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'My world came crashing down': how 2020 took me from a six-figure salary to universal credit


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There must be something missing from that. Even allowing for a few years illness - surely covered by insurance when mortgage is taken out?

If you earned six figures with no kids, how can being out of work for six months make you run out of money?

Even mortgaged to the max a £400k mortgage costs around £2k a month on SVR.

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7 minutes ago, dougless said:

I’d have little sympathy, I had to deal with self centred HR reps in several companies, many are the same and I had nothing but contempt for their shallow attitude which in retrospect she now recognises.  I finally learned staff are just a number to these people and they are more concerned with their next designer purchase that the staff they are trampling over.  Maybe she will learn something from this but maybe not.  I promised myself I would never have a HR department in my company and would do my own dirty work in a humane way.  

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Less than a year ago, my life seemed pretty sorted. I was earning a six-figure salary in HR, I had a wonderful home in the country and a large group of friends. I was a keen traveller and hiker. I thought I was living the dream

 

have started to sell many of my – what now seem completely pointless – possessions on eBay: clothes, designer handbags, shoes … Selling my home is not an option, since I rent

 

its a fake bullchit story veiled to support some state benefit or some crap. 

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To be honest have far more sympathy for those without choices than those with plenty....as they say the higher you are the harder the fall....just falling to meet up with plenty of others floating in the same boat.....nobody is immune.;)

No failure without success.

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Also surprised on a six figure salary they had no savings so wouldn’t have qualified for universal credit.

Of course why would anyone bother saving - as all you would get if you have Savings over £16000 is £70 JSA for six months even if you have paid NI for thirty years and never claimed a penny. No wonder no one saves anymore!

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They save in different ways....might have a big tax efficient pension, rent out property, shares or other assets, art, watches, pm, coin etc....

Saving accounts none of the banks or building societies want cash liabilities, and they certainly don't want to pay to hold it....they want your debt.;)

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5 minutes ago, MARTINX9 said:

Also surprised on a six figure salary they had no savings so wouldn’t have qualified for universal credit.

It's the old 'new normal' and this is just the beginning of such stories.

1 minute ago, winkie said:

They save in different ways....might have a big tax efficient pension, rent out property, shares or other assets, art, watches, pm, coin etc....

Some do, but in my experience most don't, it all goes on keeping up with the 'Joneses'.

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2 minutes ago, Switch625 said:

 

Some do, but in my experience most don't, it all goes on keeping up with the 'Joneses'.

Makes you think....is it better to be the poorest in the best street, or the richest in the poor street?;)

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59 minutes ago, simon2 said:

If you earned six figures with no kids, how can being out of work for six months make you run out of money?

A friend mentioned via a financial advisor a real case observation which happens often. 

One of his clients got a pay rise, and subsequently leased out a new car.  The new car lease monthly's were greater than their post-tax pay rise.  Client went back to finance advisor asking "why do I have less remaining than before my pay rise?"

Financial illiterates everywhere you look.

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14 minutes ago, Switch625 said:

Some do, but in my experience most don't, it all goes on keeping up with the 'Joneses'.

I'd call it pacification tbh for a life not lived in many cases.  Being a wage slave isn't living for most.

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12 minutes ago, Postman said:

If I had a 6 figure salary I'd be putting a good proportion of it away. I'm on 26k a year and I have over a years salary put away, having a 6 figure salary and going broke that quickly is just reckless. 

Especially as there are no kids involved, she is likely to have been living the highlife or this is made up news.  If she was on 110000k and paying a student loan and making high pension payment contributions she might be looking at 5100 home per month.  If you take out 1200 for rent and 600 for flash car payments, 500 for food and entertainment and 300 for bills that leaves 2500.  Assuming she is buying shoes and handbags at the rate suggested say thats 1500 savings or 18000 per year.  Take out a couple of holidays and weekends away.  Maybe 12000 left.  So over 5 years she should have 60k saved which should last her two years.  Hard to believe its a real story or if real that someone could spend like that.  I could understand if there were kids with all those expenses added.  

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1 minute ago, satsuma said:

Especially as there are no kids involved, she is likely to have been living the highlife or this is made up news.  If she was on 110000k and paying a student loan and making high pension payment contributions she might be looking at 5100 home per month.  If you take out 1200 for rent and 600 for flash car payments, 500 for food and entertainment and 300 for bills that leaves 2500.  Assuming she is buying shoes and handbags at the rate suggested say thats 1500 savings or 18000 per year.  Take out a couple of holidays and weekends away.  Maybe 12000 left.  So over 5 years she should have 60k saved which should last her two years.  Hard to believe its a real story or if real that someone could spend like that.  I could understand if there were kids with all those expenses added.  

