Which graduates are most likely to make 50k+ in their careers?
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Original post by Wisefire
WTF? Show me this? We're all taking about our own, future salaries, and what they may be. Nothing to do with parents... Unless... Are you hinting at how it actually IS affected by our parents' earnings? Are you saying our salaries can be influenced by how much our parents earn, because of the opportunities their old money and socioeconomic position brings?
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Original post by alevelzzz
One of my friends is studying dentistry, his dad has a big business, easily raking in 300k+ a year(not to mention the actual value of his business). By the time he comes out of dental school, the business will probably be his. Honestly do not know why hes even going to university, never mind becoming a dentist.
Life is more complicated than that. What if the business goes under, what if his dad changes his mind and actually wants him to learn a trade himself, what if he doesn't like what his dad does, what if he has more than one sibling who is also under the impression that 300K is theirs?
What sort of a un-stimulating life would he have by just taking stuff on the back of hard working people, even if its his own father. And finally money is not the centre of happiness.
Original post by J1mmy
Life is more complicated than that. What if the business goes under, what if his dad changes his mind and actually wants him to learn a trade himself, what if he doesn't like what his dad does, what if he has more than one sibling who is also under the impression that 300K is theirs?
What sort of a un-stimulating life would he have by just taking stuff on the back of hard working people, even if its his own father. And finally money is not the centre of happiness.
What sort of a un-stimulating life would he have by just taking stuff on the back of hard working people, even if its his own father. And finally money is not the centre of happiness.
Hes an only child. Hes an INCREDIBLY motivated individual, none of his family are dentists/doctors or any 'high' professional. He never went to private school by choice, despite his father wanting to send him to one.
He never wanted to just live off his dad's money.
Original post by Wisefire
I have a friend in that exact situation lol. His dad got a Masters in dentistry at UCL, now runs a popular dental practice business in Hammersmith, and is now incredibly rich himself. Probably £300k too, similar figures. With him though, he kind of wants to do dentistry/get his own money. Ah man... It sounds so brilliant and 'probable' when described like that
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Yeah, if you're studying dentistry, you're sorted for life pretty much. Never mind if your dad is already a millionaire.
Original post by namename
Why are you calling yourself "we", are you royalty? You don't sound very smart, so I translate it for you: the other poster said that people are coming here only to boast about what they or their parents earned. I said that since this thread was about how to earn the most money you can, even boasts can be used as a useful info, providing you with data on what professions bring the most income in real life, thus answering the question "What graduates are most likely to earn 50k+". I tried to make it as simple as possible, but I am not sure it will help.
What? Why the hell would you bring up the "royalty" connotation? I merely wrote that spontaneously, and, indeed, YES... WE (the posters that are directly answering the question) are discussing future salaries... That is it. We're doing that. Besides, how can me using an INCLUSIVE word such as "we" lead you to say "are you"... You've at the very least interpreted me quite badly, I feel. How does my wording from presumably just one of my replies/writings make you want to suggest that I "don't sound very smart"? In actuality, my grammar's been more on point than yours thus far, looking back at your reply. I won a high academic bursary to a Top 20 Independent school, which must surely indicate I at minimum do not have a 'dull' mind, per se. Please may you answer what I was hinting at in my original response to you: as it is not apparent anyone in the immediate conversation on this thread is boasting about their parents' earnings (quote examples/be more explicit if that is what the majority of people are doing), are you referring to how our parents' incomes/inheritance affects our own earning potential? I'm just trying to get at a point many take for granted, some because they themselves just know what I'm taking about applies to them (inheritance)...
I'm far from "royalty". Obviously you meant it as though I'm pretentious, but nonetheless... If you're evincing my money-centred attitude indicates some slight lacking of intelligence... Well, I can't tolerate what I currently have, and I'm not even financially stable these days. How does one wanting money make one less intelligent? I'm curious to know why, as I'm not taking about myself, but generally. There's this consensus that those who see beyond money and capitalism are smarter. I used to be quite leftist and not very libertarian. Now, as I've become more money-focused, I've also become a centrist (not a right-winger) and very, very libertarian. That was me going off on a tangent, but I've got to start a thread on this at one point...
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(edited 9 years ago)
Original post by alevelzzz
Yeah, if you're studying dentistry, you're sorted for life pretty much. Never mind if your dad is already a millionaire.
Yep. That's his situation. His net worth is already £2mil+ apparently. He got 7 A*s at GCSE too. Life's good for him, and good for him. But he is fat. Very fat.
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(edited 9 years ago)
Original post by grumbeale
It amazes me how dumb most people are when calculating tax. The thresholds are all online.
Everyone gets a £10,000 personal allowance. You are then taxed as follows.
