[Closed] What is considered a 'good' salary?

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.

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.

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!

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

Edinburgh Defence !

Well played.

Didn't see that coming at all 😐

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

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!

And there endeth the lesson.

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!

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.

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.

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.

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.

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

@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.

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.

@jambalaya you're doing it wrong

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.

Welcome to the forum, OP.

Well played.

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.

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!)

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

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

Forgets to read the thread before posting 🙂

[i] I've come to the conclusion that money isn't the major consideration once you're getting by. [/i]

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.

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.

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. ........

Damascus, please edit that while you have the chance.

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

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.

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.

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.

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.

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!

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.

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...

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

 

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.

The really interesting bit is the way that the only way to work in London is to live close enough to be able to work there, which in turn means that you have to earn enough to be able to live close enough to be able to earn enough to live close enough to be able to earn enough to be able to live close enough to earn enough.

It's a funny old game.

Late to this. I think a lot of good posts and in general there is no correct answer. For some a good wage is whether they can afford a house, a car and a good holiday once a year. For others a good wage is at least 5% more than what their neighbours or friends earn. The biggest deciding factor is geographical location and I am sure I will get flamed for the following but I think for the north of England £30k is probably a good living wage then a linear scale (bar a few exceptions) up to £80k as a good living in London. To be really comfortable, have a good home etc in London you really need a household income of upwards of £140k.

The average house price in the Uk is supposed to be £235k? A quick google shows this means a £1200 odd payment.

That's about £21k without more than a few pennies to spare.

I guess to own an average house, drive an average car etc would need the best part of £35k. you can make your own mind up if that is good or not.

Note, back of fagpacket calculations after a boozy lunch so may be a tad off 😉

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

Might depend where in Canada. I had an job offer in Toronto recently and it appeared to be a bit more expensive to live in than Edinburgh, with that mostly down to significantly more expensive housing.

These public salary displays are vulgar.

Yeah these threads, hi fi threads and car threads really bring out the ham shankers.

I don't think I would want to earn much less than £25k, I think at that you can still afford a nice bike and some good holidays, which are the most important things in life.

I think I earn a fraction of most of the people on here, but I work part time at my own decision and view that quality of life as much higher than earning enough to have an audi, audiophile hifi or whatever lots of people on here seem to see as an indicator of success/quality of life.

I'd say figure out the minimum you need to cover your living costs, hobbies and holidays and start from there up. You adapt to what you earn.

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

Might depend where in Canada. I had an job offer in Toronto recently and it appeared to be a bit more expensive to live in than Edinburgh, with that mostly down to significantly more expensive housing.

Ah this was BC

The average house price in the Uk is supposed to be £235k? A quick google shows this means a £1200 odd payment.

That's about £21k without more than a few pennies to spare.

I guess to own an average house, drive an average car etc would need the best part of £35k. you can make your own mind up if that is good or not.

Probably true - but again it is totally skewed by super expensive London houses which will alter figures much more considerably than the 'lower' end of housing which is only 100k cheaper rather than 2million more expensive.....

235k gets you quite a nice house indeed (relative to what you are used to of course) round here - In london i imagine you would get a garden shed!

totally skewed by super expensive London houses

Not really, it is an average so balanced out by the cheaper houses elsewhere in the country. There will be more £150k houses in the country than £3 million at a guess.

My aim in life as far as ££ goes is to always earn my age in 000's

Hmm, well perhaps it means I'm just young at heart then.

I'm 29, earning 20k, and enjoy nights in with a [s]DVD[/s] group of strippers

I earn well less than the average wage or the 'years in 000s' thing but I'm happy/comfortable. I also don't work full-time. We did get a lot of help buying a house though.

Lots of people in this country have no idea how lucky they are.

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

Might depend where in Canada. I had an job offer in Toronto recently and it appeared to be a bit more expensive to live in than Edinburgh, with that mostly down to significantly more expensive housing.

Ah this was BC

The people I know in BC say housing there has become ridiculously expensive.

My aim in life as far as ££ goes is to always earn my age in 000's

[url= http://www.livingwage.org.uk/calculation ]The UK Living Wage for outside of London is currently £7.65 per hour.[/url]

52 * 35 * 7.65 = £13,923

So, outside London, £14k is considered to be what you'd need to live on.

One's a customers the other's mine...

[url= http://farm9.staticflickr.com/8293/7703287384_0a4e4bd7e2.jp g" target="_blank">http://farm9.staticflickr.com/8293/7703287384_0a4e4bd7e2.jp g"/> [/img][/url]
[url= http://www.flickr.com/photos/55204994@N03/7703287384/ ]aston[/url] by [url= http://www.flickr.com/people/55204994@N03/ ]Loco Tuning[/url], on Flickr

My basic is 85k + shift allowances (15% for a PM, 50% for a Sat and 75% for nights and Sundays) as a clinical nurse.

Works for me.

(Oh, that's $AUD by the way!)

Probably true - but again it is totally skewed by super expensive London houses

Yep.

[url= http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/regions.stm?se#table ]Regional average house prices April to June 2013[/url]

According to that the average semi in Greater London will set you back [b]£496,468[/b], in the South East generally [b]£262,716[/b], and up here in t'grim North (of England) [b]£134,028[/b] 😀

That's quite a spread. UK-wide means are useless.

He said "semi" chortle....

Love the "I'm going to earn my age each year in 000;s, good luck as you get older, was'nt easy for me at 20 something as when I started in the 70's average wage was only £4,000 and I was only on £8,000.

Have we found the "holy grail" of "good" yet then?

Lots of folks here on salaries far in excess of what they really need, of course need is subjective and whose to point the finger on that one, but still if I take a straw poll off here it looks like anything above an Ave of £30k.

LoCo - Member
One's a customers the other's mine...

[img] [/img]
aston by Loco Tuning, on Flickr

That 4door Aston has probably depreciated more than your van is worth just in the time it was parked there. You can decide yourself if you think that is a good use of money or not........ 😉