EU referendum, brexit and the aftermath

You are reading a single comment by @Howard and its replies. Click here to read the full conversation.

•

Greenbank in reply to @ReekBlefs

His point is valid tho. I earn around the £50k a year mark and I struggled for a £10k deposit. The idea of a £50k one even with double my current money seems really unlikely.

Your cost of living does not automatically increase if you suddenly earn more.

If you earn an extra £30k a year you'll take home an extra ~£20k a year. If you continue to live as you did on £50k/year then that £10k deposit becomes a £50k deposit with two years of not spending the extra you're earning.

•

Howard in reply to @Greenbank

If you continue to live as you did on £50k/year

Haha nobody does this. The lizard brain gets us all...

•

Greenbank in reply to @Howard

Exactly.

If you get a £3k (before tax) payrise you'll work out how to spend £3k of it, and end up worse off as you haven't accounted for the extra tax you'll be paying.

Or, put another way, if you get a £3k (after tax) payrise you'll work out how to spend £4k of it.

About

Avatar for Howard @Howard started