How Much Do You Earn? #2

[Sabbie]

If I may give some advice, he should make sure he is contributing as much as he can to his pension (maxing his employer match if that's how his scheme operates - it's tempting in London to prioritise saving for a house which is not a bad approach but those early contributions will really grow), he should also try to avoid lifestyle creep as his salary grows. The City lifestyle isn't for everyone for life and so making the most of your earning power while you can to build your pension pot and save for a house is so important as it really will pay dividends later.

This advice. Ten times over! My brother left school at 16 and went into a city finance junior job. Worked 12 hour days until he was 40 and went freelance pulling in $250k+ a year plus silly big bonuses from companies he did projects for. Never spent money on anything. Pocketed it all away into pensions, investments, and housing. He retired at 50 and has plenty behind him for a very comfortable retirement traveling (pre covid, obvs.), an apartment by the Thames, and a duck off house in the country. Not jealous. He earned every bit of it. hole.

 

[Sabbie]

I could not edit that I mean £250K not $250k!

 

[DuckDuck]

Not enough .. tit job , tit pay , I’ve only myself to blame
Regrets , yeah I have one, it would have been tit pay ( minimum wage ) but in a field I’m passionate about.
however to pay the mortgage, I’m on literally £9 and a few pence an hour in an industry I despise
I also have a side job which pays ok, BUT I do earn my money there , but it’s not something I could do full time , I pick and choose when i do it , but it’s hard work mentally

Mr Duck is on a decent pay on paper , but for his job ( he’s managing a few different departments) he doesn’t get nowhere near enough.
He’s on about 32k a year , which sounds good , but what he does isn’t no where near what he should be on .
combined we're looking about 40 k a year , we can afford things , but we are zone 6 so I do watch the pennies to a point
Saying that , I’m the frivolous one and do sling stuff in the trolley without looking at prices, yesterday was £101 in Tesco and the only food item was MILK
Whereas Mr Duck , who earns the money , seeks out better deals almost weekly with , gas , electric, broadband, sky / virgin

 

[Homebird44]

Not enough .. tit job , tit pay , I’ve only myself to blame
Regrets , yeah I have one, it would have been tit pay ( minimum wage ) but in a field I’m passionate about.
however to pay the mortgage, I’m on literally £9 and a few pence an hour in an industry I despise
I also have a side job which pays ok, BUT I do earn my money there , but it’s not something I could do full time , I pick and choose when i do it , but it’s hard work mentally

Mr Duck is on a decent pay on paper , but for his job ( he’s managing a few different departments) he doesn’t get nowhere near enough.
He’s on about 32k a year , which sounds good , but what he does isn’t no where near what he should be on .
combined we're looking about 40 k a year , we can afford things , but we are zone 6 so I do watch the pennies to a point
Saying that , I’m the frivolous one and do sling stuff in the trolley without looking at prices, yesterday was £101 in Tesco and the only food item was MILK
Whereas Mr Duck , who earns the money , seeks out better deals almost weekly with , gas , electric, broadband, sky / virgin

My husband is the main earner too. He gets 55K a year. He's maintenance manager and works long hours and commutes into London. I'm on 21K which isn't great but it does fit the job. We live in Herts and the mortgage is £1200 a month. We can pay the bills but there isn't much left. We drive an old car and haven't had a holiday for years. I do appreciate what we do have as we have been so much worse off.

 

[tagliatelle]

Son's just been accepted on to a grad scheme with a global bank and will be starting on a salary of £40k +£5k starting bonus ( aged 22!) he's got a 2:1 BSc in Geography and Environmental Science ....I have 30+ yrs nursing experience and don't get paid that much

On the advice front, if he works from home for even one day in the tax year make sure he claims his wfh tax rebate. But, yeah, pension, pension, pension. I think you also said further down he’s got a Help to Buy ISA? He should consider converting it to a LISA - the maximum purchase price is much more generous.

 

[Megansnarkle]

On the advice front, if he works from home for even one day in the tax year make sure he claims his wfh tax rebate. But, yeah, pension, pension, pension. I think you also said further down he’s got a Help to Buy ISA? He should consider converting it to a LISA - the maximum purchase price is much more generous.

The downside with the LISA is the £450k limit and penalty for withdrawing not for a house or your pension. I know most people outside London will be buying under that limit but if you start in a profession where salaries grow quickly and particularly if you meet someone else in the same line of work then it's entirely feasible you could end up buying a first house for more than that. Help to Buy ISAs generally have better interest rates than many savings accounts, are tax free and you can withdraw the money for whatever you want. So even if you don't get the bonus I can see the advantages in some circumstances.

 

[xx3221]

I'm a full time student and work two days a week / 18 hours.

