Want to see how much they earn in the US vs the UK – Brand new video here
This video looks at how much the top 10%, 5% and 1% of top earners in the UK make. But then also looks at what it means to be wealthy and why income and wealth are different. I show you all of the latest data from the Office for National Statistics, recent academic studies and company financials to break down and answer the question of what it means to be rich in the UK and what things the wealthy actually invest in.
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Just posted another video now that compares the US to the UK! Enjoy! How Much Do You Need to Earn to Be Rich in the US (vs. the UK)
https://youtu.be/xMz61I7tcoA
We should be more shocked that more than 50% of people earn less than 26k.
You said take home but before that you said before tax man gets their grubby hands…
Yet governments wonder why birth rates have fallen catastrophically low. We’ve gone from one parent needing to work to support a family, to both parents needing to work, to now where both parents slug their guts out to still not enough to go round. Because household negotiating power has been driven so low. It’s just not worth it, and sorry but I’d rather have enough disposable income to do what I want with my life. Never mind wondering how much todays children are gonna struggle when they become adults
Being “rich” is all about good health as without your health money becomes bit pointless in terms of money “just allows you more experiences “ .. if you are too unwell you can’t do much ..
How rich I feel is mostly a function of how far away from destitution I am.
Less than 1 month's bills in savings – very precarious
1 – 3 month's bills in savings – decent
3 – 6 month's bills in savings – comfortable (where I am currently)
To be "rich" for me is beyond any of the above: it means I am no longer at the mercy of needing employment to cover my life in perpetuity. My main goal is to reach retirement before state pension age in this position.
Once I have enough income not to worry about bills and the cost of living. Again, enough disposable income to enjoy life.
It’s NOT take home! The take home on £84,600 is £4,891.45
Rich is when you are financially independent ergo… Debt free with house & retirement sorted. (Provided nhs continues to sort health )
Often overlooked is that many enter the top 1% earnings only briefly. Whilst I’m sure there’s some cushy jobs, most high paying roles are just too crushing to do them for decades. Part of the reason building wealth is harder than just landing a good job.
I've felt rich since I earned the 50% income because, I have debt I can pay off within 3 months. I have enough saved to be unemployed for 6months. I am able to support my family in a crisis, and there have been a few. I only need to check my bank balance before making big payments. I am able to treat myself once a month to something I find extravagant
high income slave labour,🤣,
real wealth is never accumulated by income,
once you can get into compound growth, its a whole new world.
What happens when you add welfare payments to those low income earners, universal tax credit,,,and so on????
These averages ignore age. It's like wealth. It ought to be bleedin obvious that as you save during your life, as you pay off mortgages as your pension grows, you'll accumulate wealth. To say the 'average pension pot' is £X is meaningless if it includes 20 year olds with 60 year olds as It's comparing completely different people.
I'm comfortably in the top 5% but at 61 and still paying off a mortgage and having to save hard into an as yet inadequate pension pot (two divorces!) I feel lucky but by no means wealthy.
These numbers are AFTER or BEFORE taxes?
Confused on if it's after tax or not because that makes a big difference before people earning more pay 40% tax so the gross pay is way more than it seems
You can earn 100K a year and not be financially savvy and live pay cheque to pay cheque. All about how you utilise your income
Interesting thumbnail. If only 🤣
Rich for me is financial autonomy… I work because i choose to
Rich in financial terms (like you said) can have a 1000 permutations attached. I think that far to many of us only start seriously considering this question closure to retirement. Considering that by the time the kids of today reach that age you will need 5mil to retire. For me to feel "rich" I need another 500k in the bank from investment 😊
Very surprising how low the figures are for the top 10% etc. I presume this is skewed largely but large number of young low paid workers -such as 18 -20 year olds in minimum wage jobs in restaurants and supermarkets. I can confirm that I do not consider myself rich, despite being way up the scale