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Minimum salary required in London: £500k?

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Re: Minimum salary required in London: £500k?

#11

Post by blowski »

jacalata wrote: post #6

Tldr: no, but if we redefine "live in London" as "live in Zone 1, take family of four skiing in France four times a year, send kids to private school from age 3, always eat at Michelin starred restaurants, own multiples of everything Apple ever releases, any other stupid consumerism you can think of" then yes.

Exactly. I've got "2.4 family" friends who live in Clapham and Walthamstow, earn about £60K between them and live comfortably. Would they like to have £500K salaries? Of course. Do they need them? Of course not.

Re: Minimum salary required in London: £500k?

#12

Post by makeitsuckless »

jacalata wrote: post #6

Tldr: no, but if we redefine "live in London" as "live in Zone 1, take family of four skiing in France four times a year, send kids to private school from age 3, always eat at Michelin starred restaurants, own multiples of everything Apple ever releases, any other stupid consumerism you can think of" then yes.

Spending quality time with family doing outdoors activities, ensuring good and safe care and education for your children, eating quality food at fine restaurant, buying quality electronics, etcetera are actually the complete opposite of "stupid consumerism".

Sounds like an excellent way to spend your money if you have it.

Re: Minimum salary required in London: £500k?

#13

Post by jdimov9 »

So, everyone here is bothered that people like to eat well and take family vacations (is this really your definition of "luxury" lifestyle? You guys sound like coal mine workers.)

But you're all perfectly fine with the government taking close to half of that income in taxes.

Were you all raised in a communist regime?

Re: Minimum salary required in London: £500k?

#14

Post by Jacqued »

pjc50 wrote: post #10
irremediable wrote: post #9

Earlier quoted context omitted.

£20k is a much better estimate. A twentysomething without children can live comfortably on that -- with plenty of money for drinks, gadgets and eating out.

How much is that person spending on rent in London?

I guess if you earn 20K there are still a few fine bridges in Zone 1.

Re: Minimum salary required in London: £500k?

#15

Post by pjc50 »

jdimov9 wrote: post #13

So, everyone here is bothered that people like to eat well and take family vacations (is this really your definition of "luxury" lifestyle? You guys sound like coal mine workers.) But you're all perfectly fine with the government taking close to half of that income in taxes. Were you all raised in a communist regime?

Like it or not, it's a lifestyle that only about 10% of the UK can afford. £20k is the holiday budget for a whole decade for most people. And that tax number includes healthcare and pension.

Re: Minimum salary required in London: £500k?

#16

Post by alextgordon »

pjc50 wrote: post #10
irremediable wrote: post #9

Earlier quoted context omitted.

£20k is a much better estimate. A twentysomething without children can live comfortably on that -- with plenty of money for drinks, gadgets and eating out.

How much is that person spending on rent in London?

Between £1k and £2k. You'll be a frequent customer of Wonga.

Edit

Proletariat: http://www.rightmove.co.uk/property-to-rent/property-5304414...

Bourgeois: http://www.rightmove.co.uk/property-to-rent/property-5061904...

Re: Minimum salary required in London: £500k?

#17

Post by jdimov9 »

pjc50 wrote: post #15
jdimov9 wrote: post #13

So, everyone here is bothered that people like to eat well and take family vacations (is this really your definition of "luxury" lifestyle? You guys sound like coal mine workers.) But you're all perfectly fine with the government taking close to half of that income in taxes. Were you all raised in a communist regime?

Like it or not, it's a lifestyle that only about 10% of the UK can afford. £20k is the holiday budget for a whole decade for most people. And that tax number includes healthcare and pension.

Oh, I fully agree with that - in fact, in certain other European countries it is more like 0.10%, but that's not the point.

The point is - I don't understand all the whining going on here.

If I make £500K a year, and I gave it up for £20K a year, would that really make any of you better off? REALLY?

Re: Minimum salary required in London: £500k?

#18

Post by richmarr »

irremediable wrote: post #9
JohnyLy wrote: post #7

I would say 50K is required to live well in London and 20K as a minimum salary. 500K as a minimum is ridiculous.

£20k is a much better estimate. A twentysomething without children can live comfortably on that -- with plenty of money for drinks, gadgets and eating out.

Sure, I was comfortable on £24k just after graduating... but I was still living in a basement of a student house, making my own lunches, had no kids, rarely bought clothes, and never went on holiday.

Re: Minimum salary required in London: £500k?

#20

Post by hugofirth »

I should also chime in and say that even for people living in London and sending their children to private schools these estimates are very high. I was luck enough to go to Eton and honestly, for most parents it was a question of affording the fees by: a) not spending that kind of money on other activities; b) lifelong saving; c) selling substantial assets (like second houses etc...); and d) inherited wealth and/or generous grandparents.

It was fairly uncommon for student's fees to be paid out of parents' salaries. I would guess (very anecdotal!) that £500k is well above the median annual salary for those parents.

Also - apparently this person hires babysitters for >350 nights a year .... o.0

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