People on the internet talking about their huge salaries

BrianD3

I was looking at the Askaboutmoney Money Makeover forum, basically a place to ask for a financial review in an Irish context. The template asks that you include your salary/income in requests for review. It is striking how high many of them are. Salaries of 100-200k are common. There are also recent threads mentioning a salary of 375k and another recent one mentions 400k (although that might be for a couple)

https://www.askaboutmoney.com/threads/what-to-do-with-additional-150k-p-a.222703/

Do very well paid people tend to have difficulty with managing their finances and need to ask for free advice from strangers on the internet?

AAM is a fairly sterile forum compared to boards, surely people wouldn't make up elaborate bullsh*t stories on such a site? On boards things are different, it is more of a community so there is more scope for gaining "kudos" by boasting about a salary and also more potential for successful trolling.

I'm an unpaid carer now and my "career" has basically been a failure, I will never earn 100k p.a. or close to it in my life. Were it not for my frugality and the hard saving that I did when I was working plus the money I inherited, I would be financially f*cked and likely in a deep depression now.

Gregor Samsa

BrianD3 wrote: »

Do very well paid people tend to have difficulty with managing their finances and need to ask for free advice from strangers on the internet?

As Biggie once said, "Mo money mo problems".

If i earned that money yr ****ing right id be logging in telling anyone whod listen

EmmetSpiceland

[Deleted User] wrote: »

If i earned that money yr ****ing right id be logging in telling anyone whod listen

How gauche.

Your health is your wealth these days.

TheSegal

EmmetSpiceland wrote: »

How gauche.

Your health is your wealth these days.

Yes but unfortunately health in this country is affected by wealth. Better food, education, access to faster private care, etc...

punisher5112

I've something else that's huge if that's ok to brag about

jimgoose

Figel Narage

I would know of some people on very high salaries and you'd be suprised about the amount of complaints they have for things that people on much lower salaries would also have. I guess it comes from maintaining a certain lifestyle that makes the benefits of a high salary somewhat mitigated. I never fully believe when people reveal anything somewhat boastfull on the internet (i.e. high salary) as its so easy to lie to make it sound better but the forum highlighted i think seems more genuine as its fairly in depth regarding assets and liabilities, income and expenses etc. and the guy admits he works for an FB/Google type of company and they do indeed provide high salaries for some.

B.A._Baracus

There's many a spoofer walking the streets.
There's even more online. So pinch of salt op.

ulster

BrianD3 wrote: »

I was looking at the Askaboutmoney Money Makeover forum, basically a place to ask for a financial review in an Irish context. The template asks that you include your salary/income in requests for review. It is striking how high many of them are. Salaries of 100-200k are common. There are also recent threads mentioning a salary of 375k and another recent one mentions 400k (although that might be for a couple)

https://www.askaboutmoney.com/threads/what-to-do-with-additional-150k-p-a.222703/

Do very well paid people tend to have difficulty with managing their finances and need to ask for free advice from strangers on the internet?

AAM is a fairly sterile forum compared to boards, surely people wouldn't make up elaborate bullsh*t stories on such a site? On boards things are different, it is more of a community so there is more scope for gaining "kudos" by boasting about a salary and also more potential for successful trolling.

I'm an unpaid carer now and my "career" has basically been a failure, I will never earn 100k p.a. or close to it in my life. Were it not for my frugality and the hard saving that I did when I was working plus the money I inherited, I would be financially f*cked and likely in a deep depression now.

Thinly veiled "i dont earn as much as you but i'm far superior at money management" thread.

TheValeyard

I'd like to hear from Mr. Angus von Bismarck on this.

Dave1711

BrianD3 wrote: »

Do very well paid people tend to have difficulty with managing their finances and need to ask for free advice from strangers on the internet?

I would say yes, the case is with most people that the more you earn the more you give yourself to spend and improve your lifestyle so someone on 200k+ probably has the mortgage or the rent to match that pay, nice new car too.

