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Minimum salary required in London: £500k?

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

#81

Post by irremediable »

pjc50 wrote: post #77
irremediable wrote: post #69

Earlier quoted context omitted.

Definitely sharing! Perhaps this is why everyone's estimates are so much higher than mine? It seems obvious to me that the best option is to share a flat.

It is the best option, if you're a single male able twentysomething. I had some good houseshares in Cambridge. But it's not for everyone and completely incompatible with children.

Fair point. Note that I did say, in my top-level comment, "twentysomething without children". I should have also said "able-bodied". Male/female, I'm less convinced of -- there are plenty of all-female flatshares.

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

#82

Post by lmm »

irremediable wrote: post #64
lmm wrote: post #28

Earlier quoted context omitted.

I think that's overstating it. My first job in London I was on £28k and I was ok but wouldn't want to go lower. Take-home pay was about £1800/month, I spent £850/month rent (Zone 3, noisy loft conversion in an old building), maybe £450/month general shopping (food and clothes and the like), £200 going out and the rest on occasional stuff like a computer or holidays. You can live much cheaper - I've seen 11k claimed b…

I'm a PhD student in London, on £18k albeit with no income tax. I'm surprised you paid so much on rent! I'm paying £600/mo (including bills), Zone 3. Maybe I'm more frugal than I realise.

I wanted to live on my own, I could probably have paid <£600/mo in a shared house (indeed I did for a bit, but I hated it). Again, lifestyle choices.

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

#83

Post by richmarr »

prawn wrote: post #76
richmarr wrote: post #55

Earlier quoted context omitted.

Sure, you can minimise the relevance of the "discrepancy" and claim that the author isn't entitled, but the entire enterprise of this article is based on the premise of discovering whether these really are the "minimum" living costs. Is it a "discrepancy" or is it the way the author sees the world? The end of the article even asks: "Frugalists: With such a cost structure, where would you start saving first?" Not "low…

From memory, "minimum" was the term used by his friends. It's more about them than the way the "author sees the world". I think you're reading too much into someone's exploration of a particular situation. It remains an opportunity for you or anyone else to run through the expenditure of any of those other pricepoints you mentioned. Though obviously they are unlikely to reach HN because they're not quite as exciting…

   I think you're reading too much...
The author has thought about, analysed, and written an essay on this subject, using the word "minimum" regularly (including in the title) and not once gave a single nod to anyone earning less than £500k/year... then going on to address people that wanted to consider spending less as "frugalists".

Maybe you're right, maybe I'm just primed to think the author entitled because they self-identify as a "High net worth personal finance blogger".

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

#84

Post by boothead »

cheradenine01 wrote: post #72
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:…

Really? A mortgage repayment £3200 implies a mortgage amount of £800,000. Most people I know don't have houses costing that much, even in London.

I have a small deposit :-)

My mortgage is nearer £600k

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

#85

Post by boothead »

DanBC wrote: post #63
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:…

How the fuck are you spending £1,500 on bills per month? What bills are you including there - just utility and ctax, or food as well?

Bad terminology: I meant food and utilities.

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

#86

Post by boothead »

honest_joe wrote: post #60
boothead wrote: post #57

Earlier quoted context omitted.

It's a small independent primary school founded 80 years ago and still located in the original founder's house (and out buildings). It's a non-profit so all fees go to the upkeep of the school. Classes are about 15 students. Those fees don't include any trips or uniforms I don't think, and it's about a mile from the house we're buying so it's definitely day :-) The main thing that's attractive about it is the focus o…

I earn 1400euros of net income monthly. My mother earns around 500euros of net income monthly. Thank you for showing me my shitlife in Slovakia :)

It isn't all that - I didn't mention that I feel pretty scared about the prospect of hanging that noose around my neck for ~ 25 years. Once I'm on the hook for this much money I'm pretty much tied in to a certain type of job for a certain type of (big) company in a small geographic area that mostly necessitates a long commute. I haven't yet convinced my self that I'm making the right choice vs the frugal/simple life with more freedom.

Time will tell I guess.

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

#87

Post by pjc50 »

irremediable wrote: post #81
pjc50 wrote: post #77

Earlier quoted context omitted.

It is the best option, if you're a single male able twentysomething. I had some good houseshares in Cambridge. But it's not for everyone and completely incompatible with children.

Fair point. Note that I did say, in my top-level comment, "twentysomething without children". I should have also said "able-bodied". Male/female, I'm less convinced of -- there are plenty of all-female flatshares.

Thanks for a very reasonable reply; I'd lost track of the original comment and that you were its poster as it's a long way up the tree, sorry.

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

#88

Post by zaccus »

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.

None of these activities, as you've phrased them, are particularly expensive. Doing them the way OP phrased them, i.e. the most expensive way possible, is what I think is meant by stupid consumerism.

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

#89

Post by jacalata »

Kiro wrote: post #46
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.

How do you define smart consumerism? Or do you just hate consumerism in general?

I suppose I'd call it smart consumerism if you know which bits are optional and are not arguing that it's impossible to live without things that 99% of people will never have. Do regular ski trips sound awesome? Yes. Would I ever list them in my "minimum possible lifestyle"? Hell no.

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

#90

Post by keithpeter »

cheradenine01 wrote: post #73
keithpeter wrote: post #44

Earlier quoted context omitted.

Alas, I suspect supply will be very carefully managed to ensure that voters in the UK do not have their main asset devalued over the next 10 to 15 years or so. After that, enough younger people will be renting for the balance to flip and the price correction to occur.

Whilst population continues to rise, you'll be waiting a long time for your "correction".

What % of average wage do you think people will want to pay for housing? What is the limit? There has to be one.
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