What do you have to earn to be rich?

lainey_d_123 · 31-12-2019 1:28am

iamtony wrote: »

No maybe not but thats because of their life style choices to live in a "nice" area and drive a "nice" car. That's enough money to make any family well off if they dont fold under the societal pressures of keeping up with the Jones.

Seriously break it down. Mortgage 1200-1500 a month vs salary 7000 a month anything extra is just showing off. The normal way is to buy a starter home, maybe it of the city of in an area not classified as "posh"
.
Food about 600 a month if kids involved.

Utilities 150 a month again with kids.

Car 500 a month.

So that's the necessities and leaves €4250 a month. Actually I never accounted for tax so maybe take 1000 a month off that so round it off to 3k excess a month. That's a well off family unless the parents are morons.

You are living in Fantasyland.

Very unlikely they'd have such a high salary and such a low mortgage. Most high earners also live in expensive, high cost of living areas...unsurprisingly. 1200 to 1500 a month gets you a modest 1 or 2-bedroom apartment in Dublin, certainly not a family home.

Utilities 150 a month for a family with kids? You have to be kidding me. I pay nearly 2/3 of that for my share of all the household bills, in a household of 2 adults in a small flat.

You think a family with a household income of 7K is paying 1K in tax?

Have you ever actually had a job or lived as an adult on your own? A family earning 90K with 2 kids and a mortgage would be just getting by in many areas (esp Dublin)...if you think this means living in a fancy area and driving a fancy car, you're very wrong.

iamtony · 31-12-2019 1:30am

Stheno wrote: »

Nope closer to 1800 and more if civil servants.

And your figures for utilities are way off. 150 a month is my gas and electricity add internet,bins, TV and its twice that

you would want to upgrade your home with solar or something. Anyway still a lot of spare cash in my opinion.

Why dont you give a full breakdown of a couple on 90k a year and show me how they are cash poor if they have one car and a house worth 300k.

themouthpiece · 31-12-2019 1:33am

A married couple earning 45K each will take home 5700 euro a month.

Stheno · 31-12-2019 1:33am

iamtony wrote: »

you would want to upgrade your home with solar or something. Anyway still a lot of spare cash in my opinion.

Why dont you give a full breakdown of a couple on 90k a year and show me how they are cash poor if they have one car and a house worth 300k.

I couldn't give you that breakdown as I don't know such a couple.

On the Bill's that's what I pay for all utilities for the four bed house I rent

My partner and I have one car

iamtony · 31-12-2019 1:34am

lainey_d_123 wrote: »

You are living in Fantasyland.

Very unlikely they'd have such a high salary and such a low mortgage. Most high earners also live in expensive, high cost of living areas...unsurprisingly. 1200 to 1500 a month gets you a modest 1 or 2-bedroom apartment in Dublin, certainly not a family home.

Utilities 150 a month for a family with kids? You have to be kidding me. I pay nearly 2/3 of that for my share of all the household bills, in a household of 2 adults in a small flat.

You think a family with a household income of 7K is paying 1K in tax?

Have you ever actually had a job or lived as an adult on your own? A family earning 90K with 2 kids and a mortgage would be just getting by in many areas (esp Dublin)...if you think this means living in a fancy area and driving a fancy car, you're very wrong.

I've 2 kids, a paid for house that I knock out in 10 years worth about 350k, 2 newish cars, pay all the utilities, pay 115 month for sky, have a teenager and a wife who spend a half hour each in the shower each day and my household income is probably about 80 this year with me full time and the missus working part time.

And you pointed out the problem yourself, most high earners live in expensive places and have big cars aswell.

iamtony · 31-12-2019 1:35am

themouthpiece wrote: »

A married couple earning 45K each will take home 5700 euro a month.

With kids?

Stheno · 31-12-2019 1:36am

iamtony wrote: »

I've 2 kids, a paid for house that I knock out in 10 years worth about 350k, 2 newish cars, pay all the utilities, pay 115 month for sky, have a teenager and a wife who spend a half hour each in the shower each day and my household income is probably about 80 this year with me full time and the missus working part time.

And you pointed out the problem yourself, most high earners live in expensive places and have big cars aswell.

So what do you class as utilities? Gas and electric?

themouthpiece · 31-12-2019 1:36am

If you are outside of Dublin and take home 5700 a month you are well off.

