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Frugal Git

The penny has finally dropped at mumsnet

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https://www.mumsnet.com/Talk/am_i_being_unreasonable/3727239-To-think-wages-should-cover-the-cost-of-living

Insane house prices, credit money, buy to let, the mess of a benefits system that's created a ceiling on wages for most roles..... everything that has been discussed here as infinitum and been ridiculed over there in the past.....now everyone is beginning to get it.

Popcorn time is coming.

 

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There was quite a lot of discussion on Radio Four this week about how both the political parties now want to hike up the National Minimum Wage because they've realised that Gordon Brown's Tax Credit abomination has now reached peak stupid.

Edited by stop_the_craziness
clarity

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16 minutes ago, stop_the_craziness said:

There was quite a lot of discussion on Radio Four this week about how both the political parties now want to hike up the National Minimum Wage because they've realised that Gordon Brown's Tax Credit abomination has now reached peak stupid.

They also do need to deal with the 67% marginal tax bands. 

These don't really impact me now as my pay has shot past them. But now I am seeing the impact in hiring. Just had someone on £102k turndown an offer of £115k for exactly that reason. 

Brown created disincentives for the poor. The Tories have created disincentives for the professional classes and business. 

Edited by Mikhail Liebenstein

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They really are getting on mumsnet apart from the few usual 'Can you get a better paid job' responses.  I am looking forward to this and I think the fur will fly.

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22 minutes ago, Mikhail Liebenstein said:

They also do need to deal with the 67% marginal tax bands. 

These don't really impact me now as my pay has shot past them. But now I am seeing the impact in hiring. Just had someone on £102k turndown an offer of £115k for exactly that reason. 

Brown created disincentives for the poor. The Tories have created disincentives for the professional classes and business. 

I agree!  The stupid disincentives around losing the personal allowance between £100k - £150k is just silly.  If you want to tax people earning over £100k more then fine, start the 45% tax band at £100k instead of £150k.  But don't just randomly tax earnings between £100k and £125k at 60%, that's bonkers.

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39 minutes ago, Mikhail Liebenstein said:

They also do need to deal with the 67% marginal tax bands. 

These don't really impact me now as my pay has shot past them. But now I am seeing the impact in hiring. Just had someone on £102k turndown an offer of £115k for exactly that reason. 

Brown created disincentives for the poor. The Tories have created disincentives for the professional classes and business. 

And at the low end, on tax credits your effective marginal rate is 73%!!

I've found a perverse enjoyment out of studying these bands and maximising my hourly rate accordingly by making full use of every form of  salary sacrifice / working less hours I can.

Turned down a job paying circa the numbers you mentioned because it would have meant taking a big drop in net income per hour. No point in devaluing my rate!

 

 

Edited by Frugal Git

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43 minutes ago, Mikhail Liebenstein said:

Just had someone on £102k turndown an offer of £115k for exactly that reason. 

I'll come out of early retirement for 98K. What's the job?

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Time is money....so are many other things, extra travel is both waste of time and unpleasant for some, more money = more ties, more connection, on call, responsibility.

Sometimes less money = more sense.;)

 

Edited by winkie

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1 hour ago, Mikhail Liebenstein said:

They also do need to deal with the 67% marginal tax bands. 

These don't really impact me now as my pay has shot past them. But now I am seeing the impact in hiring. Just had someone on £102k turndown an offer of £115k for exactly that reason. 

Brown created disincentives for the poor. The Tories have created disincentives for the professional classes and business. 

All because they dare not tax unearned boomer wealth and have to tax production and aspiration instead....

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49 minutes ago, micawber said:

I'll come out of early retirement for 98K. What's the job?

Architecting, building and benchmarking  high throughput, low latency clustered compute systems. Quite a few technologies, parallel, object and various scalable filesystem skills needed for driving data into GPU/FPGA accelerated servers typically running either monte carlo jobs or machine learning jobs, so knowledge around some of those frameworks also useful. 

Edited by Mikhail Liebenstein

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12 minutes ago, Mikhail Liebenstein said:

Architecting, building and benchmarking  high throughput, low latency clustered compute systems. Quite a few technologies, parallel, object and various scalable filesystem skills needed for driving data into GPU/FPGA accelerated servers typically running either monte carlo jobs or machine learning jobs, so knowledge around some of those frameworks also useful. 

If it's in London, I'll do it for the equivalent of  180k full time pro rated down to 3 days a week. That's 108k. Company covers the season ticket.

If it's in Cambridge or remote working acceptable, a square 90k for my 3 days will be fine.

Note: either way you must offer salary sacrifice for pension contributions, and a cycle to work scheme without the 1k limit so I can buy an annual Pinarello Dogma.

Trust me, I'm worth every penny 😉

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2 minutes ago, Frugal Git said:

If it's in London, I'll do it for the equivalent of  180k full time pro rated down to 3 days a week. That's 108k. Company covers the season ticket.

If it's in Cambridge or remote working acceptable, a square 90k for my 3 days will be fine.

Note: either way you must offer salary sacrifice for pension contributions, and a cycle to work scheme without the 1k limit so I can buy an annual Pinarello Dogma.

Trust me, I'm worth every penny 😉

Probably London most days plus flights to Frankfurt, Amsterdam etc

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Popular protests against the elite like brexit and Mr corbyns relative electoral success has made those in power worried. They also know that asset inflation(which they have engineered) is toxic without wage inflation. 