My base pay is around £810 a month but I do a lot of overtime and end up with around £1700 a month (I don't get taxed yet).
The job is right next to home, a really chilled work environment with friendly people where I can sit on my phone for the majority of the day so I don't have much complain about. I have no outgoings other than my phone bill as everything else is paid for by my parents.

 

[JOHN1967]

I'm a full time student and work two days a week / 18 hours.

My base pay is around £810 a month but I do a lot of overtime and end up with around £1700 a month (I don't get taxed yet).
The job is right next to home, a really chilled work environment with friendly people where I can sit on my phone for the majority of the day so I don't have much complain about. I have no outgoings other than my phone bill as everything else is paid for by my parents.

Enjoy it while you can, things can't be much better can they.

 

[chanel opi]

I don’t know every time it varies but it’s not uncommon if I had made £10K in one month.
I’m a $trippa

 

[JOHN1967]

I don’t know every time it varies but it’s not uncommon if I had made £10K in one month.
I’m a $trippa

Are you taxed on that, or is it cash in hand (or other places)

 

[HoGi]

I'm a full time student and work two days a week / 18 hours.

My base pay is around £810 a month but I do a lot of overtime and end up with around £1700 a month (I don't get taxed yet).
The job is right next to home, a really chilled work environment with friendly people where I can sit on my phone for the majority of the day so I don't have much complain about. I have no outgoings other than my phone bill as everything else is paid for by my parents.

That doesn't seem right. If you're earning over £1048 a month you should be paying tax.

Unless you just started working part way through this tax year and haven't earned before.

 

[rubicon]

It’a a strategic HR role, so I partner with senior leaders to shape their people strategy. I also manage high risk ER cases, so I deal a lot in employment law to prevent us from being taken to/losing tribunal cases.

I know someone with that job title .. would you say that’s typical pay for a private sector company in that role? Or is that pay at the higher end eg huge company as opposed to medium sized company..

Are you taxed on that, or is it cash in hand (or other places)

Most of the people I know who’ve done this type of work are of course taxed as the rest of us (provided they’re declaring it) .. some don’t declare but it’s then much more difficult to rent or get mortgages/finance etc etc.

I used to know someone who even registered with HMRC as ‘entertainer’ and paid tax/NI etc. Taxman doesn’t really care what you do as long as it’s legal and you’re paying what you owe

 

[User111995]

I know someone with that job title .. would you say that’s typical pay for a private sector company in that role? Or is that pay at the higher end eg huge company as opposed to medium sized company..

I work for a big private London company and I’m still fairly junior in my role, my more experienced peers are on £75k+

I don’t live in London but my pay is typical of an experienced HR Business Partner near where I live

 

[YahBasic]

My salary is 62,000 but I’m 0.8 FTE so on just shy of 50k.

I put 5% (employer 10%) into pension & I’ll increase to 10% at the end of the year when my student loan is paid off.

Husband is on 80k.

I can’t see me ever going back to working 5 days. I got a new job while on maternity leave which has more than covered childcare costs, I think it was a 25k increase in total.

 

[missbct]

I’m a content writer, on 40k remote and wfh. Due to go up to 55k within 5 years. No debts small mortgage and live with my 5 year old (am single)

 

[Homebird44]

I'm a full time student and work two days a week / 18 hours.

My base pay is around £810 a month but I do a lot of overtime and end up with around £1700 a month (I don't get taxed yet).
The job is right next to home, a really chilled work environment with friendly people where I can sit on my phone for the majority of the day so I don't have much complain about. I have no outgoings other than my phone bill as everything else is paid for by my parents.

Are your parents not charging you rent? My eldest starts his new job in a few weeks and I've ready emailed him the invoice.

 

[xx3221]

Are your parents not charging you rent? My eldest starts his new job in a few weeks and I've ready emailed him the invoice.

Nope. My dad pays for everything and we aren’t expected to contribute towards bills etc. Very fortunate!

 

[Homebird44]

Nope. My dad pays for everything and we aren’t expected to contribute towards bills etc. Very fortunate!

Our opinions on this are a mile apart so I'm going to leave it there.

 

[xx3221]

Our opinions on this are a mile apart so I'm going to leave it there.

Dad that grew up with nothing that wanted to give his children everything and there is nothing wrong with that.
I will do the same for my children for as long as I need to or can. I often get this exact reaction but I would like you to know there isn’t a single thing wrong with it. I still choose to work and invest my money correctly though I do not need to.

 

[Homebird44]

Dad that grew up with nothing that wanted to give his children everything and there is nothing wrong with that.
I will do the same for my children for as long as I need to or can. I often get this exact reaction but I would like you to know there isn’t a single thing wrong with it. I still choose to work and invest my money correctly though I do not need to.

Your dad makes the rules. Nothing in life is free and I greatly believe you need to pay your own way in life. All families bring up their children how they see fit.