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Which graduates are most likely to make 50k+ in their careers? Watch

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    (Original post by alevelzzz)
    lol? uk worst for social mobility? ok then.....
    well, I mean in the European union arcoding to this chat:
    http://static.guim.co.uk/sys-images/.../newcahrts.png
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    (Original post by Reue)
    Hope they enjoy prison. Im glad my too high taxes can go towards locking them up
    or they can just immigrate when the tax collector comes knocking
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    (Original post by LakAnne)
    oh, I see. Apparently only £250 a year. Which is nothing if you earn a grand a week.
    I think the thread was looking for legal ways to make 50k. A career as a criminal may well be more lucrative.

    Self employed nurses will still have to pay 25% tax on their earnings after allowances, 40% if they earn enough, unless they defraud but the tax man will know from the agency accounts what they earn. It won't be in cash.
    Their allowances won't run to much more than personal tax allowance, indemnity insurance and so forth.
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    (Original post by poohat)
    1) Its not the value of your current property that matters, its your equity (ie how much of it is mortgage, vs how much is yours).

    2) Saving £100k in 4-5 years is very ambitious unless you are living frugally. £80k is £44k a year after tax+student loans+7% (say) pension savings. If you are living alone in London you will probably pay around £1200/month for a 1 bed flat unless you want to live in a ghetto, then add on council tax and bills and thats £17k/year for accommodation costs. If you arent living like a student you will spend a fair amount on things like food/going out/clothes (and if you are in a professional job these wont be as optional as you may think), so thats maybe £800 a month or so, and then throw in another £1500/year for your oyster card. So assuming you buy nothing else and never go on holiday or similar, you might be able to save £10k a year.

    3) Even ignoring all the above, an £80k salary will only get someone a £360k mortgage using a standard 4.5x salary multiple, so even if you had £100k in savings you still wouldnt be able to buy anything particularly nice (the average London house price is around £500k, and nice places are closer to £1m). It may not be a slum, but it would still be worse than what a typical nurse or school teacher would have been able to afford 20-30 years ago


    Obviously if you are living in a £300k property that someone else has bought you (or similar) then you will save a huge amount on rent and have great equity, but in this case the reason why you will be financially comfortable isnt because you have an £80k salary, its because someone gave you money for a house (or you bought before the house price boom). The point is that someone who is starting out from scratch without family money and earning £80k a year wouldnt be anywehre near as comfortable as you might think.
    Yeah, our house was bought for a tiny amount in the 90s, and it's now worth a lot more than it was. I'm aware of mortgages; our house's mortgage is nearly paid off now (6 years left). So I'm OK on that front. I'm not planning on having a family; I'm looking at buying a modern, 'luxury' studio flat somewhere near South Quay/the Docklands. You may not believe me, but my Oyster allows me to travel on the LU/Overground/buses/EVERYTHING in London for free (I have a staff nominee card, that stays with me even after the staff member who works for TFL retires). That's fortunate lol. £350k more likely, my house, and I'm only after a nice location (how central it is, how cool, or some established place with good schools), and a modern property. Even a 1 bedroom modern apartment in the heart of Richmond is no more than £550k or so. Yep, I'm aware after tax £80k would actually be £50k (not £44k), with NI/student loans, AND a 6% pension deduced (I've fiddled a lot with the Salary calculator app; I'm very much aware/have put efforts into being aware of what dissent m different sandy m salary ranges mean in actuality).

    So £4k every month. Maximum bills (other taxes/council tax/utilities, AND food, on top of current house's mortgage if I'm still paying it by then) will be £1.9k a month (that's what it is for us right now, and that's including my school fees I won't obviously have by then). £2.1k left. I'd be very willing to have only £100 on 'luxuries' per month (that's more than what I currently experience, sadly), so £2k saved per month is just about doable. And that's what would make me feel happy. Saving and hopefully investing, and generally gathering serious wealth for the first time in my life (ie £2k a month saved absolute minimum). I could choose to get a nice car (stupid investment, ik) or get a house/residency. Would take 4 years for the former (car, if it's good) and 6 years for the latter (apartment) maximum.

