[Politics] Does earning £50k a year make you 'rich'

[GT49er]

£50K a year? If only! I'd have to pinch myself every minute of the day to make sure I wasn't in dreamland!

 

[beorhthelm]

Yes. Very rich. But I think globally.

on global scale someone on average earnings is rich.

50k is well off, comfortable, you have choices. not rich.

 

[Springal]

£50k means taking home £3k a month. Rent / Mortgage, bills, doing a few things very quickly burns through that.

 

[cunning fergus]

Earning £50k a year puts you in the top 11% of taxpayers in the UK (based on 2015-16 figures which were the latest I could find).

The top 2% earn over £100k.

https://www.gov.uk/government/stati...1-to-99-for-total-income-before-and-after-tax

For the record the top 2% do not get a personal allowance, this creates an income tax/NI band of 60%.

That may be progressive but what it really means is dont take a small pay rise to get to £100k plus, you will pay more tax than thise on £150k.

May be the poll should be; at what salary level should you lose your personal allowance?

 

[Tooting Gull]

It's a good question and also a good figure to select with the £50k - but there is a huge regional difference to this.

If you are earning £50k in Rotherham, and your rent/mortgage is £300-400 a month, and many of your household expenses cost about three times less than they do in London/Sussex/Surrey, then I'd say you are pretty comfortable, rich even.

But if you are the sole earner at £50k before tax so that is your entire household income, you live in the south, and your mortgage is, I don't know, £1,500 plus a month, you have a couple of kids, I can tell you, that is not a figure that is going to see you eating out and enjoying amazing holidays every year.

This is why in jobs where the pay differentials do NOT vary hugely regionally (eg from my own experience friends who are ambulance drivers) they can live a totally different life where they are now in Sheffield to the one they did in Surrey. Completely different.

 

[Is it PotG?]

It's all relative.

A rich man is nothing but a poor man with money - W. C. Fields

 

[Thunder Bolt]

£50K a year? If only! I'd have to pinch myself every minute of the day to make sure I wasn't in dreamland!

This. Our combined income doesn't come to that.

 

[mikeyjh]

It's a good question and also a good figure to select with the £50k - but there is a huge regional difference to this.

If you are earning £50k in Rotherham, and your rent/mortgage is £300-400 a month, and many of your household expenses cost about three times less than they do in London/Sussex/Surrey, then I'd say you are pretty comfortable, rich even.

But if you are the sole earner at £50k before tax so that is your entire household income, you live in the south, and your mortgage is, I don't know, £1,500 plus a month, you have a couple of kids, I can tell you, that is not a figure that is going to see you eating out and enjoying amazing holidays every year.

This is why in jobs where the pay differentials do NOT vary hugely regionally (eg from my own experience friends who are ambulance drivers) they can live a totally different life where they are now in Sheffield to the one they did in Surrey. Completely different.

That's why Brighton and surrounds can be tough for people, not particularly high salaries but super high costs - A survey a few weeks back had Brighton as the UK city with the lowest disposable income, which wasn't terribly surprising.

 

[Tooting Gull]

That's why Brighton and surrounds can be tough for people, not particularly high salaries but super high costs - A survey a few weeks back had Brighton as the UK city with the lowest disposable income, which wasn't terribly surprising.

Doesn't surprise me too much. Something the club should bear in mind when setting matchday ticket prices for those eight-year-old 'Under 18s'...

 

[mikeyjh]

Doesn't surprise me too much. Something the club should bear in mind when setting matchday ticket prices for those eight-year-old 'Under 18s'...

Quite - Paradoxically, I suspect that the demographic of Brighton's fans is right up there as one of the wealthiest set of fans but they absolutely shouldn't forget about the working classes, they're your football bread and butter! Everyone I know who is a regular is definitively middle class....

 

[Geestar]

Yes, plenty of cash and triple minimum wage

Sent from my TA-1020 using Tapatalk

 

[Dr. No]

No.

 

[Charlies Shinpad]

No £50k a year does not make you rich, given that you will pay £13k in tax and NI, which means a net £37k.

Yes some will see £3k a month as making you rich but it doesn't compared to higher earners. If the £50k job is in London you need to then factor in higher commuting costs or higher housing and living costs, which will reduce your disposable income even further.

Tax
NI
Become a Ltd Company
It's the only way forward now I'm afraid

Sent from my EML-L09 using Tapatalk

 

[Tim Over Whelmed]

Tax
NI
Become a Ltd Company
It's the only way forward now I'm afraid

Sent from my EML-L09 using Tapatalk

Think you may find HMRC are on to this and "general expenses!"

 

[worthingseagull123]

I earn over 50k a year and I struggle

 

[Withdean11]

I'd say it make your comfortable, but not rich.

 

[B-right-on]

My brother in law says I'm rich bcs I earn over £50k a year (Just) and i should be taxed more. I work my @rse off every day outside in all weathers, boiling sun, snow, 30mph driven rain etc.. I take 2 weeks off a year and had 3 days sick in 10+ years. Being self employed i can't afford not to.

At 47 he's still living at home, works 10 hrs a week, supported by my MIL and plays hours a day on his X Box etc.

People like that just p1ss me off. Get off your @rse and work. Employed him to help me many years ago. Didn't last long.

And so i should be taxed more to fund his lifestyle? I have a nice house because i earned it, not because it was given to me. I support my own mother, bought her a car, washing machine etc.. when hers broke and she couldn't afford one.

 

[BBassic]

I don't think so.

I'm in the 40-50k bracket and I certainly don't feel rich.

I'm lucky enough to have a mortgage but only because I've lost all of my grandparents. I don't live a life you could even approximate to 'extravagant' and most months I've had to dip into savings to keep on top of everything.

I guess if I stopped having the occasional night out, stopped having the odd takeaway and the like I'd be more comfortable but what's the point of working half your f**king life if you can't throw cash at something every now and then.

 

[B-right-on]

Yes, plenty of cash and triple minimum wage

Sent from my TA-1020 using Tapatalk

Ridiculous statement. Plenty of cash if you don't have kids, mortgage, bills etc...

 

[schmunk]

dont take a small pay rise to get to £100k plus, you will pay more tax than thise on £150k.

This isn't correct.

The loss of personal allowance isn't all at once on hitting £100k, it's lost progressively between £100k and (roughly) £123k. It's always worthwhile earning more!