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What do you have to earn to be rich?

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    #122
    kowloon
    Registered Users Posts: 13,337 ✭✭✭✭kowloon


    This thread is going to be a goldmine when the next 'scroungers on the dole' thread starts.


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    #123
    JohnCleary
    Registered Users Posts: 10,208 ✭✭✭✭JohnCleary


    Before or after tax?


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    #124
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    I reckon if I was taking in approximately 50k per year, then I'd be in a position to retire in 10 years or so.

    I'm making about 32-35k at the moment, and it's getting me by, but i live a fairly cheap/inexpensive lifestyle. I also live in a rough area, though, so I'm paying a mortgage (approx 70k to go) and hoping to be able to save up to sell this house and move to somewhere in the middle of nowhere, which will probably cost me about 100k all in when i factor in what I'll make off the sale of this house, etc.

    If the area I lived in was nicer and I was happy to stay here, i reckon i'd be "rich" in about 5 years as I, as above, have no real bills and don't do a whole lot that costs much money.


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    #125
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    themouthpiece wrote: »
    And this is what I hate about this country. You a hard working man all your life, paying off your 30 year mortgage and Sally at 21 down the road pops out a kid and has a house for life.

    There is something seriously seriously wrong with this country. It rewards the people who don't work.

    People getting a social house are better off than a couple earning 90K a year between them.

    Ireland is scarily socialist and getting more so by the day


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    #126
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    lainey_d_123 wrote: »
    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.
    Whoa their horsie I never said I dont pay my taxes.

    I'n my rough breakdown I included a car so living beside work is s luxury many cant afford. Plenty of new homes for around 300k in the commuting areas around dublin, neath, kildare etc. No need to live in the high cost of living areas when purchasing a starter home. 10 years in when you have built equity paying down your mortgage alot faster than you should will mean your now in a position to live almost anywhere in dublin.


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    #127
    lainey_d_123
    Registered Users Posts: 2,385 ✭✭✭lainey_d_123


    iamtony wrote: »
    Whoa their horsie I never said I dont pay my taxes.

    I'n my rough breakdown I included a car so living beside work is s luxury many cant afford. Plenty of new homes for around 300k in the commuting areas around dublin, neath, kildare etc. No need to live in the high cost of living areas when purchasing a starter home. 10 years in when you have built equity paying down your mortgage alot faster than you should will mean your now in a position to live almost anywhere in dublin.

    You said you didn't.

    You're a freaking taxi driver - your car IS your work! That's not the case for most people. Plenty don't drive at all (I can't) or value their health and sanity more than spending hours a day commuting.

    Purchasing a 'starter home' way outside Dublin...building equity...sounds a lot like the boom times and we all know what happened there.


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    #128
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    Stheno wrote: »
    Do you live in Dublin, rent and pay childcare out of the 4700 a month your couple on 90k do?
    No. I do live in dublin, own my home, dont need to pay childcare and I never would personally. But anyone who cant "Survive" on that income needs to take a big look at their financial situation and maybe not live in Dublin its that's how it needs to be.


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    #129
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    lainey_d_123 wrote: »
    You said you didn't.

    You're a freaking taxi driver - your car IS your work! That's not the case for most people. Plenty don't drive at all (I can't) or value their health and sanity more than spending hours a day commuting.

    Purchasing a 'starter home' way outside Dublin...building equity...sounds a lot like the boom times and we all know what happened there.
    I never said I didn't pay tax. I said I didn't pay alot of tax but it's all legal and above board. There are pros and cons to being self employed as we all know.
    Nobody said way outside dublin. Lots of the areas around dublin you can get a house for 300k and then the first time buyers grand and have an hour commute if you play your cards right. And not everyone works in the very centre of dublin so let's say your in blanch blanchardstown, you buy in meath then your commute is a half hour most days.
    If you think commuting is so difficult, try drive in Dublin for a living :pac:


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    #130
    lainey_d_123
    Registered Users Posts: 2,385 ✭✭✭lainey_d_123


    iamtony wrote: »
    No. I do live in dublin, own my home, dont need to pay childcare and I never would personally. But anyone who cant "Survive" on that income needs to take a big look at their financial situation and maybe not live in Dublin its that's how it needs to be.

