What is considered a 'good' salary?

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  • What is considered a 'good' salary?
  • ronswanson
    Member

    Thanks for some of the feedback.
    I think deep down I know the offset of a better work life ratio is the only real option but greed keeps rearing its ugly head.
    Having got to a salary that is in excess of my age it feels like taking a drop and lower responsibility would be tantamount to ‘failing’.
    The new salary is by no means poor based on the averages mentioned earlier in the thread but it would be around a 25% reduction which would be going back 5 years….. :-/ . That said I don’t get enjoy the role anymore.
    I know the only person who can make the decision is me but it’s good to get the thoughts of 30 or so random anonymous people to help me realise how shallow I know I am 😀

    bitterlemon
    Member

    I find that once you go through the upper tax band at £150k it decreases your take home so much it’s just not worth it any more.
    That’s why I changed my arrangements to take more of it as benefits. The joys of having an excellent accountant to sort these things out.
    Your accountant is shite if you increased your salary through the upper tax band, but decreased your take home.
    I would sack him and employ someone who understands how tax works.

    I’m guessing someone works under their own ltd company now rather than be a permanent employee.

    yunki
    Member

    I haven’t a clue what a good salary is, and I’m very unlikely to take one home in my lifetime.. I could tell you what a bad salary is if that’s any help?

    nealglover
    Member

    I’m guessing someone works under their own ltd company now rather than be a permanent employee.

    Doesn’t really matter.

    That’s still not how tax bands work.

    Earl
    Member

    The idea swapping lifestyle for income is very zen but most of us can’t do it. Unless I start earning 100k plus I couldn’t. Fear of the future….

    I think that what you do with your salary is far more important that the amount you earn in the first place

    bitterlemon
    Member

    I’m guessing someone works under their own ltd company now rather than be a permanent employee.
    Doesn’t really matter.
    That’s still not how tax bands work

    If you pay more out on dividends and spend out more on items that could reduce your profit there’s less corporation tax to pay. Brackets remain the same but you could pay less on tax.

    fourbanger
    Member

    I’ve just jacked in a not very well paid but fantastic job with an amazing lifestyle for an extra 1 at the begining of my salary. Weather this vast figure makes up for leaving behind what I love will determine if its a good salary I guess. I don’t think you can put a number on it.

    Premier Icon bearnecessities
    Subscriber

    In my employment, I will never be rich, but never be poor. Can’t put a value on that IMO.

    (plus I have an enor[Moderated] so I don’t need an Audi 😀 *)

    *I really want an Audi.

    ElShalimo
    Member

    My aim in life as far as ££ goes is to always earn my age in 000’s.

    This is all relative too.
    Give it a few years and your aims will be getting thru the night without having to go pee-pee.
    Another 10 years later it might be getting thru the day without soiling yourself
    😯

    neilco
    Member

    Good salary? About 10k more than you earn right now. Simples.

    nealglover
    Member

    If you pay more out on dividends and spend out more on items that could reduce your profit there’s less corporation tax to pay. Brackets remain the same but you could pay less on tax.

    Well, that’s true obviously. But isn’t really what was said earlier.

    He said that breaching the higher rate threshold reduces your take home pay.

    And obviously, anyone earning that amount would know that it doesn’t

    Someone who doesn’t understand tax bands, might think that it does though.

    MrSmith
    Member

    an amount that means spending a third or less on your living costs whatever they are.
    a decent buffer to live on for a year or 2 if things go tits up.

    earl_brutus
    Member

    40k is comfortable, 70k is very comfortable, from experience. though I do have a small mortgage no credit card debts or children to pay for! And the missus pays her share too, we also drive old bangers but have nice holidays and ace bikes.

    crikey
    Member

    Rather important to look at how many hours a week you put in to earn the money too. As well as adding in travel time..

    £80’000 a year is pretty good, but not if you work 60 hour weeks and spend two hours a day travelling there and back.

    Inbred456
    Member

    We had a guy at work that complained that the new owners didn’t buy the staff biscuits for their tea break anymore, despite paying him about 2£/hr more so he could buy himself a pkt of biccy’s and a new car! It’s all relative.

    @bearnessecities . . . Was the moderated bit

    ‘mouse c*ck’

    Ah bless 😆

    I earn over 30k and feel poor – suspect a lot of that is due to having so many mouths to feed and astronomical childcare bills . . . Counting the days until they are big enough to not need so much.

    saxabar
    Member

    A figure for an income where you don’t have to check how much you have in the current account at the end of the month.

    lexinoo
    Member

    I pay my cleaners, driver and cook minimum wage which is plenty for that type of person,surely they would be dangerous with any more!For me though,i wouldn’t be happy earning less than £150k.
    😉

    LenHankie
    Member

    As many others have said, it’s completely relative the where you live, your housing situation, whether you have kids, whether your wife/partner works, how many holidays/cars you feel entitled to, etc.

    neilco – Member
    Good salary? About 10k more than you earn right now. Simples.

    This is the only completely correct answer on here!

    When you have one household income, a family to support and the kind of mortgage required to buy a fairly meagre house in the South East to shelter them, £50k is a minimum I’d say. And you still have no foreign holidays and drive a 10 year old car.

    Earning £50k in your 20s, with your partner earning the same, would, however, make you feel pretty well off!

    Premier Icon bearnecessities
    Subscriber

    Harsh AW, harsh 😀

    bitterlemon
    Member

    If you pay more out on dividends and spend out more on items that could reduce your profit there’s less corporation tax to pay. Brackets remain the same but you could pay less on tax.
    Well, that’s true obviously. But isn’t really what was said earlier.
    He said that breaching the higher rate threshold reduces your take home pay.
    And obviously, anyone earning that amount would know that it doesn’t
    Someone who doesn’t understand tax bands, might think that it does though.