Speaking from myself I went from standard enough 25k/30k to around 70k and for the first year or so in the job wasn't saving anything extra at all was buying all the things I wanted going on holidays etc before I coped on a bit and reigned it in and now I save quite a bit per month.

Strumms

Steve Nolan wrote: »

COPE
O
P
E


You tell yourself rich people are miserable too, don't you?

If being rich will make me miserable I’ll be the happiest miserable person going.

EmmetSpiceland

Strumms wrote: »

If being rich will make me miserable I’ll be the happiest miserable person going.

Rich people aren't happy. From the day they're born til the day they die, they think they're happy but, trust me, they ain't.

Strumms

punisher5112 wrote: »

I've something else that's huge if that's ok to brag about

I don’t think this thread is the appropriate place to talk about your mortgage.

Strumms

EmmetSpiceland wrote: »

Rich people aren't happy. From the day they're born til the day they die, they think they're happy but, trust me, they ain't.

If you had 5 million in the bank, a nice house, pool, sauna, jacuzzi, a couple of high end cars, no requirement to work... I could see maybe boredom setting in every now and then... but it wouldn’t be regularl...but we spend a good portion of our time at work... ok engaged with our work, as we must be but we are also either bored or under so much pressure where we don’t have time to be...

Geuze

Please note the following:

• that 375k case recently on AAM includes shares as payments, and that amount is not a typical case in the Money Makeoever
  
• Yes, there are plenty of cases doing well, e.g. 80k - 100k - 120k
  
• Note that there is a selection bias here, and many on AAM are aware of it

Geuze

Figel Narage wrote: »

I would know of some people on very high salaries and you'd be suprised about the amount of complaints they have for things that people on much lower salaries would also have. I guess it comes from maintaining a certain lifestyle that makes the benefits of a high salary somewhat mitigated.

Yes, a couple I know are on 170k combined gross approx.

They often complain about costs, etc.

Geuze

BrianD3 wrote: »

Do very well paid people tend to have difficulty with managing their finances and need to ask for free advice from strangers on the internet?

AAM is a fairly sterile forum compared to boards, surely people wouldn't make up elaborate bullsh*t stories on such a site?

I don't think any case on AAM is made up.

One high earner on AAM was a doctor, and didn't know much about PS pensions.

That is totally believable, as PS pensions are complex.

ongarboy

I don't think anyone on AAM is making their salaries and net worth up. If they are seeking advice on how to manage or grow their wealth, it would be rather pointless providing false information only to receive tailored advice that would be completely irrelevant to them so why would they bother posting it in the first place?

I do be a bit perplexed sometimes when you read people posting in AAM who are on mega bucks six figure salaries, their partners similar, gold plated defined pensions, mortgage free, investment property cash cow and savings and investments up to 500K....yet they still seek advice...on how they need a makeover to generate MORE income...how much more does one possibly need to maintain a comfortable lifestyle?

In relation to the money = happiness theory, I read before that €75,000 a year is the optimum amount you need to aspire to for financial security based happiness (i.e. never having to worry about paying bills to live comfortably). Any excess money apparently will not actually make you any happier (I can agree with that)

Now if you're on €150k a year (a great salary by any measure) and choose to take out a loan for a €200k Lexus and struggle with the repayments, that's on you and your desire for beyond your means unnecessary bling....constantly trying to keep up with the Jones will never make you happy...money has got nothing to do with that rather sad and soulless mindset.

Bubbaclaus

BrianD3 wrote: »

Do very well paid people tend to have difficulty with managing their finances and need to ask for free advice from strangers on the internet?

I run a home in Dublin, Castlebar and Brussels. I wanna tell you something, try it sometime when you have a couple of cars and three houses and three homes and a few housekeepers.

Figel Narage

Geuze wrote: »

Yes, a couple I know are on 170k combined gross approx.

They often complain about costs, etc.

