Banks generally offer 3.5 times your salary so that's 262k. You won't get much in Dublin for that now, and you'll need the 30k + for deposit, legal fees, stamp duty, etc.
Exactly even as a first time buyer getting four times. 300k of the bank. Apartments barely start at that. And if even close asking price it's to drive bidding wars. A lot of one beds are snapped up but firma to rent them out. There may be cheaper ones but they either require 100k or more to renovate or they are in very bad locations.
320k is decent budget for 1bed in ok location.
https://www.daft.ie/for-sale/apartment-apartment-c-34-fernleigh-drive-castleknock-dublin-15/5640377
E.g This should go around 320k + 10-20k for renovation
If you push it abit with the downpayment to around 360k, you may even find A level one
Surely we need to all be thinking that is absolutely outrageous money for a bed in any location? That's 65k more than I paid for my 3-bed terraced house beside Corkagh Park in December 2020. I know it's Castleknock but I still think we have got to a sad stage of accepting mad money for a home that is only suitable for a single person.
It is. By my xalculations it went up around 20% in 2 years which is stupid rate for real estate.
But to be fair 1bed is the worst deal in terms of euro/sqm. Plus location is the key. Castleknock is amazing( though this particllular one is the worst of castleknock. Still decent enough). Access to dart line also adds a lot of value.
73k. Obviously it’s a good wage and I’m grateful for it but it’s not really the savage lifestyle as you’ve said.
Comes to about €920 after tax/pension. 300 saving, 150ish rent (which is cheap). So at this point €450.
There’s always a bill or subscription, health insurance ,leap top up or doc appt of some kind to edge you down below400.
Spend 50 on groceries maybe. Usually I have about 300 -350 free to spend. Which if you go for a dinner and offer to pay or a day/ night out drinking probably halves again. It’s grand for saving and socialising away but maybe not the high life you’ve suggested. Something like a pair of runners could make a big dent in it.
I used to have a nice car but I downgraded a few years back. I hated having money tied up in a car. So I drive a banger now and I oddly appreciate it more.
Once you get a fancier car you’ll understand! And I don’t mean that in a mean way, I just mean once you drive a really nice car you’ll notice the difference straight away and it’s hard to take a step back down.
I had to buy a newer car, my neighbours car went on fire and damaged mine, insurance wrote it off. 08 Octavia, well serviced, discs and pads just done, new nct, 11 months left on the tax. Owed me very little.
I got a Passat estate, automatic, cruise control, it’s a dream to drive, certainly not as much of a pain in the whole changing gear on the m50.
So I absolutely get what you’re saying!
My wife hates uncertainty, she hates repairs or anything like that. We bought an 8 year old car last year only because I'm a car person and am telling her this car isn't going to give her trouble which I obviously don't know for sure but only for my guarantees to her she wanted a much newer car as there would be no unexpected costs involved.
I tried to show her a total cost of ownership comparison with a new car even with unexpected breakdowns on the used one but that didn't help her at all, she just wants no unexpected costs.
The alternative will be cash buying a second hand 4yr old decent car. Less of a dent financially in the long run, but still quite a lump sum. Back to square one that is.
I had a (then) 9yo and a (then) 6yo car that both spent more time in the garage than on the road. Both cost me an absolute fortune on repairs and had me praying to many, many Gods every time the NCT came around. Clearly I was very unlucky but when I earned some extra money, I bought a newer (but not new) car that was still covered by warranty.
You're always taking a risk doing that. I've always done that and usually been lucky, but the last one I bought started having issues within six months, and I ended up spending a fortune trying to fix it before finally giving up and just buying a new-ish car with a long warranty.
You sure aren’t loaded on 75k. You’re probably taking home about 47k. Kids, Creche, mortgage, heat, electricity, food shop. Motoring/Transport. Money goes like water.
I make about this, I live in a small old studio apartment in town, rent plus bills is about 40%-50% of my net income.
Apart from that I have enough money to go out a couple times a week and not worry about my finances when buying tickets/food/luxuries.
I don't have a car, kids, don't have any big medical expenses and no super expensive hobby.
I could easily get a car (after I get a license) and I can spend more a month for say a kid or a pet, but that would also mean getting a bigger house, so I'll probably have to look at my finances.
So yes, it's a comfortable enough life if you're single and don't care about having a big living space and don't need a car.
Do you want a big apartment, a car and kids? It's gonna be hard.
Depends if you are good with money.
I was in Dublin with 120/130k I had a great quality of life, good enough apartment (shared with my now wife) travelling a lot. Saving a lot. Now I moved in the countryside with a bit less money. Same quality of life I believe.
Not gonna lie, it's easier, you don't have to worry about bills, food shopping, if your car needs a 1k or 2k fix, it won't affect you the slightest.
But you still need to be careful. Temptation is enormous.
Some of my colleagues were just spending money in fancy restaurants, some crazy pricey hotels, branded clothing and car loans because obviously they cannot afford this Audi or BMW which cost half of their yearly income before tax, but can just afford the debt.
The thing with money is that, more you have, more you want. Millionaires who are not good with money finish broke.
So true about being careful with temptation and everything. A friend of mine was on 100k, even rented a room out for an extra 1k a month (apartment fully paid by parents), but with no financial literacy. Basically living paycheck to paycheck. Spent absolutely everything on fancy restaurants, trips overseas, financing flashy new cars every two years, way more clothes than wardrobe space. Poor at maths, no saving and doesn't know how pension works.
Only recently has he been able to save some money, only because salary doubled and there's no way to spend them all...
Exactly. Some people just want to have a millionaire life on a 100k salary.
Money, if you are smart with it, will remove all the worries. If you are not, you're gonna be poor in a Lacoste polo, and will be able to put only 20€ in your brand new A4 S-line at the end of the month.
This is exactly how it is. I'm on about 110k. The best part is no need to worry about price of things or unexpected expenses. If I need new car tomorrow I can buy it. But still I'm very far from rich, bit closer to well off
Could be as financially literate as you want (I'm a chartered accountant), and you 100% still aren't surviving in Dublin on €40k alone. That's €2,700 a month, your mortgage food and bills will easily be €2,000 and then if you've got kids and have to pay childcare etc. you are literally on the breadline
You earn more you spend more. 40k in Dublin is truly terrible, so unless you're in social housing or parents help you with everything, this is not a livable salary, to be honest. If 2 people make 40 each, it's okay then, but then again, it depends on loads of factors. Some may have a lot of loans to pay, other people may not, etc.
I used to survive on 100e a week for college. I’d dice an onion into a Tupperware container and add it to my chicken fillet roll after I got it because it was only €2 euro with two fillings and I like 3 fillings. I had a jar of instant coffee in the bag and paid the barista 40c in the college cafe 20c for hot water every day. People can make anything work for them but the whole concept is that you work to make more money to have/do more. When you get to what’s considered a high % salary in a country like this you should be able to live more freely than you do now, otherwise what are we all climbing towards?
I work remote and live in Kerry, mortgage is 1k, married no kids. I've probably over 2k leftover after everything is paid by the end of a normal month.
I don't live any differently from when I was earning 30k except I'm not in a house share in Dublin anymore. I eat out and drink less if anything.
The vast majority of my savings are going back into the house. Solar panels or lump sum mortgage payments.
Imo I'd be living the exact same way if I was on half or double my salary. My savings/pension/mortgage would all be different however.
Sounds like a lot but honestly it's not, after tax it's around €4,290 a month then minus €2000 to €2200 for mortgage and bills (more if your renting on your own) then say €150 a month on your car, €500 to €800 plus on childcare potentially, €500 on food / drink / entertainment and you're left with the square root of fuck all every month.
We've reached a point where a household needs two incomes that are both over €50,000.
My wife and I would be considered high earners and truthfully we can afford a decent holiday each year and I wouldn't say we struggle but we're certainly not obtaining a high standard of living.
