Page 22 | 100k+ salary, is it worth it?

Goingtogetslated · 2023-04-22T22:51:01+00:00

For the record…Not trying to be insensitive… partner and I both earn approx 150k each. Working long and unpredictable hours with high levels of stress and responsibility. Yet here we are living in a 3 bed terrace in the east end of london, a basic car, neither of us into high end expenses/dining out/clothes. We used to holiday a lot pre children, I guess would classify as our major expenditure in the past. But is it actually worth it? A decent 4/5 bed house (with kerb appeal I admit) in the commuter belt seems to be coming in at 1.5 million minimum. Add the commuting costs/ extended nursery hours, paid help required theres barely anything left - relatively speaking. Would we not be better off sacking it all in, moving to the countryside and earning enough to pay the bills? We appear to be stuck in this middle ground where we earn too much to have any allowances from the state, contribute a lot to the government yet not enough for any real benefits in lifestyle

burgledinParis · 23/04/2023 10:09

@GnomeDePlume I really do feel I've sold my soul to the devil and I understand OP. My job is all consuming.
@Goingtogetslated I totally understand you. And I don't think you're being unreasonable at all.

SybilWrites · 23/04/2023 10:11

rumpsteak · 23/04/2023 09:10

You're not earning enough to be living in London. That salary would be great elsewhere in the country and would allow you to have a wonderful property. My only friendss who are well off in London are all on 7 figure salaries. I live in the north of England and have a much lower income but have just as good a statndard of living.

Show quote history

That's rubbish. I earn alot less than the OP (and I'm a single parent) and have a lovely life living in zone 2 in London.

honestly, you're out of touch with reality if you think you need to earn more thn £300k to have a nice life in London

Mumsanetta · 23/04/2023 10:12

storminamooncup · 23/04/2023 10:06

jeez,, I'd love 1,500 a month left over!

Make lifestyle changes, change where you shop for food, clothes, etc and the number / type of social activities you do. Find cheaper alternatives - shop at Aldi not waitrose, buy supermarket clothes not brand clothes for example, sign up to discount sites like voucher codes, and top cash back, cut back on drinking if you drink, beauty treatments, gym etc, and look for a bigger house in a different area and commute in, reset your expectations about where you want to live.

Its really not that hard OP

I have a colleague who lives in greater London in a 3 bed terraced that is tiny, worth half a mil, whilst I live in a 4 bed detached with garden front and back and an attached garage in a different part of the country. Both of us are home based with limited travel for work. He's fucking mad (his wife also works hybrid).

But surely a couple on £300k shouldn’t have to do any of this?

LudicrouslyCapaciousBag · 23/04/2023 10:12

TheHoover · 23/04/2023 10:00

NB - I never quite understand why stating you're highly paid BUT you work long hard hours etc sets you apart from those on very low wages who also work long hard hours. The most antisocial hours are done by those the government doesn't want to pay a fair wage to and on whom we all depend. No paramedic is getting 150k...but they're working seriously hard.

I don’t think you understand quite how hard city workers work; those in finance/law will be expected to do 60-70 hours a week every week without complaint, opting out of the WTD. Of course healthcare workers work exceptionally hard too but they are paid 60 hours if they ever need to do a 60 hour week and they are not allowed to do that routinely. There are some unpaid hours eg delays in handover but this is seen to be unacceptable and there is pressure to ensure compensation for those hours.

City work is a brutal life - they own you for that salary you are paid.

I’m so sick of this myth.

My brother works for a major American investment bank in the City, not on the trading floor. His income is around £175k per annum depending on bonuses. He is very good at what he does and has particular skill set that is valued by the bank. He works around a 45-hour week and almost never works evenings or weekends. Very occasionally he will need to dial in to a call on NY time or respond to something urgent at the weekend but this is less than 3-4 times a year. He has a superb work-life balance and he is not unusual amongst his colleagues, both male and female. He would be horrified to think that he was being used as an example in comparison to healthcare workers.

FabFitFifties · 23/04/2023 10:12

It's your choice to make OP - it's great that you have the choice. Your current lifestyle is self inflicted,like that of many people. Make some changes.

Mirabai · 23/04/2023 10:15

For 1.5 million you could get a decent house in Blackheath, Muswell Hill, Putney, Barnes - in much leafier prettier areas without having to move out and increase your commute costs and time? What’s the point?

RoseMartha · 23/04/2023 10:17

@Goingtogetslated

I think you need to look at less stressful jobs and the salary and work out if it will be better for you, not only financially but mentally and give you more time with your dc. Remember the nursery care fees do not last forever though it might feel like it.

Also is it worth considering moving to Kent or Surrey or the north of East or West Sussex where the commute is a bit longer but the house prices might suit you better.

