100k+ salary, is it worth it?

[Goingtogetslated]

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

You are right. There is such a blind hatred on MN it inhibits critical thinking. People can’t see it and they don’t understand and won’t listen. Even though it is literally happening - right now.

Incentives matter.

Higher income folks would not "whinge" at 40% marginal tax rates.

But they will absolutely rebel at 60% marginal tax rates.

What is the point of working extra hours and getting a promotion at those tax rates?

You are literally working 20hrs more per week, and only getting paid for 8hrs.

And to boot, you see your family even less.

This is not sustainable.

@Blueisthecolour1

Do you think people on the ops salary are doing heavy manual labour in poor conditions?

@TheThinkingGoblin

Except they do

🤷‍♀️

To answer your question, I understand what you mean, I would re locate and make your money go further, on that kind of money you should and can get a lovely home and car etc, even on one of those wages!! You must be paying out for all sorts if the money isn't stretching the way you envisioned.

I've come from money, I've also earned my own, the hard way but I'm much happier and relaxed as I'm winding it all down, simplifying my life I really appreciate much smaller things now.

But make sure you don’t move to Scotland the highest taxed region of the uk.

Money aside, it seems like your questioning quality of life, and irrelevant of the monetary figures achieved it’s not providing a life of enjoyment. If your lacking in the things that you used yo, or want to enjoy then definitely look at changing it for a better balance 💙

I think the problem is living in London. You’d get more for your money if you move out.

And there must be a bit of financial mismanagement along the way? Unless you’ve only just suddenly started both earning that much? Savings? ISAs? Has your current house not gone up in value? How much equity in it?

You should definitely have a better standard of living on that salary.

If you want to live anywhere desirable near Stockport (Hale, Didsbury, Bramhall, Wilmslow, Alderley Edge, Knutsford, Poynton, Prestbury etc) you are at £1m+ for a detached house and a garden , and it wont necessarily be a big one. You will struggle to match your London salaries. You may find better value in Stoke but again salary will be an issue. You can find 4/5 homes in places like Bishop Stortford for around £1m (not lots, but there are some) with decent schools nearby and not a terrible commute in to central London. You are high earners yes its is frustrating that you feel your money should go further but you needs some perspective you sound entitled.

100 percent I sell in the Yorkshire area and since covid the amount of people we have seen leave unaffordable areas of London for a 4/5 bed detached up north for a fraction of the price has been phenomenal. Yes there is still crime up north but no where near as much as London, good and outstanding schools in most villages honestly do it its worth it. There's always work up north too

It is wonderful though, in spite of questionable gender policies and a capped free education system.

We really need a 'worlds tiniest violin' emoji for posts like this.

incidentally my husband earns about £150k. I don't do paid work. We live in a very nice 4 bed house in a leafy London suburb, we have a second home, a lot of money saved, good pension plans and have a wonderful lifestyle with holidays, theatres, sports events, nice clothes and jewellery, meals out etc. God knows what the OP is doing with her money if they can't cope on double that.

Probably not, but I’d hazard a guess that they have their work emails on their phone and they’re expected to respond any time of day or night. That they haven’t been on holiday without their laptop for the past 5 years. That far too many times they go to bed thinking about work and it’s their first thought when they wake up too 5 hours later.

There are more ways to work hard than manual labour.

Some of us have less than 1500 a month to pay for mortgages, bills, childcare etc and NO government help!!

wind your neck in and be thankful, your post is in very poor taste for some of us!

i do understand what you are trying to ask, but no, enjoy your 10k a month money!!

jesus

Region? I’m gathering you don’t need to worry about tax rates, dimwit.

I think you know the answer to your own question. You only have one life, as the saying goes. Quality of life matters. You may earn a lot, but if you live in an expensive area then you aren’t living the high life…which I don’t think leads to happiness anyway. If it were me, I’d go quality of life over figures in the bank/value of your house. When you are on your deathbed, what are you going to regret? A high stress job doesn’t sound good to me, even if it brings in a good salary. I’d rather earn a lot less (as long as it was enough to be comfortable), but not have the stress. Family and relationships matter. Sounds like you want something new now, so I say go for it. Have a change.

I find that quite surprising @FeelingwearyFeeelingsmall - but am interested where you live but more importantly when you bought.

My DD (35) earns that kind of money and is struggling to find a 4-bed house in a leafy London suburb for under £1M and has a deposit of £200K. And then £5Kpa for commuting fares.

Let alone a 2nd home, a decent pension, and all the other trappings of wealth.

@Cordeliathecat

Oooh. Yeah. Tough going, lap top on holiday.

I live in the countryside & am stuck in my job (from when I lived in London) - I can’t leave cuz I’d be looking at minimum wage jobs as they are the only alternative…
countryside/rural living is nice but the jobs suck so if you haven’t amassed a decent amount in savings & are ready to buy a house cash, then it’s not worth it… you won’t get any holidays abroad working part time on a turkey farm

Congrats for the smuggest, most contemptuous post on the thread. And to be fair you’re not the one’s sweating for the cash.

I wonder how long you’ve been on the London property ladder and whether there’s any inherited money involved.

well this certainly gained some traction….I haven’t had time to go through all the replies but see there’s a huge variation from get stuffed to more understanding and constructive advice and appreciate most of the comments I’ve read.

I was exhausted and frustrated when I posted but interesting to see how many people understand my situation. I appreciate I am probably in the thick of it right now with sleepless nights and a bit of a rollercoaster but in a couple of years things will probably start paying off.

when I embarked on my career nearly 20 years ago house prices relative to wages weren’t so obscene. So I’m not sure my “dream” was so out of touch when it began.

To the SAHMs mentioning they’re lovely lifestyles with high earning husbands….not really comparable is it?

No, it’s embarrassing especially when they are clearly on the inherited property ladder. Always one affair away from being the the ex of a high earner.

hahaha

I laughed......but that is basically my life

I had my laptop with me in every vacation I have ever taken.

If you work a global role in London, you are basically on call with people from the US and Asia (HK and Singapore). So basically 24/7.

I don't think most MNers understand this.

Additionally, thats also why it is very difficult to move away from London.

Even in my role, I have to be in the office 2x/week so how far I am from London (and the office) matters a lot.

In some companies, they insist in senior management being in the office full time, which would make it impossible to move away from London.

Commuting is awful because it massively drains your energy levels, as well as takes you away from family.

Thats kind of why people would choose to live closer to the office when they are high earners.

Do you have kids?

With kids, I wonder how far £150k would stretch to provide all these holidays and theatres, etc in leafy desirable London suburbs.

For the very squeezed middle things have gotten very tight.

Op is suggesting that the savings of getting 20% tax free childcare would add up for them, not that they're currently getting it.