Lets say a semi d is 200k and you pay the min deposit of 20K and want a 10 year mortgage of 1749 a month that still leaves you with 4,000 euro a month.

A modest car of 280 a month each leaves you with 3440.

Bills and food at 800 a month leaves 2600 a month.

themouthpiece · 31-12-2019 1:37am

iamtony wrote: »

With kids?

Sorry not sure about the kids part, i excluded that. Lets just say a couple starting out.

iamtony · 31-12-2019 1:39am

Stheno wrote: »

So what do you class as utilities? Gas and electric?

Yes pretty much. Anything else like sky, Netflix, internet etc are luxurious. I pay internet but I often wonder why because the phone internet is what is used the most and tethering to the TV is easy and fast enough to run Netflix etc.

Stheno · 31-12-2019 1:39am

themouthpiece wrote: »

Sorry not sure about the kids part, i excluded that. Lets just say a couple starting out.

Not sure there are tax credits for having kids

iamtony · 31-12-2019 1:41am

Stheno wrote: »

Not sure there are tax credits for having kids

Yes there are for sure.

Stheno · 31-12-2019 1:41am

iamtony wrote: »

Yes pretty much. Anything else like sky, Netflix, internet etc are luxurious. I pay internet but I often wonder why because the phone internet is what is used the most and tethering to the TV is easy and fast enough to run Netflix etc.

Ok so for me utilities are gas electric internet bins and tv

TV I can do without but not the rest they are essential

Stheno · 31-12-2019 1:42am

iamtony wrote: »

Yes there are for sure.

Such as? Home carers credit? Or children's allowance?

iamtony · 31-12-2019 1:48am

Stheno wrote: »

Ok so for me utilities are gas electric internet bins and tv

TV I can do without but not the rest they are essential

It's not even a big deal. Add an extra 500 a month to cover all that. Still a lot left over. I've lost count but I'm sure that would still leave 2k a month. Most will then say oh I deserve a 2 week holiday and 4 weekends away etc. Anyway the point t I was making is valid. The salary quoted is way more than enough to sustain a family in Dublin in a modest 3 bed semi with a mortgage of less than 1500 a month which will get you a nice house and still he able to build wealth and save 3 to 6 month salary which is the recommended amount and a pension on a combined income of 80-90k and that is higher middle or upper class money, yall crazy with your I cant get by on 90k a year.

31-12-2019 1:48am

iamtony wrote: »

Yes there are for sure.

No tax credits for kids.
Children's allowance isn't a tax credit.

themouthpiece · 31-12-2019 1:50am

iamtony wrote: »

It's not even a big deal. Add an extra 500 a month to cover all that. Still a lot left over. I've lost count but I'm sure that would still leave 2k a month. Most will then say oh I deserve a 2 week holiday and 4 weekends away etc. Anyway the point t I was making is valid. The salary quoted is way more than enough to sustain a family in Dublin in a modest 3 bed semi with a mortgage of less than 1500 a month which will get you a nice house and still he able to build wealth and save 3 to 6 month salary which is the recommended amount and a pension on a combined income of 80-90k and that is higher middle or upper class money, yall crazy with your I cant get by on 90k a year.

Fools and their money are soon parted. I agree with you fully.

iamtony · 31-12-2019 1:50am

Stheno wrote: »

Such as? Home carers credit? Or children's allowance?

we never even mentioned children's allowance that's even more money to spare. I'm not sure to be honest, I dont pay paye but I know when I do my tax assessment their is an allowance for number of dependents.

Irish_rat · 31-12-2019 1:51am

Op is not defining rich at all he means comfortable.

voldejoie · 31-12-2019 1:53am

I get give or take, it works out at about with expenses £140,000 a year and I pay 30.3% tax on that, so it’s about a net £100,000, and out of that £100,000 I run a home in Dublin, Castlebar and Brussels. I wanna tell you something, try it sometime…

Stheno · 31-12-2019 1:55am

iamtony wrote: »

It's not even a big deal. Add an extra 500 a month to cover all that. Still a lot left over. I've lost count but I'm sure that would still leave 2k a month. Most will then say oh I deserve a 2 week holiday and 4 weekends away etc. Anyway the point t I was making is valid. The salary quoted is way more than enough to sustain a family in Dublin in a modest 3 bed semi with a mortgage of less than 1500 a month which will get you a nice house and still he able to build wealth and save 3 to 6 month salary which is the recommended amount and a pension on a combined income of 80-90k and that is higher middle or upper class money, yall crazy with your I cant get by on 90k a year.