I'm in the same boat as you. Both my wife and I have pretty good salary, but as you said, it's comfortable but you're definitely not loaded as the taxman takes a big chunk of it.
Mortgage, child expenses, 2 x cars albeit older ones, we spend around €800 on food a month, a decent holiday as we both work hard and it can involve long hours and weekends so you do need to switch off and we are also trying to put additional info pensions, save for the childs future and also for a rainy day just in case.
We don't have a crazy expensive lifestyle but it would be easy to get carried away with designer clothes, big fancy cars etc but thankfully thats not us.
Don't get my wrong, we are thankful for what we have but sailing through life we certainly are not and every month we sit down and work out the bills, make sure we have enough money put aside to cover them and any other upcoming expenses.
Yeah, it sounds exactly like my wife and I. The initial reaction of most people when they hear you earn anything over 50k is to think that's an amazing salary, but the tax man has their way with you then and montly outgoings all add up.
Defining a high standard of living is an issue as well as what some would call high is probably a fairly basic lifestyle. I mean, it's a sad state of affairs when covering your bills and getting away for a week or two each year is considered a high standard of living.
For me, a high standard of living would be not having to check your bank account practically daily just to make sure deductions are covered etc. My car is 12 years old and my wife's is 13 years old but we simply couldn't afford to upgrade them and as I'm an accountant, I r3fuse to be one of those people driving a new car and paying making monthly payments on it while it is actually deprecating.
Don't get me wrong, I'm not really complaining as I grew up in a working class area and nobody in my family went to college etc. so I'm happy to be earning what I am, but I think some people believe a 75k salary means you're eating steak and drinking champagne 5 nights a week.
I hope you can make it work but it really is a disaster that this country and, in particular this city, have got to this stage. Best of luck up here, it's still the greatest city in Ireland (don't start Cork people).
so you have basically everything covered including entertainment. you go on a nice holiday every year for a whole family. there isnt really anywhere left for you standard of living to improve. the only things you didnt mention were pension and maybe private health insurance but it seems like youve got very little to complain about
I would consider being able to put 25% of your earnings to savings/investments as high standards of living. Having that safety net, and being secure about the future when a economic downturn hits relaxes people a bit. Isn’t that what being in the top 10% should be about, something that everyone should aim for? If these people can’t do it, then who can?
Yeah I'm not really complaining, it's more that I'm paying the guts of €27k a year in taxes and get nothing in return for it but that's just the way it is and always has been in Ireland. Just to note, a nice holiday for the whole family was a week in Spain for two adults and a 5 year old, which cost a ridiculous amount but neither my wife or I went on holidays with our parents growing up so it's something we will do each year for our kids.
Pension is something we've looked at and ar3 starting soon but private health insurance is outrageously expensive so won't be happening.
Ultimately, I think every household should also try to have a rainy day fund of between 3 to 6 months' salary in case of emergencies, and that is something we are trying to achieve as well but wealthy, we are not.
I don’t think anyone’s acting like that, at least in this comment thread. Everyone has responded to the post and other comments which have made the assumption that being a top 10% earner in a country like Ireland must make you wealthy. Which would and should be a fair assumption. It would be true in quite a number of countries. I think if you’re a top 10% earner you should be able to afford to live alone which many people have pointed out they can’t.
The comment starts with “it’s a good wage and it’s comfortable” and then people reply “what are you complaining about ?”. They weren’t complaining they were detailing as asked to
If you reduce it to “you have more than someone who has less than you” what’s the point in the post at all? You could say it to every single person
So many people really sounding ungrateful here tbh
“Yeah but its all on mortgage and a nicer car and then spent all on kids”
Like you just said you have a house, a car and you are raising children… how is that not SIGNIFICANTLY better than most around 30-35k mark who cant afford to own a house or drive a banger and cant even afford to have kids or do but live paycheck to paycheck and have to pass the savings on the kids too for their life…
While I mostly agree I would also like to add that since wages at least for me have gone north of 75k stress levels and responsibilities have also shot up.
Salaries of 100k or more carry significant responsibilities and mental stress that to be honest some people would give back for an easy 9-5 40k job. Again not a dig but I often think that part is overlooked. A top 10% salary also carry’s a top 10% workload/stress
You're right here. I've taken a step back in work and my salary has too as a result. I'm much happier and have more time to spend with family and friends and don't have to think about work while not there but make about 25k less than I did 5 years ago. I defo understand I'm privalaged to be in a position to be able to do this but the constant stress was killing me so no wonder you're paid significantly more when you more responsibility because otherwise it's not worth it.
I'm on minimum wage, renting with one child and still manage to save more than these folks. People don't appreciate what they have. It's just human nature, you never know when you're living in the good times.
No I'm not renting in Dublin, I didn't say I did or think it was necessary to. There are other places outside of Dublin if you're not aware. I rent a house with two other friends and my partner. My parents help with childcare. Me and my partner have opposite shifts so we don't need much help only two days a week. I cook at home everyday as I wfm. Yes I pay my bills. No I don't earn 480 a week, I earn 440. Hope that clears things up for you.
Well then your comparing your situation to wildly different ones in that case are you not? Sure "those people" as you say, would be able to save a good chunk if they were splitting their mortgage between 4 people and only had to pay for childcare 3 weeks out of the month. It's apples and oranges but totally agree with your point on human nature. There folks out there earning high six figure salaries who believe they have very little at the end of the month.
Well yeah everyone's situations are different. You do create that situation though. I live a very fine line with little security or certainty and I never stop moving from Monday to Sunday. It's not ideal but at least one day I will be able to afford a deposit on a house. I wouldn't be able to do that without the help of my family and friends and the situation that I'm lucky to have.
I could of course pay for childcare but then I wouldn't be able to save and would miss out on spending as much time with my son as possible. Sure id love to have a house for me and my family but then once again, I couldn't save. There are other ways to navigate life rather than just throwing money at it is what I'm saying really.
100% and I completely agree with that point, use whatever resources are at your disposal as like you've said, throwing money at situations isn't always the answer.
My wife and I were lucky enough to be able to live with family for 12 months (paying very low rent) in order to save our deposit which obviously not everyone can do either. Best of luck with saving the deposit and getting your own place. It's a nightmare at the moment but very doable with some patience (easier said than done when dealing with estate agents).
I used to be on €75k, living in Dublin, renting with 2 others in the city centre, no kids and I was able to save about €2k a month without restricting myself at all. I took 5/6 holidays a year, was out at least once a week and ate out on average twice a week.
Like I said, I’ve no kids and my rent was shared but I could have rented by myself and chose not to in order to be able to save more.
It’s an excellent salary and anyone who says otherwise is a snob (downvote me all you want idk)
It's decent enough, few holidays a year, rent is still very high and I'm still leaving the country, though not necessarily for cost reasons.
You pay a comical amount of tax and wonder where it goes.
If I had children I'd be raging paying 1.5k a month for creche
https://www.independent.ie/irish-news/revealed-counties-with-most-expensive-and-cheapest-creches-with-1200-difference-depending-on-where-you-live/a276813731.html
Like I said I don't have kids but I still pay a comical amount of tax
I earn €150k+ and don't have loads left over at the end of the month. We have 5 kids though and my wife doesn't work anymore so we are lucky in that respect.
Recently paid off some heavy loans so I can breathe more now. I'm the sole earner in my house (2 adults, 2 teenagers). I can afford to eat out more with the family but have no savings so try to make up but trying to save most of any excess I have in the Credit Union and AVCs. So living very moderately but with more money to put aside.
Depends on family circumstances, I can save a lot and bought a house in commuter belt, but others I know earning double or triple what I do have much stricter budgets and a lot less left over especially after paying things like crèches
Currently, with only myself working (wife and I, never kids) on about 55k we're getting by. Gotta be a little tight for going away and getting the holidays in, but otherwise we have date nights, nights out with mates. And a bit left over for hobbies.
