What is a good wage these days?

[JohnfromUK]

2 minutes ago, henry d said:

As Mr Micawber said;  “Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.”

And this is the key thing;

I have one friend who lives alone, doesn't run a car, computer, mobile phone etc., seldom eats out except a local 'pub' meal, mortgage paid off, lives 'carefully' and invests about £10K+ a year in shares from his pension/dividend income after paying for all he wants/needs.

I have other friends who live on two fairly good salaries (married with kids), run 3 cars, have a big mortgage (have , multiple HP payments, credit cards maxed out, summer (somewhere hot in usual years) and winter (skiing) holidays, eat out a lot in 'trendy expensive gastro establishments', all the latest gadgets, expensive kitchen and 'decor' all changed every few years, and complain of being hard up all the time. 

It is a lifestyle thing.

[RockySpears]

2 hours ago, strimmer_13 said:

We'll never afford to buy in this county unless something drastic happens.

My single, son bought his house 2 years ago, £70,000, £210 a month repayment.  Salary £22,000 as Rental agent for local firm.

That's the North East England for you.

I have never understood why people with nationally bargained wages ever live in the South, Police, NHS workers, teachers etc etc, no one can tell me the London Allowance makes up for the difference?

  My wife's salary never went over £60,000, I hit £80,000 for a few of years but now is £22,000 and I will stop work in a couple of years (wife already has at 55) at 57.  Sold up family home a couple of years ago, 5 Bed detached, 1/4 acre, double garage etc etc £450,000.  Now have 3 bed bungalow, 1/3 acre, green house, summer house, workshop, quadruple garage, gun cupboard and all the gadgets I want.  Enough money in the bank to pretend I am still working for the next 20 years and that excludes state pension (which will not exist in all probability, at least not in present form/value).

  Bragging?  No.  That is what it is like here in the North East, if you have a job, most any job, you will do fine.  There are even homes in Stockton on Tees for £40 - 50,000, 3 bed terraced, it yours and somewhere to start.

  Would I want to buy a new car for £35,000?  , That is almost a home here,

 

RS

[serrac]

13 minutes ago, 12gauge82 said:

house prices have completely lost touch with average earnings since about the year 2000

Very true - my house is worth around 4 times what I paid for it in 1993 whereas my wage hasn't even doubled despite considerable career progression in the meantime.
My son who is nudging 40 and a senior software engineer is struggling to make the move into a house similar to what I bought at 25 as a lab technician.

[JDog]

In response to the OP, how long is a piece of string?

My life has been rich,  never in monetary matters but in my lifestyle choice. 

I have been in the company of people who were very jealous of my lifestyle but they would have been much less jealous had I revealed my income.

[12gauge82]

2 minutes ago, JDog said:

In response to the OP, how long is a piece of string?

My life has been rich,  never in monetary matters but in my lifestyle choice. 

I have been in the company of people who were very jealous of my lifestyle but they would have been much less jealous had I revealed my income.

Although slightly off topic, I think this is a good point also. I think I'd feel just as wealthy on less than half my wage as it'd still alow me to do nearly everything I think important in life with less material objects. 

14 minutes ago, serrac said:

Very true - my house is worth around 4 times what I paid for it in 1993 whereas my wage hasn't even doubled despite considerable career progression in the meantime.
My son who is nudging 40 and a senior software engineer is struggling to make the move into a house similar to what I bought at 25 as a lab technician.

Yeah I feel very sorry for many youngsters today. In many cases you have both halfs of a couple slaving away but living on the breadline for what one bloke could support his entire family on not so long ago. 

[ratchers]

As a self employed person, I would love being on £11 p/h but then would I be able to go fishing, shooting,golfing,riding my motorbike at the drop of a hat.

I'll take my lifestyle choice and poorer wages thanks!

[Lloyd90]

50 minutes ago, 12gauge82 said:

The other thing to take into consideration is age, if your under 40,to pay for a decent house must be difficult as house prices have completely lost touch with average earnings since about the year 2000. A good wage to someone with a very small or paid off mortgage is a lot less than a twenty year old mortgaged up to the hilt with a 350k property. 

This is similar to my position. 
 

Im on pretty good money, as is my partner. Well above the £11 per hour being reportedly offered to lorry drivers (although I had to get a degree and several years experience to get what I’m on). 
 

Despite this I wouldn’t say we are anywhere near loaded (but most definitely comfortable). 

We managed to buy a house in a major city approx 4 years back. 
 