I know of a couple on combined of I'd say 450-500k (wouldnt be rude enough to ask, basing this off the jobs they have) who even complain about the struggles! Very jarring when you hear of people making 150K (around 7k a month take home) plus who are living paycheck to paycheck!

Buddy Bubs

As long as there is anonymous internet forums people are going to lie and be in Walter Mitty land.
Happens here every thread, someone comes on and says 100k is not a high salary if you're living in Dublin.....you need to be on 200k like me to make ends meet.
I dont know why people do it anonymously but its rampant. Could be boredom. Everything you read should be taken with a pinch of salt. Might be true, might not, we all have the ability to type whatever we want.

You wont see it happening on any sites where you are identifiable, thats for sure.

GreeBo

Gregor Samsa wrote: »

As Biggie once said, "Mo money mo problems".

I wouldn't even say its more problems, but its more "stuff" to manage and any mistakes will be multiplied in real money terms.

B.A._Baracus

Steve Nolan wrote: »

COPE
O
P
E


You tell yourself rich people are miserable too, don't you?

I have no idea what you're going on about.
Be honest... Where you having a conversation in your head and you thought I said something? Be honest now

begbysback

ongarboy wrote: »

In relation to the money = happiness theory, I read before that €75,000 a year is the optimum amount you need to aspire to for financial security based happiness (i.e. never having to worry about paying bills to live comfortably). Any excess money apparently will not actually make you any happier (I can agree with that)
.

Couldn’t agree more, if anybody on here needs any assistance capping their income to achieve optimum happiness then I’d be willing to assist.

Patrick2010

punisher5112 wrote: »

I've something else that's huge if that's ok to brag about

A bus?

.anon.

TheValeyard wrote: »

I'd like to hear from Mr. Angus von Bismarck on this.

He gets around €200 a week on the dole. Collects his 'wages' down the post office on a Tuesday, but between cans of Dutch Gold (it's a brand of beer from the Netherlands), cigarettes and a gambling habit, it's usually gone by Thursday. In addition to the dole, he gets the odd day's work here and there (cash in hand, obviously). I think he's signed up to do an ECDL course through Fás (or whatever it's called now), so he'll probably be entitled to a few extra euro for doing that.



"I wanna tell you something... try it some time..."

FHFM50

A good chunk of people on AAM are likely Consultants and GP's who might know very little about savings/pensions.

Yurt2

Steve Nolan wrote: »

You tell yourself rich people are miserable too, don't you?

Studies in the US conclude that people do indeed report greater levels of happiness with more money up until 75k USD. Which is the point all your material needs are met, you are a fairly unshakable member of the middle class and have confidence in your future.

After that, no further gains in happiness are reported with more wealth and in many cases, life satisfaction declines as your work consumes more of your life or you find yourself in social circles where you have more, but you feel poorer relative to your peers.

The Diderot effect: "I was the master of my old cape, but I am a slave to my new one."

Like when you buy a new expensive item for your wardrobe, and it makes everything else you own look shoddy. So you obsessively have to consume more.

Arghus

Every time there's a thread on boards about salaries it's comical how many people suddenly appear who are earning simply ridiculous and entirely unrealistic salaries.

Most about what you read about people's salaries online is just lies.

Tis tough work earning 6 figures. Have the house in Castlebar, one in Dublin and another in Brussels. Each one staffed with a Maureen who will put the fry on.

I'm telling ya OP, you should try it sometime.

FHFM50

Arghus wrote: »

Every time there's a thread on boards about salaries it's comical how many people suddenly appear who are earning simply ridiculous and entirely unrealistic salaries.

Most about what you read about people's salaries online is just lies.

You forgot about the classic Pádraig Flynn quote which makes its way in to every finance related thread on Boards

.anon.

.anon. wrote: »

He gets around €200 a week on the dole. Collects his 'wages' down the post office on a Tuesday, but between cans of Dutch Gold (it's a brand of beer from the Netherlands), cigarettes and a gambling habit, it's usually gone by Thursday. In addition to the dole, he gets the odd day's work here and there (cash in hand, obviously). I think he's signed up to do an ECDL course through Fás (or whatever it's called now), so he'll probably be entitled to a few extra euro for doing that.