Basic rate: 20% (£0-31,865)
Higher Rate: 40% (£31,865+)
So if you earn £50k, gross, it calculates as follows:
£50,000 Gross
-£10,000 Personal Allowance
= £40,000 Taxable.
£40000 - £31865 = £8135 Taxable @ 40% = £3254
£31865 Taxable @ 20% = £6373
Total Deductions From Tax = £9627
National Insurance
National Insurance is calculated as follows,
you pay 12% on earnings between £153-805/per week, and 2% above that.
In the case of £50,000/year (961.54 per week), you'd pay:
(£805-£153) * 0.12 = £78.24/week - this is as you're already earning above the threshold.
([£50000/52] - 805) * .02 = £3.13/week earnings above the £805 threshold.
= £81.37 per week = £4231.24/year
In total, your deductions are £13858.28/year, therefore meaning your net salary would be £36141.72, and therefore your monthly, take home pay would be £3011.81
In effect, you lose 27.7% of your salary.
The more you earn the more you lose as a percentage, but if your gross salary increases your net salary will always increase.
Everyone gets a £10,000 personal allowance. You are then taxed as follows.
Basic rate: 20% (£0-31,865)
Higher Rate: 40% (£31,865+)
So if you earn £50k, gross, it calculates as follows:
£50,000 Gross
-£10,000 Personal Allowance
= £40,000 Taxable.
£40000 - £31865 = £8135 Taxable @ 40% = £3254
£31865 Taxable @ 20% = £6373
Total Deductions From Tax = £9627
National Insurance
National Insurance is calculated as follows,
you pay 12% on earnings between £153-805/per week, and 2% above that.
In the case of £50,000/year (961.54 per week), you'd pay:
(£805-£153) * 0.12 = £78.24/week - this is as you're already earning above the threshold.
([£50000/52] - 805) * .02 = £3.13/week earnings above the £805 threshold.
= £81.37 per week = £4231.24/year
In total, your deductions are £13858.28/year, therefore meaning your net salary would be £36141.72, and therefore your monthly, take home pay would be £3011.81
In effect, you lose 27.7% of your salary.
The more you earn the more you lose as a percentage, but if your gross salary increases your net salary will always increase.
mmmmm thats why I was refering to marginal rates
Assuming you have no student loan to repay.
Original post by grumbeale
It amazes me how dumb most people are when calculating tax. The thresholds are all online.
Everyone gets a £10,000 personal allowance. You are then taxed as follows.
Basic rate: 20% (£0-31,865)
Higher Rate: 40% (£31,865+)
So if you earn £50k, gross, it calculates as follows:
£50,000 Gross
-£10,000 Personal Allowance
= £40,000 Taxable.
£40000 - £31865 = £8135 Taxable @ 40% = £3254
£31865 Taxable @ 20% = £6373
Total Deductions From Tax = £9627
National Insurance
National Insurance is calculated as follows,
you pay 12% on earnings between £153-805/per week, and 2% above that.
In the case of £50,000/year (961.54 per week), you'd pay:
(£805-£153) * 0.12 = £78.24/week - this is as you're already earning above the threshold.
([£50000/52] - 805) * .02 = £3.13/week earnings above the £805 threshold.
= £81.37 per week = £4231.24/year
In total, your deductions are £13858.28/year, therefore meaning your net salary would be £36141.72, and therefore your monthly, take home pay would be £3011.81
In effect, you lose 27.7% of your salary.
The more you earn the more you lose as a percentage, but if your gross salary increases your net salary will always increase.
Everyone gets a £10,000 personal allowance. You are then taxed as follows.
Basic rate: 20% (£0-31,865)
Higher Rate: 40% (£31,865+)
So if you earn £50k, gross, it calculates as follows:
£50,000 Gross
-£10,000 Personal Allowance
= £40,000 Taxable.
£40000 - £31865 = £8135 Taxable @ 40% = £3254
£31865 Taxable @ 20% = £6373
Total Deductions From Tax = £9627
National Insurance
National Insurance is calculated as follows,
you pay 12% on earnings between £153-805/per week, and 2% above that.
In the case of £50,000/year (961.54 per week), you'd pay:
(£805-£153) * 0.12 = £78.24/week - this is as you're already earning above the threshold.
([£50000/52] - 805) * .02 = £3.13/week earnings above the £805 threshold.
= £81.37 per week = £4231.24/year
In total, your deductions are £13858.28/year, therefore meaning your net salary would be £36141.72, and therefore your monthly, take home pay would be £3011.81
In effect, you lose 27.7% of your salary.
The more you earn the more you lose as a percentage, but if your gross salary increases your net salary will always increase.
Yes it helps if you don't try & reply to these threads when you are working and end up taking off the 10k twice! My comparison should have been somebody with 40k (going to 30k taxable) v 100k.
