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Could you make a good living on 20000 pounds per year?

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Furyan
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 12:34:00 (permalink)
Lord Monkcheese

The thread is entitled could you make a GOOD living on £20k, not could you live on £20k.

Obviously you could live on £20k a year. Those on the dole would 'earn' less than £20k (including council tax benefit, housing benefit, JSA, child benefit, etc). There are millions living on benefits alone, whether it's a good living is questionable but it is living.


Also, for those bringing up the person mentioning he is/was on £70k a year, bear in mind the poster was a contractor so 1) the £70k would be pro-rata for the year 2) the contract wouldn't have lasted a year so he wouldn't have earned £70k over the tenure of the contract and 3) there may be gaps between employment where there would have been periods of no income so even less would be coming in over the year.


I think there are too many variable involved to answer this question for anybody else. Factors like area, personal wants, what level of comfort you deem acceptable etc.
Personally im quite comfortable, and my wage rises each year, i feel it will only get better. But as ive said, there are people earning twice what i earn and living close by, who are still struggling, many of them single with no commitments. Its all about how you spend your money, and what you do with it on a long term basis.

" Do not tell me to play the hand i've been dealt. To hell with the cards and damn the dealer! Any man can achieve anything if he works hard enough, and thats the truth of it. Go at it with all that you are, and it is within your reach"
Red Man
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 12:37:50 (permalink)
Lord Monkcheese

The thread is entitled could you make a GOOD living on £20k, not could you live on £20k.




Define good living...
Everyones understanding of this is different and as such this thread is then useless. Good living for me is simply being comfortable, not worrying about bills and being happy. I do not care for fancy foods or champagne. Few nights out on the p1ss once in a while is good enough for me. I like cars more than most yet ive spent the past 6 months in an escort van so i can live without them... (ironically ive been looking a new car today aswell..lol)
 
At the end of the day, the person in question who was on 70k will now not make a good living on 20k as he will be used to the standard of living that someone on 70k will live...

"You're not drunk if you can lie on the floor without holding on." Dean Martin

LMC
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 12:56:19 (permalink)
True - 'good' is a subjective term so determining whether one person vs another can attain a 'good' living is rather redundant.

Can you 'survive' on £20k however - an emphatic YES. But seeing as that's not the question it's rather irrelevant so I'll shut up now and desist with this rambling!!!
Aim4
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 13:25:56 (permalink)
Yohimbe

£20k is just below the minimum wage

 
No it isn't.


LMC
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 13:35:01 (permalink)
The minimum wage is approx £12k.

£5.73 x 40hrs pw x 52 weeks pa
Red Bull
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 13:42:01 (permalink)
A house round me cost about 140k

Spend £100 per month on petrol
Spend say £100 per month on up keep of sh1T car
£300 per month food
£100 on mobile phone/sky tv and internet.
coucil tax £100
Bills £100
Mortgage would be ~£700
£40 car insurance

Well over and no spending no lol


Festar: You can't plead poverty with 2 cars. That's like a little Kenyan chap pleading poverty with 2 packets of uncle bens rice hidden under his bed.
DC77
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 13:47:04 (permalink)
Not without greatly altering how I live.

Our monthly outgoings are circa £4k per month
Aim4
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 14:01:15 (permalink)
Lord Monkcheese

The minimum wage is approx £12k.

£5.73 x 40hrs pw x 52 weeks pa

Obviously, that works out at a grand per month.
I'm taking home 800 quid per month...does this mean I could be earning LESS than minimum wage!?
mad_cereal_lover
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 14:50:44 (permalink)
B80

mad_cereal_lover

infidel

Red Man

This depends on where you live and your circumstances. For me, yes, no problem what so ever! Even with renting, you can get an apartment for £400 a month, extra bills, food, insurance car etc and socialising would be do able. If you had a partner who also works to split the bills then it would be a breeze.



here in dorset you couldnt rent an apartment for £400 a week.


You are joking aren't you?  otherwise if you're not you are talking out of your @rse.

mcl


I live in 70 square meter flat overlooking water in Poole, Dorset for £850per month (excluding bills).

I reckon I can easily survive on 20k a year. In fact over the coming months I'm going to keep an eye on the amount I spend. I'm planning on studying to get MCSE qulified whilst not working so that'll mean no income for the next few months. Luckily not drinking and spending hundreds of pounds each month on it has allowed me to have time off.

I reckon my monthly outgoings each month since xmas haven't topped a grand and thats doing things most weekend with my g/f, like eating out, watching my beloved AFCB, cinema, day trips to various places, + living in a really plush flat, running a car (cheap 106 I've had for 10 years now. chepa to run and insure). I've also bought numerous material things like an mp3 player that cost over £100. I probably spend another £200+ on top of that with good quality clean food each month.