I am saying this as someone from the other end of the income scale. Who needs to change her job as it is coming to a natural end and wondering if she and two teen dc can live off 1250 or less a month but who knows ideally she needs 1500. I am regularly putting salaries into an online calculator to see if I can manage on certain salaries. I would also like to move to a house from a flat but at the moment that is not possible and I think you just have to come to terms with you are where you are. It doesnt have to be that way forever. I have a roof over my head, and can pay my bills if I am careful and I am grateful for that. I am a bit worried if I cant find a new job in time though.

sherbetrhubarb · 23/04/2023 10:17

@TheHoover this is really annoying because so many people assume I just landed in my career. I really didn't. I had so much training and after hours to get here. I couldn't use a local childminder because my hours were too long. I couldn't use wraparound care for the same reason I had to hire a salaried nanny. That dries up a good portion of your income,

I don't get paid overtime but expected to work whatever hours are thrown at me, and yes this included early hours of the morning depending on what the rest of the world are doing. Have had to move jobs several times over have a super shit pension that I'm now trying to recover and have had jobs with shite maternity pay, low annual leave days and unpaid sick leave.
Honestly don't compare to any other job either way around. If I had wanted to become a paramedic I would have considered how this would work with my own life goals. For some this works really well.

My friend is a paramedic married to a fireman, their shift patterns allow for great round the clock care for their dc needing no paid childcare. I don't have such a luxury. People have a choice for the career they go into. The attitude in this country is so bitter. That is a separate matter, strike by all means but don't take it out on those who have also worked very hard and had hoped the end game would pay off, it really doesn't any more in the U.K. especially if you can simply move somewhere you can make your money stretch further.

sherbetrhubarb · 23/04/2023 10:18

@LudicrouslyCapaciousBag that might be for the American banks the U.K. banks are a whole different story!

LovelyLovelyWarmCoffee · 23/04/2023 10:18

Goingtogetslated · 23/04/2023 00:08

A decent family home within commuting distance to London ~1.5 million could easily be 6k a month on mortgage.
Childcare 2k, commuting for 2 £500?
so yes, even if we earn 10k a month post tax we could be left with £1500 for bills/food/life

We are there with you…
Mortgage for our 3 bed terrace is 5k a month and kids school is 3.5k, leaving us 1.5k for food/bills/holidays/house maintenance/petrol/activities. Of course this is more than mosts, but it is way less than people imagine 2 high earners have left over!

KenAdams · 23/04/2023 10:19

As many have said, your problem is housing. Get out of London. West Mids way should allow you to have the sort of lifestyle you want with a 50 min commute into London for the days you need to go in.

queenofarles · 23/04/2023 10:20

OP , I have no idea where you are looking, but you can find some really nice 3/4 bedroom houses in Battersea/Clapham for around £1.2-1.3M with decent sized gardens, less if you are not very picky ,

Tabby87 · 23/04/2023 10:23

fishonabicycle · 23/04/2023 08:54

I honestly don't know what you are grizzling about. Myself and husband have never earnt as much as a third of your salary, lived in a nice part of Tunbridge Wells, had child in day care, and still happily had holidays and meals out. So you really need to check your privilege - do you both have massive drug habits or something to waste all your salaries?

What a weirdly rude response.

Did you buy a house before prices shot up? Did you or the partner have a gifted deposit or inheritance?

How old are you? How old is your husband?

LudicrouslyCapaciousBag · 23/04/2023 10:23

sherbetrhubarb · 23/04/2023 10:18

@LudicrouslyCapaciousBag that might be for the American banks the U.K. banks are a whole different story!

I don’t know what to tell you. That wasn’t his experience at the two UK banks he worked at before this one 🤷🏻‍♀️

AgrathaChristie · 23/04/2023 10:23

Goingtogetslated · 23/04/2023 00:02

I knew I would get slated hence the username.….
We don’t need to worry about paying bills no, but I suppose my issue is that I’ve followed this career with the end game of having a lovely family home, a few nice holidays and outgoings, yet this seems beyond our reach.

im not asking for help from the government, just stating that we don’t get any allowances….20% tax free childcare adds up

Because it’s a long game, not instant gratification.
You’re paying childcare fees. Everything I’ve read here suggests this is the highest expenditure parents face.
On 300k income you should have plenty to budget living expenses, pensions, savings and enjoyment now. If you can’t do that I don’t see how you’re such a high earner. If you want a bigger house you save to obtain that in 3, 5 or 10 years time.
Really can’t see your problem.

Mirabai · 23/04/2023 10:24

queenofarles · 23/04/2023 10:20

OP , I have no idea where you are looking, but you can find some really nice 3/4 bedroom houses in Battersea/Clapham for around £1.2-1.3M with decent sized gardens, less if you are not very picky ,

Exactly my point. 1.5 million is doable in many nice areas of London.

And if they move out to, say, Sevenoaks, the property won’t be any bigger but the commute will be more expensive.

