Minimum salary required in London: £500k?

Post by kspaans » Tue, Jun 30, 2015, 11:09 AM UTC

eroded wrote: post #58

kspaans wrote: post #40

I would asssume that the £30k without paying income tax Very comfortable life: £30k per year. Which still corresponds to £40k gross salary (roughly 1.5x statistical median wage), but with tax-efficient asset allocation you can relatively easily achieve £30k per year without paying any income taxes comes from drawing down savings rather than earning income? At £40k annual income, your effective tax rate is 14.7%[0], s…

£40,000 of salaried income is currently £30,287 net, after £5,880 income tax and £3,832 national insurance.

Post by DanBC » Tue, Jun 30, 2015, 11:13 AM UTC

boothead wrote: post #23

I just about to buy a house outside of London. I'm also about to send my 2 kids to private school as all the decent local state schools are full with waiting lists (thankfully a lot cheaper than the figures mentioned here). I had a look at one of the options for commuting into London. This is the quickest option from where I am (via HS1). I'm already up to the following monthly expenses: Mortgage: £3200 School Fees:…

Post by yetanotheracc » Tue, Jun 30, 2015, 11:26 AM UTC

makeitsuckless wrote: post #12

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.

Post by irremediable » Tue, Jun 30, 2015, 11:28 AM UTC

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?

Post by irremediable » Tue, Jun 30, 2015, 11:34 AM UTC

alextgordon wrote: post #68

irremediable wrote: post #66

Earlier quoted context omitted.

Nonsense. If you use some common sense in choosing where to live, you can easily find places in Zone 3 at about £400/mo.

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