What is considered a 'good' salary?

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  • What is considered a 'good' salary?
  • toys19
    Member

    OP surely you just need to work out how much you need to pay the bills and have enough left over to do what you need/want then thats the figure. This topic is about as subjective as it gets, so anyone else’s idea of a good salary will just be misleading.

    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

    I think you are all being too charitable about this post, its obviously a blatant lie, if he was earning over 150k he would know how ridiculous this concept sounds. You do not earn less when you move into a higher tax bracket.

    Premier Icon stewartc
    Subscriber

    General rule of thumb is 30%, so 30% rent/mortgage, 30% bills (inc food) and 30% savings, 10% to spunk.
    If your salary fits in with that be happy, enjoy life and remember the man (or women) who dies in debt, did their sums right.

    mudshark
    Member

    I think you are all being too charitable about this post, its obviously a blatant lie

    Yeah but it was a tangent to the point of the thread anyway.

    Maybe a more useful question is what do you consider to be a comfortable lifestyle and how much does it take to fund it? So for many a 3 bed semi, 2 yr old Focus and the odd holiday in a nearby European country would be a fairly acceptable existence I think – need to bring into account family size for costs of course.

    dies in debt, did his sums right

    Hopefully he lived to a fair age – and his family don’t inherit the debt!

    A£*%holes like the reply above do nothing to answer the question being posted!

    Fair comment. I was really just going along with the flow from Julesburger and Kryton57 and being a blatant troll/penis.

    Just for the record, I think earning your age is a [very] good salary. I don’t have an accountant and I do understand how tax bands work.

    Toys19
    I think you are all being too charitable about this post, its obviously a blatant lie, if he was earning over 150k he would know how ridiculous this concept sounds. You do not earn less when you move into a higher tax bracket.

    Agreed

    nealglover
    Member

    Edinburgh Defence !

    Well played.

    Didn’t see that coming at all 😐

    randomjeremy
    Member

    I’d say it’s whatever enables you to live a lifestyle where you’re happy. I spent most of my 20s and 30s earning a lot of money in the city where the average salary for my team was around half a million a year, some years our bonuses would double that. This kind of work took its toll though, 14 hour days, I was very lonely, had drug and drink issues, couldn’t sleep, high blood pressure the lot. The money was great and the toys I bought were fantastic but I was a shell of a person.

    Had a meltdown; moved to Wales and now work from a small office in my house a few days a week. I haven’t got much money compared to the old days but I do have lots of time and almost zero stress, I love it!

    randomjeremy – you spent nearly 20 years earning a million a year and you now don’t have much money? WOW!

    That wasn’t meant to be arrogant by the way – just amazed

    randomjeremy
    Member

    I don’t have much income now but I do have a number of investments that I don’t intend on touching; they’re for my nieces and nephews and something for me when I retire 🙂 I spent a ridiculous amount of money on drugs, cars and gambling though – something about the culture of where I worked meant that most of us would spend spend spend because next month there was always more money coming in. It’s stupid I know but even if I was taking home £25k a month I could usually spend most of it on being a horrible self indulgent jerkoff!

    Premier Icon davosaurusrex
    Subscriber

    And there endeth the lesson.

    esher shore
    Member

    having spent some years working in the retail bike industry in London, I’d say a “good salary” is actually a living wage! You know, one you can live on.

    most of the people I work with are on ‘poverty wages’ which means zero-hour contracts, paid minimum wage and no paid holiday. many end up leaving and going off to work for Tesco, etc.

    in some cases I know of personally, the full time staff get minimum wage and a minute hourly supplement of “rolled up holiday pay” (actually illegal for full time staff) rather than any paid holiday

    but because they have no money, they cannot engage any legal assistance to fight the company for this blatant law breaking, its been going for several years..one guy has no paid holiday in 2 years despite working 40+ hour weeks

    management staff typically paid £16K for assistant manager or workshop manager, and store manager £22-23K, these are for stores in London with multi million turnover!

    oldgit
    Member

    I actually don’t know how much I earn, I’d have to look at a wage slip, but it’s not a lot, way way off my age. All I know is I’m happy so I’d call that a good salary.

    Premier Icon Northwind
    Subscriber

    I wouldn’t call mine “good” but all the other benefits add up- superb holiday, good working environment, astonishingly little everyday bullshit… I’d done it the other way round with an good salary and a terrible job, never again.

    oldgit
    Member

    I wouldn’t call mine “good” but all the other benefits add up- superb holiday, good working environment, astonishingly little everyday bullshit… I’d done it the other way round with an good salary and a terrible job, never again.

    Sort of same here, plus I’m less than 10 minutes from work. Never ever been so happy. Before, more money nice little 320M, but had no time and was always skint. Less money now, but more holidays, more bikes, nicer stuff in the house just better.

    mudshark
    Member

    randomjeremy – were there some who managed to have a fairly sensible balance – well not waste too much cash anyway?