I never said either how much I earn or that I cant get by on it.

You are excluding renters, people who pay into pensions, and childcare costs.

Just because you don't have those costs and can optimise how much tax you pay as self employed does not make them irrelevant

Strumms · 31-12-2019 2:00am

fishy_fishy wrote: »

Rent on a family home in Dublin is more lile 2500pm. So take 30,000 in rent, leaving sweet FA after bills.

A house certainly an apartment no though... I wouldn’t pay 2500 rent if I could just spend that on mortgage repayments and actually get to own the thing.

iamtony · 31-12-2019 2:01am

Stheno wrote: »

I never said either how much I earn or that I cant get by on it.

You are excluding renters, people who pay into pensions, and childcare costs.

Just because you don't have those costs and can optimise how much tax you pay as self employed does not make them irrelevant

I never mentioned your salary, I was replying to a post and then you replied to me.......ah never mind, your literally just being annoying for the sake of it.
Your like aha, what about the people renting. Well they aren't getting rich anytime soon and that's what the thread is about. You seemed to of just chimed in and started attacking everything I said for some reason.

Stheno · 31-12-2019 2:02am

Strumms wrote: »

A house certainly an apartment no though... I wouldn’t pay 2500 rent if I could just spend that on mortgage repayments and actually get to own the thing.

Two bed apartments right beside my work rent for 3700 a month

Stheno · 31-12-2019 2:03am

iamtony wrote: »

I never mentioned your salary, I was replying to a post and then you replied to me.......ah never mind, your literally just being annoying for the sake of it.
Your like aha, what about the people renting. Well they aren't getting rich anytime soon and that's what the thread is about. You seemed to of just chimed in and started attacking everything I said for some reason.

No I just pointed out how nonsensical your posts are as did others

iamtony · 31-12-2019 2:04am

Stheno wrote: »

Two bed apartments right beside my work rent for 3700 a month

And the people renting them are Google employees who average 100k salary and they can somehow manage to squeeze by each month the poor souls.

iamtony · 31-12-2019 2:10am

Stheno wrote: »

No I just pointed out how nonsensical your posts are as did others

I dont think they were nonsensical. Not being able to support a family or buy a home earning a combined income or 90k per annum is nonsensical. Maybe my figures were a little off but not by a lot, I know cause I pay them myself. Every month for the last 15 years.

themouthpiece · 31-12-2019 2:11am

I think a lot of people's problem is that they don't see life outside of Dublin, there are currently plenty of jobs outside of Dublin all paying good wages, nearly matching Dublin wages and some maybe 20% less at most.

If people choose to live in Dublin and are cribbing that's there own fault. Why pay 400K for a house when you can get the same elsewhere for 200k or less. Its not the USA we are living in where you need a flight to get to one end of the country to another.

Stheno · 31-12-2019 2:17am

iamtony wrote: »

I dont think they were nonsensical. Not being able to support a family or buy a home earning a combined income or 90k per annum is nonsensical. Maybe my figures were a little off but not by a lot, I know cause I pay them myself. Every month for the last 15 years.

Do you live in Dublin, rent and pay childcare out of the 4700 a month your couple on 90k do?

lainey_d_123 · 31-12-2019 2:42am

iamtony wrote: »

I've 2 kids, a paid for house that I knock out in 10 years worth about 350k, 2 newish cars, pay all the utilities, pay 115 month for sky, have a teenager and a wife who spend a half hour each in the shower each day and my household income is probably about 80 this year with me full time and the missus working part time.

And you pointed out the problem yourself, most high earners live in expensive places and have big cars aswell.

And you've already said you don't pay your taxes, so that's why you're better off than most.

Come back and post here when you're doing a standard PAYE job and see how well off you are then.

I didn't mean expensive places as in properties, I meant high cost of living areas. Utter bollox that there are plenty of well paid jobs everywhere in the country. I'd love to live in the arse end of Kerry but what would I do there? I live in Dublin because that's where the jobs are in my industry and where I have the best chance of progression and promotion, which will give me options in the future.

What do you have to earn to be rich?

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