PSA: Happy Friday, everyone. You are all smashing it.
Just wanted to share a little perspective, for myself as much as for anyone else. If you are earning £150k or more, ~£190k (UPDATE: changed, wasn't aware of recent data, source at end) in the top one percent of UK earners.
Even close to that is a huge achievement, but I know how easy it is to feel like it is not enough, especially in today's climate. I do not want to dwell on the Not Rich Yet mindset, because we all know the realities. But for some, it can be disheartening to see people posting about massive savings and huge portfolios. Of course, we should be happy for others, but it is natural to compare.
The truth is, comparison is the thief of joy (Roosevelt, 1910). It is so easy to scroll through posts and feel behind, but you never really know someone’s full financial story.
- Some people scrimped and saved every penny, skipping holidays, nice cars, and luxuries to build their wealth
- Others have inherited a lump sum on top of their good salary
- Some got in early at a FAANG company with RSUs or landed a high paying investment banking job straight out of university
- Regardless of industry, investment banking or related jobs can come with brutal seventy to eighty hour weeks plus. Seeing large portfolios in isolation is like watching the one hundred metre sprint at the Olympics and not seeing the years of sacrifice and training that led up to it
Having children can make a huge difference to how much you can save, especially with the means tested thresholds for government support. I have children myself, and it definitely impacts finances in ways that are not always obvious.
If you are struggling to get onto the property ladder, you are not alone. I saved for years and only managed to put together a five percent deposit, which felt like a huge achievement. Others may have had help from parents or grandparents ten or fifteen years ago, sold a property, and banked some equity. Not everyone started from the same place.
No one’s journey is the same. You are doing great, and life is too short to spend it feeling like you are falling behind when, in reality, you are already in an incredible position. Appreciate the wins, no matter how big or small.
Happy Friday, everyone. You are all smashing it.
Apologies if this is repeating a previous post, mods. I know none of us have time to read through every post, and even search does not always highlight everything. But I think this is a valid message for everyone here who is working incredibly hard.
Source of 1%: https://www.statista.com/statistics/1224844/monthly-pay-of-employees-uk/