    I know two people who must have assets aorund the 8 figure mark, one’s an ex FTSE CEO and the other used to own a major bike shop chain…. They seem to have had a balanced life.

    Premier Icon jambalaya
    Subscriber

    @stewartc’s formula is a good one. Takes into account where you live and whether you have a family to provide for.

    Premier Icon jambalaya
    Subscriber

    @randomjerry, nice troll ! I’ve worked in the city for 30 years, typical base is much lower than that with bonuses many times higher. For £1m total earnings split is more like £200 salary, £800 bonus.

    nonk
    Member

    Esther I would say that is particularly bad mate head for pastures new man.
    Plenty lads out side of London earning more than that as a spanner in the trade.

    randomjeremy
    Member

    @jambalaya you’re doing it wrong

    Duggan
    Member

    In a way I think this forum is the wrong place to ask as it filters a certain demographic- most people on here are the kind of people who have the cash to spend on 2k bikes, biking holidays, pretty high spec kit etc so it’s natural that you’ll get a certain kind of answer.

    Not sure where the right place to ask would be but if you’re earning over 30k you’re beating the national average, by a few grand too I should think.

    Jamie
    Member

    Welcome to the forum, OP.

    Well played.

    3dvgirl
    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.

    Boasts about 100 k salary, forgets to mention the micro penis.

    blurty
    Member

    I think the person who said above, ‘your age x 000s is not far off the mark (I just need to work out how I’m ever going to get to that!)

    mightymule
    Member

    Surely a good salary is one which enables you to live a lifestyle that you are contented with?

    nealglover
    Member

    Boasts about 100 k salary, forgets to mention the micro penis.

    Forgets to read the thread before posting 🙂

    b r
    Member

    I’ve come to the conclusion that money isn’t the major consideration once you’re getting by.

    This.

    We’ve gone to somewhere between a 1/3 and 1/4 of what we earned in 2008, and while we don’t have spare cash like we use to, we’re doing fine (no mortgage etc) and all of a 9 mins country road commute – compared to upto 2 hours M40/M25/M4 etc previously.

    joolsburger
    Member

    I wasn’t trolling! The OP asked what was a good salary and I reckon 50k is good (ish). I was a recruiter for 8 years and saw many job specs, a few thousand CV’s and did hundreds of interviews for jobs in lots of different businesses. I’d say 50 + Bonuses was mid range and 75k + Bonus is a pretty good salary in the SE. Sorry if that upsets people but that was what I saw.

    damascus
    Member

    Why does everyone seem to think civil servants earn a furtune? They obviously are not public workers and read the sun newspaper.

    Sadly, the good days of good pay and pensions are long gone.

    I am a benefits fraud investigator on less money than my age and I get pretty fed up of visiting people with better TVs, latest computers and fancy cars.

    I think the real answer is having a life on benefits and having the time to ride a bike.

    If you can’t beat them. ……..

    Premier Icon bearnecessities
    Subscriber

    Damascus, please edit that while you have the chance.

    Conqueror
    Member

    I think there is a cultural problem and almost an expectation problem…

    This country has an insatiable lust for Tech and gadgets etc.

    When I went to Canada I noticed the important things were cheaper – housing/bills and stuff like that… less important stuff seemed quite expensive like gadgets

    mudshark
    Member

    I said pretty much the same as Joolsburger – obviously age is a big part of this, I suppose, few expect that within a few years of starting work. The pay = age thing is interesting I suppose, thought getting easier with inflation – not that we’ve had much in the way of salary increases in recent years. Well I started on, I think, £16k at IBM as a grad, I’m now told they start grads off on about £30k so those guys are off to a flying start!

    Joolsburger. It would appear though you were looking at a fairly self selecting group. Not saying your wrong mind but 50k is very good imo. I reckon I earn a reasonable amount as a teacher but not a “good” salary.

    TheBrick
    Member

    Average salary figure is a bit of a miss leading figure IMO. As others have stated location is important as is your age. Not that being older mean you should getting more money but that your should have more skills and experience. Someone earning £20k may be in a poorly paid job, or they might be 18 hence with little or no experience and actually earning quite well.

    For someone with a skilled trade or skilled job a handful of years experience I think £30k is on the low side but not mega low in most sectors. If you have a family though I would not say this is a good wage, if your single it is ok. Speaking living in the south earning about this much and without children I have a good life but still can’t afford a house even with 10 years savings.

    bencooper
    Member

    Ha, coincidentally I started at IBM on £16k too 😉

    Now, 17 years later and running my own business, I still earn about the same. And that’s fine with me.

    It’s a good salary because it’s more than what most people in the world get.

    I reckon housing costs a lower in “bongo bongo land” to misquote that **** on HIGNFY the other nigjt.

    bencooper
    Member

    True, and of course you can’t compare figures even within the UK for that reason. I suppose a better way of phrasing that would be that we’ve got a home and enough to eat, which is more than many.

    crankrider
    Member

    For someone with a skilled trade or skilled job a handful of years experience I think £30k is on the low side but not mega low in most sectors. If you have a family though I would not say this is a good wage, if your single it is ok. Speaking living in the south earning about this much and without children I have a good life but still can’t afford a house even with 10 years savings.

