Broke on £70k ?

morg_monster

I agree - but probably the kind of people who read these kind of magazines are on the whole the kind for whom 50k is a bare minimum and who think a new wardrobe every year is actually a necessity.

I know that is a sweeping generalisation but I'm sure you know what I mean - I gave up reading mags like cosmo, marie claire etc because they just made me so depressed - when they have 'affordable fashion' articles and for them 'affordable' means shoes for under £200. They aren't really in touch with the majority of British women!

Now if they put it in Women's Own or Chat or something.. now that would raise some hackles wouldn't it!

nabowla

I'm going to cause a bit of a stir here and say that I think it's very easy to be 'broke' on 70k. Many of my university peers are earning salaries of +70k as they work in the City. They run into problems because they are expected to live a certain lifestyle to go with the job: designer clothes, batchelor pads in central London, weekend mini breaks, regular salon treatments. If they aren't living that lifestyle then they are viewed with suspicion by their colleagues who to think that they can't be very good at their jobs if they can't afford all the 'essentials'.

Yes, the mindset is wrong, but it's very easy to get sucked in before you realise what's happening. You'd almost certainly have to change job/career to get away from the constant pressure to spend and you'd lose many of your friends along the way. We might think that those 'friends' aren't worth knowing if all they value is material wealth but just think how you'd feel if you had to give up both your career and your friends overnight. Not easy. So people carry on spending and spending and end up with huge debts. If I'm completely honest I could easily have fallen into that trap if I'd gone into the City. As the old saying goes, there but for the grace of God.......

Lewby

Agree with Nabowla that it is possible to have a huge income and have correspondingly huge debts. I tink that most people live to their means and if you have a propensity to spend then you will do it up to the limit of what you can afford.

I suppose that my situation is close to what the journalist is looking for but I like the comfort and confidence I get by being on this site amongst friends and like minded people .... not holding myself up for national public attention.
I am not at all proud of my situation but have made the personal decision to rectify it and I will do that quietly amonst my comrades on here over the next 3 years!

The more you earn the more credit is thrown at you. I have (with OH) almost £90k's worth of debt, a joint income of over £70k and this morning got 4 loan and credit card offers all pre-approved!! I binned 3 but will look at one as it offers a LOB transfer of 5.9% which I think could be useful to move debt to ... not spend more on it!

I think that anyone willing to hold themselves up as an example of what can happen with frivoulous spending should be commended but I don't think that they have truly taken stock of their situation and have not resolved to seriously do something about it ... I believe it's a private decision and a committment you make to yourself (as private as you can be with all of you watching on here that is!!!). :T

Lewby xx

Debras_Angel

I agree with Nabowla and lewby in that there are many people on high incomes who fritter it away and will one day end up on this forum asking for help.

Just because they earn a lot of money doesn't make them any more savvy about spending than people who earn the average wage. The only difference is that they get into the debt for differing reasons.

When I was younger I didn't earn much and got into debt. Now I'm older and earn a lot of money I know how not to get into the debt and I'm sensible.

But only because I learnt the hard way!

Some of these people are younger and earning lots so haven't learnt the lessons of over spending and they too will need our help on here when they have their lightbulb moment.

And most of us will rally round without being too much judgemental...I hope.

Cheers

Debs

southernscouser

And how much are they going to pay each case study?

I'd say it's got to be worth a grand! Maybe more with pictures!

Lewby

Hey SS ... Now you've got me thinking .......£££££££££££ :rotfl:

ceegee

Perhaps people on large incomes get into debt because they think they've got plenty of money, whereas "poor" people know that they only have a little money and take the trouble to use it wisely.

freebird65

I have to agree re the struggling to get by on a seemingly large wage.....I used to work in the City and although not earning £70K, was on over £45K.....yet after "living that City lifestyle" always seemed to be into my overdraft facility. It's stupid things like popping into Starbucks with your colleagues for breakfast, Pret for lunch and then overpriced drinks after work. It's the done thing to join in and you don't realise just how much it's costing you until you leave that "scene". I now earn much, much less, but am merrily saving, have become very good at finding bargains and am much happier in my life!!!

freebird65

Ceegee - that comment illustrates my ramble perfectly!!! Spot on!

Actiongirl_2

Debras_Angel wrote:

I agree with Nabowla and lewby in that there are many people on high incomes who fritter it away and will one day end up on this forum asking for help.

Just because they earn a lot of money doesn't make them any more savvy about spending than people who earn the average wage. The only difference is that they get into the debt for differing reasons.

When I was younger I didn't earn much and got into debt. Now I'm older and earn a lot of money I know how not to get into the debt and I'm sensible.

But only because I learnt the hard way!

Some of these people are younger and earning lots so haven't learnt the lessons of over spending and they too will need our help on here when they have their lightbulb moment.

And most of us will rally round without being too much judgemental...I hope.

Cheers

Debs

I think that is the best point I have read on this thread. MSE has really impressed me with its lack of judgements against contributors. I am sorry if I am going a bit off point here, but I really wanted to give my opinion after reading the posts above.

I work in the city, earn a biggish salary and have always tended to spend over and above my means.

But I have found some of the posts above quite insulting. :think: I use MSE because I want my money to go further without cutting back (which I think is the general premise of this site - correct me if I am wrong!) not because I am poor, or desparately in debt. I am also good friends with another regular poster on the boards.. and our lives and careers have at times been poles apart, but this is something really massive that we have in common and chat about all the time. Just because I have a big salary, doesnt mean I dont watch my tesco points like a hawk!!

Please just remember that this board helps, supports, and encourages all types of people from all backgrounds and it is no less likely that someone earning £70k would be on here, than someone earning £10k.