People earning £60k are not rich?

[Rincewind]

My brother with other partners used to own a hotel and  couple of letting properties as well as the house he lived in and my mums.They were classed as part of the hotel business which I would imagine meant some saving with tax.

When the hotel was sold they worked out a deal which would allow my parents to take over ownership. Another tax break.

My brother is good at researching the best ways to save money.

However I would not say he was rich. The kids have grown up one at Uni. They are comfortable. They have regular holidays socilise go out for meals theatre etc but also are aware of what they are spending and budget accordingly' I also believe they are contributing a big portion of my step dads nursing home fees

[Les-TA-Jon]

Rich is certainly a strong word, with many connotations. 

 

But I challenge anyone that earns 60K or more (almost three times the national average) to say that they're not comfortable, that they really worry about their finances, that their problems (if any) are associated with their finances, that they have no choices or opportunities in life. 

[Larry_LCFC]

 

For me being rich means you can afford a big detached house, private education for the kids, Wife doesn't have to work, nice holidays a couple of times a year, flying business class with the family, new car every year or two, and probably a weekend car in the garage, nice Aston Martin say.  Probably a holiday home in Cornwall, and trust funds set up for the kids.  Half a million or so in investments put aside for a rainy day.  To start from scratch an achieve that you need to be earning hundreds of thousands over an extended period, and probably hefty bonuses as well.  Some would call me a high earner, and I am certainly in the top 5%.  I live in a two bed semi, drive a 12 year old car, haven't had a foreign holiday in 3 years, and aside from my pension I don't have any savings, in fact I have credit card debts.  My wife only works part time at the moment (Maternity leave aside) and I do choose to pay for private school for my daughter.  I am not by any stretch of the imagination rich, and I earn considerably more than £60k a year.  I am fortunate no doubt, but a long way from rich.

But honestly, how can you have credit card debts if you are in the top 5% of earners, drive an old car and live in a small house. And your mrs works aswell? My parents are on combined less than 50k and yet we live a 4 bedroom detached with a 2 year old car? Dont mean that to come across as insulting or anything. Just genuinely interested why youre not sipping cocktails on a warm beach on that wage.

[Jon the Hat]

I live in Surrey. It's expensive. Childcare is expensive. Houses are expensive.

[Smudge]

Income doesn't define wealth, assets do, especially if they are liquid.

[Dr The Singh]

Income doesn't define wealth, assets do, especially if they are liquid.

I agree, but it's a combination of assets, lifestyle choices and income.

 

If I chose to live in a small house, in a average area, send my kids to average schools...I could afford a nice car every 2 years, splash cash on holidays, restaurants and clothing.  But to be rich I would say you need all of the above in excellent standard and still have disposable cash!!   £60K will no where get you that!  £120K would not get you that instantly.

 

Sorry to state the obvious, but people do realise you pay 40% tax on earnings at £60k 

[Phube]

I work in the NHS and there are pay scales: 1, 2, 3, 4, 5, 6, 7, 8a, 8b, 8c, 8d & 9. For all staff except Doctors and Cheif Execs.

Now bear in mind you'd be on a 9 if you were in charge of a Directorate I.e. cancer services, pathology, etc. In charge of hundreds of people with budgets in the hundreds of thousands of pounds. The only bands that are over £60k are 8d & 9.

And as the country's biggest employer, it shows that 60 is a very good wage (in the real non-London world).

But rich... depends, well off and rich are just too hard to describe.

[DennisNedry]

I think I'd manage on 60K.  Although I don't drive, have Sky TV have a wife kids or a mortgage. what would that be a week after tax for a single man? 6K? I'd be able to afford a season ticket in the West Stand but I'd still suffer as much as those in L block.

6k is a big increase from about £120 and I still wouldn't be extravagant. May be able to afford a Wetherspoon meal or a curry every day. But that might have a detrimental affect on my health and constitution so I may be better off as I am skint butknow my limits.

 

Talking about meals out I don't have my dinner in so may go round the corner to a take away chicken place.

I save in the week on meals though can just about manage it. They do meal deals for £2.99 so not bad.

 

So you're unemployed, with no wife/kids and no TV. What do you do all day?

 

^ That sounds like a dig or an insult but it isn't supposed to be

[Rincewind]

I do have a TV don't watch it daytime.

 

I normally go out about lunch time do some shopping come home go on Foxes Talk.

