How much per annum?

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Tuercas viejas

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With all these forums threads about local authority fees I asked by eldest son recently who lives in Twickenham, what is a "ideal target compensation figure" or reasonable wage/salary to earn in the UK & live comfortably.
This was also mentioned by a young Russian female on TV recently, who had driven back to Russia to visit family. She stated a figure in three digits.
What do you guys consider as "Quote " comfortable?
Tuercas viejas
 
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The issue with 'comfortable' is that to many people it means 'Keeping up with the Joneses'.

Most people will feel 'comfortable' if they are not left-behind compared to their peers, in this case their neighbours.

Definitely if you live in an area where everyone drives nice cars, tell you in the lift about the fantastic Michelin star restaurant they like to frequent in Mayfair, the long holidays they take in the house with the little vineyard that they keep in the South of France, then you might feel awkward if you drive a 52 plate Fiesta, eat mostly at McDonald's, and book your holidays with TUI.

In contrast, some of the country's happiest folk live in small villages and rural communities, make do with little material goods, and leave happily on small incomes.

So what's 'comfortable'?
 
With all these forums threads about local authority fees I asked by eldest son recently who lives in Twickenham, what is a "ideal target compensation figure" or reasonable wage/salary to earn in the UK & live comfortably.
This was also mentioned by a young Russian female on TV recently, who had driven back to Russia to visit family. She stated a figure in three digits.
What do you guys consider as "Quote " comfortable?

There's not a simple answer.

It all depends on lifestyle and location and your stage in life.

So somebody looking to cover a new mortgage on a small house in a reasonable area in the Greater London area might find themsleves having to cover £2500 to £3000 per month - so gross salary required to cover that is around £60K up - and as you're in the 40% bracket for everything you earn over that then another £1500 per month would add £30K gross. So £90K to not feel rich.

OTOH at vthe other end of the scale if you're living with your mum and dad then you don't consume that £65K base level just for accommodation.

And outside London you mortgages and rent are a lot lower.

The underlying effect is not just on salaries but accommodation. Those earning lower levels in the SE of England and London are more likely to rent shared accommodation (ie just a room) and those further away are more likely to rent a whole apartment.
 
There's not a simple answer.

It all depends on lifestyle and location and your stage in life.

So somebody looking to cover a new mortgage on a small house in a reasonable area in the Greater London area might find themsleves having to cover £2500 to £3000 per month - so gross salary required to cover that is around £60K up - and as you're in the 40% bracket for everything you earn over that then another £1500 per month would add £30K gross. So £90K to not feel rich.

OTOH at vthe other end of the scale if you're living with your mum and dad then you don't consume that £65K base level just for accommodation.

And outside London you mortgages and rent are a lot lower.

The underlying effect is not just on salaries but accommodation. Those earning lower levels in the SE of England and London are more likely to rent shared accommodation (ie just a room) and those further away are more likely to rent a whole apartment.

Yes, well the Russian gal interviewed on US TV stated that 100,000 quid per annum with the tax rate being what it is, is just enough to get by on in London , especially when trying to buy a modest house .
This grew the attention of a group of my son & his friends all US /Canadian citizens living/working in London but visiting Colorado for a wedding.
They indicate about the same saying 90,000 would be the bare minimum for London area and had a huge laugh at the property buying Gov stamp duty.
Tuercas viejas
 
With all these forums threads about local authority fees I asked by eldest son recently who lives in Twickenham, what is a "ideal target compensation figure" or reasonable wage/salary to earn in the UK & live comfortably.
This was also mentioned by a young Russian female on TV recently, who had driven back to Russia to visit family. She stated a figure in three digits.
What do you guys consider as "Quote " comfortable?
Tuercas viejas
@Tuercas viejas I don't think that question can be answered with one figure for the UK, just like one figure wouldn't be applicable to the whole of the USA. It principally depends upon where you live and your lifestyle.

London in particular has a lot of expats/business people who have temporarily relocated, and they often choose to live in some of the wealthiest parts of London close-ish to the centre, hence they come up with annual income of £100k and upwards, when asked about an income that enables a comfortable lifestyle. I would consider those people to be part of the "elite" and not representive of the large majority of working people in the UK.

About 10 years ago, I met a young man (late 20s) in London who had only ever worked in finance and he made a statement like, "I don't know how anyone can survive in London on less than £150k salary" - Well people across the UK not only survive but live comfortably on far less. He's one of those "elite" who lives in a bubble.

Just like those friends I know in the USA who earn $250k and upwards, and are living in places like Manhattan, NY or Palo Alto, CA and don't consider their lifestyles to be comfortable because so much of their income goes towards the rather expensive housing in those locations.
 
They indicate about the same saying 90,000 would be the bare minimum for London area and had a huge laugh at the property buying Gov stamp duty.
Tuercas viejas

I gave some advice to a nephew moving down about some years ago in his 20s. Basically that his acommodation costs would go up - whereas he owned his own place in Scotland - so he'd have to share to start with. So his first 3 or 4 years were in shared appartments - getting a better seup as his earnings improved - and then he mved into his own rented apartment - then gained a well paid partner and they pooled to get a much much better apartment - and then moved further out and got a compact terraced house in an 'up and coming' area.

So 8 or 9 years of your life - and you are in a position where with two good incomes you have a huge accommodation base costs - but if the property ponzi scheme has enough new entrants over your career then the cost is offset by disproportionate price increases. So your propery becomes a sort of mandatory punitive investment that does actually get you some sort of return. The other upsides? Well business and first class air tickets to nice places seem cheap in life style terms - you may well not have a car - or against your household income go for a small car - and if you are in the right sector there will be greater job opportunities.
 

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