SpringBunnies · 23/04/2023 10:25

I haven’t read the thread but I have no idea where you have gone wrong. Other than maybe you are younger than me and therefore higher house prices? DH and I earn around 60-70k each. No overtime, flexible work means we barely have to send kids to holiday club. We have a 5 bedroom house, admittedly in a 90s housing estate with a small garden, but have off street parking. Kids go to state school. Overseas holidays every year and sometimes one long haul and one Europe.

I am happy with my earning level and happy not to work more. So I’m sure you can find a middle ground somewhere else that involves a slightly less pressured job.

Whichwhatnow · 23/04/2023 10:25

OP your question is similar to one loads of us in the City have asked. What is the point of earning a ridiculous sounding amount when (a) most of it goes on housing and (b) what's left, you have no time to actually spend and enjoy because of the hours. Your question is (IMO) reasonable, I think this maybe just wasn't the forum to ask it!

Personally I moved to Bristol but managed to get a WFH job so am basically paid a London salary (inhouse law so a bit less than you but still very good) whilst living somewhere with vastly lower costs and a better quality of life. Lots of friends have moved out of London for precisely the reasons you've stated and I don't know anyone who has regretted it.

Is WFH an option at all? Sorry if I missed it.

Sipperskipper · 23/04/2023 10:29

https://www.rightmove.co.uk/properties/85978020

Example of a lovely place with 45ish min commute into London. Lovely schools and walking distance to beach. Surely you could reduce your mortgage payments by looking somewhere like this?

Check out this 4 bedroom terraced house for sale on Rightmove

4 bedroom terraced house for sale in Glen Road, Leigh-on-sea, SS9 for £850,000. Marketed by Gilbert and Rose, Leigh-on-sea

https://www.rightmove.co.uk/properties/85978020

GlasgowGal82 · 23/04/2023 10:29

Our household income is about 20% of yours and we both work with people experiencing poverty and we feel like the squeezed middle. You need to pull yourself together and be grateful for what you've got.

XelaM · 23/04/2023 10:29

LovelyLovelyWarmCoffee · 23/04/2023 10:18

We are there with you…
Mortgage for our 3 bed terrace is 5k a month and kids school is 3.5k, leaving us 1.5k for food/bills/holidays/house maintenance/petrol/activities. Of course this is more than mosts, but it is way less than people imagine 2 high earners have left over!

Show quote history

Absolutely my experience as well.

I think people tell themselves this myth that earning £100K+ means having no life. That's not true in most cases and the bigger the company you work for the more perks, flexibility and work/life balance you get (in my experience).

I recently went back to work for one of "big name" law firms in the City and it's a wonderful, very friendly environment with a great work/life balance.

My brother used to work for an American bank, now works for one of the big tech giants. Again, no one expects him to work until he drips. He has very normal working hours and a lot of flexibility.

XelaM · 23/04/2023 10:30

Ahh I quoted the wrong post. I was trying to quote the post about work/life balance of high-paying jobs.

Tabby87 · 23/04/2023 10:32

Tabby87 · 23/04/2023 10:23

What a weirdly rude response.

Did you buy a house before prices shot up? Did you or the partner have a gifted deposit or inheritance?

How old are you? How old is your husband?

Show quote history

In a previous post you were 52 in 2017.

That means you likely benefited from grants at uni and no student loans.

Likely had better access to social housing too.

Could have bought a house when they were far, far cheaper.

Ang69 · 23/04/2023 10:39

YDBear · 23/04/2023 02:16

150k after tax is more like 90. So that’s a total household income of 180k. You could save £120k a year without breaking a sweat. Do that for 10 years, investing the money wisely, and at the end of that you would never have to work again.

This. I don't know where the £10k per month came from but that's not what you bring home if both on £150k. It's more like £15,000 per month!

What on earth are you spending £13,500 on each month without even paying food and bills? Something doesn't add up here.

Aprilx · 23/04/2023 10:40

LudicrouslyCapaciousBag · 23/04/2023 10:12

I’m so sick of this myth.

My brother works for a major American investment bank in the City, not on the trading floor. His income is around £175k per annum depending on bonuses. He is very good at what he does and has particular skill set that is valued by the bank. He works around a 45-hour week and almost never works evenings or weekends. Very occasionally he will need to dial in to a call on NY time or respond to something urgent at the weekend but this is less than 3-4 times a year. He has a superb work-life balance and he is not unusual amongst his colleagues, both male and female. He would be horrified to think that he was being used as an example in comparison to healthcare workers.

Show quote history

I have worked in financial services, including investment banks for almost thirty years. I would say your brother is quite unusual if this is the case for him.

I wouldn’t go so far as to say city work is a brutal life, but it does normally involve long hours, regularly 50-60 hours and as the poster mentioned it would be unpaid. And I have always been required to “opt” out of the WTD.