Do you think £100,000 a year household income is a lot of money?

[SleepDreamThinkHuge]

I think it is a lot of money even in London where I live. When I hear people say things like "£100,000 is not enough to live on even in London" I think to myself what are they talking about. I have a family of four and we can only dream of earning that amount. The maximum I can see us earning is about £60k if we are lucky. Currently on over £40k combined income with still a relatively high rent and everything does go on bills and other necessities. But sometimes we are lucky and manage to save some money a year. Luckily no debt. I just think to myself £100,000 would be life changing even in London.

What are your thoughts? What do you consider to be average and above average in London and the city you are from?

@frazzledmess

It came across, in context, as an argument for why 100k shouldn't be considered as a lot.

If people on 100k are struggling with the col, how do you think those on 1/4 cope?

@Runnerbeansflower I missed that. Tbh I don't see how it's entitled if same sex but not if different. Ages are also relevant.

I agree with you.

The minimum should be a bedroom for the adult(s), and a bedroom for each sex of child. That is not the same as a bedroom for each child

@Topgub no, I said these threads lack nuance because the vast majority of us on 50k or 20k are all a lot poorer then we were 10, 20 years ago. This thread is about household incomes of 100k.

I don't earn 100k & haven't said I'm struggling with the cost of living....

But that’s not what you were claiming. Have a read back, you claimed that the average cost is not the average cost.

I think the answer is "it depends". So £100k sounds a fair amount for a salary, but then factor in tax, NI contributions then look at what someone pays on their mortgage, pension contributions etc and it doesn't go that far. If someone rented a 1 bed and didn't do anything about their pension then yes you'll be left with a lot. But take out a large mortgage and make good provision for old age and you're not left with so much - it depends on the circumstances as so many of these things do.

These threads frustrate me one heck of a lot.

IT'S ALL ABOUT COST OF LIVING DEPENDING ON LOCATION.

I have close family living in the north in the cheapest housing areas in England.
£145K will buy you a moderate 3-bed semi on an estate, with an en suite, garage and garden.

Here, where I live, it costs at least £500K for the comparable house.

I get narked about low earners moaning about other people on higher incomes or wishing they had more money.

Those on higher incomes have probably got more qualifications, spent years at uni, chose careers that were not low incomes, and have worked very hard to achieve their salary.

Unless you have had an inheritance, buying a house large enough for a family and paying for childcare is REALLY difficult these days unless both parents have a decent salary. £100K joint income really doesn't go very far.

£100,000 is a lot of money but as others have said it depends how you cut your cloth.

My dad earned £140,000 a year 20 years ago and his two colleagues earned similar. Every year they got a bonus and every time they did my dad and one of his colleagues would say “right kids bonus time. What would you like”. My two siblings and I would choose a new book or a new dvd and his colleagues three children needed new riding hats, saddles, boots etc.

We lived in Edinburgh and his colleague with children bought a bigger house outside the city. My dad could walk to work in the nice weather in around 30 minutes or get one of half a buses from the end of the road. His colleague always had to bring his car into the city. Thankfully they had car parking under the building or that would have been another daily cost.

I don't know how many people need to hear this, but having a garden is not a privilege. Yes, its a choice but having a garden should not be considered aspirational FGS. Everything that every single person here choses to spend their money on is a choice. Of course we can spend the bare minimum on living, but in the long term does that lead to happiness?

I don't think having money buys happiness, but it can buy you some of the things that are needed to 'thrive' rather than 'survive'. See Maslow's hierachy of needs. According to some poster, living above the first level (food, water, warmth, rest) is a privilege 😂

@SleepDreamThinkHuge What is your career? Have you thought of changing it? Doing something different?

I don’t think it really matters. We each live with the consequences of our choices.

You’ve chosen a lower-paying career that rewards you in other ways, no-one except you should be worrying about what that means for you.

@SunniestSunshines

I get naked by those who think earning capability has anything to do with hard work.

Pointing out that 100k is a lot of money regardless of how you choose to spend it isn't moaning. Its just a fact

@GCHeretic

I'm not worried thanks.

It doesn't remove the privilege others have though

@SleepDreamThinkHuge Maybe give some context to your post?

£40K for 2 earners.

Is that both full time? If so, it's barely above the min wage.

So is one on £25K and the other on £15K?

Or one on £30K and the other on £10K?

And if you want more income, how could you change it?

DH earns just over 100k and gets bonuses, a lot obvs goes on tax. I am self employed and earn around 2.5k per month.

We don't feel rich, don't really have holidays. No idea what we do with our money (mortgage on a 4 bed detached we bought over 10 years ago is 600 per month).

Sorry, had a brain fart in expressing myself. My point was that the average is not the same as 'minimum cost to live in London'

So not particularly relevant given some properties are millions, and others rather less.

Two years ago I paid under £400,000 for a 3 bed house (with garden!). Perfectly liveable, though long term needing some work.

My dad earned £140,000 a year 20 years ago and his two colleagues earned similar.

The equivalent today would be about 220k & it wouldn't go as far.

And someone earning far less than you would tell you that what you are on is a lot.

I know that you are determined to anchor what is “normal” and what is a lot on your own experience, but that’s not very sensible.

I get naked by those who think earning capability has anything to do with hard work

Yep getting naked today is a good idea!😂

Two years ago I paid under £400,000 for a 3 bed house (with garden!).

@Runnerbeansflower was this in Morden, can you buy the equivalent today? And depending on deposit most ftb would need to be close to100k joint to afford that.

It's above average, which indicates it's quite a lot. BUT is it relative. We have a household income of a bit more than that and so do 90% of our friends. Our housing costs are higher (£1400 mortgage for an end terrace) and Childcare costs of £1500 as well. We certainly aren't struggling but the cost of.living rise is starting to change our lifestyle.

Most people earning far more than you will have had no more privilege in their lives than you have. They may have chosen to do a more worthwhile degree, they may have delayed having children while they focused on their career, planned that career better than you have yours, gained more marketable skills, and so on.

Pretending that you earn less because you are less privileged just comes across as a bit bitter.

@GCHeretic

And they'd be right.

Its not about my experience.

Its about averages/median incomes

And expenditures

I get that higher earners often don't want to acknowledge that they are higher earners (I'm honestly not sure why) but earning more than 99% of people can't be denied as being well off/privileged

Agreed it probably doesn't go as far as it used to