    And I'm hoping I'll obviously hit six figures as I age... I've genuinely got to try and get a City job, and I'm well aware of what I need to do for it.

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    (Original post by Colmans)
    I think the thread was looking for legal ways to make 50k. A career as a criminal may well be more lucrative.

    Self employed nurses will still have to pay 25% tax on their earnings after allowances, 40% if they earn enough, unless they defraud but the tax man will know from the agency accounts what they earn. It won't be in cash.
    Their allowances won't run to much more than personal tax allowance, indemnity insurance and so forth.
    okay, I will recorrect after a text to the friend. It's not £250 a year, it's 200 a month. But if you are earning about £4000-5000 a month, that's still pretty good.
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    (Original post by LakAnne)
    or they can just immigrate when the tax collector comes knocking
    Ah yes, as simple and easy as that :rolleyes:
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    (Original post by alevelzzz)
    lol? uk worst for social mobility? ok then.....
    It kind of is bad... Nothing like the USA, what with frat boys/contacts being dominant etc, but had I not been given a scholarship to the crazy private school I go to... Hell, I wouldn't even have the hindsight or mild awareness to want to improve myself financially... And I wouldn't have the contacts and direct assistance I'm now being given. For example, my school's arranged a banking workshop for me and a few others, all because of the old alumni network. Thanking this world day by the day whatever the extent of my intelligence is did get recognised and appreciated by an institution such as my school.

    Here's an indicative thing: just how many actors, not just in the UK but elsewhere, came from OK-ish backgrounds? How many went to a private school? Mmh? It's SAD social mobility sucks here. Go to Denmark if you want the American Dream (most socially mobile country). **** old money...

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    (Original post by LakAnne)
    okay, I will recorrect after a text to the friend. It's not £250 a year, it's 200 a month. But if you are earning about £4000-5000 a month, that's still pretty good.
    I'm sorry but its just not true.

    You can earn a bit less than £1000/month in any job s/e or PAYE before paying tax. You can't claim more than another £1-200 in expenses so you pay 25% of the rest.
    To pay £200/month in tax you would be declaring no more than £2k/month.

    You get paid by cheque. The agency sends its accounts to the tax man. You get caught.
    The top specialist nurses get £50/hr from agencies but £20-£35 is more common.
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    (Original post by Colmans)
    I'm sorry but its just not true.

    You can earn a bit less than £1000/month in any job s/e or PAYE before paying tax. You can't claim more than another £1-200 in expenses so you pay 25% of the rest.
    To pay £200/month in tax you would be declaring no more than £2k/month.

    You get paid by cheque. The agency sends its accounts to the tax man. You get caught.
    The top specialist nurses get £50/hr from agencies but £20-£35 is more common.
    Well i am telling you, that this person when he did normal hospital nursing work at £10-12 an hour walked out of his work with 1600 pounds pay check per month, plus some other side job ,it added up to no more than 2500 a month but now he has at least 4 grand a month tax free. The how's I don't know okay...

    If you wanna make money then self contracting or starting your own business in some industries is always better.
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    (Original post by poohat)
    1) Its not the value of your current property that matters, its your equity (ie how much of it is mortgage, vs how much is yours).

    2) Saving £100k in 4-5 years is very ambitious unless you are living frugally. £80k is £44k a year after tax+student loans+7% (say) pension savings. If you are living alone in London you will probably pay around £1200/month for a 1 bed flat unless you want to live in a ghetto, then add on council tax and bills and thats £17k/year for accommodation costs. If you arent living like a student you will spend a fair amount on things like food/going out/clothes (and if you are in a professional job these wont be as optional as you may think), so thats maybe £800 a month or so, and then throw in another £1500/year for your oyster card. So assuming you buy nothing else and never go on holiday or similar, you might be able to save £10k a year.

