People on the internet talking about their huge salaries

GreeBo

Teofimo98 wrote: »

I'm on 89k, VP level in US bank. Fairly normal wage. Loads of people on a lot more than me. Probably at the lower end of the pay scale in my team for the level.

"VP level" in a lot of those banks means nothing, especially if you are consulting.
Its just a mechanism to charge your clients more.

Citibank used to have VPs with 2 years experience!

JimmyVik

GreeBo wrote: »

"VP level" in a lot of those banks means nothing, especially if you are consulting.
Its just a mechanism to charge your clients more.

Citibank used to have VPs with 2 years experience!

I walked straight in as a VP. Never had experience in the industry before that.

Yurt2

GreeBo wrote: »

Also its important to know who is included in these numbers, a 20 year old leaving "certer" who works in Dunnes on minimum wage being included in the same report as a 45 year old graduate working in IT doesn't really add too much value.

And why wouldn't we include "certers" in economic figures? Unpersons don't count?

Bloody hell. There's a really ugly attitude lurking in some people's birdbox.

JimmyVik

Yurt! wrote: »

And why wouldn't we include "certers" in economic figures? Unpersons don't count?

Bloody hell. There's a really ugly attitude lurking in some people's birdbox.

He was just making the point that the number is skewed by outliers.
A school leavers salary is not going to be in the same league as a person say 10 years older.

Yurt2

JimmyVik wrote: »

He was just making the point that the number is skewed by outliers.
A school leavers salary is not going to be in the same league as a person say 10 years older.

"Certers" are not outliers. People working in retail, service sector, non-graduate employment etc are part of the economic fabric as well.

dotsman

It's more than just the "certers" though. Think of the tens of thousands of students in this country. They get a part-time job over the summer earning 3 grand. That gets included (as 3 grand annual salary).

I really think that, when collecting data for income stats they should start at aged 25 etc and give figures including and excluding part-timers. And including/excluding pensioners.

Bubbaclaus

dotsman wrote: »

It's more than just the "certers" though. Think of the tens of thousands of students in this country. They get a part-time job over the summer earning 3 grand. That gets included (as 3 grand annual salary).

I really think that, when collecting data for income stats they should start at aged 25 etc and give figures including and excluding part-timers. And including/excluding pensioners.

Students can certainly skew these types of stats a lot. I was reading last week that 1/3rd of the people receiving PUP currently are college students.

Figel Narage

Teofimo98 wrote: »

No, Internal Audit of a bank.

I see, do you need to have done the accountancy exams to get into internal audit? Whats the job like itself?

JimmyVik

Yurt! wrote: »

"Certers" are not outliers. People working in retail, service sector, non-graduate employment etc are part of the economic fabric as well.

I dont think you are getting his point at all.
No biggie

ReganBrady

It seems true as more money more problems, yes these days your health is your wealth no doubt in that, with the same, it's true that health is now days is affected by wealth based on good food, place to live, education with access to good and faster care, also once Richard Watts a financial and legal advisor to the top rich mentioned in his book, Fables of Fortune: What Rich People Have That You Don't Want. So we should have enough money to support yourselves and your family needs easily by doing hard work and not like the owner of a number of homes and have good stock values etc. rest every individual have an aspect based on his experiences.

2lazytogetup

Teofimo98 wrote: »

Never done accounting in my life, there are loads of different audit teams that look at different topics. Job is OK, you get good exposure to high level staff, and get a good bird's eye view of how things really work. I'm looking to leave though, would like to work for an asset manager as either a portfolio manager or a positions that works closely with the portfolio manager.

Is that the actual US Bank t/a Elavon entity in Cherrywood Dublin?

GreeBo

JimmyVik wrote: »

He was just making the point that the number is skewed by outliers.
A school leavers salary is not going to be in the same league as a person say 10 years older.

Lol. You'd think it would be obvious, but some people love to have a good ole moan.

GreeBo

Bubbaclaus wrote: »

Students can certainly skew these types of stats a lot. I was reading last week that 1/3rd of the people receiving PUP currently are college students.

