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[Finance] Does earning 100k a year make you feel well off these days?

Does earning 100k make you feel well off these days?

  • Total voters
    113


dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
Keep seeing the variation of this question in every broadsheet every bloody week.

Obviously a complex question, depending on outgoings , number of children etc. but what are peoples general feeling. 10 years ago this seemed like a fairly tidy salary, not so much these days.

A pinned comment in the Torygraph pretty much sums it up and explains why gen z just can't be arsed or afford to have kids these days .......

Earn £100k, great. Live in the South East, have two kids in nursery - bang, all your money gone. You’ll be literally scraping by.
Britains absurd housing market is ruining our prosperity.
 






deletebeepbeepbeep

deletebeepbeepbeep

Well-known member
May 12, 2009
22,243
Is that single income or joint? As I assume there would be additional income if both children are going to nursery?

Depends on the house you buy doesn't it? But a 800k+ house in a nice part of Brighton with 2 kids in nursery and assuming your partner isn't earning than yes it would be difficult, buy a smaller house in a modest part of Brighton it would feel more comfortable.

Live in a 2 bed flat and you would be cash rich but your flat would feel cramped and look like a bombsite so probably won't feel that well off even so.

If the partner is also earning 30-50k that obviously makes a big difference.

In answer to your question: Maybe.
 




Frutos

Frutos

.
Helpful Moderator
NSC Patron
May 3, 2006
36,565
Northumberland
Depends where you live - up here you'd be pretty comfortable to say the least on 100k.

Down there, probably not so much.
 




M

Milano

Well-known member
Aug 15, 2012
4,274
Sussex but not by the sea
The biggest issue facing new families is the fact that the Mum has to work in today's society, forcing pre-school nursery. Fine if both parents are earning good money but that is not the norm.
Women being brainwashed that they should be the same as men (because this is in some way 'better') is slowly destroying western culture. I'm not talking about rights, I'm talking about behaviour.

£100k a year is great if your mortgage is paid off and the kids are grown up, less so if that's not the case. People over committing on mortgages is another 'trap'.
 


G

Gwylan

Well-known member
Jul 5, 2003
32,029
Uffern
Blimey, I'm earning a lot less than that and struggle to find things to spend money on. £100k, I'd consider as almost Croesus levels of wealth

What else do I need? I live in a nice 4-bed house in Brighton, a few hundred metres from the edge of the South Downs National Park. I don't have to worry about heating bills or having enough to eat. I go to the Albion, the theatre or concerts a couple times a month. Why would I want anything more?

EDIT: I should add that my mortgage is paid off and the kids are grown up but even when that wasn't the case, we weren't struggling - although the concerts and theatre went out of the window!
 


dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
Gwylan said:
Blimey, I'm earning a lot less than that and struggle to find things to spend money on. £100k, I'd consider as almost Croesus levels of wealth

What else do I need? I live in a nice 4-bed house, a few hundred metres from the edge of the South Downs National Park. I don't have to worry about heating bills or having enough to eat. I go to the Albion, the theatre or concerts a couple times a month. Why would I want anything more?
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I'm guessing your mortgage is paid off !!

NSC is boomer central , I imagine this thread is not going to resonate.
 






Westdene Seagull

Westdene Seagull

aka Cap'n Carl Firecrotch
NSC Patron
Oct 27, 2003
21,751
The arse end of Hangleton
dwayne said:
Earn £100k, great. Live in the South East, have two kids in nursery - bang, all your money gone. You’ll be literally scraping by.
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Please tell me you're joking ? "scraping by" on ONE HUNDRED THOUSAND pounds ?? Doesn't matter if it's a single income or a household income, if you can't live off that as a family then you need some financial planning help.
 






Seagull27

Seagull27

Well-known member
Feb 7, 2011
3,384
Bristol
Gwylan said:
Blimey, I'm earning a lot less than that and struggle to find things to spend money on. £100k, I'd consider as almost Croesus levels of wealth

What else do I need? I live in a nice 4-bed house in Brighton, a few hundred metres from the edge of the South Downs National Park. I don't have to worry about heating bills or having enough to eat. I go to the Albion, the theatre or concerts a couple times a month. Why would I want anything more?

EDIT: I should add that my mortgage is paid off and the kids are grown up but even when that wasn't the case, we weren't struggling - although the concerts and theatre went out of the window!
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And there's the difference. If you had a mortgage of £1500+ a month (for borrowing around £300k) and two kids at nursery at £1000+ a month per child for 4 or 5 days, as per the question in the OP, you might feel differently!

Edit - still wouldn't expect someone to be struggling as such, but it's certainly not wealthy these days for a household income
 




H

Hotchilidog

Well-known member
Jan 24, 2009
9,373
Dwayne is right to point out the absurdity of the property market in the London and the South East, Brighton in particular. It is without doubt the main pressure on people, whether they are lumbered with a huge mortgage or forced into excessive rents as they cannot afford to get on the property ladder.

I'd add utilities to those pressures now as the standing charges for energy and water are now getting ridiculous before you have even turned on a light or a tap.
 




dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
Westdene Seagull said:
Please tell me you're joking ? "scraping by" on ONE HUNDRED THOUSAND pounds ?? Doesn't matter if it's a single income or a household income, if you can't live off that as a family then you need some financial planning help.
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In London nursery fees are £1500 a month aren't they ? 2 kids - 3k. Average mortgage 2.5k .... Other bills and outgoings 1k. Salary gone if one earner !
 


M

Mellor 3 Ward 4

Well-known member
Jul 27, 2004
10,445
saaf of the water
Depends.

If that's joint income, you have a couple of children requiring childcare, a £300k mortgage and two cars to run, still commute 5 days a week to London, then no.

If that's a single income, paid off mortgage, children off the books, then yes
 




Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
64,139
The Fatherland
dwayne said:
In London nursery fees are £1500 a month aren't they ? 2 kids - 3k. Average mortgage 2.5k .... Other bills and outgoings 1k. Salary gone if one earner !
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The moral of the story is dont have kids :lolol:

An often over looked fact is that being childless also gives you plenty of co2 emmission credit! Save money, save the planet!
 




dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
Herr Tubthumper said:
The moral of the story is dont have kids :lolol:

An often over looked fact is that being childless also gives you plenty of co2 emmission credit! Save money, save the planet!
Click to expand...
Yep that's where I'm at. Lots of nieces and nephews but don't feel the need to have a family, perfectly happy with just me and the Mrs. Nice long sleeps at night and no money troubles.

Gen z is swaying this way as well. And a lot of my mates who regret having a family and are broke every month (despite earning big bucks) after trying to keep up with the Joneses and the unattainable insta dream life !
 




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