    3) Even ignoring all the above, an £80k salary will only get someone a £360k mortgage using a standard 4.5x salary multiple, so even if you had £100k in savings you still wouldnt be able to buy anything particularly nice (the average London house price is around £500k, and nice places are closer to £1m). It may not be a slum, but it would still be worse than what a typical nurse or school teacher would have been able to afford 20-30 years ago


    Obviously if you are living in a £300k property that someone else has bought you (or similar) then you will save a huge amount on rent and have great equity, but in this case the reason why you will be financially comfortable isnt because you have an £80k salary, its because someone gave you money for a house (or you bought before the house price boom). The point is that someone who is starting out from scratch without family money and earning £80k a year wouldnt be anywehre near as comfortable as you might think.
    This post is the most realistic post ive ever read here in this forum. Thank god!

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    (Original post by LakAnne)
    Speaking of easier degrees that you also have the potential to earn big like nursing. A friend of a friends earns more than a thousand a week doing agency related work which means they are self employed and pay virtually no tax.
    Yes this is true, specially when you have years of experience, some agency offers 25-40 pounds an hour in one shift!! Its a good money, specially if you work in London.
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    (Original post by LakAnne)
    ahhhh, :ahee:thank you but i thought the UK was worst for social mobility and everybody is a wage earner. Only in third or second world countries can big social mobility be achieved without the need of a degree. This is speaking from experience since my dad who lives in Africa owns two very beautful mansions with swimming pools and jacuzzi. At least when life fails me here, I know I can always go and coz up with my dada.
    Social mobility is actually quite good in the UK with our health and education system.
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    (Original post by 19cvabn)
    This post is the most realistic post ive ever read here in this forum. Thank god!

    Posted from TSR Mobile

    I appreciate it myself. But have you read my responses, and my personal situation that makes some of his points a little less relevant for me personally? Do you agree with what I say/my planning of my own personal situation? Just want to get an opinion lol.

    By the way, as I have already asked poohat, what salary do you think DOES allow you to do all of those things he suggested previously, and be able to save a bit then? Tell me a figure per year, in ACTUAL cash (ie £80k salary means £50k actual cash, which you're implying is still not enough). So how much? Anybody?
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    (Original post by Mike_123)
    Social mobility is actually quite good in the UK with our health and education system.
    I SINCERELY hope so. I get anxious when I remind myself that getting A*A*A* (lol), work experiences, a first at university in a good subject and generally really good things STILL gears people towards the thought that they'll barely break £50k (as MANY pessimistic people on TSR have opined). I hate that. I really do.
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    (Original post by poohat)
    1) Its not the value of your current property that matters, its your equity (ie how much of it is mortgage, vs how much is yours).

    2) Saving £100k in 4-5 years is very ambitious unless you are living frugally. £80k is £44k a year after tax+student loans+7% (say) pension savings. If you are living alone in London you will probably pay around £1200/month for a 1 bed flat unless you want to live in a ghetto, then add on council tax and bills and thats £17k/year for accommodation costs. If you arent living like a student you will spend a fair amount on things like food/going out/clothes (and if you are in a professional job these wont be as optional as you may think), so thats maybe £800 a month or so, and then throw in another £1500/year for your oyster card. So assuming you buy nothing else and never go on holiday or similar, you might be able to save £10k a year.

    3) Even ignoring all the above, an £80k salary will only get someone a £360k mortgage using a standard 4.5x salary multiple, so even if you had £100k in savings you still wouldnt be able to buy anything particularly nice (the average London house price is around £500k, and nice places are closer to £1m). It may not be a slum, but it would still be worse than what a typical nurse or school teacher would have been able to afford 20-30 years ago


    Obviously if you are living in a £300k property that someone else has bought you (or similar) then you will save a huge amount on rent and have great equity, but in this case the reason why you will be financially comfortable isn't because you have an £80k salary, its because someone gave you money for a house (or you bought before the house price boom). The point is that someone who is starting out from scratch without family money and earning £80k a year wouldn't be anywhere near as comfortable as you might think.

