175k salary and all gone

[175allgone]

This will ruffle some feathers, but after tax, mortgage , childcare, living expenses….there doesn’t seem much left. SE London, commuting, wrap around care. Whilst I appreciate I’m not having to watch my bills I’m hardly living an extravagant lifestyle.

No one needs to go to private school, but hardworking people generally do so to have options in life. With those options removed and the barriers to those so high, why work so hard? What would be the point?

Ehhh maybe for the same reasons people live anywhere? For work? Because their family and friends are close by? They grew up there? They like the area? They like their house?

People working in London literally pay a huge amount towards childcare for other people throughout the rest of the country because their incomes are higher and thus they pay more tax. Then have to suck up paying £4k a month (after tax!) for their own children.

The issue in this country is not enough people paying adequate tax to cover the services they take from the state.

Most people don't have £1k left over every month once all bills are paid. We have nothing left over after food and fuel costs are paid. No savings, nothing. And our JOINT household income in 2 professional jobs is less than a quarter of what you earn. We manage, we live within our means. 2 children, 1 at school and 1 at nursery- left an age gap to avoid the ridiculous child care costs for 2 at once and don't live in London.

So everyone needs to pay more tax apart from high earners like OP?

Many jobs - especially these over £100K - are only in London, especially for certain careers.
OP is not paying for private school, her costs are for the nursery, which are standard London costs

Oh you poor love you’re living in absolute poverty aren’t you!

Exactly. It’s actually surprising to see how many people don’t understand how the financial sausages are made. I.e they tax us more highly to cover the less ambitious. I think the rest of the UK is in for a nasty shock, those paying high tax are likely to have more options, including relocating entirely.

And what exactly do you expect low earners to do about that?

I have no idea what you are saying. I am just saying, live in a place where the property prices are normal, send your children to a normal school, then you will find yourself more than able to live within your means.

Yes @wombat15 EVERYONE should pay more tax!

Is there any point posting as the OP hasn't come back since 3am?

I'd love to know how she is buying a house in Islington for a mortgage of £2500 a month.

I have friends whose adult children pay that in rent for a 2-bed flat in London (zone 1) and a house is Islington for that amount isn't possible without a huge deposit.

Presume the OP had a massive amount of deposit as you won't get a house for less than a £million. I know someone who's recently paid £2.5M for a family house - Victorian, terraced - in Crouch End.

High earners are already paying lots of tax. Everyone needs to pay more tax, yeah. Work full time rather than part time, claim less UC, that sort of thing. No tax bracket should be abolished altogether IMHO

I’m afraid I don’t have a more simplistic way to explain it. Maybe you can’t grasp where the most taxes are netted, that would be 70% from London. Maybe get a friend to run you through basic economic principles.

🤣🤣

Its like moaning about the cost of fuel for your private jet or the council tax cost of your multiple mansions.

Of course if you live in an expensive property in an expensive area or go to private school, it’s going to cost a lot.

You live within your means.

The COL has increased massively for everyone.

But rich people can CHOOSE to not go to private school, not live in an expensive area, not have such an expensive car or go to as many clubs etc.

People on £25k a year or less, do not have those choices and cannot move to anywhere cheaper or cut down on anything more.

It’s the living in Islington with 2 kids. I only have 1 and school age so ‘only’ wraparound care needed but I couldn’t live in London unless I wanted to financially cripple myself. It would be lovely to have that choice for jobs, schools and socialising but it’s just not doable.

You live in a massive luxurious home and have very expensive childcare, I bet you also wear nice clothes, have holidays and eat out.
The real question is how someone with so little logical processing/reasoning ability has managed to get such a good job!

We live in London but earn less than you. We chose to space out our three children so we have four years between each. We couldn't afford 4k on nursery fees. Our mortgage is 1.3k (Still on a v good mortgage rate) so less than yours. We live a good life and go on holidays.

I don't think I need to take economic lessons from someone who can't manage their income when they earn a whopping salary. My advice to you would be to stand aside so a more economically-literate and competent person can have your job instead.

No one needs to go to private school, but hardworking people generally do so to have options in life. With those options removed and the barriers to those so high, why work so hard? What would be the point?

Nonsense. Exams at school are standardised nationally- an A-level at one school is the same as any other school. If your children can't get top grades in A-levels at a normal school, then they should have worked harder.

Everyone's incomes (and thus tax paid) should be higher. The salaries in the UK are awful, this is why so many high earners are tempted overseas

Yes I do get that you don’t. If 70% of all taxes are netted in london by high earners and they all decide to live what it is you regard as a ‘normal life’ - who will pay the taxes to top up everyone else? Do you see yet?

Oh I do love a good 'hand grenade' thread! OP launches a grenade, sticks about briefly to see if it's going to go off and then runs for the hills before the explosion. 😝

At the very least shut it with “why do you have to live in London” comments

All that would do stop anyone from wanting to earn more.
High earners are already taxed at 60% if you include NI.

What we need are more people to work.
Fewer choosing not to work.
Fewer on benefits and not relying so heavily on the top 1% of earners to keep everyone else afloat.

Yes, the days of half the country sitting out gainful employment (or working 16 hours) are soon to be done.