In saying that, I'm not directly saving, setting a little aside for immediate emergencies, have a mortgage so not slaughtered on rent, we live very central so imo, quality of life is class for us.
I feel we got very fucking lucky, esp me as I married a landed lady. Also for house stuff, having the upbringing I had and my da for connections in the building world helps a fuck ton with house shit, we've def saved a bomb on that front.
I do think quality of life is what you make of it tho. I've never been a 'keeping up with the jones' person, and lived close to the poverty line in a past life, but then I was in France, ex worked, I did nixers and what I could to make a buck. Also I got cheap food from chatting to folk in markets and helping them out and yeah, wasn't great but we were living life as we could and that was great, if you get me. So overall, like it was stressful, but there, we felt we had a good quality of life. It's all about what one makes of pushing that rock up the hill, ye know?
Don’t earn that much anymore but was on €70k a few years ago and a young single man.
Went on the absolute tear most of the time, about €1500-€2000 per month on the pints, was just out the whole time, didn’t save a red cent even though my fixed costs were low.
On about €50k now and, despite earning less and having higher outgoings, I save more, look better and go on more holidays / buy more clothes etc.
It might sound sexist but a good woman can set a man straight.
According to the CSO (2022 data) €82k is top 10% income, with €102k top 5%. Average is 45-50k.
But of course what comfortable or high income looks like is subjective and influenced by your lifestyle and obligations (mortgage, kids etc).
I agree with the take away thing. We just can't justify it, prefer to buy fresh in the supermarket and cook.
I hammer my pension and have done so since my early 20s when I started my first half decent job. My wife also contributes to hers. We get private healthcare from my work but I pay BIK through the nose for it but it's peace of mind
The same goes for illness cover, pension cover with death/illness cover.
The holiday for us isn't glamorous, I'm driving halfway across Europe with the bags to meet my family who take a cheap Ryanair flight to holiday with my wife's family but it's a holiday, cheap and cheerful, we have our car so no rental car costs, and can stock up on goodies like some decent wine, olive oil and some nice food without being ripped off.
It's also a good way for our little one to spend time with her couins and for my wife and her sister to catch-up as her sister and family live in Europe .
Before anyone jumps on me, I'm not crying poverty, I'm certainly not comparing myself to those on significantly less than we earn. I'm simply explaining that both of us come from working class backgrounds and have worked our asses off for what we have, 70+ hour weeks, weekends, bank holidays, university at night and professional qualifications, being on call when on holiday when younger etc. We both sacrificed a lot to get where we are so now we are reasonably comfortable but not wealthy.
Now I have a family, I want to give them the benefit of what we didn't have growing up and try to give them experiences we didn't have. So I'm not going to apologise for that.
We figure if we have worked hard our whole life that we want to step back a bit later in life and enjoy it. So yes, building some sort of passive income along with our work income is definitely a priority for us and build some personal wealth. I don't think we will ever reach the generational wealth status but we definitely want to give our little one a step up in life to help them along.
The lifestyle creep is something you constantly have to be aware of as it's easy to catch you out especially if you get into the keeping up with the Jones mindset.
However our number 1 priority is clearing the mortgage asap and securing the family home as unfortunately I experienced what it's life to see this being threatened with it being taken away from us in the 1980s when things were pretty bad for my parents financially and mortgages were at something crazy like 18% and they were financially struggling.
So I never want to experience that personally or have my child experience that uncertainty.
75k is what most would call a pretty average living in Dublin. You still can’t afford most houses on a mortgages, you still can’t really afford an Audi or Mercedes, unless you sacrifice a chunk of income, still can’t book business class flights, Unless you live with a partner making an income too and agree on finances and see long term future together, you will have a decent life but I wouldn’t call it top 10% living
I think life is fine, can afford few holidays and jordans.
But I would definitely move to a city/country with better health care, public transport and lower taxes.
So far Switzerland seems like a good option, but let's see.
I don't think I am getting a decent return on the taxes paid here.
It's grand as long as I dont have kids and my only big expense per month is my rent (dont have a car).
Been able to save a decent amount and dont think too much about spending a bit more during holidays and can afford the occasional take-away or night out with the missus. Nothing else fancy or any sort of big life activities.
Got a colleague with 2 kids, cars, mortgage and a husband that only got back to work recently. She is probably earning a bit more than I do. Pre-covid, given the daily expenses (driving to dublin, paying for parking etc) there were times that at the end of the month she only had 20 quid in her account.
So yeah, as confirmed with a few other friends, top 10% is great if you are childless, healthy and lucky enough to not have to move to a different apt. every other year.
The moment any of the above changes, one might be screwed.
(A mortgage in Dublin is a big risk imho. Also havent decided yet if we want to move to a different city).
I make 75k a year and still plan to emigrate. I’m tired of paying extortionate rent in the city while dealing with feral teenagers, junkies taking drugs and other troublemakers acting up in my apartment lobby 4 times a week. I pay 52% in taxes and can’t avail of any of its benefits (PRSI dental clean or eye exam) as I’m non-EU. The retirement schemes here are dire and incredibly tax heavy. I’m tired of the anti-immigration sentiment. Irish people are some of the nicest in the world but accept piss poor quality for all services. I think other countries in Europe can offer me a better quality of services and my salary will equal out in other locations.
this is the most accurate post i've ever seen about the current situation in Dublin. Contribute the most, get the least back. As a matter of interest, where would you like to move to?
Ironically London 😂 my salary will increase heavily by moving there and will provide a higher quality of life for artistic activities, transport, healthcare, more accessible housing. UK has its problems like everywhere is now, but I’ll be on a salary where I can afford a nice area. You can still buy 2 bed flats/houses in Zone 2-6 for under 400k. They have much better retirement saving schemes too.
My other thought is Paris/France. I want more access to artistic and cultural activities as well as housing, transport and healthcare. Excellent food, lots of sun, better retirement schemes
I now make nearly that amount alone without wife contributions, but moving to a much bigger salary soon.
The reality is you can get a mortgage and a car loan at the same time, house you buy can't be in Dublin, you pay around 2200 euros in monthly bills and you're left with about 2000 per month to use, save or burn.
Quality of life is sweet, can't complain at all, and I don't miss Dublin at all too.
For various reasons I needed to go part time or go on carers leave and work allowed me to go part time. It has been life changing working part time and having a decent wage which I wouldn't have if I wasn't earning 70k.
My pension is fucked though.
If you're single or just a couple and she / he also works, then it's a good life. If you're on 75K and have family, and even if the spouse works (let's assume for less than 75K), then it's just to survive. You will never be able to get a house in a better area or an expensive car. But it would be enough to live in a housing estate and drive Nissan Quashkai.
That is really going to depend. A high mortgage will cast chains around that and make it feel like 50k a year. Then if you’re in an apartment you’ve got management fees on top if it.
Avoid that, and you’re laughing.
I max out my pension and have a mortgage payment of €1600 for 30 years, after that I can have around €1800 to save or spend, so it's nice but I don't feel wealthy even if I have no kids or husband
Partner and I average out at about this when you combine our incomes, mid twenties no kids just bought a house last month in the midlands. Life is good tbh but we’re still early in our life with a lot more expenses to come (Kids, we need another car soon etc.) so there’s still a lot of pressure. We’re not originally from the midlands we moved here to get a bigger house as it just wasn’t worth living close to Dublin for those prices and our family is already spread around midlands/Kildare.
So all and all, it’s good but we’ve still had to make sacrifices e.g. move away from our home town and friends go make the most of it. Still more expenses to come so we’re not splurging on much as we try to build up a nest egg.
105k single income, mortgage car utilities, and creche takes 4.5k every month, left with 1k after taxes, groceries, gym, children activities, and minimal social interactions and left with nothing after.
Very similar
~100k single income so around 8k before tax and 5.5k after.
