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?

one so in order to persuade me to keep the baby my mum offered to take care of my daughter for me while I work 4 days a week.

wowsers! you're super lucky your mum can do that, mine could only cope with 1 day a week

Gosh that’s awful! Definitely look into selling at least one of them. Life is too short.

My mum has come back temporarily to help with childcare but my dad won't so I don't think my mum will stay once my daughter is in school.

That sounds pretty insane, will your parents be expecting you to help as they get older?

With a household after tax income of £1400 per week, you have a higher income than around 92% of the population - equivalent to about 60.7 million individuals.

which is apparently “higher” than the person above who has £1900 a week?

I imagine that they do but my dad is very stubborn about staying in Canada and there's nothing I can do if they don't come back to the UK since our jobs are here.

Perhaps they think your job is less of a tie since they have you a house though?

Yes I owe her a lot and I really appreciate what she's done for me. She loves children. If I'm going to be honest, I did not have a strong desire for children but it would devastate my mum if she didn't get any grandchildren. That had a huge impact on my decision to have my daughter. My husband is asking for another one because she's worried my daughter is too bossy and spoilt.

Good luck!

I have no idea what they're thinking. I will work it out when the time comes. Hopefully my daughter will be independent by then and maybe I can step back to take care of them. They've done a lot for me and I don't want to hand them off to a care home if I can help it.

He's*

Sorry, the clarity of your point must have been lost amongst all the eye rolls and patronising language you use. Never mind.

So now I'm to blame that other people can't read? Never mind.

Lol higher than 97% of the population? I live in a two up two down, I doubt it 🤣

So you’re saying there’s literally no way you could lower your housing costs and still work where you work. No cheaper areas / rentals / ex social housing within an hours drive. Righto.

Huh? My comments have been about economics and the validity of the economic comparisons the tool is trying to make which - with such large gaps in the data is requests to be input - mean its conclusions are essentially meaningless. I said nothing about my own situation at all.

The tool does not work...

The tool does not work...

It considers how many dependents and people there are in the household too, a single person with £1400 a week will be higher on the graph than a family of 4.

@proppy

I suggest tackling wealth inequality

Starting with appropriate taxation on corporations and linked wages.

Tackling housing and fuel and food costs

Investing in education and health care. Tackling the root causes of poverty.

Abandoning capitalism.

Of course none of these things will happen because those with the most money never think they have enough

Abandoning capitalism.

What system are you suggesting instead?

@Nepmarthiturn

One that doesn't pretend that continuous growth abd wealth acquisition is possible?

One that isn't actively destroying the planet and leaving the vast majority of people in abject poverty?

Which one is that and how does it work?

Better then 49% but we are also mortgage free so that means financially we are pretty well off, especially as we are quite frugal

This link shows what I always maintain. It's not enough to know what's coming in, you also need to know what's going out. My calculations "showed" I was amongst the poorest in the country. That is complete nonsense. We have no mortgage or debts, except utilities, and live a good life. Until recently, when ill health intervened, I had 8 weeks holiday a year and ate out at least twice a week.

Exactly this. It's meaningless to look at income without also accounting for essential expenses. The net figure is what tells you how "well off" someone is in terms of monthly/ annual income. Then there's the issue of wealth. This tool can't be used to make any meaningful comparisons because it looks only at one side of the equation. Income alone tells you nothing of any use, except at the very extremes.

It's a bit like when you see things in the media about X company have made £££££ revenue this year, ignoring the fact it may have made no profit or even a loss.

We are in the top 5% - though in practice when we take into account childcare, pensions and mortgage £2000 - we have exactly the same amount as my retired parents who get £2500 per month from their pensions and are apparently in the 51% of the population. So yes it really is a very blunt tool.

I think Assets should be added into the equation to achieve a realistic measure of Wealth.

Market value of property(ies)
Size of Pension Pot
Cars/boats
Jewellery
Artworks

Its one thing to say you have no cash left each month after bills, but if you have a massive mortgage on a house worth 1m you must accept that you are more wealthy than someone in a home worth 150k, and if you are paying into a pension that will pay 40k pa, you will be much better off than those relying solely on State Pension.

You are simply buying more assets.