However, the problem is systemic, Gordon Browns tax credits didnt cause the problem, they just papered over it. Post industrial britain,  in a globalised economy, cannot sustain the majority of the population in the means they have become accustomed to.

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44 minutes ago, Mikhail Liebenstein said:

Architecting, building and benchmarking  high throughput, low latency clustered compute systems. Quite a few technologies, parallel, object and various scalable filesystem skills needed for driving data into GPU/FPGA accelerated servers typically running either monte carlo jobs or machine learning jobs, so knowledge around some of those frameworks also useful. 

sounds very poor wages to me for all that lot 😉

mix up some muck get paid cash in hand finish at 3pm down the pub by 3.30 

https://www.thesun.co.uk/news/uknews/5723886/top-earning-bricklayers-make-90k/

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someone gets it

"I completely agree. UC etc is just the government subsiding companies that put profits before paying staff a decent wage.
There should be no need for tax credits etc."

seems i was ahead of the curve by not bothering to work or take on responsibilities that required work based slavery. 

hopefully the PBonds will drop a nice cheque next month. 😄
 

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4 minutes ago, nothernsoul said:

Popular protests against the elite like brexit and Mr corbyns relative electoral success has made those in power worried. They also know that asset inflation(which they have engineered) is toxic without wage inflation. 

However, the problem is systemic, Gordon Browns tax credits didnt cause the problem, they just papered over it. Post industrial britain,  in a globalised economy, cannot sustain the majority of the population in the means they have become accustomed to.

Nope.

Mid to late 90s were greag for uk workers.

Wages high, houding costs low.

Then Brown blew his massive vain glorious credit and started trying to get everyone on benefits.

Coalition shouod have moved quickoy on tax credits - increase tge qualifying hours by 2h/w every year for 10 years. They have been resolved in 5 years.

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2 minutes ago, longgone said:

someone gets it

"I completely agree. UC etc is just the government subsiding companies that put profits before paying staff a decent wage.
There should be no need for tax credits etc."

seems i was ahead of the curve by not bothering to work or take on responsibilities that required work based slavery. 

hopefully the PBonds will drop a nice cheque next month. 😄
 

Aah, but do you use your time more productively for yourself and others of your choosing....working less for money doesn't mean not working or working less.;)

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1 minute ago, winkie said:

Aah, but do you use your time more productively for yourself and others of your choosing....working less for money doesn't mean not working or working less.;)

well i refurbished my mothers house for free last few years good for her did nothing for me it was a inhuman amount of work. 

work does not always pay so correct in that sense. now even "real" work does not pay for most, even with up to date training.  

if i earned 27k at 21yo  20 years ago surely starting rates are 42-45 now ?  even that is nothing really hell even 100k is not that much after tax. 

Rather earn 300 a week online and be left alone waiting for a big win. 🤣

 

 

 

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1 hour ago, longgone said:

well i refurbished my mothers house for free last few years good for her did nothing for me it was a inhuman amount of work. 

work does not always pay so correct in that sense. now even "real" work does not pay for most, even with up to date training.  

if i earned 27k at 21yo  20 years ago surely starting rates are 42-45 now ?  even that is nothing really hell even 100k is not that much after tax. 

Rather earn 300 a week online and be left alone waiting for a big win. 🤣

 

£1200 per month....able to live on that per month you are amongst the top earners in the world.....starting rates today may be equivalent to starting rates 20 years ago, but the in work benefits are not.....the job prospects may not be.....the gaps between the good jobs are greater, meaning that the overall income today can work out to be less. ;)

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3 hours ago, Mikhail Liebenstein said:

They also do need to deal with the 67% marginal tax bands. 

These don't really impact me now as my pay has shot past them. But now I am seeing the impact in hiring. Just had someone on £102k turndown an offer of £115k for exactly that reason. 

Brown created disincentives for the poor. The Tories have created disincentives for the professional classes and business. 

My salary has dropped to £15k per year, weirdly every one who meets me thinks I am rich 

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2 hours ago, Mikhail Liebenstein said:

Architecting, building and benchmarking  high throughput, low latency clustered compute systems. Quite a few technologies, parallel, object and various scalable filesystem skills needed for driving data into GPU/FPGA accelerated servers typically running either monte carlo jobs or machine learning jobs, so knowledge around some of those frameworks also useful. 

Out of interest, what do those mc models typically try to simulate?

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57 minutes ago, Si1 said:

Out of interest, what do those mc models typically try to simulate?

Portfolio risk type stuff, so bonds, equities, options etc with a whole bunch market risk models and parameter fluctuations chucked at them. The sort of thing that caused the last banking crisis. 

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39 minutes ago, Mikhail Liebenstein said:

Portfolio risk type stuff, so bonds, equities, options etc with a whole bunch market risk models and parameter fluctuations chucked at them. The sort of thing that caused the last banking crisis. 

Eye ball bleedingly boring, but well paying then.

Edited by Si1

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3 hours ago, Si1 said:

Eye ball bleedingly boring, but well paying then.

I think the maths and model optimisation bit the quants do is a bit more interesting, especially if they get into some of the more advanced Deep Learning techniques.

Quite like that sort of thing, but then I am a bit of a geek.

 

Edited by Mikhail Liebenstein

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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