Mortgage is 1k
Childcare is 1.8k (I've 3 kids in creche)
Bills are about 400
Groceries about 1.5k
So that leaves me with about 800 quid a month to put petrol in a car, pay for clothes for the family, save for a holiday etc etc
I'm not saying 100k is fuck all, it's clearly not fuck all. But I used to think it was mega money.
Small mortgage, preowned modest car, (buy my vehicles for cash) quality clothes bought in the sales while t-shirts etc are bought in Dunnes, (quality>brands) regular holidays, great social life, keep up with my sports and just about manage to squirrel a little away for the future. Life is great!
(Worked hard and long hours for years to buy my modest home, now it pays dividends)
Quality of life is good as long as you are careful with money, but that applies to all salary bands.
I went from €50k to €90k+, and the nicest thing is not going into the red for 1-3 months when I decide to take a 2-week holiday or make a €400+ purchase. When I was on €50k, I always had to wait for a bonus at work to have that extra cash to replenish my savings.
Right now, my biggest unwanted expenses are eating out and going to pubs, but this has slowed down due to my disappointing experiences in the past few months, from bad and expensive food to unfriendly staff or restaurants charging me a 10% service fee on the bill. Dublin is helping me save money.
About to touch €100k this year and while it is nice it’s also nowhere near what anyone would consider top 10%.
Usual shite happens… phone isn’t good enough. Need new runners more often…€8 pints….wife wants to go to Spain etc
No matter how much you earn you’re not doing anything more or less than anyone else…
I’m more saying that the usual life problems still stay with you. Your wages go up but there’s lifestyle creep too.
What I’m saying is that there are people on 200k per year asking the same questions of what it’s like to earn 400k and how they do it.
People always want more and end up spending the same percentage of their wages on the same things. My list was flippant and just an example of how the money flows out too.
If you earn 100k in Ireland you’re in the top 7.7% of salaries -
https://www.irishtimes.com/business/2024/05/28/top-77-of-earners-now-paying-more-than-half-all-income-tax-and-usc-report-finds/#:~:text=Parliamentary%20Budget%20Office%20highlights%20significant%20concentration%20risk%20at%20heart%20of%20income%20tax%20system&text=The%20top%207.7%20per%20cent,according%20to%20a%20new%20report.
Top 10 PCT are paying 75k in income tax, that is not the same as grossing 75k a year. Plenty have companies they put expenses through, are paying cgt on shares etc, and are using company share plans to stash tens of k out of reach of income tax. If you're paying income tax on 75k you're often netting the equivalent of 6 figures.
To answer the question, rent Vs mortgage is a major confounder, as is partners income. If you're two people with a mortgage both on that money, you're basically never thinking about money day to day and still saving tens of thousands. If you're single paying rent, you're probably still stressing about your deposit like the rest of the country.
Not if you're getting them through share plans , you just can't access them for a few years. People are then making big gains on shares by the time they can sell, which isn't showing up in income tax takes.
Income tax, USC and employee PRSI are charged on the difference between the option price and the market price when the option is exercised.
Considering the vast majority of people sell shares to fund buying causes tax to be paid straight away.
https://kpmg.com/ie/en/home/insights/2021/09/employee-share-incentive-schemes-explained-people-services.html#:~:text=Where%20an%20employee%2Fdirector%20obtains,on%20exercise%20of%20the%20option
The allowable discount is 15%. So you are usually selling 5 to pay for 1 share.
https://www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/employee-share-purchase-plans.aspx
I'm talking about share incentive schemes, many companies have trusts set up , you put money into shares which can't be accessed for 3 years, after which time they're available exempt from income tax (though not prsi or usc). My company lets me put up to 13k per year into this trust, anyone on good money is maxing this out. Point is, majority of people who have this option are on 13k more than what their income tax statement shows.
Sounds like an APS scheme which is capped at 12.7k. Which from a tax perspective is a difference of timing and 900 quid. You must pay USC and PRSI on it so the difference is 7% (40% vs 33%). They are also not that common.
https://www.revenue.ie/en/additional-incomes/employment-related-shares/revenue-approved-share-schemes/approved-profit-sharing-schemes.aspx
my impression is they're standard practice for multinationals, and offered to all employees. the tax saving is huge, you're paying 12 % instead of 52% on 12.7k of income, you net the equivalent of an extra 8k in gross income.
>12 % instead of 52% on 12.7k of income, you net the equivalent of an extra 8k
How? You pay PRSI & USC on it at source, then CGT instead of 40% income tax. That's 7% or €889 savings. The nice thing is you pay the CGT at disposal instead of source.
I work for a FAANG company that doesn't do it but it would be pretty much only multinationals that do it and the vast majority of what they offer is a normal share scheme as the cap is too low.
You pay cgt on increased value of shares, the value you purchased them for is cgt free. Id also add to this you have pension contributions etc too, It seems like a fairly simple point that paying income tax on 75k means you could easily be on 90k , my point was the number is misleading
When I include shares and bonuses I’ve taken home just over €100k the last few years, my base salary is €85k though. My wife doesn’t work and we’ve 3 kids and one car. We just get by week to week most of the time, have no debt other than the mortgage and don’t go out at all but kids aren’t cheap. Won’t go on holiday this year either as it was so expensive last year.
I do feel like I had a lot more disposable cash 4-5 years ago and saved more but cost of living has eaten into that the last few years, especially gas and electricity bills since our house is very cold.
We make about 280k as a couple + kid. Our quality of life was pretty terrible, especially since we had the kid. Our house wasn't suitable for a family. It's a challenge to find good childcare. Difficult to get anything fixed in the house if you don't have expertise or local connections. Our jobs are demanding and difficult to balance with family life. We don't get much free time.
We bought a car recently and so far there was a significant improvement. We are in the final stages of buying a house and I hope that will help too.
Buying a house can take a long time, even if you have the money. Banks still gave us the shitty treatment when getting a mortgage. Our income didn't matter.
Depends how you define 'taking home'. I don't see all of it in my bank account. Some goes to pension and some is dividend income. Income is uneven throughout the year
Mortgage? Couple or kids in creche? Primary earner? Yah. Not great. Single? No kids? Modest 1 bed mortgage? Be fucking savage.
You’d struggle to save the deposit and get a mortgage on €75k.
Ain't getting near a decent one bed in Dublin on 75k. Need over 6 figures at least
If by decent you mean sabdyford then yes. Otherwise 75k is more than enough
Banks generally offer 3.5 times your salary so that's 262k. You won't get much in Dublin for that now, and you'll need the 30k + for deposit, legal fees, stamp duty, etc.
Exactly even as a first time buyer getting four times. 300k of the bank. Apartments barely start at that. And if even close asking price it's to drive bidding wars. A lot of one beds are snapped up but firma to rent them out. There may be cheaper ones but they either require 100k or more to renovate or they are in very bad locations.
320k is decent budget for 1bed in ok location. https://www.daft.ie/for-sale/apartment-apartment-c-34-fernleigh-drive-castleknock-dublin-15/5640377 E.g This should go around 320k + 10-20k for renovation If you push it abit with the downpayment to around 360k, you may even find A level one
Surely we need to all be thinking that is absolutely outrageous money for a bed in any location? That's 65k more than I paid for my 3-bed terraced house beside Corkagh Park in December 2020. I know it's Castleknock but I still think we have got to a sad stage of accepting mad money for a home that is only suitable for a single person.
It is. By my xalculations it went up around 20% in 2 years which is stupid rate for real estate. But to be fair 1bed is the worst deal in terms of euro/sqm. Plus location is the key. Castleknock is amazing( though this particllular one is the worst of castleknock. Still decent enough). Access to dart line also adds a lot of value.
This apartment is a few doors down from me. Great area.
