Where is your household income?

[RoyGBivisacolorfulman]

https://ifs.org.uk/toolsanddresources/wheredooyoufitt_in#tool-results-section

AIBU to think this doesn't reflect society as a whole as there is a lot of wealth especially in business that may not get classed as income?

People I know are in the top 5 percent.

The illustratous 85k that has been talked about on here is

With a household after tax income of £84954 per week, you have a higher income than around 99% of the population - equivalent to about 65.3 million individuals.

Guess people are property and inheritance rich too.

My aunts and uncles are way richer than me but my income looks better on paper. They are retired with lots of property.

Where do you feature on the scale? Clearly nobody has to answer.

It's not the whole picture far from it I think?

It's still higher than 99% with post tax income.

I'm 30 and my partner is 31. We own a family home in Wimbledon with no mortgage and a two bed flat in the City of London (no mortgage). We also have two rental properties in Croydon. We have one daughter who we plan to send to private school in September. My husband wants another but I think we should concentrate our resources on one child.

lol

Higher than 83% which surprises me

Go on then, in what way do you feel you don't have enough money most days? What are you doing without?

I want to be able to help my child buy a family home in a nice area when she's older and pay for her university. Together with private school that is too much if I have two kids. We would have to set my daughter up less well if we have another.

My husband's work is so stressful that I don't think he could work until age 67. He is looking to retire when he's 45-50 so we need to start building a retirement fund asap.

I also have a chronic illness so I could lose my ability to work at any point in the future.

A lot of my friends buu designer bags from Hermes etc and go on nice holidays and stay at hotels that cost £1k a night. I stick to mid range bags and need to think about quality and durability of items I buy because of our financial goals.

My husband has already been to A and E because he thought he was having a heart attack. The chest pain turned out to be due to stress.

@Emotionalstorm how did you manage to buy some many properties & pay them off at such a young age? Why don't you think all that housing wealth is enough for your dd?

Higher than 34% generally (its more at the moment at around 45% as my husband is in a temporary promotion).

We have barely any mortgage, live in a cheap part of the country and buy everything outright rather than on credit so I think we’re doing ok.

My mum and dad gifted me my family home when I got married. We could not afford to buy it otherwise. The upkeep cost is enormous. It's a property that comes with lots of problems.

The city pad is what my husband brought before we married and he paid off the mortgage last year to avoid having to pay lots of interest on a new deal on remortgaging so that wiped out a lot of our savings.

The Croydon properties were an inheritance from my grandma. I make no money from them because we like the tenants and we've kept the rent the same as when they moved in 20 years ago. They take good care of the property and they're good hard working people.

But when you own 4 (FOUR!) properties, that are presumably worth a pretty penny due to their locations, you could sell them and retire today FFS.

There will be people on NMW who end up in hospital with the stress of worrying how to put food on the table, pay the bills and get to work on a bus that never turns up on time.

But of course, that sort of worry is nothing compared with the possibility of not being able to fund two DC with university costs and family homes in nice areas.

I feel bad for people on NMW and I make sure to donate to local food banks and Crisis. It does not mean I'm not entitled to my own worries. I know that the housing market issues will not be fixed so my daughter will be renting when she's older unless we help.

It's not enough to retire on. In order to buy an annuity that gives you £40k a year from retirement age, it costs £1M. That's £2M for my husband and I. You also need to think about cost of care which can be extortionate. We have what is hopefully a long life ahead of us and we can't rely on the state so we need to work and save more first.

Also please note that both Croydon properties have old style mortgages. The rental properties break even after cost of repairs. I could double the rent if I wanted to but the current tenants (two families with children) would have nowhere to go and I could end up with tenants who do not take care of my property and are difficult to deal with.

I definitely put net, but my council tax is only £170 per month so maybe that makes a difference? (And I’m not 100% I ticked the right frequency on council tax. I may also have put single adult as I looked quickly but we don’t have kids)

We are too 5% but there's a huge difference in lifestyle between us and top 1% Having £1000 after tax and pension each week is good but hardly super rich - we travel economy and could do with a bigger house like most people

@Emotionalstorm What's the point in paying for a private education and university for your daughter if you have no expectation that she needs to provide for herself?

With a household after tax income of £1471 per week, you have a higher income than around 96% of the population - equivalent to about 63.4 million individuals.

Income higher than 93% of the population.

I hope she will be able to provide for herself but I provide her with a good education with no expectation of receiving anything in return or her making lots of money. I just want to give her her best chance at life.

Ours is a higher weekly income than that but a lesser percentage. So many variants.

You sound incredibly privileged and well off to me. How can you say you're planning to send a child to private school but then in the same breath say you don't have enough money??

I think my feeling of financial insecurity comes from the fact that I have a chronic illness that could stop me from working at any point in the future if it flares up. My husband's job is so stressful that he once thought he was having a heart attack and we had to call an ambulance. It turned out his heart rate doubled and his chest was painful because of stress. I don't see him being able to work till the age of 67. Also we could only have what we have because of help from my mum and dad so I want to be able to do the same for my daughter. You want your kids to lead a better life than you not worse.

The only assets @Emotionalstorm actually seems to lack are grace and self awareness.

Higher than 54%. We are retired although still in our 50s, we don't have a mortgage to pay,no car payments or loans and no dependent children. After council tax we have approx £500 a week left over.

emotionalstorm I'm confused. How is it that the 2 Croydon properties that are let have mortgages on them when they were inherited from a Grandmother?
Have I misunderstood? Can you inherit mortgaged properties?

Yes you can inherit a property with a mortgage attached.