One should also remember that almost everybody earning over 50k will start with a student loan paying off at 9% whereas the majority of non graduates earn less than 40k.
To be strictly honest I think you can get a negative tax rate if you have enough children but most don't.
Having said that I don't agree with the concept that its not worth working hard and aiming for a well paid job. Most well paid jobs are intellectually interesting; you have to slog when you are young but when you are older you have more control and the freedom to do what you want whether buying your house or hobbies or holiday.
Original post by MrSupernova
Depends on how much experience you have... Are you still stuck on buns, or have you progressed to cakes yet?
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Made me chuckle
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Original post by alevelzzz
Not in London, no.
70k anywhere outside of London etc will be upper middle class 100%. Bear in mind, 70k is including people who may be 40/50 years old. Problem is, there isn't many jobs that will earn you 70k outside of London.
I know dentists on ~100k in the midlands living in 700k homes. (a 700k home in the midlands is incredible btw) They wouldn't be able to live like that in London.
70k anywhere outside of London etc will be upper middle class 100%. Bear in mind, 70k is including people who may be 40/50 years old. Problem is, there isn't many jobs that will earn you 70k outside of London.
I know dentists on ~100k in the midlands living in 700k homes. (a 700k home in the midlands is incredible btw) They wouldn't be able to live like that in London.
People need to understand tht it is not all about living in LONDON. Unfortunately the city can make a 100k a year man Live like someone who is on minimum wage.
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
Original post by Famokhan
People need to understand tht it is not all about living in LONDON. Unfortunately the city can make a 100k a year man Live like someone who is on minimum wage.
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
Which is why I'd never live in London.
Original post by Famokhan
People need to understand tht it is not all about living in LONDON. Unfortunately the city can make a 100k a year man Live like someone who is on minimum wage.
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
Agreed, indeed where can you get a semi 3 bed house house for 700k in London?mTypically it will get you a 2-3 bed flat if you want to live close enough to do the job you need to afford it! Look on rightmove.
Original post by Colmans
Agreed, indeed where can you get a semi 3 bed house house for 700k in London?mTypically it will get you a 2-3 bed flat if you want to live close enough to do the job you need to afford it! Look on rightmove.
2/3 bedroom flat????? ARE U SERIOUS.. im staying as far away from london as possible if true lol
Original post by Famokhan
2/3 bedroom flat????? ARE U SERIOUS.. im staying as far away from london as possible if true lol
I live in a two bedroom semi-detached bungalow with a very small garden all the way out in Zone 6. 300k+.
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Original post by Famokhan
People need to understand tht it is not all about living in LONDON. Unfortunately the city can make a 100k a year man Live like someone who is on minimum wage.
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
Mental. I've just bought a 4 bed detatched about 10 mins from the center of Newcastle for 220k xD. Money goes far further up here it seems.
Original post by stirkee
Mental. I've just bought a 4 bed detatched about 10 mins from the center of Newcastle for 220k xD. Money goes far further up here it seems.
The cost of things is generally fairly reflective of income, hence things are cheaper in the North. Also, accommodation is just a lot more expensive in London because it's London.
Original post by Jammy Duel
The cost of things is generally fairly reflective of income, hence things are cheaper in the North. Also, accommodation is just a lot more expensive in London because it's London.
Yeah exactly. I think I'll stay away from London for a while then... It was the cost of living there that put me off LSE really :s
Original post by Jammy Duel
The cost of things is generally fairly reflective of income, hence things are cheaper in the North. Also, accommodation is just a lot more expensive in London because it's London.
Maybe. I wouldn't earn 5x my salary in London though and I would need to to buy property there...
Unless I'd spend 5x my present travel cost as well...
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Original post by Jammy Duel
The cost of things is generally fairly reflective of income, hence things are cheaper in the North. Also, accommodation is just a lot more expensive in London because it's London.
That's why if you do a job with a nationally set income like a teacher or nurse or generally public sector workers you will have a much higher standard of living in the North. Teachers struggle to buy a flat in London.
Original post by Famokhan
People need to understand tht it is not all about living in LONDON. Unfortunately the city can make a 100k a year man Live like someone who is on minimum wage.
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
A 700k house in the midlands would buy you a mansion, seriously :/ whereas in London it will get you a mere 3 bedroom semi detatched house which in the midlands you could get for 200k!
As someone from the midlands and living in London... 700k is chump change here, but my god is it worth being in the centre of the universe rather than some village in butt-**** nowhere.
(Also 700k gets you a decent 5 bed in warwickshire, you need 1m+ to get a mansion around leamington/warwick and closer to 1.5m in stratford. not sure about the rest of the midlands, but I guess for 700k you'd get a whole building in a ****hole like coventry - this is all subjective as to what you think a mansion is obviously...)
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