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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.

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[Deleted User]

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

[Deleted User]

.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.

[Deleted User]

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.

[Deleted User]

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?

[Deleted User]

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

Northernlily 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.

[Deleted User]

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.

[Deleted User]

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.

EmmetSpiceland

Arghus wrote: »

About 43 or so according to those statistics so.

Either way 50k is above average.

It’s still nowhere near “high earner” levels.

Arghus

EmmetSpiceland wrote: »

It’s still nowhere near “high earner” levels.

Okay, I'll accept that. To say something was high when it's just above average was incorrect on my part.

whatawaster81

Deleted User wrote: »

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

That probably includes part time workers

M.T. Cranium

I make about 78 million a year, no a month, lose track of time so easily, but would never talk about that on the internet.

frozenfrozen

M.T. Cranium wrote: »

I make about 78 million a year, no a month, lose track of time so easily, but would never talk about that on the internet.

Theres snow way of telling weather you are lying or not

beauf

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. ....

Followed that forum for a while. People on average salaries and lower are also fairly frequent. Often it's people in trouble and very little money. But it's a money forum so it's also going to attract people with money. It's no different to the money makeover programme on RTE.

I think Covid has a lot of people spending a lot of time rethinking what they want to do in life.

[Deleted User]

Arghus wrote: »

Okay, I'll accept that. To say something was high when it's just above average was incorrect on my part.

Fair play.

EmmetSpiceland

Arghus wrote: »

Okay, I'll accept that. To say something was high when it's just above average was incorrect on my part.

It’s all relative, really, but I wouldn’t consider anyone on less than €120k a high earner.

beauf

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.

Arghus

EmmetSpiceland wrote: »

It’s all relative, really, but I wouldn’t consider anyone on less than €120k a high earner.

Well, that's your view. Personally I think 120k is a very, very high threshold for the starting pointing for deeming someone a high earner. That's three times the average annual salary! I'd love to know what percentage of people earn more than 120k a year.

https://www.rte.ie/news/business/2019/0620/1056481-cso-geographical-incomes/

According to this only 14% of Irish households had incomes above 100k and that's households - not individuals - so the percentage of those individuals earning 100k must be less again and those earning over 120k must be even less again, again.

I don't think you have to be in the top 10 - 12% of earners to be classed as high, I would argue that even the top 30% of individual earners should be classed as high. Maybe that is being generous in some people's eyes, but, surely, equally, only classing those within the top 10-12% is a bit too stringent