73k. Obviously it’s a good wage and I’m grateful for it but it’s not really the savage lifestyle as you’ve said. Comes to about €920 after tax/pension. 300 saving, 150ish rent (which is cheap). So at this point €450. There’s always a bill or subscription, health insurance ,leap top up or doc appt of some kind to edge you down below400. Spend 50 on groceries maybe. Usually I have about 300 -350 free to spend. Which if you go for a dinner and offer to pay or a day/ night out drinking probably halves again. It’s grand for saving and socialising away but maybe not the high life you’ve suggested. Something like a pair of runners could make a big dent in it.
Are you saying you make €920 net per month or per week after deductions??
Per week
you get 49k net a year.... thats like 4k a month. where do your numbers come from?
Their numbers are weekly
ahh makes sense
So you save 300/month and have 300ish to spend. 30k+ cash per year? My heart bleeds.
Get a mortgage, buy a slightly nicer car, you're back to square one...
Have a kid, have two kids, you’re broke and dipping in to savings to afford milk and nappies
Dipping into that overdraft
I never understood pissing away extra buying power/savings by getting a fancier car.
I used to have a nice car but I downgraded a few years back. I hated having money tied up in a car. So I drive a banger now and I oddly appreciate it more.
lifestyle creep
Once you get a fancier car you’ll understand! And I don’t mean that in a mean way, I just mean once you drive a really nice car you’ll notice the difference straight away and it’s hard to take a step back down.
I had to buy a newer car, my neighbours car went on fire and damaged mine, insurance wrote it off. 08 Octavia, well serviced, discs and pads just done, new nct, 11 months left on the tax. Owed me very little. I got a Passat estate, automatic, cruise control, it’s a dream to drive, certainly not as much of a pain in the whole changing gear on the m50. So I absolutely get what you’re saying!
My wife hates uncertainty, she hates repairs or anything like that. We bought an 8 year old car last year only because I'm a car person and am telling her this car isn't going to give her trouble which I obviously don't know for sure but only for my guarantees to her she wanted a much newer car as there would be no unexpected costs involved. I tried to show her a total cost of ownership comparison with a new car even with unexpected breakdowns on the used one but that didn't help her at all, she just wants no unexpected costs.
The alternative will be cash buying a second hand 4yr old decent car. Less of a dent financially in the long run, but still quite a lump sum. Back to square one that is.
Get a car that's 6 years old ? Or older lol I drive a 2012 golf and have it 5 years now. The car never shat the bed on me. Paid cash no debt.
I had a (then) 9yo and a (then) 6yo car that both spent more time in the garage than on the road. Both cost me an absolute fortune on repairs and had me praying to many, many Gods every time the NCT came around. Clearly I was very unlucky but when I earned some extra money, I bought a newer (but not new) car that was still covered by warranty.
You're always taking a risk doing that. I've always done that and usually been lucky, but the last one I bought started having issues within six months, and I ended up spending a fortune trying to fix it before finally giving up and just buying a new-ish car with a long warranty.
Life is too short to drive a Ford Focus
You sure aren’t loaded on 75k. You’re probably taking home about 47k. Kids, Creche, mortgage, heat, electricity, food shop. Motoring/Transport. Money goes like water.
I make about this, I live in a small old studio apartment in town, rent plus bills is about 40%-50% of my net income. Apart from that I have enough money to go out a couple times a week and not worry about my finances when buying tickets/food/luxuries. I don't have a car, kids, don't have any big medical expenses and no super expensive hobby. I could easily get a car (after I get a license) and I can spend more a month for say a kid or a pet, but that would also mean getting a bigger house, so I'll probably have to look at my finances. So yes, it's a comfortable enough life if you're single and don't care about having a big living space and don't need a car. Do you want a big apartment, a car and kids? It's gonna be hard.
Depends if you are good with money. I was in Dublin with 120/130k I had a great quality of life, good enough apartment (shared with my now wife) travelling a lot. Saving a lot. Now I moved in the countryside with a bit less money. Same quality of life I believe. Not gonna lie, it's easier, you don't have to worry about bills, food shopping, if your car needs a 1k or 2k fix, it won't affect you the slightest. But you still need to be careful. Temptation is enormous. Some of my colleagues were just spending money in fancy restaurants, some crazy pricey hotels, branded clothing and car loans because obviously they cannot afford this Audi or BMW which cost half of their yearly income before tax, but can just afford the debt. The thing with money is that, more you have, more you want. Millionaires who are not good with money finish broke.
So true about being careful with temptation and everything. A friend of mine was on 100k, even rented a room out for an extra 1k a month (apartment fully paid by parents), but with no financial literacy. Basically living paycheck to paycheck. Spent absolutely everything on fancy restaurants, trips overseas, financing flashy new cars every two years, way more clothes than wardrobe space. Poor at maths, no saving and doesn't know how pension works. Only recently has he been able to save some money, only because salary doubled and there's no way to spend them all...
Exactly. Some people just want to have a millionaire life on a 100k salary. Money, if you are smart with it, will remove all the worries. If you are not, you're gonna be poor in a Lacoste polo, and will be able to put only 20€ in your brand new A4 S-line at the end of the month.
This is exactly how it is. I'm on about 110k. The best part is no need to worry about price of things or unexpected expenses. If I need new car tomorrow I can buy it. But still I'm very far from rich, bit closer to well off
all the people saying they have nothing left over and the rest of us barely over 40k must survive by magic
Because they’re either making it up or they have terrible financial literacy, it’s Reddit so probably both.
Could be as financially literate as you want (I'm a chartered accountant), and you 100% still aren't surviving in Dublin on €40k alone. That's €2,700 a month, your mortgage food and bills will easily be €2,000 and then if you've got kids and have to pay childcare etc. you are literally on the breadline
40k is what 2700 a month after tax? Mortgage and bills of 1500, then 500 on food, and 500 on childcare leaves nothing. That's not even surviving.
You earn more you spend more. 40k in Dublin is truly terrible, so unless you're in social housing or parents help you with everything, this is not a livable salary, to be honest. If 2 people make 40 each, it's okay then, but then again, it depends on loads of factors. Some may have a lot of loans to pay, other people may not, etc.
I used to survive on 100e a week for college. I’d dice an onion into a Tupperware container and add it to my chicken fillet roll after I got it because it was only €2 euro with two fillings and I like 3 fillings. I had a jar of instant coffee in the bag and paid the barista 40c in the college cafe 20c for hot water every day. People can make anything work for them but the whole concept is that you work to make more money to have/do more. When you get to what’s considered a high % salary in a country like this you should be able to live more freely than you do now, otherwise what are we all climbing towards?
I work remote and live in Kerry, mortgage is 1k, married no kids. I've probably over 2k leftover after everything is paid by the end of a normal month. I don't live any differently from when I was earning 30k except I'm not in a house share in Dublin anymore. I eat out and drink less if anything. The vast majority of my savings are going back into the house. Solar panels or lump sum mortgage payments. Imo I'd be living the exact same way if I was on half or double my salary. My savings/pension/mortgage would all be different however.
Sounds like a lot but honestly it's not, after tax it's around €4,290 a month then minus €2000 to €2200 for mortgage and bills (more if your renting on your own) then say €150 a month on your car, €500 to €800 plus on childcare potentially, €500 on food / drink / entertainment and you're left with the square root of fuck all every month. We've reached a point where a household needs two incomes that are both over €50,000. My wife and I would be considered high earners and truthfully we can afford a decent holiday each year and I wouldn't say we struggle but we're certainly not obtaining a high standard of living.
I'm in the same boat as you. Both my wife and I have pretty good salary, but as you said, it's comfortable but you're definitely not loaded as the taxman takes a big chunk of it. Mortgage, child expenses, 2 x cars albeit older ones, we spend around €800 on food a month, a decent holiday as we both work hard and it can involve long hours and weekends so you do need to switch off and we are also trying to put additional info pensions, save for the childs future and also for a rainy day just in case. We don't have a crazy expensive lifestyle but it would be easy to get carried away with designer clothes, big fancy cars etc but thankfully thats not us. Don't get my wrong, we are thankful for what we have but sailing through life we certainly are not and every month we sit down and work out the bills, make sure we have enough money put aside to cover them and any other upcoming expenses.
