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

So she could say to those of you receiving benefits.... check your privilege.... but she isn't so let's not have a war on here.

I'm not receiving benefits but think the OP should check her privilege. Why have a pet that you can't look after?

Fair enough. Your posts do come across as bitter and entitled though. So if that isn't how you are maybe think about what you are posting that gives that impression.

Your childcare bill is only so high for a few years, unless you keep churning kids out of course. Your 6k going on a mortgage is an investment, not dead money so although high your asset at the end is very likely to have increased in value given the location. I can't really think of a job that you can't either completely relocate to somewhere more rural or do some hybrid working so move to the countryside and commute back into London a couple of days a week. If you really wanted to you could move but you obviously don't want to for whatever reason. If you hate it so much change it, change jobs, take a pay cut if you must and move to where you feel happy. Life isn't all about money and is very short in the grand scheme of things.

Jesus Christ, I take home 12k a year in Student Finance (which I have to pay back) and about 245 per month in disability benefits, I am unable to work on top of studying due to CFS/Fibro.

Get a fucking grip.

But again it’s down to choices. There are loads of areas you can afford a very decent 4 bed house at £1mil. Yes to the cleaner. But why have a dog that requires dog walking when you can’t be there - your choice to have a dog.

Wrap around childcare will get less expensive with your children growing up. This is just a period of time in your lives.

I also agree that your figures don’t quite add up to the salary you are stating.

I also think that people live up to their salary. Are you reflecting your desires of others that you work with who possibly have higher equity and already live in zones 2 or 3 in London in the type of house you want? Because it seems to me this all sounds driven around the 5 bed house with curb appeal that you want that you feel you should have for your combined incomes.

£1500 left to spend money on is still a lot of money. The £2k on childcare won’t last forever-unless you send your dc to independent schools. Even the mortgage will be paid off one day.
If you are really unhappy with your lot, make changes and move. Sometimes you need to take a step back.

Mentioning house price rises over the last 15 years does sound bitter, though.

Tbh, twas ever thus. I felt the same 20 years ago. I envied those who’d bought dirt cheap. But it is what it is.

Move out of London and you’ll have an amazing lifestyle.
london housing is the issue here

Just a small correction here - you're not in the top 1%, not even close. I was quite shocked when I looked it up from the government stats, but you need to be on nearly £200k/year each to be in the top 1%.

I've never read anything more out of touch in my life

Op gave the £10k pm figure herself if you read back.

Your figures are per person, so suggest they would actually have £15k pm net to live on.

If you want to make snarky comments about people's maths then get your own facts straight

@Youdoyoubabe appreciate your post! I guess a lot of people here don’t realise we contribute far more to the government then we benefit from.

those asking me to check my numbers….I haven’t actually stated numbers, I was just replying to a previous example.

look, I’m not stating that we are struggling/in a hole/ bad with money…..I am just pondering the sacrifice/benefits of my situation.

@Merryoldgoat sure. Im a twit

Cripes! I do really feel for you - what a ridiculous situation!

This is the current state of working and living in London unfortunately - my sister is in a similar situation but can't bear to leave.

Would you consider moving to Brighton, which we did? It's full of people doing the same - house prices are high, but nothing on the scale you describe, and it has three mainline stations.

There's loads of nice places in London where you can get a four bed for less than 1.5 million!

I think the upshot of the thread is that no, it’s not worth it!

Then leave London stop complaining

When you're old, think about what you will have wanted to have done with your life. Will you want to think about what you missed out on to have an amazing house in an expensive area? Or will you be so glad you got the house of your dreams but had lots of stress? Why do you want that kind of house? Is it image? Our first home wasn't that awesome but it was where I was happiest.

@jenandberrys sorry if you read it that way, it’s not my intention. Probably more knackered and frustrated

Utterly insulting and a kick in the teeth to those of us who truly struggle on a day to day basis. If £1500 isn't enough to live off after you've paid out for everything you should consider yourself lucky, you shouldn't be complaining. If London is too expensive, move away, but don't brag about how much you earn and whinge about how little (which would be a fortune to most) you have left after paying all your bills.

I mean, I guess the mortgage is your killer? DH and I earned combined £250k, house is worth about £1.3m, we pay £2000/month for childcare for one DC, but our mortgage is only £3000 inc property taxes which are very substantial (not UK). We both put in £2k/month into pensions and without pinching pennies on food, dc activities etc, we have £4-5kmonth leftover. So I guess if you’re sticking that extra £4k into a mortgage that gets you there. There are definitely areas of London that you can get a house with “kerb appeal” for £1m.

But lots of people pay high tax and don’t “benefit” from government help.
I’ve never had a penny, nor will ever do so but that’s just life.

Tax after tax on salary, savings, corporation tax you name it. I don’t even have children who have been educated etc but I’ve still paid into the system and am still doing so with 42 years worth of tax and NI.

But I recognise that I’m better off than many, but if I compare myself to some others much less so.

Have you thought about moving north... seriously?
Our household income is under a quarter of yours and we have enough left over after mortgage/bills to save, go on holiday and have several treats.
I can't fathom how 300k feels like a stretch for anyone.

To answer your question; to me, no, it isn't worth it.

Most high earners do. When I look at how much tax we pay as a couple it's horrifying. Unfortunately that's life, and why I get annoyed with benefit bludgers (who can work but choose not to). It sounds like you're basically just working to live, so unless you love where you live and love your jobs, then downsize and have a better quality of life. The other option of course is you work as much as you can make, save, invest and reap the rewards later. You need to decide what's right for you and your family. But whatever you're doing now, you're doing it wrong and doesn't sound like you're getting anything out of it. Hamster on the wheel.

@MaydinEssex I didn’t state that was £1500 after everything…just the big tickets - mortgage , childcare and commuting.
Then of course there is gas/electric/council tax/food.

Yes, but would you and others in your position give up their income where they don't get benefits to have an income where they qualify? I don't think so.

We pay a lot of tax and don't get welfare payments, but we do benefit from roads, healthcare, education, emergency services, all standard public services. No-one gets nothing for their tax.