2.5 Million Families on £100k/year Don't Feel Rich

smartn

lostinrates wrote: »

Comparing personal worth (as opposed to wealth) is always fruitless and to be avoided IMO, but understanding other people's situations (advantages and disadvantages) in the same society is in fact, IMO helpful. To measure oneself, and one's wealth, purely on annual income is not wise: its a very, very incomplete measure.

Couldn't agree more. It just surprises me if the stats are true at how divided in monetary wealth the nation is, I always thought a household income of 100K plus would be the reserve of the top few percent. Looks to me like there should be plenty of scope for tax increases!!

Wookster

Imagine you are a young couple starting out with a joint income of £100k in London. It is actually really quite difficult to think about buying a property (at current prices) and raising kids without serious help from the bank of Mum & Dad with that level of income.

Scarily, a joint income of £100k must put such a couple in the top ~8% of earners.

We really are setting ourselves up for a small class of haves and a bigger class of have nots.

lostinrates

smartn wrote: »

Couldn't agree more. It just surprises me if the stats are true at how divided in monetary wealth the nation is, I always thought a household income of 100K plus would be the reserve of the top few percent. Looks to me like there should be plenty of scope for tax increases!!

wow, thats a bold statement ...basing a change of opnion on taxation on one thread's (pretty incomplete ) information!:D

chucky

Wookster wrote: »

Imagine you are a young couple starting out with a joint income of £100k in London. It is actually really quite difficult to think about buying a property (at current prices) and raising kids without serious help from the bank of Mum & Dad with that level of income.

Scarily, a joint income of £100k must put such a couple in the top ~8% of earners.

We really are setting ourselves up for a small class of haves and a bigger class of have nots.

let's not get urban myths and a bit of schadenfreude in the way of reality... :rolleyes:

a couple on £100k joint income on a 3 times mortgage would be able to borrow £300k.

below is a search from Rightmove with over 1,000 2 and 3 bedroom houses (not flats) in London that people on these salaries could afford.
http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=REGION^87490&insId=1&radius=0.0&displayPropertyType=houses&minBedrooms=2&maxBedrooms=3&minPrice=&maxPrice=300000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&x=77&y=16&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

lostinrates

Wookster wrote: »

Imagine you are a young couple starting out with a joint income of £100k in London. It is actually really quite difficult to think about buying a property (at current prices) and raising kids without serious help from the bank of Mum & Dad with that level of income.

Scarily, a joint income of £100k must put such a couple in the top ~8% of earners.

We really are setting ourselves up for a small class of haves and a bigger class of have nots.

Actually, for a young couple I don't think its quite so bad, e.g. new grads would be very lucky. The thing is that fewer young couples are on joint £100k than older couples, obviously, and that fewer young couples starting out together stay together. Saving as a couple for a house from early twenties on a household approaching £100k is, IMO, CAN be easier than two singles meaating later having been on the same wage.

Yakubu22

Wookster wrote: »

Imagine you are a young couple starting out with a joint income of £100k in London. It is actually really quite difficult to think about buying a property (at current prices) and raising kids without serious help from the bank of Mum & Dad with that level of income.

Scarily, a joint income of £100k must put such a couple in the top ~8% of earners.

We really are setting ourselves up for a small class of haves and a bigger class of have nots.

I believe earning over £42k puts you in the top 10% earners. If you live in a household with a joint income of £100K I would have thought it would be top 2 or 3%.

[Deleted User]

So, a couple earning 50k each would have a little under £6k a month to play with after tax. Now you could rent a nice little 2 bedroom flat in Little Venice for £1500 a month, leaving you with plenty of money for a nice lifestyle AND to save towards a home deposit.

Move out to the suburbs and you get a lot more bang for your buck

fedupfreda

Yakubu22 wrote: »

The thought of people earning £100-150k complaining makes me feel sick. but I guess its all relative to the lifestyle you lead. I would like to know what these poeple do for a living though![/QUOTE]

1)Local Government (Management Grades)
2)Banking
3)Civil Service (Management Grades)
4)Doctors/Dentists/Consultants
5)MPs and MEPs (especially when you take all the 'perks' into account)
6)Lawyers/Solicitors

All of whom are likely to find the funding for their jobs cut after the next election..... so I wouldn't change jobs just yet!

smartn

lostinrates wrote: »

wow, thats a bold statement ...basing a change of opnion on taxation on one thread's (pretty incomplete ) information!:D

Isn't that what these forums are for?:D

carefullycautious

PasturesNew wrote: »

Quite a lot of these £100k earners on this thread then ... didn't expect any to exist here to be honest. I guess I just assumed that people here were usually earning about £25-40k max.

I wish :rolleyes:

However, we are debt free thank god