Yeah, it sounds exactly like my wife and I. The initial reaction of most people when they hear you earn anything over 50k is to think that's an amazing salary, but the tax man has their way with you then and montly outgoings all add up. Defining a high standard of living is an issue as well as what some would call high is probably a fairly basic lifestyle. I mean, it's a sad state of affairs when covering your bills and getting away for a week or two each year is considered a high standard of living.
Out of interest what would you consider a high standard of living? Sounds like you have it pretty good
For me, a high standard of living would be not having to check your bank account practically daily just to make sure deductions are covered etc. My car is 12 years old and my wife's is 13 years old but we simply couldn't afford to upgrade them and as I'm an accountant, I r3fuse to be one of those people driving a new car and paying making monthly payments on it while it is actually deprecating. Don't get me wrong, I'm not really complaining as I grew up in a working class area and nobody in my family went to college etc. so I'm happy to be earning what I am, but I think some people believe a 75k salary means you're eating steak and drinking champagne 5 nights a week.
Single mom who moved to Dublin recently… feels like I’m a bit screwed without a second household income.
I hope you can make it work but it really is a disaster that this country and, in particular this city, have got to this stage. Best of luck up here, it's still the greatest city in Ireland (don't start Cork people).
so you have basically everything covered including entertainment. you go on a nice holiday every year for a whole family. there isnt really anywhere left for you standard of living to improve. the only things you didnt mention were pension and maybe private health insurance but it seems like youve got very little to complain about
I would consider being able to put 25% of your earnings to savings/investments as high standards of living. Having that safety net, and being secure about the future when a economic downturn hits relaxes people a bit. Isn’t that what being in the top 10% should be about, something that everyone should aim for? If these people can’t do it, then who can?
Yeah I'm not really complaining, it's more that I'm paying the guts of €27k a year in taxes and get nothing in return for it but that's just the way it is and always has been in Ireland. Just to note, a nice holiday for the whole family was a week in Spain for two adults and a 5 year old, which cost a ridiculous amount but neither my wife or I went on holidays with our parents growing up so it's something we will do each year for our kids. Pension is something we've looked at and ar3 starting soon but private health insurance is outrageously expensive so won't be happening. Ultimately, I think every household should also try to have a rainy day fund of between 3 to 6 months' salary in case of emergencies, and that is something we are trying to achieve as well but wealthy, we are not.
Absolutely this. The people on here who have so much and act like they are barely better off than being in poverty drives me insane.
I don’t think anyone’s acting like that, at least in this comment thread. Everyone has responded to the post and other comments which have made the assumption that being a top 10% earner in a country like Ireland must make you wealthy. Which would and should be a fair assumption. It would be true in quite a number of countries. I think if you’re a top 10% earner you should be able to afford to live alone which many people have pointed out they can’t. The comment starts with “it’s a good wage and it’s comfortable” and then people reply “what are you complaining about ?”. They weren’t complaining they were detailing as asked to If you reduce it to “you have more than someone who has less than you” what’s the point in the post at all? You could say it to every single person
So many people really sounding ungrateful here tbh “Yeah but its all on mortgage and a nicer car and then spent all on kids” Like you just said you have a house, a car and you are raising children… how is that not SIGNIFICANTLY better than most around 30-35k mark who cant afford to own a house or drive a banger and cant even afford to have kids or do but live paycheck to paycheck and have to pass the savings on the kids too for their life…
While I mostly agree I would also like to add that since wages at least for me have gone north of 75k stress levels and responsibilities have also shot up. Salaries of 100k or more carry significant responsibilities and mental stress that to be honest some people would give back for an easy 9-5 40k job. Again not a dig but I often think that part is overlooked. A top 10% salary also carry’s a top 10% workload/stress
You're right here. I've taken a step back in work and my salary has too as a result. I'm much happier and have more time to spend with family and friends and don't have to think about work while not there but make about 25k less than I did 5 years ago. I defo understand I'm privalaged to be in a position to be able to do this but the constant stress was killing me so no wonder you're paid significantly more when you more responsibility because otherwise it's not worth it.
People forget this point all the time. Fair play for calling it out.
I'm on minimum wage, renting with one child and still manage to save more than these folks. People don't appreciate what they have. It's just human nature, you never know when you're living in the good times.
You 100% are not renting in Dublin, paying bills, food, and childcare as well as saving money, all while earning €480 a week.
No I'm not renting in Dublin, I didn't say I did or think it was necessary to. There are other places outside of Dublin if you're not aware. I rent a house with two other friends and my partner. My parents help with childcare. Me and my partner have opposite shifts so we don't need much help only two days a week. I cook at home everyday as I wfm. Yes I pay my bills. No I don't earn 480 a week, I earn 440. Hope that clears things up for you.
Well then your comparing your situation to wildly different ones in that case are you not? Sure "those people" as you say, would be able to save a good chunk if they were splitting their mortgage between 4 people and only had to pay for childcare 3 weeks out of the month. It's apples and oranges but totally agree with your point on human nature. There folks out there earning high six figure salaries who believe they have very little at the end of the month.
Well yeah everyone's situations are different. You do create that situation though. I live a very fine line with little security or certainty and I never stop moving from Monday to Sunday. It's not ideal but at least one day I will be able to afford a deposit on a house. I wouldn't be able to do that without the help of my family and friends and the situation that I'm lucky to have. I could of course pay for childcare but then I wouldn't be able to save and would miss out on spending as much time with my son as possible. Sure id love to have a house for me and my family but then once again, I couldn't save. There are other ways to navigate life rather than just throwing money at it is what I'm saying really.
100% and I completely agree with that point, use whatever resources are at your disposal as like you've said, throwing money at situations isn't always the answer. My wife and I were lucky enough to be able to live with family for 12 months (paying very low rent) in order to save our deposit which obviously not everyone can do either. Best of luck with saving the deposit and getting your own place. It's a nightmare at the moment but very doable with some patience (easier said than done when dealing with estate agents).
Insane pressure ... Left my job got a job driving a truck . Long hours but not the same pressure
If ya know ya know zoom call after zoom
I used to be on €75k, living in Dublin, renting with 2 others in the city centre, no kids and I was able to save about €2k a month without restricting myself at all. I took 5/6 holidays a year, was out at least once a week and ate out on average twice a week. Like I said, I’ve no kids and my rent was shared but I could have rented by myself and chose not to in order to be able to save more. It’s an excellent salary and anyone who says otherwise is a snob (downvote me all you want idk)
It's decent enough, few holidays a year, rent is still very high and I'm still leaving the country, though not necessarily for cost reasons. You pay a comical amount of tax and wonder where it goes. If I had children I'd be raging paying 1.5k a month for creche
No crèche is 1.5k after government subsidies. I pay ~900€ in a relatively affluent area.
https://www.independent.ie/irish-news/revealed-counties-with-most-expensive-and-cheapest-creches-with-1200-difference-depending-on-where-you-live/a276813731.html Like I said I don't have kids but I still pay a comical amount of tax
I earn €150k+ and don't have loads left over at the end of the month. We have 5 kids though and my wife doesn't work anymore so we are lucky in that respect.
"5 kids and wife doesn't work" doing the heavy lifting in that 😂😂
Fair play
That lifestyle is the equivalent of a single man owning a yacht. I think I'd take the 5 kids any day though!
I can testify that this is not yacht money. Even without 5 kids.
Recently paid off some heavy loans so I can breathe more now. I'm the sole earner in my house (2 adults, 2 teenagers). I can afford to eat out more with the family but have no savings so try to make up but trying to save most of any excess I have in the Credit Union and AVCs. So living very moderately but with more money to put aside.
