Unhappy due to lack of money...

Associate
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Just so you know, magically having more money won't bring you happiness. You'll just want more.

Got no money and you got no car? then you got no women; and there you are.

JonJ678 said:
Good electrical engineers leave uni on about 40k and make it to the happier side of 100k within a decade. Crap ones do not do as well.

This is not accurate.
 
Soldato
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I remember in the 90s where a 60k salary in London would give you decent buying power, but these days 60k in London is pretty average due to costs of living. The next generation will be a lot worse off.
 
Caporegime
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I live in Purley which is zone 6, 20 mins train ride to London Bridge or London Victoria, and pay £430 inclusive of bills. We were lucky and found a private landlady with no agency involved though. 3 of us living here paying £1275 in total. It gives me a lot more disposable income not having to pay any other bills.

My girlfriend lives in Morden (end of the Northern Line) and is paying £1100 between 2 of them plus bills. Living on a tube line is expensive.

Renting is a right bitch, mortgage for a 2.5 year old one bed flat in Morden is only £580 a month. :(
 
Soldato
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I remember in the 90s where a 60k salary in London would give you decent buying power, but these days 60k in London is pretty average due to costs of living. The next generation will be a lot worse off.
We already are. If they don't sort out living costs soon then the knock on effect is going to be hideous. How many of us in our twenties can afford to have children? Why have kids when you could get kicked out of your flat with two months notice? As a 27yr old I feel like I'm still waiting to grow up. I'm struggling to pay someone elses mortgage by renting, I don't own a car, kids are out of the question and I can barely afford to do the simple things I always thought was a given when you started working!
 
Soldato
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Tell me about it, the other day I bought 2 ready meals and some milk and it cost me £9.00, when i did a weekly shop, it cost me £50 and after examining what I purchased when I got home, it was hardly anything (and that was no alcohol or any other 'luxury' item).
 
Caporegime
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Tell me about it, the other day I bought 2 ready meals and some milk and it cost me £9.00, when i did a weekly shop, it cost me £50 and after examining what I purchased when I got home, it was hardly anything (and that was no alcohol or any other 'luxury' item).

Weird, weekly shop for 2 of us (in London) averages £90, and that covers all meals and toiletries.
 
Associate
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If you want to live in London it has to be a flat share until you have a partner. trying to ren on your own is stupid, pointless and very expensive.

there are lots of cheaper areas to live in London generally south *shudder* or east *party*

Who ever said you need 50k is quite frankly lying. I am on less than that have a huge room (zone 1), eat out most nights, party Thursday - Saturday without any issue. granted I don't have any savings but that is a choice i make rather than a limitation of funds.
 
Soldato
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Tell me about it, the other day I bought 2 ready meals and some milk and it cost me £9.00, when i did a weekly shop, it cost me £50 and after examining what I purchased when I got home, it was hardly anything (and that was no alcohol or any other 'luxury' item).

You need to re-assess what your buying, and stop buying stupid ready meals; they look crap, taste crap, are full of crap and are crap vfm!

I'm eating purely healthy food and get plenty for £90. Look at buying frozen chicken breasts and stock up on such things when they are on offer!

www.mysupermarket.com A great site for offers and comparisons.
 
Associate
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If you want to live in London it has to be a flat share until you have a partner. trying to ren on your own is stupid, pointless and very expensive.

there are lots of cheaper areas to live in London generally south *shudder* or east *party*

Who ever said you need 50k is quite frankly lying. I am on less than that have a huge room (zone 1), eat out most nights, party Thursday - Saturday without any issue. granted I don't have any savings but that is a choice i make rather than a limitation of funds.

But you do need 50k if you want to live on your own? In contrast you can comfortably rent your own place, run a decent car and live on 30k gross in the majority of the UK.
 
Caporegime
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I have a job but it doesn't pay well and it's in London so by he te I've paid for my flat share train fair there's just enough left for food. I have a good job and I'm lucky with that.

I'm not unhappy due to low numbers in the bank it's what the money allows me to do. I love creating beautiful things out of wood metal electronics and I'm being stopped from doing this. I know a lot others are worse off but this isn't trivial for me, it's who I am and I'm depressed because of it. I don't even have a little of money left over each monh to save to try to be a bit business like and earn myself about of extra money somehow.

