The People's Hero Posted 25 September 2013 Posted 25 September 2013 60k def not rich. Definitely Anyone who thinks otherwise is thinking in terms of how many bags of economy crisps one could buy.
The People's Hero Posted 25 September 2013 Posted 25 September 2013 I like how car, phone, private healthcare are mentioned like these things ( perhaps with the exception of car depending on role) are massive luxuries. I don't earn anywhere near 60k and get all of those things. I think some of you have a warped perception.
Guest ttfn Posted 25 September 2013 Posted 25 September 2013 I'm doing my final ACA exams in Nov. They are an absolute killer. Can honestly say I have never faced anything so difficult in my life! Have worked in practice now for 6 years but looking to go into a FC role after Xmas providing I pass these. Statistically ACA's earn on average 93k if I get anywhere near that I'll be delighted. There are a many cushy jobs in industry with much bigger pay I qualified 2 years ago and have to say I found the Technical Integration ones (the penultimate 2) to be just ridiculously hard. The Case Study less so, as long as you can concentrate for 4 hours you should be fine. As others have said, you're expected to deliver for your money but even if you've got no ambition it should mean that you're set to earn £50k-plus for the rest of your life. Still, as we've long established £50k only gets you so far - comfortable but in most circumstances by no means rich.
Rincewind Posted 25 September 2013 Posted 25 September 2013 Wow wat da fuk, I missed a 'k' off, totally invalidates the rest of the post. Sorry guys We knew what you meant. £50k is double the amount which is deemed a living income. If it is after tax then depending on family ties you could save in a high interest account and use the interest for extras. After tax, still better than most but if not too extravagant you should be comfortable. If on a joint income be way of those £35pm mobile contracts for all the family, Sky Sports, Film, Dysney Channel subscriptions because if you lose one income you will notice the difference. I sincerely hope it doesn't happen to any of you.
Ric Flair Posted 25 September 2013 Posted 25 September 2013 I'm doing my final ACA exams in Nov. They are an absolute killer. Can honestly say I have never faced anything so difficult in my life! Have worked in practice now for 6 years but looking to go into a FC role after Xmas providing I pass these. Statistically ACA's earn on average 93k if I get anywhere near that I'll be delighted. There are a many cushy jobs in industry with much bigger pay Well done pal! You must have properly got your nut down the last few years, I think in that time i've passed about 2 exams. Haha
Tommy G Posted 25 September 2013 Posted 25 September 2013 I qualified 2 years ago and have to say I found the Technical Integration ones (the penultimate 2) to be just ridiculously hard. The Case Study less so, as long as you can concentrate for 4 hours you should be fine. As others have said, you're expected to deliver for your money but even if you've got no ambition it should mean that you're set to earn £50k-plus for the rest of your life. Still, as we've long established £50k only gets you so far - comfortable but in most circumstances by no means rich. The case study I'm finding a bit like business strategy - as long as you write and write you should be ok, got mid 70s in that exam and much better with the words than the numbers in that sense! the TI papers are a a different kettle of fish. the advanced tax stuff I will never really use unless I want to become a tax partner which I definitely dont. I think i totted up all the study manuals and it came to over 3000 pages of reading and learning. All whilst working 40hrs a week. Well done pal! You must have properly got your nut down the last few years, I think in that time i've passed about 2 exams. Haha Did AAT in that time aswell! AAT is a piece of piss but a very good foundation and a bridging gap between A Levels / Degree into a professional qualification. Should be fully finished by the time I'm 25 and I'll be glad of it tbh fed up of exams. Good luck with CIMA - my old boss had that qualification
Ric Flair Posted 25 September 2013 Posted 25 September 2013 The case study I'm finding a bit like business strategy - as long as you write and write you should be ok, got mid 70s in that exam and much better with the words than the numbers in that sense! the TI papers are a a different kettle of fish. the advanced tax stuff I will never really use unless I want to become a tax partner which I definitely dont. I think i totted up all the study manuals and it came to over 3000 pages of reading and learning. All whilst working 40hrs a week. Did AAT in that time aswell! AAT is a piece of piss but a very good foundation and a bridging gap between A Levels / Degree into a professional qualification. Should be fully finished by the time I'm 25 and I'll be glad of it tbh fed up of exams. Good luck with CIMA - my old boss had that qualification That's some going that is, I regret not starting a few years earlier but then again it's proving just as hard to negotiate whilst working even when a little maturer. Just turned 30, my aim is to have it all done and dusted by 2016. Big effort but need a target.