It does undermine the idea she had a "baglady" complex.

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after working 8 years full time i saved up 195k and that was 9 years ago ! and i was earning half or less than her some years. 

and still bought cars went on holidays on the beer etc. 

ok 40k was gifted though. 🤣

i don`t believe this at all. 

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Sometimes you do come across those that earn a decent salary, plus £75k pa, but say oh but do have a large mortgage or this or that have to pay for.... that is surely their choice, nobody is forced to take on a big mortgage, like nobody is forced to have a BTL.....just saying.;)

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The guardian was complaining bitterly this morning about a fake news story planted in the press to whip up hysteria over singing rule britannia... 

Is this another example?

And would it count as fake news if she had a millionaire mummy and daddy ( waiting for prices to drop before helping her out with a house)?

That would explain the rental and no savings... 

Something about this story smells dishonest to me...

What are they trying to tell us? Pity the poor little rich girl? 

Often when newspaper stories seem fake it's because they're promoting an advertiser... Isn't there a famous movie about a poor little rich girl; maybe they're doing a remake, and this is the puff piece to promote it...? 

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1 hour ago, MARTINX9 said:

Also surprised on a six figure salary they had no savings so wouldn’t have qualified for universal credit.

Of course why would anyone bother saving - as all you would get if you have Savings over £16000 is £70 JSA for six months even if you have paid NI for thirty years and never claimed a penny. No wonder no one saves anymore!

A “Six figure salary in HR”. Jesus Christ!

The fact that was even a thing seems mental.

I suspect she wasn’t earning £100k+ for very long, unless she had a massive coke habit, renting with no kids on that salary for any sustained period would have yielded more than a couple of designer handbags.

i think it goes to show that even many professional salaried people don’t have much financial security, and remember she was unlucky and lost her job before lockdown. Plenty more of this to come once furlough ends. 

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1 minute ago, Bear Goggles said:

A “Six figure salary in HR”. Jesus Christ!

The fact that was even a thing seems mental.

I suspect she wasn’t earning £100k+ for very long, unless she had a massive coke habit, renting with no kids on that salary for any sustained period would have yielded more than a couple of designer handbags.

i think it goes to show that even many professional salaried people don’t have much financial security, and remember she was unlucky and lost her job before lockdown. Plenty more of this to come once furlough ends. 

A sub theme of that film is that most of the well paid (7+ figure) finance types actually need the money. Their spending adjusts upwards.

Some employers only employ you if you look like you need the money. If you have a cheap house and a cheap car how can they make you jump?

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2 hours ago, longgone said:

Less than a year ago, my life seemed pretty sorted. I was earning a six-figure salary in HR, I had a wonderful home in the country and a large group of friends. I was a keen traveller and hiker. I thought I was living the dream

 

have started to sell many of my – what now seem completely pointless – possessions on eBay: clothes, designer handbags, shoes … Selling my home is not an option, since I rent

 

its a fake bullchit story veiled to support some state benefit or some crap. 

I know a lot of people like this, who are now at this point.

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42 minutes ago, Bob8 said:

It does undermine the idea she had a "baglady" complex.

I suspect the “six figure salary” was either an exaggeration, or was only very short-lived. How many people on this forum boast of earning a “six figure salary”? 

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11 minutes ago, 24gray24 said:

The guardian was complaining bitterly this morning about a fake news story planted in the press to whip up hysteria over singing rule britannia... 

Is this another example?

And would it count as fake news if she had a millionaire mummy and daddy ( waiting for prices to drop before helping her out with a house)?

That would explain the rental and no savings... 

Something about this story smells dishonest to me...

What are they trying to tell us? Pity the poor little rich girl? 

Often when newspaper stories seem fake it's because they're promoting an advertiser... Isn't there a famous movie about a poor little rich girl; maybe they're doing a remake, and this is the puff piece to promote it...? 

The good old days, a new poorer world awaits those on six figure salaries.

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1 minute ago, Bear Goggles said:

I suspect the “six figure salary” was either an exaggeration, or was only very short-lived. How many people on this forum boast of earning a “six figure salary”? 

I think you underestimate how people here are good at boasting! :D

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8 minutes ago, Bear Goggles said:

I suspect the “six figure salary” was either an exaggeration, or was only very short-lived. How many people on this forum boast of earning a “six figure salary”? 

Many on contract work....year at a time hopeful roll over......we are a land of hope, what have we if not hope.....glory well it is up to others to decide that.;)

Edited by winkie
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