I don't even have enough to ask a nice girl to have a coffee or something!

sell stuff you make?
 
Associate
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But you do need 50k if you want to live on your own? In contrast you can comfortably rent your own place, run a decent car and live on 30k gross in the majority of the UK.

Sure I suppose its down to what you value. There is no place quite like London. The house sharing thing is a positive in London, it brings people together make friends etc. I can't understand why anyone would want to live on their own until they have a partner to share a place with.

If you are living in London because that's where your job is then its likely you won't enjoy it. London is a place to experience and then potentially leave when you don't have the energy for it anymore and want to relax.
 
Soldato
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40k starting? That's not true at all, I'm a recent electrical engineer graduate from a redbrick uni, starting salary in London is 27-30k, anywhere else is around 26k. based on what my many electrical grad friends have got (all received 1st class masters).

My wife is an Electronics Engineer and experienced the same.

Look into oil and gas with a willingness to travel. Schlumberger are starting a friend of mine on the happy side of 40 once he graduates.
 
Associate
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Look into oil and gas with a willingness to travel. Schlumberger are starting a friend of mine on the happy side of 40 once he graduates.

I work as an electrical engineer in oil & gas in London.

The grad scheme pay rises will quickly get to a very nice figure, but the starting salary is definitely not 40k here! Where I currently am the opportunities to travel come after a few years. That should be good.
 
Soldato
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That sounds plausible. I think it's necessary to pay people more if shipping them around the globe, though there may be other reasons why working outside of England pays better. He's also very competent which presumably helps.

You're lucky to be in that field Veco, the rest of the engineers don't do quite so well. Average starting salary close to 25, bigger firms offering roughly 30. Some mechanical consultants are close to it - I think Newton are offering 38k + 4k joining bonus at present.
 
Soldato
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The way we are taxed needs addressing in this country. Getting part taxed at 40% for 45k plus is crazy as these days that's not a big salary. It should be re-addressed so 45% cuts in higher (70-80k). We'd then spend more and have a better economy.
 
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Lucky until a better alternative to oil & gas is found/it runs out. But I'd not be bitter about that, an alternative would be nice.
 
Don
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The way we are taxed needs addressing in this country. Getting part taxed at 40% for 45k plus is crazy as these days that's not a big salary. It should be re-addressed so 45% cuts in higher (70-80k). We'd then spend more and have a better economy.

You'll be happy to know that the higher rate tax band starts at £35k then, not £45k :p

http://www.hmrc.gov.uk/rates/it.htm

At any rate, it's only your earnings above that threshold that are taxed the higher rate and considering it is well above the average earnings in the UK I see no direct problem with it (of course I would love to pay less tax though :p).
 
Associate
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You'll be happy to know that the higher rate tax band starts at £35k then, not £45k :p

He was including the income tax allowance then rounding up.

The figure is £8105 + £34370 = £42475. If you put a pound over that in a tax calculator that breakdown will shows 40p in the upper rate.

Personally I don't think it's too much, when you're earning that much you should be comfortable, with an aging population and tones of government debt less tax isn't going to fix anything, even if no one likes it.
 
Soldato
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He was including the income tax allowance then rounding up.

The figure is £8105 + £34370 = £42475. If you put a pound over that in a tax calculator that breakdown will shows 40p in the upper rate.

Personally I don't think it's too much, when you're earning that much you should be comfortable, with an aging population and tones of government debt less tax isn't going to fix anything, even if no one likes it.

Not comfortable earing that much, cannot just make a blanket statement like that. You of all people should know this being in London.

I'd need at least £60k to be able to live in London properly, but that's not even considering a mortgage!
 
Don
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Not comfortable earing that much, cannot just make a blanket statement like that. You of all people should know this being in London.

I'd need at least £60k to be able to live in London properly, but that's not even considering a mortgage!

I agree for those in our generation where we are only just getting on the housing market, but for the majority of the population where either they have a small mortgage, no mortgage or renting (outside of London) then that tax bracket is quite reasonable.
 
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