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

lostinrates

treliac wrote: »

As I've always said, 'you'll never be rich if you work for someone else.'

Pity, but that's a fact not likely to change for me!!

Note:- However, seeing as how much bankers and the like earn, there are obviously some exceptions to the rule.

Loads of exceptions to that rule...both people who earn well employed,and self emloyed (and employers) who have low take home.

fc123

DD5 wrote: »

I came across a poster on here sl agging me off on another website forum saying that I was bragging about my wife being a SAHM because it was a 'status symbol' and that my wife was a 'princess'.

I reality my wife had to give up her job in order to take care of our disabled daughter and I had to go contracting (and live away from home all week) in order to make up for the shortfall in her salary. Some 'status symbol' and some 'princess' huh? Still they don't let facts get in the way of a good sl agging off on here. :rolleyes:

excuse me...that's taken out of context too. If you dig someone out and are a bit 'off' with them for no reason, don't get all upset if they get pi££ed at you. And that's me gone for a while.

silvercar

mitchaa wrote: »

I suppose wealth depends on your age and what stage of life you are at. Are you young or old, mortgage or mortgage free, the Waltons or childless?

We are both 26 and in that expensive stage of our lives at the moment, young child with high childcare costs and new to the property ladder with a large mortgage.

On the other hand, we could be in our 50's, mortgage free and childless enabling our income to go a hell of a lot further.

There's also a big difference (career wise) in a couple earning £100k apiece to that of someone earning £100k singularly. I could only ever dream of earning a 6 figure salary, It's just not going to happen. Combined however, we get pretty close and as before it's enough to live comfortably but certainly not extravagantly.

Should be categorized as..

Poor
Average
Comfortable
Wealthy
Rich

And i would say a £100k household income is comfortable

Poor - Tesco value meals only, can barely balance income and outgoings
Average - Can meet general monthly expenditure and put by a little towards holidays/ savings
Comfortable - can shop without worrying about the total bill, can take realistic holidays, decent car every 3 years, some savings
Wealthy - No need to budget each month, can spend on a whim for reasonable luxury items
Rich - can afford annual new car, 2+ foreign holidays, run at least 2 homes, private schooling.

dave4545454

silvercar wrote: »

Poor - Tesco value meals only, can barely balance income and outgoings
Average - Can meet general monthly expenditure and put by a little towards holidays/ savings
Comfortable - can shop without worrying about the total bill, can take realistic holidays, decent car every 3 years, some savings
Wealthy - No need to budget each month, can spend on a whim for reasonable luxury items
Rich - can afford annual new car, 2+ foreign holidays, run at least 2 homes, private schooling.

i consider myself rich but always go for the "value" range instead of wasting money on expensive food when the cheaper stuff is just as good

PasturesNew

On that list I'd be poor at the moment, but usually almost average. I say almost average as I never managed to get as far as the savings or holidays because of the cost of keeping the house/basics covered.

But I do aspire to being average at some future point.

lostinrates

silvercar wrote: »

Poor - Tesco value meals only, can barely balance income and outgoings
Average - Can meet general monthly expenditure and put by a little towards holidays/ savings
Comfortable - can shop without worrying about the total bill, can take realistic holidays, decent car every 3 years, some savings
Wealthy - No need to budget each month, can spend on a whim for reasonable luxury items
Rich - can afford annual new car, 2+ foreign holidays, run at least 2 homes, private schooling.

Poor: hopes can afford value meals or OS cookery. Blancing income &utgoingo hard and tough choices have to be made on a regular basis. Struggles to provide basics. Cannot afford a new washing machine outright.

>Below average. Can always eat. B alancing income/outgoing needs consideration, but can be done without missing meals. Can afford all basics/save for somethings besides basics. e.g. second (or fourth) hand car and running costs and, probably an annual short haul holiday. Can save for a new washing machine.

Average: can afford to eat, heat and meet with friends e.g. ub regular basis. Can afford regular small ''treats'' and save for retirement , run car (new?), might never buy a new one. Can afford annual holiday, plus maybe weekends away. Is able to juggle finances occasionally to suit so not to go over od limit, might take it a bit close to the line sometimes but doesn't have to plan ''petty cash'' spend too seriously. doesn't have to save for immeadiate needs: has savings to draw on and is able to plan for more than very basic retirement and have some choices. Can afford a washing machine, will have to budget for it, but will have choice over model.