 

On Tuesdays i do Media stuff from 9.30-3pm 2 hours of it paid. Thursdays radio sort of work 12-4pm 3 hours paid (only paid for 5 hours max) Sometimes I go to a writers club on Wednesdays.

 

The rest of the tome I waste.

 

I think I cab say I am retired now. Sounds better than unemployed. Not so down market.

[Smudge]

I agree, but it's a combination of assets, lifestyle choices and income.

 

If I chose to live in a small house, in a average area, send my kids to average schools...I could afford a nice car every 2 years, splash cash on holidays, restaurants and clothing.  But to be rich I would say you need all of the above in excellent standard and still have disposable cash!!   £60K will no where get you that!  £120K would not get you that instantly.

 

Sorry to state the obvious, but people do realise you pay 40% tax on earnings at £60k 

I think we are saying the same thing DTS, wealth is the the result of income and lifestyle choices. It's also a result of what you inherit, if anything.

[Ross-Kemp]

...credit / debit card debts on a 60k+ salary!! Are you kidding... Sort your life out

A lot of famous people (including football managers of teams within the top 2 divisions) have credit cards.

Credit cards actually work better if you're loaded, especially with the extras they bring.

But you obviously don't have the first clue about them.

[Rincewind]

A lot of famous people are rich because they rarely pay for things. Compliments of the house or fans treating them. This is why some find themselves in trouble when out of favour with the public. George Best hardly ever paid for a drink which is why he became what he was. He could not turn an offer down.

I'm not sure where this quote comes from. Sure it's an ex footballer.

 

'Every time I see you, you are in a bar.'

'That is strange because every time I see you, you are also in a bar.'

[MPH]

rich people don't live in semi-detached houses.

Rich people live in big detached houses in areas with other detached houses where neighbourhood noise is not a problem.

Rich people have at least 1 owned property abroad.

Rich people have more than 1 car per head.

I'm NOT rich and I have 4 properties and 3 cars (between my spouse and I).

£60k would mean £1m in about 17 years.

have you seen mark Zuckerbergs home?

Extremely modest.

Although he of course is an exception

[MPH]

As already said.. earning 60k a year for a few years could, if used smartly, set you up well for The future.

[Jon the Hat]

As already said, that depends on where you live.  In Leicester definitely a decent salary.

[The Year Of The Fox]

I'd love to be a pound behind someone earning 60k.

[mrsizzett]

seriously cant believe some of the responses on here, mainly those that do earn over £60k a year but yet are in debt??

 

my circumstances are:

 

am single, no kids

have had a mortgage for 17yrs, only 2 bed semi but still !!

run a 3 yr old car

have no debt other than the mortgage

have a decent savings pot

have never earned more than 16k a year in my life and am currently earning 1p above the minimum wage on a part time basis..........

never claimed any benefits or tax credits

 

so if i can do that...... how come what i class as high earners (25k +)  can't ???

[Dr The Singh]

I think we are saying the same thing DTS, wealth is the the result of income and lifestyle choices. It's also a result of what you inherit, if anything.

Very true, inheritance plays a big part also

[Zingari]

Very true, inheritance plays a big part also

Did you inherit anything big from your dad Doc?

[Dr The Singh]

Did you inherit anything big from your dad Doc?

Nothing mate, i'm first generation immigrant, my parents came here with nothing and to be fair, I will inherit nothing.....not that i'm moaning, i'm perfectly happy as I am!

[Smudge]

Did you inherit anything big from your dad Doc?

 

 

Nothing mate, i'm first generation immigrant, my parents came here with nothing and to be fair, I will inherit nothing.....not that i'm moaning, i'm perfectly happy as I am!

I think he was referring to a non material item.

[Dr The Singh]

I think he was referring to a non material item.

Well in that case, buy me a couple of beers and you can have a look for yourself!!

[Zingari]

I think he was referring to a non material item.

Thank goodness you're around Mr. Smudge 

[Smudge]

A lot of famous people (including football managers of teams within the top 2 divisions) have credit cards.

Credit cards actually work better if you're loaded, especially with the extras they bring.

But you obviously don't have the first clue about them.

Spot on, I don't buy anything with cash or cheque unless there's no alternative.

 

You don't have to be loaded just disciplined and pay off the cards as they are due. I get airline tickets and hotel stays with the cards I have. American Express actually has a catalog of gifts you can reward yourself with

[Smudge]

Well in that case, buy me a couple of beers and you can have a look for yourself!!

I'd be happy to but it was that tinker Zingy who was interested