Dan Posted 25 September 2013 Posted 25 September 2013 Indeed. But a baby on the way in 9 weeks so that'll probably invalidate anything in my previous comment! Here's a little parable about wealth: An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them. The Mexican replied, "only a little while." The American then asked why didn't he stay out longer and catch more fish? The Mexican said he had enough to support his family's immediate needs. The American then asked, "but what do you do with the rest of your time?" The Mexican fisherman said, "I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life." The American scoffed, "I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise." The Mexican fisherman asked, "But, how long will this all take?" To which the American replied, "15 - 20 years." "But what then?" Asked the Mexican. The American laughed and said, "That's the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!" "Millions - then what?" The American said, "Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos." This is fantastic I completely agree with that as well.
surrifox Posted 25 September 2013 Posted 25 September 2013 I'm FCA. Qualified back in the 80s . I must say that the finals papers I was shown recently are unbelievably difficult compared with back in the day . That has to be balanced against the vastly superior education delivery available now compared with 2 weeks study leave per set of finals and a correspondence course !
Rusko187 Posted 25 September 2013 Posted 25 September 2013 ...credit / debit card debts on a 60k+ salary!! Are you kidding... Sort your life out With correct management neither of them are bad debt... if I use my credit card (which I do for work expenses) I get Tesco clubcard points which in turn gets me free vouchers, just for using that card to pay my fuel and hotel expenses. Neither is purchasing items on Direct Debits, for example even if you could afford to buy outright a season ticket you can get one on Direct Debit with no interest meaning you could stick your £300-£500 in a savings account and at least let it earn some interest and also creates some financial stability. Plus using credit cards and direct debits if you can pay them back will increase your credit scoring and will result in people more willing to lend to you.
danny. Posted 25 September 2013 Posted 25 September 2013 With correct management neither of them are bad debt... if I use my credit card (which I do for work expenses) I get Tesco clubcard points which in turn gets me free vouchers, just for using that card to pay my fuel and hotel expenses. Neither is purchasing items on Direct Debits, for example even if you could afford to buy outright a season ticket you can get one on Direct Debit with no interest meaning you could stick your £300-£500 in a savings account and at least let it earn some interest and also creates some financial stability. Plus using credit cards and direct debits if you can pay them back will increase your credit scoring and will result in people more willing to lend to you. Exactly - and cashback/points credit cards are brilliant, I get a few £100 a year from mine
Monk Posted 26 September 2013 Posted 26 September 2013 I know slightly off topic, but I use a BA premium plus AMEX for all of my monthly expenses, and then just pay it off at the end of every month in full. Earns me a buy one get one free voucher every year plus loads of airmiles. Well worth it.
DanTheMan Posted 26 September 2013 Posted 26 September 2013 I'd just like to throw my 2p into this debate regarding Les-TA-Jon's example family and his points of view... Firstly, I am Les-TA-Jon's brother, so I can say for certain that his example of a 60-80k with all the things/holidays he mentioned is 100% accurate. Contrary to some peoples' opinions on here of "That's unrealistic" or "Yeah, all that OR KIDS!", his in-laws in fact have that, plus mortgage, and two kids. In any case, it's not really a specific example of someone/a family earning the magical £60k that matters. I completely agree that being "rich" or "well off" is more about having a level of total income that affords you the choice to be able to go on multiple holidays per year, or run two cars, or remodel part of your house etc. Low levels of disposable income has does not mean you're not rich or well off, or however you choose to define it. Anybody/any household earning 60k is earning 2.3x the median household income in the UK, and 1.66x the average household income, they are bound to have less of the spending choices dictated by "necessary spending" and more of those choices will be discretionary.