    Understand-sorry off topic. I focussed on the accountant part. You wouldn’t necessarily pay more out earning more on a paye basis but there are definitely advantages by going ltd and an accountant is involved. A good accountant that is. 🙂 cheers.

    Premier Icon totalshell
    Subscriber

    if at the end of the year you ve done evrything you wanted, piad all your bills and you have £1 more in the bank than you had at the start of the year then that is a good salary..

    i ve achieved that for the last 6 years since i gave up my top paying 24/7 role and became self employed and worked for who i want when i want.

    money buys relatively little .. time/ family cant be bought at any price

    piemonster
    Member

    time/ family cant be bought at any price

    Plus 1

    MrSmith
    Member

    if at the end of the year you ve done evrything you wanted, piad all your bills and you have £1 more in the bank than you had at the start of the year then that is a good salary..

    Not for me it isn’t. Want some money in the bank for a rainy day/retirement/emergencies after all expenses.

    mudshark
    Member

    if at the end of the year you ve done evrything you wanted, piad all your bills and you have £1 more in the bank than you had at the start of the year then that is a good salary..

    Don’t you want to save up for something? Car, wedding, bigger home, special holiday, 2nd home, yacht….

    Premier Icon porter_jamie
    Subscriber

    just a bit more than you spend

    Premier Icon Cheezpleez
    Subscriber

    Bottom line is that if you worry about this stuff you’ll never be happy

    Premier Icon scotroutes
    Subscriber

    ronswanson wrote:

    Thanks for some of the feedback.
    I think deep down I know the offset of a better work life ratio is the only real option but greed keeps rearing its ugly head.
    Having got to a salary that is in excess of my age it feels like taking a drop and lower responsibility would be tantamount to ‘failing’.
    The new salary is by no means poor based on the averages mentioned earlier in the thread but it would be around a 25% reduction which would be going back 5 years….. :-/ . That said I don’t get enjoy the role anymore.

    If STW had been around 25 years ago, it could have been me writing that. I took a 20% drop by coming off shifts, worked my way through the ranks a bit and then took a sideways move out of management. I don’t regret any of it. Both of those major changes resulted in a better quality-of-life that more than made up for any financial loss. The thing NOT to do is take the cut and fail to adjust/take advantage of it.

    Premier Icon mikewsmith
    Subscriber

    So long as Income – Essential Expenditure leaves enough for fun things then it’s good. If the income isn’t enough then you need to change the expenditure.

    Having taken out joint income down to about 2/3rds of what it was in 2012 we live in a nicer house, have nicer bikes and a better quality of life.

    nonk
    Member

    Most folks have no grip on this at all though do they?
    All wrapped up in cosy first world
    I mean if you can eat and stay warm it’s all good is it not.

    Most folks have no grip on this at all though do they?
    All wrapped up in cosy first world
    I mean if you can eat and stay warm it’s all good is it not.

    Nope – that’s called surviving.

    We do actually live in a first world country, some luxuries are allowed – if your nouveau hippie values will stretch to that of course 😉

    Anna B
    Member

    Threads like this make me remember “knows the cost of everything and the value of nothing”.

    Surely a good salary is one in which you get to do a job that doesn’t make you feel like a miserable robot every day.

    winston_dog
    Member

    Surely a good salary is one in which you get to do a job that doesn’t make you feel like a miserable robot every day.

    This.

    I’m lucky, I get paid a good salary to do I job I love. It is hard graft at times though.

    mudshark
    Member

    Surely a good salary is one in which you get to do a job that doesn’t make you feel like a miserable robot every day.

    Sounds like your referring to dull stuff like working on production lines these days – mostly unskilled.

    Every thing’s a compromise, ‘Are the costs worth the benefits?’ is the decision everyone has to make. My jobs mostly OK except the travelling but if I work out how much that time earns me – so comparing with my options for more a local job – maybe I think that’s not so bad. I would love a more local job but hard to find in my area – kinda niche.

    rascal
    Member

    I saw this thread before anyone responded yesterday.
    My first thought was I bet there will be a lot of dick waving – not everyone obviously but there’ll be a few.
    I haven’t read all of it but I was proved right within the first 10 or so posts.
    People who are happy with their salary don’t shout about it – the dickheads who say ‘yeah, I consider my 75k plus as comfortable’ are the ones who can’t wait to tell everyone else about it.

    mudshark
    Member

    So are you not paid that much then?! I’m on somewhat less than £75k anyway but who cares?

    Anyway, I don’t see anyone saying what they are on so think maybe you’re wrong. The thing is the OP asked the question so people answered, can’t really blame them.

    I would find it interesting to see what salaries are needed to give a certain lifestyle in different parts of the country but not really going to get the answer to that here.

    Conqueror
    Member

    v. subjective depends the lifestyle one aspires to and decisions I think…

    Some people fill their car up at a motorway service station… definitely a cost vs convenience thing .. like a lot of things …

    Premier Icon Cougar
    Subscriber

    Money’s like oxygen. Only important when you don’t have any.

    I could be earning more. But I work 15 minutes from home, and have a lot of freedom. Having suffered miserable commutes of an hour plus in the past, being stuck at work for two hours after everyone else has left and then getting a kicking the next day for being two minutes late, I’ve come to the conclusion that money isn’t the major consideration once you’re getting by.

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