    But any household with two people working often has no choice but to pay childcare, that's the point. And that childcare can be as much as half of the take home earnings, even when household income is decent. It's insanely, ridiculously expensive.

    Empathy isn't your strong point, is it?


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    #131
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    And I'd say the stress of a financial situation of having 2 working full time paying a massive mortgage and having strangers raise your kids, knowing if one of you gets sacked that you wont be able to survive is way worse than sitting in a heated box listening to radio or podcasts for a few hours per day and knowing your partner could quit her part time gig in the local dunnes if she wanted too.
    As I originally stated, that first situation where you have no choice is being poor in my eyes.


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    #132
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    lainey_d_123 wrote: »
    But any household with two people working often has no choice but to pay childcare, that's the point. And that childcare can be as much as half of the take home earnings, even when household income is decent. It's insanely, ridiculously expensive.

    Empathy isn't your strong point, is it?
    If the childcare is half of the take home or even close then one should stop working obviously and spend more time raising the family.
    Empathy has nothing to do with it I'm just trying to point out the stupidity of a couple earning 90k a year that cant get by in Dublin.


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    #133
    The J Stands for Jay
    Registered Users Posts: 5,670 ✭✭✭The J Stands for Jay


    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

    190 a month is my gas, electricity, bins, TV and internet. You might want to shop around a bit.


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    #134
    The J Stands for Jay
    Registered Users Posts: 5,670 ✭✭✭The J Stands for Jay


    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.

    Other than the tax, I don't see anything wrong with those numbers.


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    #135
    lainey_d_123
    Registered Users Posts: 2,385 ✭✭✭lainey_d_123


    iamtony wrote: »
    If the childcare is half of the take home or even close then one should stop working obviously and spend more time raising the family.
    Empathy has nothing to do with it I'm just trying to point out the stupidity of a couple earning 90k a year that cant get by in Dublin.

    It isn't 'obviously'.

    Children don't stay children forever. They don't need full-time childcare forever. Then the woman (and it is nearly always the woman) is left with a gap on her CV and has to go looking for work from scratch. Nothing stupid about trying to ensure job security and financial security for the future.

    In a case where both partners are earning roughly equal amounts, there is often no choice but for both to go back to work and to pay a few years of childcare until the kids are school age.


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    #136
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    McGaggs wrote: »
    190 a month is my gas, electricity, bins, TV and internet. You might want to shop around a bit.

    My woman spends more than that using the shower each month


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    #137
    Wanderer78
    Registered Users Posts: 28,934 ✭✭✭✭Wanderer78


    Mad_maxx wrote:
    Ireland is scarily socialist and getting more so by the day


    Have to agree, I'm amazed we managed to social the means of production by wrestling it from the hands of foreign investors, but strange things do happen


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    #138
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Wanderer78 wrote: »
    Have to agree, I'm amazed we managed to social the means of production by wrestling it from the hands of foreign investors, but strange things do happen

    Everything to the right of Mao is capitalist in your eyes


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    #139
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    lainey_d_123 wrote: »
    It isn't 'obviously'.

    Children don't stay children forever. They don't need full-time childcare forever. Then the woman (and it is nearly always the woman) is left with a gap on her CV and has to go looking for work from scratch. Nothing stupid about trying to ensure job security and financial security for the future.

    In a case where both partners are earning roughly equal amounts, there is often no choice but for both to go back to work and to pay a few years of childcare until the kids are school age.
    There is always a choice. And in the 5th wealthiest nation per capita GDP in the world with unemployment figures what they are and people screaming for staff I'm sure a gap on the cv wouldn't matter all that much.

    Personally I would work 2 jobs myself rather that put my kids in childcare. See that's a choice.


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    #140
    Alf Veedersane
    Registered Users Posts: 24,562 ✭✭✭✭Alf Veedersane


    iamtony wrote: »
    Personally I would work 2 jobs myself rather that put my kids in childcare. See that's a choice.

    You'd rather not see your kids?


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    #141
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    Alf Veedersane wrote: »
    You'd rather not see your kids?
    I'd still see them it would be the sleep that would suffer. If it meant my kids could be raised by their mother at home and I had to work 9 to 5 and deliver Chinese in the evening I would do that as I have done it in the past.