Mortgage however is £1100 pcm, although we do have a large property, prior to buying we were paying £900+ to rent a 3 bed (2 bed and a box) house a bit further out. 
 

 

[12gauge82]

Just now, Lloyd90 said:

This is similar to my position. 
 

Im on pretty good money, as is my partner. Well above the £11 per hour being reportedly offered to lorry drivers (although I had to get a degree and several years experience to get what I’m on). 
 

Despite this I wouldn’t say we are anywhere near loaded (but most definitely comfortable). 

We managed to buy a house in a major city approx 4 years back. 
 

Mortgage however is £1100 pcm, although we do have a large property, prior to buying we were paying £900+ to rent a 3 bed (2 bed and a box) house a bit further out. 
 

 

Yeah I know alot of people in that situation. Don't get me wrong, there's many people who would love to be in your position, but it doesn't come free, it takes alot of effort, sacrifice and work and hopefully it all pays off in the long run. However if house prices were relative to wages as they were pre 2000ish, you'd be doing very well on that money now. 

The main thing is, as long as you've a roof over your head and enough in the bank to cover your expenses, your doing OK. 

[Lloyd90]

51 minutes ago, JohnfromUK said:

And this is the key thing;

I have one friend who lives alone, doesn't run a car, computer, mobile phone etc., seldom eats out except a local 'pub' meal, mortgage paid off, lives 'carefully' and invests about £10K+ a year in shares from his pension/dividend income after paying for all he wants/needs.

I have other friends who live on two fairly good salaries (married with kids), run 3 cars, have a big mortgage (have , multiple HP payments, credit cards maxed out, summer (somewhere hot in usual years) and winter (skiing) holidays, eat out a lot in 'trendy expensive gastro establishments', all the latest gadgets, expensive kitchen and 'decor' all changed every few years, and complain of being hard up all the time. 

It is a lifestyle thing.

I think most people would like to live somewhere in-between. 
 

I put a man in a care home a few years ago, he had £600,000 in stocks and shares, £80,000 in cash in the bank and he lived off £20 a week. 
 

He had a notebook where he had written “frugality, extreme frugality”. 
 

I think most would like to enjoy life to some extent. 
 

 

[12gauge82]

Just now, Lloyd90 said:

I think most people would like to live somewhere in-between. 
 

I put a man in a care home a few years ago, he had £600,000 in stocks and shares, £80,000 in cash in the bank and he lived off £20 a week. 
 

He had a notebook where he had written “frugality, extreme frugality”. 
 

I think most would like to enjoy life to some extent. 
 

 

Sounds like a right character 😂😂😂

[Lloyd90]

2 minutes ago, 12gauge82 said:

Sounds like a right character 😂😂😂

He was happy enough, until he had a stroke 😣 

 

I made sure he was looked after, initially he wanted to go home, I spent months sorting his house out for him so he could go back, and after he went home he decided that being looked after by the nice staff in the care home was much better and he wanted to go back 🤣, I made sure he got the care home he wanted. 
 

He had no concerns about being able to afford it at least. 

[12gauge82]

2 minutes ago, Lloyd90 said:

He was happy enough, until he had a stroke 😣 

 

I made sure he was looked after, initially he wanted to go home, I spent months sorting his house out for him so he could go back, and after he went home he decided that being looked after by the nice staff in the care home was much better and he wanted to go back 🤣, I made sure he got the care home he wanted. 
 

He had no concerns about being able to afford it at least. 

👍 

[oowee]

1 hour ago, Lloyd90 said:

He was happy enough, until he had a stroke 😣 

 

I made sure he was looked after, initially he wanted to go home, I spent months sorting his house out for him so he could go back, and after he went home he decided that being looked after by the nice staff in the care home was much better and he wanted to go back 🤣, I made sure he got the care home he wanted. 

 

He had no concerns about being able to afford it at least. 

I hope you made sure of a place in his will. 

[Luckyshot]

43 year old factory worker in the north east average over 3 three shifts =£13 an hour. Manage to pay bills and mortgage but very little left over.

[welsh1]

In my past i have earned very good money, but i put in long and often dangerous hours and was away from home a lot of the time, now i am home / office based earn a lot less but am stress free and very happy.

Money is nice, but there is a life balance to consider. I probably earn an average wage, everything is paid for and a few quid for fun on the weekends, i have no complaints.

