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Less than 10% of the population will earn more than £50k.

And this is BEFORE tax.

I remember seeing a thread where most people seemed so confident in earning 100k by the time they were 25. Just LOL.

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Earning 50k a year is a privilege.

You need to earn only a median income of £24,000 a year to become the top 1% of earners in the world.
Be grateful.
(edited 6 years ago)
If it were so easy to earn that money, everything would be expensive. Imo the benefits system needs an overhaul. The state really shouldn't just give money away. They have to look at each disability and find the best way to accommodate people with them.
Original post by The PoliticalGuy
Earning 50k a year is a privilege.

You need to earn only a median income of £24,000 a year to become the top 1% of earners in the world.
Be grateful.


I'm very grateful. :smile:
Original post by angelike1
And this is BEFORE tax.

I remember seeing a thread where most people seemed so confident in earning 100k by the time they were 25. Just LOL.

What is your point? It's clear that a not insignificant percentage will earn over £50k, of which some will earn significantly more.

A good Software Engineer will earn way in excess of £50k peak earnings - in Silicon Valley you could start on ~$100k. I know many in the UK on over £100k (with 10 years of experience), and some on over £150k (outside of London).
(edited 6 years ago)
Reply 5
Avatar for Doones
Doones
21
Original post by angelike1
And this is BEFORE tax.

I remember seeing a thread where most people seemed so confident in earning 100k by the time they were 25. Just LOL.


I think it's the top 20% earn more than £50k.



But yes, life's not all paved with gold after you get your degree.
Original post by RogerOxon
What is your point? It's clear that a not insignificant percentage will earn over £50k, of which some will earn significantly more.

A good Software Engineer will earn way in excess of £50k peak earnings - in Silicon Valley you could start on ~$100k. I know many in the on over £100k (with 10+ years of experience), and some on over £150k (outside of London).


Point is most young people overestimate how much they'll earn.

Original post by Doonesbury
I think it's the top 20% earn more than £50k.



But yes, life's not all paved with gold after you get your degree.


That's weird. Did I misinterpret the table here?

https://www.gov.uk/government/statistics/percentile-points-from-1-to-99-for-total-income-before-and-after-tax
Reply 7
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Doones
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Original post by angelike1


Hmm, yours is 2014-15.

Mine is 2015-16
https://www.equalitytrust.org.uk/scale-economic-inequality-uk

Ah hold on, mine is household not individual. Yours is correct :smile:
(edited 6 years ago)
Original post by angelike1
Point is most young people overestimate how much they'll earn.

Perhaps you should present some evidence for that then.

You've quoted statistics that show that under 10% will have peak earnings of over £50k, but not that more than that expect to. You might have the impression that 'a lot' of young people think that they will, but that's not very scientific.
(edited 6 years ago)
Original post by angelike1
Point is most young people overestimate how much they'll earn.

Your statistics also only cover those that stay in the UK.
Reply 10
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Doones
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Original post by RogerOxon
Your statistics also only cover those that stay in the UK.


And averages vary significantly by UK region too... :smile:
Original post by RogerOxon
Perhaps you should present some evidence for that then.

You've quoted statistics that show that under 10% will have peak earnings of over £50k, but not that more than that expect to. You might have the impression that 'a lot' of young people think that they will, but that's not very scientific.


I was only referring to a few threads on TSR - I'm actually not planning to write a paper on this.

Original post by RogerOxon
Your statistics also only cover those that stay in the UK.


Well these are the best statistics i can get - for your sake I'm addressing people who are planning to stay in the UK.
Reply 12
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ANM775
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Original post by angelike1
And this is BEFORE tax.

I remember seeing a thread where most people seemed so confident in earning 100k by the time they were 25. Just LOL.




the stats are not surprising

If you want to make big money most likely you'll have to do it off your own back [self employment]

very few will become "rich" working for someone else.

you can have a quite comfortable life working for someone else, but it's unlikely to make you wealthy
Original post by ANM775
the stats are not surprising

If you want to make big money most likely you'll have to do it off your own back [self employment]

very few will become "rich" working for someone else.

you can have a quite comfortable life working for someone else, but it's unlikely to make you wealthy


Can't I just go into "finance" or become an "investment banker" or "trade stocks"???
Reply 14
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ANM775
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Original post by angelike1
Can't I just go into "finance" or become an "investment banker" or "trade stocks"???




yeah you can take a degree in finance but it's pretty hard to then go into investment banking, there's a lot of competition for it. It looks like only a fraction of people who want in get in

trading stocks, you'd need probably around at least £5k first to get started. There are low barriers to entry [you just need a broker and a trading platform] ...but then again it's not exactly easy to become competent/skilled in trading stocks, but the potential for high earnings is definately there


same with forex, although you need less capital to start than stocks. It's not easy to become competent to the point you can do it for a living, but the potential for making big money is definitely there....
agreed with The PoliticalGuy

i was always made to feel miserable on my mediocre wage but then I entered my wage into the global rich list and turns out that even if you are making minimum wage in the uk, or less, you are still part of the highest percentage of richest people in the world by income. really puts things into perspective.

try it yourself - http://www.globalrichlist.com
Original post by ANM775
yeah you can take a degree in finance but it's pretty hard to then go into investment banking, there's a lot of competition for it. It looks like only a fraction of people who want in get in

trading stocks, you'd need probably around at least £5k first to get started. There are low barriers to entry [you just need a broker and a trading platform] ...but then again it's not exactly easy to become competent/skilled in trading stocks, but the potential for high earnings is definately there


same with forex, although you need less capital to start than stocks. It's not easy to become competent to the point you can do it for a living, but the potential for making big money is definitely there....


Lol was being sarcastic bro.
Interesting, I thought it would be less.
Original post by alextheowl
Interesting, I thought it would be less.


Erm... read the title :ninja:
Original post by angelike1
And this is BEFORE tax.

I remember seeing a thread where most people seemed so confident in earning 100k by the time they were 25. Just LOL.
Do you have any sources for these statistics?

10% seems pretty low. I'd have put it around 20%.

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