Discuss your salary

misskool

I was on the cusp of posting how much I earn but we've moved on to foraging, which is my fav bit

neverdespairgirl

Rainmaker_uk wrote: »

Oh I do like sloe gin :beer:

So do I! Got several pints brewing (-:

neverdespairgirl

lostinrates wrote: »

Sorry NDG, Hawthorns produce red hawthorn berries (sometimes called haws, much to my delight). These are much less commonly used than sloes which are from black thorns.

You're right, I got my -thorns mixed up!

neverdespairgirl

misskool wrote: »

I was on the cusp of posting how much I earn but we've moved on to foraging, which is my fav bit

Couldn't agree more!

A great recipe for sloe gin:

http://www.webhistoryofengland.com/?p=317

and sloe jelly:

http://www.webhistoryofengland.com/?p=397

Alan_M_2

Interesting thread.

I own the company "I work for" and as a result I pay myself in the most tax effecient way possible. My income is generally made up to whatever the 40% tax threshold is taking into account payments made as directors dividends. I pay an accountant to tell me what this is and when it changes.

Even if I could (and I can't), I wouldn't draw £150K a year, I just couldn't stand paying all that tax. Remember I see both personal income tax plus all the employers national insurances taxes etc so it all looks horrendous from my perspective....

Any value over and above my drawn income and pension payments is retained in the company and will eventually be "cashed in" when I sell the company.

Many of my friends assume that becasue I own the business I must be earning £100K plus, but it just doesn't work like that.....You pay yourself what you need to start with, then as things build you pay yourself what you need, plus what the business can afford on top of that, then after a while you pay yourself what is the most tax efficient way of paying your income.

The next stage depends upon where you take the business and how much you generate growth. A year ago I didn't even know if I'd be in business at this point in time. I'm a supplier to the construction industry and things were pretty shocking.

A year on, I've just produced the best years figures I've ever had and grown 30% in the worst financial year in history (although you wouldn't think so from my banks attitude!).

As a result my priortities are somewhat different, rather than worrying what I can make this year I'm wondering where and how I can expand my business and add value to it. It's not all about salary some times...There will come a day (I've already earmarked my mid 50's and I'm currently 41) when i'll cash all this in and just sell up to one of the big boys...that's when my payday comes, but even then, I'll be taking it in the most tax effiecient way possible!

vivatifosi

Alan_M wrote: »

A year on, I've just produced the best years figures I've ever had and grown 30% in the worst financial year in history (although you wouldn't think so from my banks attitude!).

Great news Alan! Good to see you back around these parts again. I remember your posts from this time last year and I'm thrilled to hear that things have picked up so well after a truly awful period.

Alan_M_2

vivatifosi wrote: »

Great news Alan! Good to see you back around these parts again. I remember your posts from this time last year and I'm thrilled to hear that things have picked up so well after a truly awful period.

I post a lot on the DIY part of this forum so haven't gone far!

Last year was difficult but we got through it and in hindsight it may have been a blessing in disguise as we were forced to make moves that would not have been considered in "normal" times. It actually changed the fundamental way we fund and run our business, if we didn't address these issues we would have closed.

Still the attitude of the banks to business in my sector is shocking, the inside line is they expect complete meltdown in the construction sector within 24 months and will not lend or take on any business from this sector at all. So we've been left to our own devices.

On the upside I've never owed so little, it's down to a level where it could all be called in and it would make life difficult but wouldn't cause us to cease trading.

I like that, it makes it easier to sleep at night!

baby_boomer

Hauptmann wrote: »

Personally I make no distinction between a public sector worker and someone who is suckling at the teat of a big company. I have met as many incompetents in the private sector as in the public.
At the end of the day the money all comes out of the same pot - if someone takes more out, someone else gets less, the pot is only so big.

Rarely have I read such economically illiterate garbage - never mind in a post thanked by 14 people! The decisions at the top of a major company can radically transform the "pot". BP is but one example.

Regarding the question on the thread title.

I am on £46K but live in London so the advantages are eroded to some extent by housing costs etc.

I don't pay higher rate tax because I top up my pension contributions to remain as a basic rate taxpayer - which is what I shall be in retirement.

daisydays

Generali wrote: »

I was a uni tutor teaching economics 101 whilst waiting for the GFC to blow over and I made $100/hr. I am back in banking now although not in investment banking like I once was.

I quite enjoyed academia but while I could see myself doing research, the teaching side sux now that unis have become sausage factories.

100 dollars an hour? Wow. I'll have to tell my BIL he's greedy so and so if he thinks academics are poorly paid. Which uni did you teach in in Sydney? What a small world if you know each other! 'll catch up with them on skype later this week and ask him his exact wage but it's nowhere near what you earnt.

daisydays

mbga9pgf wrote: »

What does economics research entitle these days Gen? What would a typical research paper consist of?

Is it all theoretical discussion or does it actually involve some maths, eg dynamic systems and multi order differential equations?

That's an interesting question Mbga....I'd also like Gen to answer that. Teaching economics must cover maths but dynamic systems and multi order differential equations, I have not got a clue. Come on Gen, do tell.