He does be getting a few bob extra on top of the scratcher alrigh from the HWI, Howays says I, High Net Worth Individuals says he. German Teachers and de like. They throw some money at him for some help around the house - Grass cutting and so on. Much good it does him, all gone on the horses and the gargle by Friday afternoon. Ah Aonghus is harmless. Except to himself and the local ducks when’s he’s got a bit of hunger on him.

tayto lover

All you need is enough to get by on and a euro.

BrianD3

BrianD3 wrote: »

Were it not for my frugality and the hard saving that I did when I was working plus the money I inherited, I would be financially f*cked and likely in a deep depression now.

I think you sort of answered your own question there OP. I mean I wouldn't be in that 400K bracket either, but I suppose I do alright for myself. Thing is though I did grow up in more modest times shall we say, I learnt the the value of an 'oul punt at a very young age and I've never lost that mentality. Couldn't afford to back in those days, simple as that.

I've never gotten it out of my head "I'm a pay check away from sleeping in the park". Far from it of TBH, but that was the attitude our parents gave us to money. People who didn't grow up in hard times seem to have less of a knack for managing themselves in my experience. And for the life of me I can't fathom it, I mean if you earn £100 you spend £90, not £110. How fuppin' hard of a concept is that for a grown adult to wrap their head around?

phormium

Yes I read those too and would love to know what the jobs are It makes me curious! It must be mainly a city thing though, I know when I worked in banking we would go to Head Office on training courses and case studies etc would be based on salaries I wouldn't see a couple having in small town Ireland not to mind one person other than the occasional consultant/lecturer/solictor etc.

I want to know what those careers are, same as I'd love signs outside big houses showing occupation, another thing that makes me very curious when I see some of the properties being built, not going to happen I know but I'd just love to know! Handy info to guide the kids in college!

GreeBo

Arghus wrote: »

Every time there's a thread on boards about salaries it's comical how many people suddenly appear who are earning simply ridiculous and entirely unrealistic salaries.

Most about what you read about people's salaries online is just lies.

At what level do you consider salaries "comical", "ridiculous" or "unrealistic"?

Perhaps there are just lots of people who earn more than you do?

Arghus

GreeBo wrote: »

At what level do you consider salaries "comical", "ridiculous" or "unrealistic"?

Perhaps there are just lots of people who earn more than you do?

Oh absolutely, but it's a hell of a coincidence that so many high earners - which to me is anyone earning more than 50k a year - happen to be members of an anonymous message board.

I'm sure there were people in there in the occasional thread I've read that are telling the truth - and I'm sure there were people who weren't.

We can agree to disagree, I tend to view a lot of the salaries quoted with a degree of scepticism, you don't. The world will still keep on turning.

Figel Narage

Arghus wrote: »

Oh absolutely, but it's a hell of a coincidence that so many high earners - which to me is anyone earning more than 50k a year - happen to be members of an anonymous message board.

I'm sure there were people in there in the occasional thread I've read that are telling the truth - and I'm sure there were people who weren't.

We can agree to disagree, I tend to view a lot of the salaries quoted with a degree of scepticism, you don't. The world will still keep on turning.

Not trying to start an argument just curious as to why you picked over 50K as the barometer?

Arghus

Figel Narage wrote: »

Not trying to start an argument just curious as to why you picked over 50K as the barometer?

It's a salary most people don't earn. It's above the average wage.

I could have picked 45 - but then someone would have posted that 45 isn't that high, or I could have picked 60 to go higher, but I'm sure some would have then said that's too high, so I figured 50 is a reasonable barometer of a high salary, compared to what the average wage is for most people.

Of course, I know that for some lines of work it might be regarded as poor pay, but for others it would be regarded as very decent. I think, all things being equal, it's decent enough money to most people.