A niece of mine was making more on PUP than she was while working.

When discussing salaries and disposable income its ridiculous to not separate people into certain demographics, otherwise the data is just chaos and indecipherable. (and hence you get pointless stats like average salary, whatever that means)

Figel Narage

2lazytogetup wrote: »

Is that the actual US Bank t/a Elavon entity in Cherrywood Dublin?

I assumed that what's he meant

The Mighty Quinn

GreeBo wrote: »

A niece of mine was making more on PUP than she was while working.

Probably a topic for a separate thread, but I know.. it's ridiculous.
I know of a teenage brother and sister, one worked saturdays in a shop for 8 hours, the other worked a friday night in a restaurant waiting tables for 5 hours.

Both are now getting paid 203 a week and have been for months, when they were being paid under 100 each for their week. They're laughing!

Strumms

DellyBelly wrote: »

I'd say it woukd be around 15% of the population. For a couple in Dublin 120k wouldn't be great though. You could live but not very well..

Ahhh... You’d live ‘well’ on 120,000 gross.. a couple of holidays a year, nice car... own place and comfort and security would all be very very attainable on that kind of cash... couldn’t go ‘stupid’ but you’d not be worrying about much...

Andrewf20

This thread got me thinking of something that I see common in our society. People like the idea of a big salary but it may come at a huge personal cost.

Strumms

Andrewf20 wrote: »

This thread got me thinking of something that I see common in our society. People like the idea of a big salary but it may come at a huge personal cost.

The people who have done XYX ‘over and above’ for employers, every bit of extra, told that it will stand to them... find out in five years they have about a 3% bigger salary, 15% extra workload, 5% - 10% extra hours to do it in, less time with their family, less energy to actually spend their money, enjoy their family and time off...massive personal costs.

Figel Narage

Strumms wrote: »

Ahhh... You’d live ‘well’ on 120,000 gross.. a couple of holidays a year, nice car... own place and comfort and security would all be very very attainable on that kind of cash... couldn’t go ‘stupid’ but you’d not be worrying about much...

That seems like a fairly comfortable wage in my eyes. Presuming both are earning 60K a year, thats pretty much 7K a month take home. That seems very good, as a single person you'd need a 145K salary to pretty much match that and 145K for a single person is high on the salary scale of workers in Ireland. I mean obviously you couldn't be careless but it seems like a comfortable wage to me. Since I started working, the want and desire for a large salary wanes more and more due to the stress that comes with it so I guess the key is to maximize your salary at a point where the stress of the increased pay doesn't badly affect your life. I read in this thread a study was done that I think 75K is when satisfaction peaks, maybe that's the best of both worlds.

But in saying all that, it all comes down to what you want in life, i.e. a house in Ballsbridge, a nice car, expensive clothes, etc. If that's what motivates you than I think trying to be satisfied with a more modest salary probably will leave you unhappy.

Viscount Aggro

Askaboutmoney.com

Popular topic right now.... "What to do with an additional 150K per annum"

Strumms

Imagine waking up tomorrow and having 20 million or whatever sitting in the bank....the interest to be earned would be colossal... 200,000 in interest roughly if my maths are correct.

Bubbaclaus

Strumms wrote: »

Imagine waking up tomorrow and having 20 million or whatever sitting in the bank....the interest to be earned would be colossal... 200,000 in interest roughly if my maths are correct.

No bank would currently offer anywhere near 1% interest on a 20 million balance. More likely to have a negative interest rate attached.

Wanderer78

Strumms wrote:

Imagine waking up tomorrow and having 20 million or whatever sitting in the bank....the interest to be earned would be colossal... 200,000 in interest roughly if my maths are correct.

A bank would be the worst place in the world to store such wealth, do as the wealthy do, store it in assets, precious metals, fine art etc etc

I'm a high earner (and I don't care whether you believe me or not).

There are several reasons why high earners might need financial advice from a site like AAM. I have benefited from great advice on that forum in the past.

Many people who earn big money now didn't always earn big money. Thus when they find that they have a lot of money to spare each month, it's not at all obvious how it should best be used.