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    #142
    Alf Veedersane
    Registered Users Posts: 24,562 ✭✭✭✭Alf Veedersane


    iamtony wrote: »
    I'd still see them it would be the sleep that would suffer. If it meant my kids could be raised by their mother at home and I had to work 9 to 5 and deliver Chinese in the evening I would do that as I have done it in the past.

    Just because you did that in the past doesn't mean you or the children were better off. It just meant you didn't have to avail of childcare.


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    #143
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    Alf Veedersane wrote: »
    Just because you did that in the past doesn't mean you or the children were better off. It just meant you didn't have to avail of childcare.
    I didn't do it while I had kids.

    Personally i love spending time with my children. I collect them from school most days and I've never missed a school play or parent teacher meeting and I bring them to gymnastics and football etc etc. I would never want to be in a position to have to work 2 jobs again but if it was a choice between that and childcare I'd choose that everytime. But as I said that's a choice. That's all I was saying.


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    #144
    Alf Veedersane
    Registered Users Posts: 24,562 ✭✭✭✭Alf Veedersane


    iamtony wrote: »
    I didn't do it while I had kids.

    Personally i love spending time with my children. I collect them from school most days and I've never missed a school play or parent teacher meeting and I bring them to gymnastics and football etc etc. I would never want to be in a position to have to work 2 jobs again but if it was a choice between that and childcare I'd choose that everytime. But as I said that's a choice. That's all I was saying.

    I don't see how any of that is am either/or choice. Our eldest is in school and we collect her every day. Haven't missed a school concert r parent teacher meeting yet. She went to a crèche and has some friends she has regular play dates with. I understand why people have a negative association with childcare. I just don't agree with it.


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    #145
    Wanderer78
    Registered Users Posts: 28,934 ✭✭✭✭Wanderer78


    Mad_maxx wrote: »
    Everything to the right of Mao is capitalist in your eyes

    capitalism, one of the greatest creations of mankind, im not sure the use of this statement?


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    #146
    andekwarhola
    Registered Users Posts: 4,638 ✭✭✭andekwarhola


    themouthpiece wrote: »
    No problem when people can genuinely pay for them and its not crippling them whatsoever, but some families are living pay check to pay check with two new cars and might get out once a month for a meal and a few drinks. Basically their life is work, home. Rinse and repeat.

    Reminds me of Mrs Bucket.

    You're bumming off your parents which dims the impact of your financial homilies somewhat.


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    #147
    beejee
    Registered Users Posts: 1,787 ✭✭✭beejee


    What you earn is mostly useless without measuring against expenditure.

    My own metric for "bloody well off" is when you earn the average industrial wage off interest alone.


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    #148
    Ush1
    Registered Users Posts: 11,465 ✭✭✭✭Ush1


    Wanderer78 wrote: »
    capitalism, one of the greatest creations of mankind, im not sure the use of this statement?

    Mankind didn't create capitalism. Nature has always been the most competitive market of all.


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    #149
    SilverFox2
    Registered Users Posts: 28 ✭SilverFox2


    beejee wrote: »
    What you earn is mostly useless without measuring against expenditure.

    My own metric for "bloody well off" is when you earn the average industrial wage off interest alone.

    Many "wealthy" families in boomtime went to NAMA. I'm not sure one off 170K or more is reflective of wealth.


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    #150
    Professor Genius
    Banned (with Prison Access) Posts: 391 ✭✭Professor Genius


    andekwarhola wrote: »
    You're bumming off your parents which dims the impact of your financial homilies somewhat.

    Ha ha ! Feeeeeeeeel the burn !


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    #151
    beejee
    Registered Users Posts: 1,787 ✭✭✭beejee


    SilverFox2 wrote: »
    Many "wealthy" families in boomtime went to NAMA. I'm not sure one off 170K or more is reflective of wealth.

    Ah, what I mean is annual interest.

    Quick crappy example...

    1 million quid in a bank, not touched or needed, earning 5% interest interest after dirt, giving 50k a year for essentially nothing.

    That's very comfortable living, forget all this nonsense about equities and property prices that change with the wind. Rock solid money not going anywhere.

    A simplistic example, but that's my measure of "being very well off".


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