[henry d]

3 hours ago, RockySpears said:

That is what it is like here in the North East, if you have a job, most any job, you will do fine.  There are even homes in Stockton on Tees for £40 - 50,000, 3 bed terraced, it yours and somewhere to start.

That reminds me of something new to me.

I had to get a short term rental earlier this year and found a place in the less salubrious part of Gateshead. The flat was horrible, but would do us for a time but we had good neighbours and the two flats next door were being renovated to a really nice standard. We were paying £475 pcm and it was thought that was about the ceiling price. However the flats next door were up for £550 and they were offered by one person £600 pcm and they would give 6 months up front. Why? Because they are medical students and the hospital was a 20 minute walk away. They would be there a couple of years or so and then off to another hospital, so economics really.

[Lloyd90]

1 hour ago, oowee said:

I hope you made sure of a place in his will. 

 

He's the last of his line by all accounts. I imagine the money will end up in the Government's pocket, as he won't be able to spend it all before he goes! 

He had a non-blood cousin (cousin in law?), I believe they can't inherit if non-blood? Unlucky for her (she was a nightmare anyways!). 

[Dave-G]

I did over 40 years private hire cab driving on permanent nights. There was always money coming in but struggled to pay major bills and motor insurance always had to be on credit. And yes that was while drawing income support because the local council were 'modernising' their fleet at our expense. I retired soon after getting mugged by five Somalians.

Since I've retired I've never been so well off with both our state pensions coming in. When one of us goes the other will be on bread line income again which is why we did a small equity release for the daughters dowry, and to be sure there's money in the bank for both funerals and enough to top up the ensuing single pension to expire in our modest 2 bed semi that will hopefully provide our 3 kids with a deposit for their first step on the property ladder.

[Mice!]

12 hours ago, sam triple said:

but it’s double day shift and it’s the shift allowance that bumps the wage up , 35 hours a week 

That's why I only work shifts, the extra pay is a no brained.

9 hours ago, Centrepin said:

It depends on the job, unless part time I don't know anyone who only works 40 hours.

The norm is 10 - 12 hours a day. Unless regulated by law 6 or 7 days per week.

Therefore £11.00 × a more realistic 60 hours, and so on.

Unless your in management then it's barely 30 hours a week.

I only  generally work my basic hours, occasional bit of OT, I could earn more but that would mean working more days.

13 hours ago, TIGHTCHOKE said:

The working conditions are far more important than the wage or hourly rate.

This is a big thing, but you still need to be earning enough to live and enjoy life.

 

[London Best]

I’m long retired now, but rarely ever did overtime and none for the final fifteen years despite never earning big money. There is little enough time for shooting when you are working five days/week, never mind doing overtime.

[Vince Green]

5 hours ago, Lloyd90 said:

 

He's the last of his line by all accounts. I imagine the money will end up in the Government's pocket, as he won't be able to spend it all before he goes! 

He had a non-blood cousin (cousin in law?), I believe they can't inherit if non-blood? Unlucky for her (she was a nightmare anyways!). 

all he has to do is make a will and he can leave it to who ever he likes. If he dies without a will it go to the government but I bet he has got relatives if they go back a couple of generations the will hunters will find second or third cousins he probably didn't even know he had,

But anybody who dies without a will is crazy because they are leaving their money to the solicitors appointed to sort out the estate

Edited September 29, 2021 by Vince Green

[Lloyd90]

5 minutes ago, Vince Green said:

all he has to do is make a will and he can leave it to who ever he likes. If he dies without a will it go to the government but I bet he has got relatives if they go back a couple of generations they will find second or third cousins he probably didn't even know he had,

You have to have mental capacity to make a Will I believe. 
 

The impact of the stroke was severe and that is well beyond his capabilities sadly. 

[NoBodyImportant]

Lower middle class at 120k over here.  

[RockySpears]

10 hours ago, NoBodyImportant said:

Lower middle class at 120k over here.  

  Nope, that is practically the 1% group for UK:

"To be in the top 1% of income tax payers in the UK (i.e. to be among the 310,000 individuals with the highest income), a taxable income of at least £160,000 is required."

and for the World:

"You need just $34,000 annual income to be in the global elite" ... https://www.dailymail.co.uk/news/article-2082385/We-1--You-need-34k-income-global-elite--half-worlds-richest-live-U-S.html

 

RS

[12gauge82]

10 hours ago, NoBodyImportant said:

Lower middle class at 120k over here.  

How much would your average house cost you over there (what state in the US are you?)