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We're Struggling, Say The Have-Lots On £370K A Year: The 'squeezed Upper-Middle' Find It Hard To Maintain Private Education And Huge Properties

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http://www.dailymail.co.uk/news/article-2764595/Squeezed-upper-middle-hard-maintain-private-education-huge-properties-despite-six-figure-salaries.html

  • The ‘squeezed upper middle’ class on six-figure salaries are struggling
  • Despite earning £100,000 to £370,000 a year they complain of feeling pinch
  • They find it hard to maintain private education and large properties
  • Professor Danny Dorling said 'have lots' are common in London

Spare a thought for those trying to live on £100,000 to £370,000 a year – it is, apparently, just not enough.

Once they have clawed their way into the top one per cent of earners, they soon find themselves struggling to keep up with those making even more.

Dubbed the ‘squeezed upper middle’, they don’t find it easy to maintain their six-figure lifestyles. Although they might earn up to 14 times more than the average worker, they still complain of feeling the pinch.

That’s because the gulf between them and the super-rich at the very top of the one per cent bracket is so great.

Soon, as their vast incomes are gobbled up on private education for their children and big properties, they become resentful and envious of those with even more wealth.

Those who make up the top half per cent above them, with salaries that can run into the millions, include bankers and footballers.


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My heart bleeds for these people. Obviously downsizing to a smaller property is just simply too humiliating to contemplate. It seems that the only option is equity release for these suckers.

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Higher you are the more it costs to maintain a privileged lifestyle.....the higher you are the harder the fall........the things you own can end up owning you.

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I've said it before and I'll say it again. It's the ******** inflation figures that the government must maintain for international purposes. There's no way these high earners would feel the pinch if it really was 3%.

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I've said it before and I'll say it again. It's the ******** inflation figures that the government must maintain for international purposes. There's no way these high earners would feel the pinch if it really was 3%.

The pinch is all in their highly entitled brains.

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The second tier pigs in the banking / financial system stuff this segment. They have no tenure with reality, their fianncial success has nothign to do with ability and almost everything to do with manipulated fianncial policy, luck and in many cases fraud.

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It's exactly the same as HPCers moaning. Just at a different level.

Remember Conrad Black? In the ballpark of 100 times their income, but still not enough so he had to help himself to more!

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Are those figures really right? Don't know the exact numbers but I think dad was on about £40k in the mid 1980s only going up to £60k when he retired a couple of years back. This despite various promotions.

I don't believe wages in non-finance industries have changed much at all since the mid-late 80s. Cant believe they've gone from £40k to £160k (or even £90k)

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It's a negotiating position publicised by the mail.

Their greed knows no bounds.

It's difficult to know how London actually survives as the average London wage is a fraction of the wages they're complaining about.

Edited by billybong

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It's exactly the same as HPCers moaning. Just at a different level.

Remember Conrad Black? In the ballpark of 100 times their income, but still not enough so he had to help himself to more!

The more they have, the more they want, worth it innit. ;)

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It's exactly the same as HPCers moaning. Just at a different level.

Remember Conrad Black? In the ballpark of 100 times their income, but still not enough so he had to help himself to more!

They are shameless. The talking heads on BBC question time frequently bring up the old 'if we paid our MPs enough, they wouldn't have to abuse expenses so much' chestnut Aside from this sounding a lot like blackmail, it ignores the fact most of those abusing expenses were not in any way poor. Most had multiple houses, often were independently wealthy and so didn't need to claim anything.

Its not about need at all, its simply how do you want to be defrauded. All at once, or via instalments.

Edited by Executive Sadman

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Are those figures really right? Don't know the exact numbers but I think dad was on about £40k in the mid 1980s only going up to £60k when he retired a couple of years back. This despite various promotions.

I don't believe wages in non-finance industries have changed much at all since the mid-late 80s. Cant believe they've gone from £40k to £160k (or even £90k)

They haven't.

This is very much sector driven, there are swathes working in finance/banking as mentioned who are actively siphoning off more and more from the economy via various means. Extreme monetary policy has first encouraged it then bailed, then driven it more.

