£100k a year doesn’t go far you know

Anyone can struggle if you mortgage yourself to the limit of your income, no matter where you live.

This issue is using the term "struggling". Someone earning £100k will be struggling in a very different way to someone on £25k and that person will have many more ways to get out of "struggling" should they need to.

The Tories have slapped Hunt down on this as they must realise the conclusion that if people are struggling on £100k and require state help, they have admitted something is very very wrong.
 
Chris_Boro said:
Anyone can struggle if you mortgage yourself to the limit of your income, no matter where you live.
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But someone on £100,000 a year, with no other stated outgoings is probably looking at £450k max on a 25 year mortgage.

So add in a 10% deposit and you're looking at £500k, which as shown above doesn't really get you much in the South East.

So what do you do if you have to live in the SE, need a home for you and your family ?

As you've said in your post, the key is the word struggling which in todays Tory Britain actually means difficulty in feeding your children choosing between heat and food, having to rely on charity etc which is the real scandal.
 
Jonny_Rondos_Disco_pants said:
Yes, some people are up **** creek, rely on food banks etc. some people could work more hours if they maybe had more family support, maybe making things easier.

Making the right decisions in life would benefit many, sticking in at school, further education etc rather than tossing it off thinking you’re cool, when in reality you are getting left behind in life.

My apprenticeship was £56 a week, with £20 increments every year. 32 hours on site, 14 hours at college. after work it was trying to keep on top of assignments and revising for exams. My mates from college were on the drink most nights and weekends. I was trying to keep on top of things.

10 years later I decided to do my degree on day release. 4 more years of balancing income, family time and study.

It’s been worth it.

Some people don’t want to put the effort in, others simply can’t. But there are ways to improve things.

I’ve suffered more than most when working away, I know it’s not a bed of roses. I have mates who struggle because they made the wrong choices when younger.

£100k a year isn’t a mega amount of money anymore, especially for a family where 1 parent works. Mortgages, pension contributions, cars to run, house hold bills, childrens uni or college funding etc. it soon adds up. Then say people have 2-3 season tickets to renew, they want a holiday every year, there’s not much left.
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£100k a year isn’t a mega amount of money anymore, especially for a family where 1 parent works. Mortgages, pension contributions, cars to run, house hold bills, childrens uni or college funding etc. it soon adds up. Then say people have 2-3 season tickets to renew, they want a holiday every year, there’s not much left.

Wow!!! I am full of sympathy for someone in this position. Perhaps they should take the advice of the Tories- don't buy Costa, get rid of Sky, buy own brand goods, don't have children if you can't afford them, ask for more hours, find a better paid job, retrain.
Very few people are in the position that you were in. I retired at 62 years old. I didn't want to. I couldn't really afford it and I knew that at that age no one would employ me. The highest wage I had ever earned was £30,000 and that was after I had took a degree at the age of 52. From age 55 to 57 I took a part time job and had to claim WTC (you might need to ask a friend what those letters stand for) to supplement my wage. At the age of 58 I took a job in Scotland where I paid for my own accommodation, travel and food with no help from my employer. That wage was £30,000. I was basically subsidising my employer but it was that or the dole and humiliation. So please do not patronise people like me who have made sacrifices and tell us that £100k is not a lot of money.
 
Trug said:
£100k a year isn’t a mega amount of money anymore, especially for a family where 1 parent works. Mortgages, pension contributions, cars to run, house hold bills, childrens uni or college funding etc. it soon adds up. Then say people have 2-3 season tickets to renew, they want a holiday every year, there’s not much left.

Wow!!! I am full of sympathy for someone in this position. Perhaps they should take the advice of the Tories- don't buy Costa, get rid of Sky, buy own brand goods, don't have children if you can't afford them, ask for more hours, find a better paid job, retrain.
Very few people are in the position that you were in. I retired at 62 years old. I didn't want to. I couldn't really afford it and I knew that at that age no one would employ me. The highest wage I had ever earned was £30,000 and that was after I had took a degree at the age of 52. From age 55 to 57 I took a part time job and had to claim WTC (you might need to ask a friend what those letters stand for) to supplement my wage. At the age of 58 I took a job in Scotland where I paid for my own accommodation, travel and food with no help from my employer. That wage was £30,000. I was basically subsidising my employer but it was that or the dole and humiliation. So please do not patronise people like me who have made sacrifices and tell us that £100k is not a lot of money.
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You have to be well off for just one parent not to have to work, your well off if you can afford to send kids to private school.
That 500k mortgage is 5 times that annual salary, if you can afford a 250k mortgage in the north east then i would say your doing ok
 
The_Lizards_Jumpers said:
But someone on £100,000 a year, with no other stated outgoings is probably looking at £450k max on a 25 year mortgage.

