A Financial Times reader has put the case forward for why £1 million is not a big salary.
Responding to an article questioning whether there is such a thing as too much pay, they argued that, when you break it down, earning seven figures isn’t all it’s cracked up to be.
With taxation at its highest level in decades, take-home pay for someone on £1 million is only a poxy £537,317, or £44,098 a month net.
Then you have to consider private education for a few children which comes in at approximately £20,000 a head for day schools or £40,000 a head if boarding.
Add nursing and hefty mortgages into the equation and, for a family of five, you’re scratching around to find £200,000 left in your account.
From that you have to pay for food, eating out, holidays and a car, so, as this reader puts it, “£1 million is not that much” really.
Of course, compare that to the median full-time salary of £33,000 or even the top 10 per cent which earns £62,000 on average and you still come out comparatively well.
So… yeah, stop whinging!
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