    Besides mate, I'm not looking for some comfortable £900k traditional middle-class house for a decent sized family in some north west London Zone 6 suburb (Northwood, those areas), or something like that... It's all about the unqiueness, location and connotations of the place I live in. The only genuine prerequisite is that it needs to be modern enough. Otherwise, with me at least, not seeing myself having kids anytime soon, I'd be happy with properties like this:

    http://www.rightmove.co.uk/property-...-30591414.html

    However, I would obviously much rather have this:

    http://www.rightmove.co.uk/property-...-45263816.html

    They're all great investments too IMO; I bet the values are going to go up. In fact, this is going to be one big factor for me, when it comes to choosing a property. If I do want to factor in having a family, good areas in London to get multiple bedrooms, with very good schools (Tower Hamlets isn't really a good area for kids haha), all for £600k or so, are areas like Loughton and Chingford. A property like this, in that situation instead, would be:

    http://www.rightmove.co.uk/property-...-30792567.html

    However, personally, I would actually MUCH rather get a place in somewhere like Richmond. This looks nice:

    http://www.rightmove.co.uk/property-...-45216565.html

    As well as this (in Richmond):

    http://www.rightmove.co.uk/property-...-45192809.html


    Going back to those first two places/links, I'd be more than happy to shift all my assets to such places (as I said, my house is very nearly paid for, and will be by the time I'm in work; I roughly understand how mortgages work). I just know my own quality of life would GREATLY improve.
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    (Original post by LakAnne)
    ahhhh, :ahee:thank you but i thought the UK was worst for social mobility and everybody is a wage earner. Only in third or second world countries can big social mobility be achieved without the need of a degree. This is speaking from experience since my dad who lives in Africa owns two very beautful mansions with swimming pools and jacuzzi. At least when life fails me here, I know I can always go and coz up with my dada.
    africa seems so magical:rolleyes:
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    (Original post by Wisefire)
    It kind of is bad... Nothing like the USA, what with frat boys/contacts being dominant etc, but had I not been given a scholarship to the crazy private school I go to... Hell, I wouldn't even have the hindsight or mild awareness to want to improve myself financially... And I wouldn't have the contacts and direct assistance I'm now being given. For example, my school's arranged a banking workshop for me and a few others, all because of the old alumni network. Thanking this world day by the day whatever the extent of my intelligence is did get recognised and appreciated by an institution such as my school.

    Here's an indicative thing: just how many actors, not just in the UK but elsewhere, came from OK-ish backgrounds? How many went to a private school? Mmh? It's SAD social mobility sucks here. Go to Denmark if you want the American Dream (most socially mobile country). **** old money...

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    I think your impression of America is wrong. First, its much harder to become wealthy in Europe than it is in the US because of a) the lower salaries, b) the higher living costs, and c) the enormous tax rates. If you earn over £40k in the UK then your tax rate is essentially 56% (40% income tax, 2% employee national insurance, 14% employer national insurance), and then you have 20% VAT on everything you buy. In America, income tax rates are only only around 30% if you make less than 100k, and sales tax is a lot lower, around 6-7% in most states. Denmark tax rates are even higher than in the UK.

    After you have a family the difference is even greater - in America, most of the expenditure that middle class people need for basic living is tax deductible (ie you can subtract it from your gross salary before income tax is calcualted) - specifically your mortgage interest payments, and any childcare for your children. This is not true in the UK, which means that middle and high-earning people have far, far higher tax rates than in the US once they have families.

    Now throw in the fact that most things in America are around 30% cheaper than they are in the UK, so your (already higher, and less taxed) salary will go further. This is doubly so when it comes to housing - in most US states, $300-400k will buy you an enormous detached 4-5 bedroom house in the suburbs. Even outside London in the UK, that is only going to get you a 2 bed terrace in most places.