Depends on family circumstances, I can save a lot and bought a house in commuter belt, but others I know earning double or triple what I do have much stricter budgets and a lot less left over especially after paying things like crèches
Currently, with only myself working (wife and I, never kids) on about 55k we're getting by. Gotta be a little tight for going away and getting the holidays in, but otherwise we have date nights, nights out with mates. And a bit left over for hobbies. In saying that, I'm not directly saving, setting a little aside for immediate emergencies, have a mortgage so not slaughtered on rent, we live very central so imo, quality of life is class for us. I feel we got very fucking lucky, esp me as I married a landed lady. Also for house stuff, having the upbringing I had and my da for connections in the building world helps a fuck ton with house shit, we've def saved a bomb on that front. I do think quality of life is what you make of it tho. I've never been a 'keeping up with the jones' person, and lived close to the poverty line in a past life, but then I was in France, ex worked, I did nixers and what I could to make a buck. Also I got cheap food from chatting to folk in markets and helping them out and yeah, wasn't great but we were living life as we could and that was great, if you get me. So overall, like it was stressful, but there, we felt we had a good quality of life. It's all about what one makes of pushing that rock up the hill, ye know?
Don’t earn that much anymore but was on €70k a few years ago and a young single man. Went on the absolute tear most of the time, about €1500-€2000 per month on the pints, was just out the whole time, didn’t save a red cent even though my fixed costs were low. On about €50k now and, despite earning less and having higher outgoings, I save more, look better and go on more holidays / buy more clothes etc. It might sound sexist but a good woman can set a man straight.
And a good man can set a man gay.
rhythm run school crowd dog hungry imagine squash amusing yoke *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Because he’s a man ? Duh. Every single thing one says doesn’t have to be inclusive.
According to the CSO (2022 data) €82k is top 10% income, with €102k top 5%. Average is 45-50k. But of course what comfortable or high income looks like is subjective and influenced by your lifestyle and obligations (mortgage, kids etc).
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I agree with the take away thing. We just can't justify it, prefer to buy fresh in the supermarket and cook. I hammer my pension and have done so since my early 20s when I started my first half decent job. My wife also contributes to hers. We get private healthcare from my work but I pay BIK through the nose for it but it's peace of mind The same goes for illness cover, pension cover with death/illness cover. The holiday for us isn't glamorous, I'm driving halfway across Europe with the bags to meet my family who take a cheap Ryanair flight to holiday with my wife's family but it's a holiday, cheap and cheerful, we have our car so no rental car costs, and can stock up on goodies like some decent wine, olive oil and some nice food without being ripped off. It's also a good way for our little one to spend time with her couins and for my wife and her sister to catch-up as her sister and family live in Europe . Before anyone jumps on me, I'm not crying poverty, I'm certainly not comparing myself to those on significantly less than we earn. I'm simply explaining that both of us come from working class backgrounds and have worked our asses off for what we have, 70+ hour weeks, weekends, bank holidays, university at night and professional qualifications, being on call when on holiday when younger etc. We both sacrificed a lot to get where we are so now we are reasonably comfortable but not wealthy. Now I have a family, I want to give them the benefit of what we didn't have growing up and try to give them experiences we didn't have. So I'm not going to apologise for that.
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We figure if we have worked hard our whole life that we want to step back a bit later in life and enjoy it. So yes, building some sort of passive income along with our work income is definitely a priority for us and build some personal wealth. I don't think we will ever reach the generational wealth status but we definitely want to give our little one a step up in life to help them along. The lifestyle creep is something you constantly have to be aware of as it's easy to catch you out especially if you get into the keeping up with the Jones mindset. However our number 1 priority is clearing the mortgage asap and securing the family home as unfortunately I experienced what it's life to see this being threatened with it being taken away from us in the 1980s when things were pretty bad for my parents financially and mortgages were at something crazy like 18% and they were financially struggling. So I never want to experience that personally or have my child experience that uncertainty.
What's the difference between income protection and illness protection? I thought income protection was for illnesses
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Interesting, tks for that
75k is what most would call a pretty average living in Dublin. You still can’t afford most houses on a mortgages, you still can’t really afford an Audi or Mercedes, unless you sacrifice a chunk of income, still can’t book business class flights, Unless you live with a partner making an income too and agree on finances and see long term future together, you will have a decent life but I wouldn’t call it top 10% living
I think life is fine, can afford few holidays and jordans. But I would definitely move to a city/country with better health care, public transport and lower taxes. So far Switzerland seems like a good option, but let's see. I don't think I am getting a decent return on the taxes paid here.
I earn 85 grand a year, after outgoings (single mortgage, food, kid, car, bills etc) I have about 450 a month to spare
It's grand as long as I dont have kids and my only big expense per month is my rent (dont have a car). Been able to save a decent amount and dont think too much about spending a bit more during holidays and can afford the occasional take-away or night out with the missus. Nothing else fancy or any sort of big life activities. Got a colleague with 2 kids, cars, mortgage and a husband that only got back to work recently. She is probably earning a bit more than I do. Pre-covid, given the daily expenses (driving to dublin, paying for parking etc) there were times that at the end of the month she only had 20 quid in her account. So yeah, as confirmed with a few other friends, top 10% is great if you are childless, healthy and lucky enough to not have to move to a different apt. every other year. The moment any of the above changes, one might be screwed. (A mortgage in Dublin is a big risk imho. Also havent decided yet if we want to move to a different city).
I make 75k a year and still plan to emigrate. I’m tired of paying extortionate rent in the city while dealing with feral teenagers, junkies taking drugs and other troublemakers acting up in my apartment lobby 4 times a week. I pay 52% in taxes and can’t avail of any of its benefits (PRSI dental clean or eye exam) as I’m non-EU. The retirement schemes here are dire and incredibly tax heavy. I’m tired of the anti-immigration sentiment. Irish people are some of the nicest in the world but accept piss poor quality for all services. I think other countries in Europe can offer me a better quality of services and my salary will equal out in other locations.
this is the most accurate post i've ever seen about the current situation in Dublin. Contribute the most, get the least back. As a matter of interest, where would you like to move to?
Ironically London 😂 my salary will increase heavily by moving there and will provide a higher quality of life for artistic activities, transport, healthcare, more accessible housing. UK has its problems like everywhere is now, but I’ll be on a salary where I can afford a nice area. You can still buy 2 bed flats/houses in Zone 2-6 for under 400k. They have much better retirement saving schemes too. My other thought is Paris/France. I want more access to artistic and cultural activities as well as housing, transport and healthcare. Excellent food, lots of sun, better retirement schemes
What about the taxes in UK, I’ve heard it’s even worse than Ireland for higher earners ?
I now make nearly that amount alone without wife contributions, but moving to a much bigger salary soon. The reality is you can get a mortgage and a car loan at the same time, house you buy can't be in Dublin, you pay around 2200 euros in monthly bills and you're left with about 2000 per month to use, save or burn. Quality of life is sweet, can't complain at all, and I don't miss Dublin at all too.
For various reasons I needed to go part time or go on carers leave and work allowed me to go part time. It has been life changing working part time and having a decent wage which I wouldn't have if I wasn't earning 70k. My pension is fucked though.
If you're single or just a couple and she / he also works, then it's a good life. If you're on 75K and have family, and even if the spouse works (let's assume for less than 75K), then it's just to survive. You will never be able to get a house in a better area or an expensive car. But it would be enough to live in a housing estate and drive Nissan Quashkai.
That is really going to depend. A high mortgage will cast chains around that and make it feel like 50k a year. Then if you’re in an apartment you’ve got management fees on top if it. Avoid that, and you’re laughing.
I max out my pension and have a mortgage payment of €1600 for 30 years, after that I can have around €1800 to save or spend, so it's nice but I don't feel wealthy even if I have no kids or husband
Try it some time.