When I used to be really into the nightlife scene I'd spend almost all my wage on getting wrecked. I think if you're heavily into drinking and other stuff you can p1ss money down the drain no probs. But if I was earning 70k I'd definitly have some assets to show for it. Not sure how you can fritter all of that away, regardless of lifestyle.

 
Exactly thats a nice location, large place.  Which is why I say over £1600/month in dorset for an apartment is talking out of someone's @rse
 
mcl


mad_cereal_lover
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 14:51:26 (permalink)
Aim4

Lord Monkcheese

The minimum wage is approx £12k.

£5.73 x 40hrs pw x 52 weeks pa

Obviously, that works out at a grand per month.
I'm taking home 800 quid per month...does this mean I could be earning LESS than minimum wage!?


No mate, that £12k is gross...not taking into account tax.
 
mcl
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 14:56:23 (permalink)
mad_cereal_lover

Aim4

Lord Monkcheese

The minimum wage is approx £12k.

£5.73 x 40hrs pw x 52 weeks pa

Obviously, that works out at a grand per month.
I'm taking home 800 quid per month...does this mean I could be earning LESS than minimum wage!?


No mate, that £12k is gross...not taking into account tax.
 
mcl


£12k gross results in around £840 take home pay. So you're there or thereabouts earning minimum wage it seems.
didless
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:04:54 (permalink)
not at all if i didnt have a mortage then yes.

mad_cereal_lover
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:05:28 (permalink)
Lord Monkcheese

mad_cereal_lover

Aim4

Lord Monkcheese

The minimum wage is approx £12k.

£5.73 x 40hrs pw x 52 weeks pa

Obviously, that works out at a grand per month.
I'm taking home 800 quid per month...does this mean I could be earning LESS than minimum wage!?


No mate, that £12k is gross...not taking into account tax.
 
mcl


£12k gross results in around £840 take home pay. So you're there or thereabouts earning minimum wage it seems.


Assuming he's working 40 hours per week, is not contributing into a pension etc, or paying back any student loans from paycheck!
 
mcl
Red Man
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:05:32 (permalink)
Lord Monkcheese

mad_cereal_lover

Aim4

Lord Monkcheese

The minimum wage is approx £12k.

£5.73 x 40hrs pw x 52 weeks pa

Obviously, that works out at a grand per month.
I'm taking home 800 quid per month...does this mean I could be earning LESS than minimum wage!?


No mate, that £12k is gross...not taking into account tax.
 
mcl


£12k gross results in around £840 take home pay. So you're there or thereabouts earning minimum wage it seems.


Unless your self employed, then you can earn less...

"You're not drunk if you can lie on the floor without holding on." Dean Martin

Yohimbe
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:10:14 (permalink)
20k not enough to live on purely because of house prices.

It is hilarious how we all fell for it and the media never questioned it once.

Oh wake up, wake up!

With that link to the Wizard of Oz, some suggest the yellow brick road represents the gold standard; the dishonest and trapped Oz is the president; the tin man is industry; the straw man is farming; the lion is the politician... the tornado represents boom and bust and the rise and fall of house prices.  The witches are the banks.....etc etc   The witch caught fire and had to be extinguished.  Help me I am melting......................................
Blue_Lagoon3000
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:19:50 (permalink)
20k is enough to survive and pay the bills but to live the way i like i need much more than that, although in the past ive been in situations where i was taking less than half that ammount, i wouldnt be happy with that wage. 
dazzz
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:27:11 (permalink)
Lord Monkcheese

The thread is entitled could you make a GOOD living on £20k, not could you live on £20k.

Obviously you could live on £20k a year. Those on the dole would 'earn' less than £20k (including council tax benefit, housing benefit, JSA, child benefit, etc). There are millions living on benefits alone, whether it's a good living is questionable but it is living.


Also, for those bringing up the person mentioning he is/was on £70k a year, bear in mind the poster was a contractor so 1) the £70k would be pro-rata for the year 2) the contract wouldn't have lasted a year so he wouldn't have earned £70k over the tenure of the contract and 3) there may be gaps between employment where there would have been periods of no income so even less would be coming in over the year.


i know this is a dumb ass question but what is pro-rata? ive heard of it but dont know how it works?

  
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Yohimbe
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:33:03 (permalink)
i meant average not minimum.
Faux Real
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:35:40 (permalink)
Every month I try to keep in budget but I can't see where I am going wrong apart from going out.

I reckon that comes to about £160 per month which is £1920 per year which isnt that much and wouldnt bring me down to £20k.
Yohimbe
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Re:Could you make a good living on 20000 pounds per year? 2009/04/07 15:39:36 (permalink)
When I left Norfolk in 1998 house prices and rents were half what they are now.  Less than half in some cases.  Yet wages in the towns has increased by about 30-40%.

Hilarious.
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