    Pretty much everyone in the US is financially better off than those in the UK and Europe, except for maybe the 10% at the bottom.
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    (Original post by poohat)
    I think your impression of America is wrong. First, its much harder to become wealthy in Europe than it is in the US because of a) the lower salaries, b) the higher living costs, and c) the enormous tax rates. If you earn over £40k in the UK then your tax rate is essentially 56% (40% income tax, 2% employee national insurance, 14% employer national insurance), and then you have 20% VAT on everything you buy. In America, income tax rates are only only around 30% if you make less than 100k, and sales tax is a lot lower, around 6-7% in most states. Denmark tax rates are even higher than in the UK.

    After you have a family the difference is even greater - in America, most of the expenditure that middle class people need for basic living is tax deductible (ie you can subtract it from your gross salary before income tax is calcualted) - specifically your mortgage interest payments, and any childcare for your children. This is not true in the UK, which means that middle and high-earning people have far, far higher tax rates than in the US once they have families.

    Now throw in the fact that most things in America are around 30% cheaper than they are in the UK, so your (already higher, and less taxed) salary will go further. This is doubly so when it comes to housing - in most US states, $300-400k will buy you an enormous detached 4-5 bedroom house in the suburbs. Even outside London in the UK, that is only going to get you a 2 bed terrace in most places.

    Pretty much everyone in the US is financially better off than those in the UK and Europe, except for maybe the 10% at the bottom.
    Couldn't have said it better myself. Taxes here are ridiculous.
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    (Original post by poohat)
    I think your impression of America is wrong. First, its much harder to become wealthy in Europe than it is in the US because of a) the lower salaries, b) the higher living costs, and c) the enormous tax rates. If you earn over £40k in the UK then your tax rate is essentially 56% (40% income tax, 2% employee national insurance, 14% employer national insurance), and then you have 20% VAT on everything you buy. In America, income tax rates are only only around 30% if you make less than 100k, and sales tax is a lot lower, around 6-7% in most states. Denmark tax rates are even higher than in the UK.

    After you have a family the difference is even greater - in America, most of the expenditure that middle class people need for basic living is tax deductible (ie you can subtract it from your gross salary) - specifically your mortgage interest payments, and any childcare for your children. This is not true in the UK, which means that middle and high-earning people have far, far higher tax rates than in the US once they have families.

    Now throw in the fact that most things in America are around 30% cheaper than they are in the UK, so your (already higher, and less taxed) salary will go further. This is doubly so when it comes to housing - in most US states, $300-400k will buy you an enormous detached 4-5 bedroom house in the suburbs. Even outside London in the UK, that is only going to get you a 2 bed terrace in most places.

    Pretty much everyone in the US is financially better off than those in the UK and Europe, except for maybe the 10% at the bottom.
    but at least we can see the our tax being use properly such as free health care, free education except tertiary education, child benefits and etc. In US, one illness could actually bankrupt you, or even child birth in US is extremely costly. I know some Americans paid almost 90k being admitted in the hospital for 1 week stay! In my own perspective, I think uk is far more better than uk in a form of standard living.
    But for salary, i'll go for US, but outweighting some factors id rather chose uk than US.
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    (Original post by Wisefire)

    By the way, as I have already asked poohat, what salary do you think DOES allow you to do all of those things he suggested previously, and be able to save a bit then? Tell me a figure per year, in ACTUAL cash (ie £80k salary means £50k actual cash, which you're implying is still not enough). So how much? Anybody?
    Its almost impossible to answer this because due to the last 15 years of developments in the UK, your actual salary is far less important than a) which city you live in, and b) how much money your parents are able to give you to help you get on the property ladder. Someone earning £40k in Manchester who's parents can give them £50k for a deposit is going to have a higher quality of life (financially) than someone earning £80k in London and doesnt have parents to help them, so they have to blow most of their money on rent and will struggle to ever buy a decent house.

    Personally I live in London and dont have kids, and my opinion is that if I had kids I would need to earn at least £150k to live within Zone 2-3 and have a reasonable quality of life. If I was willing to move outside London and spend an hour commuting in (which most people end up doing) then I think around £60-80k would be the bare minimum.

    Most realistically I will leave London in the future and either move abroad, or somewhere else in the UK. In most other cities, £40k is probably enough to be comfortable.
 
 
 
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