Comfortable: Doesn't think about covering basics, thinks about covering investments and second/third holidays. Can eat out on whim with no account juggling.. doesn't have to save for immeadiate needs or wants. Is able to plan for decent retirement with some choices. doesn't have a set budget for things. Can drive decent car, doesn't have to consider running costs or insurance class of first car. Might employ home help (weekly/gardener/aupair). Finances require balancing, but not suffering to balance. Wife might be a certain shade of blonde. Able to a persue an exensive hobby each. Can afford a washing machine, choice of model, without saving or ''serious'' budgeting.

Wealthy: Can cover all wants without too much effort. doesn't consider cost of eating out as much of a dent. Can drive nice car from new, plus second nice car from new, wthout considering insurance class. Can holiday without juggling accounts. Able to employ daily/nanny (and a car for them). Wife is a certain shade of blonde. Able to partake in a wide range of exensive hobbies and associated equipment. Washing machine has bells, whistles and probably wifi.

ETA: have added a washing machine scale, as its so contentious.

Rich: Huh? Can afford weird wants. NEEDs the equipment to persue the hobbies and interests.Car: navy for weekdays and pink for the weekends. Doesn't identify with the term ''save up for''. Has trainers, not trainer. Gym is in the house, not somewhere you go. Unless you own the chain.

PasturesNew

lostinrates wrote: »

>Below average. Can always eat. B alancing income/outgoing needs consideration, but can be done without missing meals. Can afford all basics/save for somethings besides basics. e.g. second (or fourth) hand car and running costs and, probably an annual short haul holiday.

That's me then.

I started going through the Average list and a lot of it is beyond me really, unless things change significantly. About half of the average list is achievable for me in my lifetime I figure.

lostinrates

PasturesNew wrote: »

That's me then.

I started going through the Average list and a lot of it is beyond me really, unless things change significantly. About half of the average list is achievable for me in my lifetime I figure.

Its sort of averaged though isn't it. I mean, if I ever got ''rich'' as described here (and I point out this is not my list and it would have been a bit different if it were me) I wouldn't have a navy car. I might have a new one though.:D

Doom_and_Gloom

silvercar wrote: »

Poor - Tesco value meals only, can barely balance income and outgoings
Average - Can meet general monthly expenditure and put by a little towards holidays/ savings
Comfortable - can shop without worrying about the total bill, can take realistic holidays, decent car every 3 years, some savings
Wealthy - No need to budget each month, can spend on a whim for reasonable luxury items
Rich - can afford annual new car, 2+ foreign holidays, run at least 2 homes, private schooling.

From this you would draw the conclusion that my parents are rather rich (although I wouldn't complain if my partner and I earned as much, lol, but they certainly don't earn as much as 100K/year!).
They have a house (they live in as does my partner and I) that's mortgaged but also have a second house bought outright that they rent out.
They usually go on 2 holidays a year but get them on 50% off deals and go with a couple they are friends with - so pay 25% the money they should have for each of them. This means they pay for one full priced holiday every 2 years.
They were able to send me to a private college for two years but had to sell most of their shares and half the garden to cover the short falls.
My ma got a new car recently but the last one she had had for over a decade and managed to get money off the new one through scrappage.
When food is bought we look for reduced, BOGOF's etc and if basic does the job that gets bought. Although food wastage is an issue in this house at least most stuff that can goes in the composter.

Basically my parents try to be careful with their money to get the most out of it.

My partner and I are definately poor though. Can't be anything else when he earns around £600/month (net) and I can't work . We are still trying though and in the new year (after his debts are cleared) we will be saving £10/day. We will eventually get a mortgage :rotfl:.

neverdespairgirl

HAMISH_MCTAVISH wrote: »

50K joint and above is middle class. Two teachers, amongst the lowest paid professionals these days, or the like.

The professional/management classes really start at 65K joint or above imo though.

100K joint and above is the old upper-middle class.

Teachers are on more than £25k, on average! My mate's a history teacher, Home Counties, 5 years in to her career, and on nearly £40k.