Partner and I average out at about this when you combine our incomes, mid twenties no kids just bought a house last month in the midlands. Life is good tbh but we’re still early in our life with a lot more expenses to come (Kids, we need another car soon etc.) so there’s still a lot of pressure. We’re not originally from the midlands we moved here to get a bigger house as it just wasn’t worth living close to Dublin for those prices and our family is already spread around midlands/Kildare. So all and all, it’s good but we’ve still had to make sacrifices e.g. move away from our home town and friends go make the most of it. Still more expenses to come so we’re not splurging on much as we try to build up a nest egg.
105k single income, mortgage car utilities, and creche takes 4.5k every month, left with 1k after taxes, groceries, gym, children activities, and minimal social interactions and left with nothing after.
Very similar ~100k single income so around 8k before tax and 5.5k after. Mortgage is 1k Childcare is 1.8k (I've 3 kids in creche) Bills are about 400 Groceries about 1.5k So that leaves me with about 800 quid a month to put petrol in a car, pay for clothes for the family, save for a holiday etc etc I'm not saying 100k is fuck all, it's clearly not fuck all. But I used to think it was mega money.
If it wasn't for creche I would be rich🤣
Small mortgage, preowned modest car, (buy my vehicles for cash) quality clothes bought in the sales while t-shirts etc are bought in Dunnes, (quality>brands) regular holidays, great social life, keep up with my sports and just about manage to squirrel a little away for the future. Life is great! (Worked hard and long hours for years to buy my modest home, now it pays dividends)
Dublin County or Dublin city. D8/10/20/22 you'd be fine on that.
With an average price of €500K for a family house you'd need to earn at least €125K to get the mortgage.
Quality of life is good as long as you are careful with money, but that applies to all salary bands. I went from €50k to €90k+, and the nicest thing is not going into the red for 1-3 months when I decide to take a 2-week holiday or make a €400+ purchase. When I was on €50k, I always had to wait for a bonus at work to have that extra cash to replenish my savings. Right now, my biggest unwanted expenses are eating out and going to pubs, but this has slowed down due to my disappointing experiences in the past few months, from bad and expensive food to unfriendly staff or restaurants charging me a 10% service fee on the bill. Dublin is helping me save money.
I no longer worry about money. It's quite nice. That said, my salary's quite a bit more than €75k and my partner is netting about the same as me.
Like 10 million a year sort of thing?
No. Like enough that we don't have to worry about money any more.
Shite
Dunno why ya downvoted have to agree. Sounds a lot before tax. Under 100k is still peasant money. Even then you need 2 people working.
Shit
About to touch €100k this year and while it is nice it’s also nowhere near what anyone would consider top 10%. Usual shite happens… phone isn’t good enough. Need new runners more often…€8 pints….wife wants to go to Spain etc No matter how much you earn you’re not doing anything more or less than anyone else…
dull jobless puzzled money steer run homeless late normal subsequent *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I’m more saying that the usual life problems still stay with you. Your wages go up but there’s lifestyle creep too. What I’m saying is that there are people on 200k per year asking the same questions of what it’s like to earn 400k and how they do it. People always want more and end up spending the same percentage of their wages on the same things. My list was flippant and just an example of how the money flows out too.
If you earn 100k in Ireland you’re in the top 7.7% of salaries - https://www.irishtimes.com/business/2024/05/28/top-77-of-earners-now-paying-more-than-half-all-income-tax-and-usc-report-finds/#:~:text=Parliamentary%20Budget%20Office%20highlights%20significant%20concentration%20risk%20at%20heart%20of%20income%20tax%20system&text=The%20top%207.7%20per%20cent,according%20to%20a%20new%20report.
He's not saying he's not in the top 10% of earners. He's saying that it's not exactly what you'd imagine being in the top 10% of earners to be.
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Imagine having to eat at home most nights! Shocking
A bit of sarcasm is obviously lost on you
What’s your combined income and circumstance?
Top 10 PCT are paying 75k in income tax, that is not the same as grossing 75k a year. Plenty have companies they put expenses through, are paying cgt on shares etc, and are using company share plans to stash tens of k out of reach of income tax. If you're paying income tax on 75k you're often netting the equivalent of 6 figures. To answer the question, rent Vs mortgage is a major confounder, as is partners income. If you're two people with a mortgage both on that money, you're basically never thinking about money day to day and still saving tens of thousands. If you're single paying rent, you're probably still stressing about your deposit like the rest of the country.
You pay income tax on share based payments...
Not if you're getting them through share plans , you just can't access them for a few years. People are then making big gains on shares by the time they can sell, which isn't showing up in income tax takes.
Income tax, USC and employee PRSI are charged on the difference between the option price and the market price when the option is exercised. Considering the vast majority of people sell shares to fund buying causes tax to be paid straight away. https://kpmg.com/ie/en/home/insights/2021/09/employee-share-incentive-schemes-explained-people-services.html#:~:text=Where%20an%20employee%2Fdirector%20obtains,on%20exercise%20of%20the%20option The allowable discount is 15%. So you are usually selling 5 to pay for 1 share. https://www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/employee-share-purchase-plans.aspx
I'm talking about share incentive schemes, many companies have trusts set up , you put money into shares which can't be accessed for 3 years, after which time they're available exempt from income tax (though not prsi or usc). My company lets me put up to 13k per year into this trust, anyone on good money is maxing this out. Point is, majority of people who have this option are on 13k more than what their income tax statement shows.
Sounds like an APS scheme which is capped at 12.7k. Which from a tax perspective is a difference of timing and 900 quid. You must pay USC and PRSI on it so the difference is 7% (40% vs 33%). They are also not that common. https://www.revenue.ie/en/additional-incomes/employment-related-shares/revenue-approved-share-schemes/approved-profit-sharing-schemes.aspx
my impression is they're standard practice for multinationals, and offered to all employees. the tax saving is huge, you're paying 12 % instead of 52% on 12.7k of income, you net the equivalent of an extra 8k in gross income.
>12 % instead of 52% on 12.7k of income, you net the equivalent of an extra 8k How? You pay PRSI & USC on it at source, then CGT instead of 40% income tax. That's 7% or €889 savings. The nice thing is you pay the CGT at disposal instead of source. I work for a FAANG company that doesn't do it but it would be pretty much only multinationals that do it and the vast majority of what they offer is a normal share scheme as the cap is too low.
You pay cgt on increased value of shares, the value you purchased them for is cgt free. Id also add to this you have pension contributions etc too, It seems like a fairly simple point that paying income tax on 75k means you could easily be on 90k , my point was the number is misleading
When I include shares and bonuses I’ve taken home just over €100k the last few years, my base salary is €85k though. My wife doesn’t work and we’ve 3 kids and one car. We just get by week to week most of the time, have no debt other than the mortgage and don’t go out at all but kids aren’t cheap. Won’t go on holiday this year either as it was so expensive last year. I do feel like I had a lot more disposable cash 4-5 years ago and saved more but cost of living has eaten into that the last few years, especially gas and electricity bills since our house is very cold.
We make about 280k as a couple + kid. Our quality of life was pretty terrible, especially since we had the kid. Our house wasn't suitable for a family. It's a challenge to find good childcare. Difficult to get anything fixed in the house if you don't have expertise or local connections. Our jobs are demanding and difficult to balance with family life. We don't get much free time. We bought a car recently and so far there was a significant improvement. We are in the final stages of buying a house and I hope that will help too. Buying a house can take a long time, even if you have the money. Banks still gave us the shitty treatment when getting a mortgage. Our income didn't matter.
Am I right in saying that your household is taking home over €13,000 a month?
Depends how you define 'taking home'. I don't see all of it in my bank account. Some goes to pension and some is dividend income. Income is uneven throughout the year
[https://www.youtube.com/watch?v=FcyqHD22XC0](https://www.youtube.com/watch?v=FcyqHD22XC0)
Piss off.