    30k is above national average – there are many many people i know that do not earn 30kpa, with families and they live perfectly normal lives, the ‘problem’ is where you live (and that you prioritise a ‘good’ life over savings)

    If you are from London then i do see where you are coming from…A quick google shows median wage at around 27k in london while around 18k in the rest of the country, it really is a different world, isnt it?

    Figures also show that if you earn around 50k you are in the top 10 to 1% of earners in the UK – Anyone that even suggests 50kpa is ‘normal’ lives with gold plated blinkers on!

    Premier Icon teamhurtmore
    Subscriber

    OP, best advice IMO is to focus on your personal needs and the finances that are required to meet them. If you can minimise your debt levels/maximise your freedom and financial independence that is the key. What other people do or earn really doesn’t provide you with the necessary answers – it has to be specific to you. If you have to make certain sacrificies then that can only be a personal choice.

    These threads a funny though. Why the angst when others earn or feel the need to earn more than you? So what? That is their choice. It’s like those who understand that money does not maximise or guarantee happiness and are happy to lead lives where money is not a key factor BUT still feel the need to ensure that others who make different choices have their money taken away from them. All a bit odd IMO.

    Each to their own.

    crankrider
    Member

    Each to their own.

    Agreed – always someone earning more and less than you and a million different circumstances in which that money used.

    What gets people going is when people talk themselves up while making ‘normal’ earners appear idiots.

    I still maintain though that the north / south divide is becoming more pronounced to the point that they may as well be different countries in many ways…

    TheBrick
    Member

    30k is above national average

    and that average includes unskilled people and people with no experience, part time work which tends to be low paid e.t.c. My point.

    – there are many many people i know that do not earn 30kpa, with families and they live perfectly normal lives,
    [\quote]

    So do I and and most of the people I know in this situation receive decent chunk of help form the state. I have no problem with the state helping those in need, but if you require help from the state then your income is obviously not good. In fact it is not even adequate as it is topped up to what is deemed to be an adequate level.

    the ‘problem’ is where you live
    [\quote]

    Well my job is where I live so this seems a strange comment as you could apply this to to anyone who struggles with housing costs, the cost are what they are and if that is where your job is there is not a lot you can do.

    (and that you prioritise a ‘good’ life over savings)
    [\quote]

    I’m not sure how you came to this conclusion. This seems as if you are just trying to make a personal dig at me and jumping to conclusions. This is a poor form of arguing a point. I did not define what a good life is. I do not have an extravagant life by any means. To me a good life means one holiday a year in the uk camping and the ability to eat at a takeaway once a week. So I can save significantly, but still can’t afford a house.

    If you are from London then i do see where you are coming from…A quick google shows median wage at around 27k in london while around 18k in the rest of the country,

    and the rest of the country is not one homogenous lump either.

    it really is a different world, isnt it?

    Yes. Having lived there for about 10 years on and off at around £20k ish I know it is.

    Figures also show that if you earn around 50k you are in the top 10 to 1% of earners in the UK – Anyone that even suggests 50kpa is ‘normal’ lives with gold plated blinkers on!

    It depends on what your view of a good wage is. If its more than most people, that is different to enough to live independently with no help from the state, raising a family and few niceties such as a holiday. This 1% figure is also misleading as it includes all earners, part time and temporary workers e.t.c and people whose wage is obviously not good due to the amount of in work benefits being paid to raise incomes to an “adequate” level (as determined by the government). There in lies the problem that so many jobs don’t pay enough. I’m not sure what the answer is there as just increasing wages could cause inflation problems. The second problem with this £50k puts you in the top 1% figure is that once you are earning good money you are able to hide your income. There are lots of people with an equivalent income of £50k but who though various levels of accounting tricks show a much lower income. The more you earn the more it pays to use the tricks. When people earn really good money most of t does not come though a nice obvious route. It is also skewed low by groups of people who do not have to earn much. Maybe they are semi retired and own their property out right e.t.c so now need a significantly lower level of income, they work at a more relaxed pace, and good on them, but their income vs quality of life can be vastly different from people with much higher incomes in different situations. You can’t compare someone in this situation to someone with a young family.

    Its not a simple state of affairs as the probability situation may suggest.

    edit:Rubbish quote system is not working

    crankrider
    Member

    and that average includes unskilled people and people with no experience, part time work which tends to be low paid e.t.c. My point.

    Also includes all of the big earners – which no doubt cause more skewing of the figures as their earnings are so disproportionate to the masses (e.g. 10k compared to 25k or 150k compared to 25k)

    Point being – 30kpa is still not the ‘norm’ outside of london.

    If you cant afford a house, you can move, unless your job is unavailable outside of London that is, in which case yes – you are ‘stuck’ for want of a better word.

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