carer and it's ridiculous. Same goes for child care.

Those of us that have done well (and I count myself in this camp) are fortunate that our professions are valued more. Personally I think I should get paid more than solicitors but hey ho. That's life.

I worked in care for many years but wanted more so retrained. What I would say is that when you’re studying you are doing a full day, working to support study, and if doing a good job of it pulling late nights and all nights to attain highly. Then if pursuing a high earning profession often you go into an intense and competitive position with a tonne of stress. You’re paid because of the skill set you’ve taken the time to develop.

Many do this for 10-20 years but try and invest or start other things for a greater work life balance down the road.

Admittedly, this then becomes the point where you could say a high earner is not working as hard, because they delegate tasks or live off investments.

Whether high or low earning people should be supported to manage their money wisely and make the most of it. That’s all OP was asking about in the first place. How to make the most of their position… I don’t get why it’s problematic except that maybe placed in the wrong forum.

@Lunar27

Obviously its subjective.
Thats the problem

How have we got to the point where its ok for footballers and kardashians to make what they do from others and keep it?

I think i should be making what the op does too.

Youd think we would have learnt from the pandemic but apparently not.

@Robinni

I worked and studied for years too.

I'm highly skilled and knowledgeable in my profession with 20 years experience.

Still not a higher earner