Figel Narage

Arghus wrote: »

It's a salary most people don't earn. It's above the average wage.

I could have picked 45 - but then someone would have posted that 45 isn't that high, or I could have picked 60 to go higher, but I'm sure some would have then said that's too high, so I figured 50 is a reasonable barometer of a high salary, compared to what the average wage is for most people.

Of course, I know that for some lines of work it might be regarded as poor pay, but for others it would be regarded as very decent. I think, all things being equal, it's decent enough money to most people.

I largely agree, 50K, depending on the circumstances is a pretty good wage in that you can live comfortably and still have enough to save every month. Anyone know the median wage?

Arghus

Figel Narage wrote: »

I largely agree, 50K, depending on the circumstances is a pretty good wage in that you can live comfortably and still have enough to save every month. Anyone know the median wage?

According to the CSO in 2018:

"Total median annual earnings were €36,095 in 2018"

I know that figure is old at this stage, but it's what I could find.

jrosen

I guess everyone is different. I dont earn alot, pathetically low if im honest and I grew up in a home where my parents had a modest income. So I was raised with a squirreling away mentality. Its stuck with me to this day. My husband is a high earner and until I trained him (lol) wasnt great with money. Even though he was great with his pension, health insurance and those sort of long term things he was useless with shorter term goals.
I think you become accustomed to your income and then almost need that level of salary to live your basic life.

I'm sure plenty of it is nonsense, but plenty is probably genuine.

There are plenty of people that follow well trodden paths like medicine that generate big incomes, that don't have to have any great financial knowledge to get where they are now. Where do they turn for advice as a first point of call otherwise?

Arghus

Arghus wrote: »

Oh absolutely, but it's a hell of a coincidence that so many high earners - which to me is anyone earning more than 50k a year - happen to be members of an anonymous message board.

I'm sure there were people in there in the occasional thread I've read that are telling the truth - and I'm sure there were people who weren't.

We can agree to disagree, I tend to view a lot of the salaries quoted with a degree of scepticism, you don't. The world will still keep on turning.

50k is not high earning in today's economy. A family in Dublin would struggle on that.

Arghus

Aarav Nervous Spit wrote: »

50k is not high earning in today's economy. A family in Dublin would struggle on that.

A family, yes, but an individual person earning that could live comfortably enough, in my opinion. I certainly could.

Arghus

Arghus wrote: »

Oh absolutely, but it's a hell of a coincidence that so many high earners - which to me is anyone earning more than 50k a year - happen to be members of an anonymous message board.

I'm sure there were people in there in the occasional thread I've read that are telling the truth - and I'm sure there were people who weren't.

We can agree to disagree, I tend to view a lot of the salaries quoted with a degree of scepticism, you don't. The world will still keep on turning.

50k is about median for full time employees. Far from being rich, in Dublin you probably wouldn’t be able to buy a house without considerable savings.

Arghus

Deleted User wrote: »

50k is about median for full time employees.

I don't believe that's correct. The median for full time employees as of the most recent statistics I could find - as referenced above - is 36k.

Figel Narage

Figel Narage wrote: »

I largely agree, 50K, depending on the circumstances is a pretty good wage in that you can live comfortably and still have enough to save every month. Anyone know the median wage?

About 43k. Or maybe that’s the average. For full time employees.

844.98 Per week. According to this.

https://www.cso.ie/en/releasesandpublications/er/elcq/earningsandlabourcostsq32020finalq42020preliminaryestimates/

But that 844 is for 33 hours a week. If you map the hourly pay to 40 hours it does go higher.

Arghus

Deleted User wrote: »

About 43k. Or maybe that’s the average. For full time employees.

844.98 Per week. According to this.

https://www.cso.ie/en/releasesandpublications/er/elcq/earningsandlabourcostsq32020finalq42020preliminaryestimates/

But that 844 is for 33 hours a week. If you map the hourly pay to 40 hours it does go higher.

About 43 or so according to those statistics so.

Either way 50k is above average.