So add in a 10% deposit and you're looking at £500k, which as shown above doesn't really get you much in the South East.

So what do you do if you have to live in the SE, need a home for you and your family ?

As you've said in your post, the key is the word struggling which in todays Tory Britain actually means difficulty in feeding your children choosing between heat and food, having to rely on charity etc which is the real scandal.
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Yet these house owners only want the price of their house to increase
 
JM14 said:
£100k in the north east would probably give you a very comfortable life. In the south east it really isn’t ridiculous to suggest that some people might be struggling on that, clearly they won’t be struggling to the extent of having to use food banks but £100k will go nowhere in that part of the world. Imagine mortgage costs and child care could take a huge amount of that away before you consider any other bills
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Have they considered moving to another part of the country or perhaps downsizing. Maybe find a cheaper childcare provider- partner perhaps?
I am of course being facetious
 
SmallTown said:
Yes you are though. What if you want to live near your work, your family, your support network?
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Change jobs- downsize- find a higher paying job, ask for more hours, stop netfix, costa etc. All the usual things the Tories say to people on Universal Credit
 
Trug said:
£100k a year isn’t a mega amount of money anymore, especially for a family where 1 parent works. Mortgages, pension contributions, cars to run, house hold bills, childrens uni or college funding etc. it soon adds up. Then say people have 2-3 season tickets to renew, they want a holiday every year, there’s not much left.

Wow!!! I am full of sympathy for someone in this position. Perhaps they should take the advice of the Tories- don't buy Costa, get rid of Sky, buy own brand goods, don't have children if you can't afford them, ask for more hours, find a better paid job, retrain.
Very few people are in the position that you were in. I retired at 62 years old. I didn't want to. I couldn't really afford it and I knew that at that age no one would employ me. The highest wage I had ever earned was £30,000 and that was after I had took a degree at the age of 52. From age 55 to 57 I took a part time job and had to claim WTC (you might need to ask a friend what those letters stand for) to supplement my wage. At the age of 58 I took a job in Scotland where I paid for my own accommodation, travel and food with no help from my employer. That wage was £30,000. I was basically subsidising my employer but it was that or the dole and humiliation. So please do not patronise people like me who have made sacrifices and tell us that £100k is not a lot of money.
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Patronising 🤣

“Dont have children unless you can afford them” - yeah I can afford them, they eat up a large amout of income, its why there is not as much left as you’d like to believe. I dont get sick pay or any company benefits either, so sickness and life insurance is a must.

You can find work at 62, my grandad went to B&Q, worked there for 8 years after retiring. Pocket money
 
Trug said:
Change jobs- downsize- find a higher paying job, ask for more hours, stop netfix, costa etc. All the usual things the Tories say to people on Universal CrCredit
Click to expand...

Exactly! It's brutal house prices and high food inflation that mean £100k isn't much down south. Still if they stop drinking starbucks...
 
Jonny_Rondos_Disco_pants said:
Patronising 🤣

“Dont have children unless you can afford them” - yeah I can afford them, they eat up a large amout of income, its why there is not as much left as you’d like to believe. I dont get sick pay or any company benefits either, so sickness and life insurance is a must.

You can find work at 62, my grandad went to B&Q, worked there for 8 years after retiring. Pocket money
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No one is patronising anyone. By saying 100k is not a lot of money in the south east (and it isnt) isn't trying to belittle anyone who earns less in an area with cheaper housing. We shouldn't take it as an insult. We should just worry that we live in a country where such a situation can arise.
People on 100k generally pay their taxes and contribute to society. Hunt wants a culture war between them and us. But we shouldn't give him the satisfaction. It's the real high earners that are finding the tax dodges and starving us of money.
 
One thing that will need to be looked at is that the marginal tax rate once you get to £100k is 62%. So someone earning £105 or £110k (who has already paid £27,000+ in tax, plus £8,000+ in National Insurance) is likely to put the money into a pension/tax free bike etc, rather than earn more and pay more tax, which reduces the overall tax take.

This will become more of an issue as wage inflation puts more people into the £100k bracket (if this sounds silly, it really isn't all that long ago that higher rate tax was limited to those in very well paid jobs, whereas now police officers and teachers are often in that bracket).
 
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