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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


Seagull27

Seagull27

Well-known member
Feb 7, 2011
3,384
Bristol
keaton said:
If

If you're concerned about your money when you have a grand in savings a month for relatively short time both children are as nursery then you have serious budgeting issues
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Not concerned in the sense that you have to worry about whether you can pay the bills or put food on the table each month. But still needs to be budgeted, and a big expenditure like a car, wedding or new baby (loss of earnings on maternity leave) would wipe out a significant percentage of those savings.

For me, wealthy/well-off is where money just isn't something you ever worry about. I don't think that's the case for a family in that situation. Maybe it would be once the kids have grown up and the mortgage is much less or paid off.
 




FatSuperman

FatSuperman

Well-known member
Feb 25, 2016
2,968
@dwayne You really need to re-word the question to have a scenario in it. As @Gwylan has shown, if you already have a fully paid off 4-bed house in a lovely part of the country, with grown up kids, then £100k is a massive income. If you are Gen Z / Millennial and you have been renting, but proceeded with your life and have kids, then how rich do you feel on £100k if this is your situation:

£100k household income (£75k, £25k)
30 years old
2 kids in early primary school
Currently renting 3 bed in Brighton
Trying to save for 3-bed semi in Brighton
Has £20k deposit saved

I would put it to you that the above couple, whilst earning great money, are going to really struggle to be able to buy a house and achieve what Gwylan has managed, as an example.
 




dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
FatSuperman said:
@dwayne You really need to re-word the question to have a scenario in it. As @Gwylan has shown, if you already have a fully paid off 4-bed house in a lovely part of the country, with grown up kids, then £100k is a massive income. If you are Gen Z / Millennial and you have been renting, but proceeded with your life and have kids, then how rich do you feel on £100k if this is your situation:

£100k household income (£75k, £25k)
30 years old
2 kids in early primary school
Currently renting 3 bed in Brighton
Trying to save for 3-bed semi in Brighton
Has £20k deposit saved

I would put it to you that the above couple, whilst earning great money, are going to really struggle to be able to buy a house and achieve what Gwylan has managed, as an example.
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Yer it's complicated there's loads of scenarios TBF
 


Triggaaar

Triggaaar

Well-known member
Oct 24, 2005
54,861
Goldstone








happypig

happypig

Staring at the rude boys
May 23, 2009
8,425
Eastbourne
£100k ?
If I had half that coming in I'd consider myself "minted". But....

We have a house with no mortgage. We have no debts, loans or subscriptions.
Our grown up, married son has his own place (mortgage, not rent).
We are living comfortably on around £25k a year between us.
 






Triggaaar

Triggaaar

Well-known member
Oct 24, 2005
54,861
Goldstone
dwayne said:
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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Having a family is by far the best thing I've ever done, and your friends regret it because they're trying to keep up with the Joneses. Blimey, your friends are twats.
 






M

martin tyler

Well-known member
Jan 25, 2013
6,044
Is a lot of different factors as always.
£5650 a month take home roughly.
If you have a 2k mortgage, 2k of nursery fees, car and bill at home then for a family of 4 with young kids you can live comfortably as such but you won’t have a massively expansive lifestyle.
As the kids grow up and move out and you pay off your mortgage - that type of salary for 2 without a mortgage gives someone an extremely comfortable living. In addition in time a potential downsize and money in the bank for later years in life.
 




G

Gwylan

Well-known member
Jul 5, 2003
32,029
Uffern
FatSuperman said:
@dwayne You really need to re-word the question to have a scenario in it. As @Gwylan has shown, if you already have a fully paid off 4-bed house in a lovely part of the country, with grown up kids, then £100k is a massive income. If you are Gen Z / Millennial and you have been renting, but proceeded with your life and have kids, then how rich do you feel on £100k if this is your situation:

£100k household income (£75k, £25k)
30 years old
2 kids in early primary school
Currently renting 3 bed in Brighton
Trying to save for 3-bed semi in Brighton
Has £20k deposit saved

I would put it to you that the above couple, whilst earning great money, are going to really struggle to be able to buy a house and achieve what Gwylan has managed, as an example.
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That's very true and I'm fully aware that had some advantages (no student loan for example) but there is one other factor to consider and that's age. I didn't buy my first property until I was 37, I lived in some cheap places until then ... but it did enable me to put together a deposit for the first flat (I also had an enormous stroke of luck that I bought in Balham, what was then a pretty rundown part of London, I wasn't to know that within a few years, property prices would explode).

The second factor is that I didn't have kids until my late 40s, so by the time I moved into a house big enough for kids, I already had a hefty deposit. I think most boomers would have struggled to buy a 3 or 4-bed property, and bring up kids, in their late 20s back in the 80s - unless they had a very healthy salary.

I think people have got the impression that I've been living mortgage free for years - I was still paying it off two and a half years ago (and had a child in full time education). I had a salary that was a lot, lot less than £100k (about a quarter) and was still surviving
 




B

BN41Albion

Well-known member
Oct 1, 2017
7,112
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.
Britains absurd housing market is ruining our prosperity
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I think you need some serious help with managing your finances if you seriously think that!!

Also, housing markets are f***ed in a lot of countries, sadly - its not just here
 


B

BevBHA

Well-known member
Jan 23, 2017
2,714
hans kraay fan club said:
Well, if the £100k is JOINT income from two salaries, and assuming that they each earn exactly half of that (which is unlikley), then there is one individual taking home £35k or less.

If in your scenario, their childcare costs are £1.5 x 2 x 12 = £36k.

The lower earning partner in the household clearly needs to take a career break until at least one of the children starts school.

Instantly they are significantly better off financially, and the kids enjoy some hands on parenting.

Please let me know where to send my invoice.

thanks
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Kids should have the opportunity to go to nursery. It’s great for their development. My young one has come on leaps and bounds since being in nursery, especially in speech.
 


Crawley Dingo

Crawley Dingo

Political thread tourist.
Mar 31, 2022
1,177
The median annual earnings for full-time employees in the United Kingdom was approximately 33,000 British pounds in 2022.

This is a look at me thread.
 


dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
Triggaaar said:
They are. We have a lot of threads here about fine dining and other expensive things. Some are fair enough, but quite a few feel like an opportunity for someone to tell us how well they're doing. One of the main offenders is, unsurprisingly, the OP.
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Where have I talked about my personal circumstances on this thread ?!
 






dwayne

dwayne

Well-known member
Jul 5, 2003
16,743
London
BN41Albion said:
I think you need some serious help with managing your finances if you seriously think that!!

Also, housing markets are f***ed in a lot of countries, sadly - its not just here
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Not my quote . It was the pinned comment in the telegraph (Im not a telegraph fan, before I get abuse)
 


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