Advice - what to do with a £10k pay rise

elephantrosie

you mean you only saved 3k a year? or a month?

Fatbritabroad

I think unless you're going for early retirement extreme a happy balance is best. I've always split it 1/3 1/3 1/3. Save an extra third in your pension 1/3 in savings and 1/3 to increase you're lifestyle so you can 'reward' yourself without feeling too guilty. You're a long time dead. Also peoples perceptions of what 'wasting money' means will vary. I'm not really I to buying clothes and possessions but I love holidays and eating in nice restaurants. Some people will say it's a waste but I like spending on experiences.

bigadaj

justme111 wrote: »

Of course I am not saying doctors are paid the same as cleaners.
Of course sky is the limit. By "top" I meant top range , not the absolute maximum one can possibly get being a doctor. The absolute maximum is irrrelevant anyway.
Bigadage written that an AVERAGE income was high 5 low six numbers which I objected to. I agree it is off topic , I could not let the repetition of a popular tale being unchallenged.

I maintain my figures are correct.

You appear to be saying that an average salary just applies to someone in their twenties, doctors careers are a little longer than that.

Salaried GPs will typically be on high five figures, partners typically into six figures.

Consultants, so those typically from mid thirties up, are in a similar range.

I'm not expressing an opinion whether those salaries are high or appropriate, it's just in any profession it takes years to qualify, and average or typical salaries generally aren't quoted for those still being trained.

elephantrosie

Fatbritabroad- agreed! Do what you like however you define lifestyle upgrading. I on the other hand am into buying possessions lol. I do not want to do things I do not like to please others!

justme111

bigadaj wrote: »

I maintain my figures are correct.

You appear to be saying that an average salary just applies to someone in their twenties, doctors careers are a little longer than that.

Salaried GPs will typically be on high five figures, partners typically into six figures.

Consultants, so those typically from mid thirties up, are in a similar range.

I'm not expressing an opinion whether those salaries are high or appropriate, it's just in any profession it takes years to qualify, and average or typical salaries generally aren't quoted for those still being trained.

I think the misunderstending arises from you thinking that all doctors become either consultants or GPs. There are not enough consultant posts for all "junior" doctors to become one and not enough GP training posts and many specialities are not designed to progress to GPs. So registrar becomes a final destination. It is as if you said that average wage of a factory worker is the one paid to a manager because thay are supposed to progress to one.

Malthusian

justme111 wrote: »

It is as if you said that average wage of a factory worker is the one paid to a manager because thay are supposed to progress to one.

It's an equivalent error to conflate the "average wage of a registrar" (or junior doctor) with the "average wage of a doctor".

If we have a small hospital with three registrars / junior doctors on 30k, two consultants on 60k and one clinical director on 120k, the average wage of a doctor at that hospital is £55k. "But only one of them can be the clinical director" you say. Yes, that's why his wage counts only 1/6th to the average while the salary for a registrar counts 3/6ths. But it still counts.

The average wage at that factory would include the managing director. The average wage of a "factory worker" (which would be commonly understood to mean the production line staff) would not.

There are a small number of doctors who earn millions in private practice from very rich clients; they may be a very small minority which is why they only contribute (a few hundred ÷ 200,000) to the average pay for a doctor but it still counts.

elephantrosie

guys, lets stop this debate.

bigadaj

elephantrosie wrote: »

guys, lets stop this debate.

Why, do you have a specific point?

I'd be interested to see a reference for the relative numbers of doctors at different levels, the U.K. Has totally failed to invest in training of doctors and we seem to import huge numbers.

I've come across a number of salaried GPs, whose salary seems to be in the £60-70k range, typically late thirties up to early fifties.

The_Real_Cheddar_Bob

bigadaj wrote: »

Why, do you have a specific point?

I'd be interested to see a reference for the relative numbers of doctors at different levels, the U.K. Has totally failed to invest in training of doctors and we seem to import huge numbers.

I've come across a number of salaried GPs, whose salary seems to be in the £60-70k range, typically late thirties up to early fifties.

perhaps its worthy of its own thread. :money:



Thanks to all who have contributed. I have decided to increase my contributions to the S&S isa i have to £900/month. For now this will buy me time (no pun meant) to think carefully about my choices.


To respond to the post regarding self control and the purpose of the post, I probably get carried away too easily. I am easily sold to and the consequence of this means i can get sucked into buying things that i believe i want for those few minutes.

The fact i started this topic has helped, ive received my first increased wage packet. I've bought a few things and have wiped the months worth of increase out in a weekend on things i needed in the house.

So ive contacted my IFA and the increase to my S&S isa goes in on pay day next month.

Thanks all

pennystretcher

This is what I would do if I was in your shoes:
1. Overpay mortgage (as much as you can without penalties)
2. Top up pension contributions
3. Build up savings
..and only after that: 4. Get a wee treat for yourself