On the Breadline on £190k a Year

edinburgher

I would love to spend £1500 a month on food. I would *live* in Whole Foods Market

mystic_trev

London solicitor, 36, ridiculed after revealing fear she can’t privately educate her kids, work part-time and keep buy-to-let flat

http://www.legalcheek.com/2015/11/london-solicitor-36-ridiculed-after-revealing-fear-she-cant-privately-educate-her-kids/

Generali

mystic_trev wrote: »

http://www.legalcheek.com/2015/11/london-solicitor-36-ridiculed-after-revealing-fear-she-cant-privately-educate-her-kids/

I'm starting to feel quite sorry for them.

MFW_ASAP

Graham_Devon wrote: »

I say the elephant in the room as the article is loaded to looking at the private schooling fees. There is very little on the BTL or even why they have debt and no cash savings.

The premise is, not only by you, but many on the telegraph, that they should remove their children from their schools to save cash. But no mention of forgoing the BTL investment.

We know how much their kids schooling costs as it's all laid bare. We know nothing of the BTL stuff, other than what the house is worth and the mortgage outstanding.

The whole article is based on their fear of BTL taxes. So I'd say the elephant in the room here is the BTL. Not the children's education.

This says it all really....

Both are investments in the future, one for themselves (the BTL) and one for their children (the private schooling). Indeed the private schooling could be an investment for themselves if it results in the kids getting extremely well paid jobs and so not having to resort to the BOMAD. It's therefore fine to struggle in the short-term knowing that eventually the investments will come good.

I'm in a similar situation as this couple. I have a high income, but high outgoings and so have little or no money left over at the end of the month. Its easy to get into the mindset of feeling poor when you're actually very far from it.

In my own circumstances, if I really wanted to build up some solid savings I could stop all renovation works to our farm house, rent out a room or two (especially now that the tax free rent-a-room limit is £7k+ pa) and cut down our leisure outings. At the moment I don't want to do this, so I will continue to live from pay check to pay check and feel aggrieved at earning so much and feeling so 'poor'.

mystic_trev

Generali wrote: »

I'm starting to feel quite sorry for them.

I know what you mean, but I still can't understand how two so called inteligent thirty somethings can make such fools of themselves? Luckily for them, everyone will have forgotten this story by next week. I bet they'll still get a dammed good ribbing from their friends and colleagues.

ukcarper

MFW_ASAP wrote: »

Both are investments in the future, one for themselves (the BTL) and one for their children (the private schooling). Indeed the private schooling could be an investment for themselves if it results in the kids getting extremely well paid jobs and so not having to resort to the BOMAD. It's therefore fine to struggle in the short-term knowing that eventually the investments will come good.

I'm in a similar situation as this couple. I have a high income, but high outgoings and so have little or no money left over at the end of the month. Its easy to get into the mindset of feeling poor when you're actually very far from it.

In my own circumstances, if I really wanted to build up some solid savings I could stop all renovation works to our farm house, rent out a room or two (especially now that the tax free rent-a-room limit is £7k+ pa) and cut down our leisure outings. At the moment I don't want to do this, so I will continue to live from pay check to pay check and feel aggrieved at earning so much and feeling so 'poor'.

I can understand people making sacrifices for their children and to safeguard their future, but if you do you shouldn't complain that you can't have a lavish life style and appreciate the fact that most people do not have those opportunities. After all their income after mortgage and school fees is over twice that of 2 people earning median wage before those costs.

wotsthat

This couple do seem to have had a self-awareness bypass. Reminds me of the couple who featured in the DM (I think) in the depths of the recession. They expected a breakdown of the financial system and law and order problems. To combat this they'd built a stash of essentials (including Cava) in their garage and then told everyone about it.

CLAPTON

mystic_trev wrote: »

I know what you mean, but I still can't understand how two so called inteligent thirty somethings can make such fools of themselves? Luckily for them, everyone will have forgotten this story by next week. I bet they'll still get a dammed good ribbing from their friends and colleagues.

maybe their friends share similar problems

Generali

mystic_trev wrote: »

I know what you mean, but I still can't understand how two so called inteligent thirty somethings can make such fools of themselves? Luckily for them, everyone will have forgotten this story by next week. I bet they'll still get a dammed good ribbing from their friends and colleagues.

It's pretty easy to get wrapped up in your own world.

Don't forget that most people on high salaries are married to people on high salaries, work with people on high salaries, live around people on high salaries, are friends with people on high salaries.

I hope all they get is a bit of a ribbing. At the moment they seem to be getting quite a working over from a bunch of strangers. Ironically the people having a go at them are substantially less successful. I don't imagine many of the people hating on this couple make £190,000 a year.


It's worth remembering that you don't just earn £190k for turning up and mucking about. Most jobs that pay that sort of money are difficult and competitive and stressful. When I've done jobs like that then it's close to necessary to have help of one sort or another. Back in the day that would have been provided by a wife at home looking after the domestic stuff. Now both people in a marriage can have these sorts of jobs the only option is to outsource a lot of the menial work and that doesn't come cheap.

ukcarper

Generali wrote: »

It's pretty easy to get wrapped up in your own world.

Don't forget that most people on high salaries are married to people on high salaries, work with people on high salaries, live around people on high salaries, are friends with people on high salaries.

I hope all they get is a bit of a ribbing. At the moment they seem to be getting quite a working over from a bunch of strangers. Ironically the people having a go at them are substantially less successful. I don't imagine many of the people hating on this couple make £190,000 a year.


It's worth remembering that you don't just earn £190k for turning up and mucking about. Most jobs that pay that sort of money are difficult and competitive and stressful. When I've done jobs like that then it's close to necessary to have help of one sort or another. Back in the day that would have been provided by a wife at home looking after the domestic stuff. Now both people in a marriage can have these sorts of jobs the only option is to outsource a lot of the menial work and that doesn't come cheap.

I'm sure your right about the circle they move it and if they want to complain to their friends that's fine, but complaining about it in the national press is plain stupid.
I think you might be surprised at the presure some people in lower paid jobs are under.