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School fees in London are close to £20k per child per year at senior level.

So with 3 that's £60k, out of taxed income. Add in mortgage (£35k?), food (£12k?), two Range Rovers (£20k?), bills (£10k) etc., you can reach around £150k without so much as taking a week's holiday to the Maldives.

Gross that up, and it's over a quarter of a million in gross income.

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I don't believe wages in non-finance industries have changed much at all since the mid-late 80s.

Funny. It's been quite a while since I've seen an advert for an experienced professional in my field paying under £10k. I don't know if they're the norm, but new grad jobs often seem to advertise in the £30k ballpark nowadays :unsure:

Or since I knew a good graduate in a low-paid occupation getting £3/day.

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School fees in London are close to £20k per child per year at senior level.

So with 3 that's £60k, out of taxed income. Add in mortgage (£35k?), food (£12k?), two Range Rovers (£20k?), bills (£10k) etc., you can reach around £150k without so much as taking a week's holiday to the Maldives.

Gross that up, and it's over a quarter of a million in gross income.

So what you are saying is that general schools, the kids that go to them and the teachers that teach in them are so bad people are being forced to pay £20k per child per year to privately educate them so that they may then go on to earn £370k per year and go on to do the same for their own kids....looking more and more clear that there is a most definite growing gap between two societies...the haves and want to keep it like that, and the have-nots sort/fight it out between you. ;)

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Nobody is forced to have children. They are expensive things to maintain. A luxury.

Nobody is forced to get old. Retirement is an expensive thing to maintain. A luxury.

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Nobody is forced to get old. Retirement is an expensive thing to maintain. A luxury.

Hardly the same thing.

For children to exist two people (usually) have to knowingly interact and CHOOSE whether to create life.

Getting old involves no real choice.

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Nobody is forced to get old. Retirement is an expensive thing to maintain. A luxury.

Or get into any wars those young people + a gun can be quite useful then.

A society needs young people

HPI has devastated the ability of working people to have many children so we are stuck paying/subsidising them lest we die out as a society/culture.

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I will probably get shouted at for this, but I know where they are coming from. I bump into people earning this from time to time, through work and mutual friends, and they do have (often self imposed) financial troubles. For a start, they often get into a big mortgage in the first year or so of earning, thinking "awesome, I on 200k and this lender is willing to give me 2 million quid to buy a house, and the wife wants it soooo bad". Once they are locked into 15-20k a month mortgage payments, that's set in stone as the stamp duty costs and paper losses on a sale prey on the mind.

Next, they often have 2-3 cars, often high range, one for them, one for mummy, and one for nanny/kids. Imagine top of the range mini/BMW/landranger etc. I haven't had a car in years, and find it liberating, but there is a weird car one upmanship I run into with people sometimes. Bonus might be used to spunk on a new car that immediately depreciates 30% off the forecourt.

Next, they often underestimate tax. I have had conversations with friends who have done very very well, who have no idea what their post-tax annual income is. These are smart people, but just see the headline rate of 100k, 200k and think that means they have a lot to spend.

Next, private schooling. In London, often the 2M pound houses are in areas that have local schools where your daughters WILL get shagged by the locals, and your son WILL get beaten up (if they are lucky). Private schooling is mandatory for any rich parent who has the slightest idea of risk tail. That is not just fees, but all the extras that go with it.

Next, holidays. 2 weeks in Devon won't cut it, and often it's the wives one upmanship driving it. Someone I know distantly told me last month over a beer that they were having Christmas in Australia (from the UK) - and in the same conversation were complaining about how little they were saving. :blink:

Travel - many will live in the home counties and have season tickets which cost upwards of 10k in pre-tax income.

Finally, divorce settlements. Many will be on second wives (I once heard of a PWC partner that was on his 5th wife) and the alimony and settlments can be crippling, and you CANNOT downsize those.

So yes, they are bleeding from all orifaces. I am not sorry for many, as they are very very lucky compared to most, but many I encounter do seem to be 'trapped' with no way out but a lot of personal and financial pain. The debt wheel will break the semi-rich and poor alike...

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