• Should it be directed to pensions? If yes, what kind of pension / what are the tax consequences
• Should it be used to buy an additional property - what are the pros / cons of doing this vs. using it for some other purpose?
• Should it be invested in some other asset, such as stocks, bonds, or a business?
• Should it be invested to fund kids' education, and if so, how?
• How can it be used to facilitate early retirement or to generate additional income?
• In addition, am I losing the run of myself with lots of frivolous expenditure that could be more wisely deployed elsewhere?
• High earners are targeted by financial institutions about various investment opportunities, and might not know if they are a good idea or not.

By the way, AAM doesn't hold a candle to Bogleheads.

2lazytogetup

people i know on huge salaries - over 100k, got there from either look or hard work. the lucky ones did the right college course at the right time, or were in the right place at right time and got offered a great job. think getting into IT or some finance in the early noughties. ive friends that are actors/scientists/historians and wouldnt have a penny to their name.

the others i know work 12 hour days and enjoy their job but they sacrafice alot. Though some sacrafices arent that bad. do an extra couple of hours in the office rather than race home to watch eastenders/coronation street. And you end up with a promotion. do some actual work instead of writing on boards.ie

GreeBo

Strumms wrote: »

Ahhh... You’d live ‘well’ on 120,000 gross.. a couple of holidays a year, nice car... own place and comfort and security would all be very very attainable on that kind of cash... couldn’t go ‘stupid’ but you’d not be worrying about much...

Well it massively depends on how much you choose to spend on your mortgage.
If you are on 120K and spending 1k on mortgage then life is great, but if you are spending 2.5K then its a very different story.
It would also depend on no kids vs 3 kids.

Mad_maxx

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.

1. This country is not friendly towards financial investment for most individuals

2. Many so called financial consultants are agenda driven

Hence why some people prefer enquire on sites like askaboutmoney.com

It's an OK site but far too restrictive in terms of what can be discussed

Wildly Boaring

GreeBo wrote: »

Well it massively depends on how much you choose to spend on your mortgage.
If you are on 120K and spending 1k on mortgage then life is great, but if you are spending 2.5K then its a very different story.
It would also depend on no kids vs 3 kids.

Couldn't agree more.
Spending on mortgage and childcare can cripple people.
Your 120k a year with 2k mortgage and 2k childcare monthly, add in a bit of car finance and you'll be decimated.
A couple in a cheap house in the middle of nowhere with one working and driving a 10 year old yaris could be better off on 60k

2lazytogetup

Wildly Boaring wrote: »

Couldn't agree more.
Spending on mortgage and childcare can cripple people.
Your 120k a year with 2k mortgage and 2k childcare monthly, add in a bit of car finance and you'll be decimated.
A couple in a cheap house in the middle of nowhere with one working and driving a 10 year old yaris could be better off on 60k

Most people dont want to be living in the middle of nowhere. they want to live in south dublin, near the city, the sea in well to do neighbourhoods. mortgage might be 2k, but they will eventually own and pass it onto their kids.

kids probably have more fun in a creche playing with other kids than stuck at home with no money.

and those on 120k might be on the career ladder. 120k today, 200k tomorrow.

beauf

beauf wrote: »

There's a very high % of people who live pay check to pay check.

What's interesting is that it happens across all salaries all the way to the richest people. It's got nothing to do with income its a habit.

Have to agree with this. When I earned 31k a year 8 years ago I got burnt badly with car loans, credit cards and finance for holidays through my own 25 year old stupidity. I would spend knowing there was a paycheck coming and it all caught up with me.

As I climb up the scales, currently consulting on little over 100k I learned from the above and live as frugally as I can. I love cars and the temptation is there to buy something with easy finance but it's uneccesary waste living in Dublin. So the gocars and bleeper bikes will do.

I see many high earners making the same mistakes I did 8 years ago. Spending like **** and loads of unnecessary finance. Couple of brand new cars, a second property, maybe an apartment in Spain and credit card spending. For some there is a thrill that comes with spending money and having nice things.