Jon the Hat Posted 26 September 2013 Posted 26 September 2013 I'd just like to throw my 2p into this debate regarding Les-TA-Jon's example family and his points of view... Firstly, I am Les-TA-Jon's brother, so I can say for certain that his example of a 60-80k with all the things/holidays he mentioned is 100% accurate. Contrary to some peoples' opinions on here of "That's unrealistic" or "Yeah, all that OR KIDS!", his in-laws in fact have that, plus mortgage, and two kids. In any case, it's not really a specific example of someone/a family earning the magical £60k that matters. I completely agree that being "rich" or "well off" is more about having a level of total income that affords you the choice to be able to go on multiple holidays per year, or run two cars, or remodel part of your house etc. Low levels of disposable income has does not mean you're not rich or well off, or however you choose to define it. Anybody/any household earning 60k is earning 2.3x the median household income in the UK, and 1.66x the average household income, they are bound to have less of the spending choices dictated by "necessary spending" and more of those choices will be discretionary. Are those stats before or after tax and benefits though?
BoneDog Posted 26 September 2013 Posted 26 September 2013 I'm still of the opinion that anybody who earns over £1000 a week is rich. If those people went back to having an average job that paid £300 a week they'd soon blummin realise it too!
Rincewind Posted 26 September 2013 Posted 26 September 2013 It was hell of a wake up call £250 to £71. Granted I got HB and CT but that still never made up the difference. It would be similar £1000 to £300. maybe worse because there could be contracts for Sky TV mobile phones HP cars etc which sometimes you cannot cancel without a charge. You would have to be careful if your income went the other way. £300 to £1000 would seem like winning the lottery. But after the initial splashing out you'd be faced with an increased DD bill. At least being skint makes it harder to overspend.
MooseBreath Posted 26 September 2013 Posted 26 September 2013 It was hell of a wake up call £250 to £71. Granted I got HB and CT but that still never made up the difference. Thats just awful. The tax payers could have at least given you as much free money for sitting around on your arse all day as you got for working full time, the selfish bastards.
Mike Oxlong Posted 26 September 2013 Posted 26 September 2013 It was hell of a wake up call £250 to £71. Granted I got HB and CT but that still never made up the difference. It would be similar £1000 to £300. maybe worse because there could be contracts for Sky TV mobile phones HP cars etc which sometimes you cannot cancel without a charge. You would have to be careful if your income went the other way. £300 to £1000 would seem like winning the lottery. But after the initial splashing out you'd be faced with an increased DD bill. At least being skint makes it harder to overspend. Need to change your MO ASAP.
Rincewind Posted 26 September 2013 Posted 26 September 2013 Need to change your MO ASAP. Just saying as I see it. 25k to 30k earners are struggling now
Guest MattP Posted 26 September 2013 Posted 26 September 2013 Just saying as I see it. 25k to 30k earners are struggling now Go on....
Jon the Hat Posted 27 September 2013 Posted 27 September 2013 It was hell of a wake up call £250 to £71. Granted I got HB and CT but that still never made up the difference. It would be similar £1000 to £300. maybe worse because there could be contracts for Sky TV mobile phones HP cars etc which sometimes you cannot cancel without a charge. You would have to be careful if your income went the other way. £300 to £1000 would seem like winning the lottery. But after the initial splashing out you'd be faced with an increased DD bill. At least being skint makes it harder to overspend. It wasn't £250 to £71 then was it? How many other benefits did you get?
Rincewind Posted 27 September 2013 Posted 27 September 2013 Didn't get any on 250 and HB and CT never amounted to 250. You cannot claim for heating clothing food and other essentials I have no dependents so my living income was deemed at 90 before I would have to pay towards CT/HB. Now you have to pay towards that anyway so I would not fancy having to survive on it now considering how fuel prices and other things how rising. I did say Granted I got HB and CT but that still never made up the difference
Bryn Posted 27 September 2013 Posted 27 September 2013 How does any of this shitehawkery change the fact that £60k a year isn't ****ing rich?
mrsizzett Posted 29 September 2013 Posted 29 September 2013 Over £25k high earners !!!!!! yes...... if you read my post you would see that i have NEVER earned higher than £16k, so to me £25k is high earner obviously depends what area of the country you live in,but i have always lived in Leicestershire
Rincewind Posted 29 September 2013 Posted 29 September 2013 I don't think I've ever earned more than around 16k maybe less over a year. 1200pm? Never inquired about TC or benefits because I never thought wage earners got them plus I was single and male. Could have missed out on hundreds. So what I get now I could have got all my life.
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