How Much Do You Need to Earn to be Rich in the UK - What the Data Says

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In this video I talk about what the average salary is in the UK, and what puts you in the top 10% and top 1% of earners. I also cover which industries pay the most and the least. Plus, we talk about what it means to be rich and to be wealthy.
The data in this video is from the Office of National Statistics and the Sunday Times Rich List.
TIMESTAMPS:
00:00 - Introduction
00:32 - The data
03:11 - Being rich vs wealthy
05:42 - Living below your means
06:55 - Passive income
08:14 - Final thoughts
WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.
MY FILMING GEAR:
Camera - amzn.to/3FxPlad
Microphone - amzn.to/3RP1GOu
Tripod - amzn.to/3PVWRjR
DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.

Опубликовано:

5 авг 2024

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Комментарии : 44

@annawong5027 6 месяцев назад

Great content. I work in insurance on a salary of £82k with an annual 12.5% bonus but I live below my means saving and investing almost 50% of my net pay. I think it's key to save for your future and retirement

@isag.7468 3 месяца назад

If you make it to that age of course

@ConvinceMeAudio 6 месяцев назад

simple and succinctly put. bean rich is bloody expensive. When your wealthy, money stops confining you.

@KiranKaurFinance 6 месяцев назад

Thanks so much for watching!

@rinakaur7245 6 месяцев назад

Expected top 10% to be much higher.

@tajchana1 4 месяца назад

Great content thanks 🙌

@davidgillham6847 2 месяца назад

Health is wealth first and foremost, but having more financial wealth defines how free you are in this capitalist society and certainly opens up opportunities and freedoms.

@qed456 6 месяцев назад

Very perceptive Ms Kaur - Thank you for explaining so well

@KiranKaurFinance 6 месяцев назад

Glad you enjoyed the video!

@TheNorthernGunner 6 месяцев назад

Just come across this, Great video Kiran. Really well explained!

@KiranKaurFinance 6 месяцев назад

Thanks so much, glad it was helpful!

@amourmtungo623 6 месяцев назад

Thank you Kiran-shukriya 🤝

@AdrianMcDaid 2 дня назад

Interesting video

@ashharryman19 4 месяца назад

These conversations and data points on salary are nice, but you really need the Mean, Median AND Mode in order to draw a fair comparison for things like salary and house price in the UK. I have still NEVER seen data, nor any youtuber within the finance world check the Mode average for these stats. I would be extremely interested to see them and I think that would set your already brilliant channel further apart from others in terms of going the extra mile.

@javaidak4204 10 часов назад

Good 👍 one ❤

@juliesimpson2122 2 месяца назад

Excellent video

@KiranKaurFinance 2 месяца назад

Glad you liked it!

@Owaismh54 5 месяцев назад

Awesome! Very well explained!!

@gilcarag274 4 месяца назад

That 10% median salary number is really surprising.

@david7000lee 4 месяца назад

When you give a figure for the top 10% at 64k is that the median of the top 10% band or the lowest level in the top 10%. Put another way, what salary puts you in the top 10%. Wonderful videos by the way. Excellent 👍

@eddiebotello3144 5 месяцев назад

What’s the average salary in Portugal, how much the 20% make compared to the 10%

@mr_rauls 6 месяцев назад

Oh wow

@stevegeek 18 дней назад

My salary is zero now….I retired last year! 🤣 When I was working, I saved and invested hard which allowed me to retire early. I drive a 12 year old car, live in a modest end of terrace house and don’t go on exotic holidays, but I enjoy a simple life.

@AdrianMcDaid 2 дня назад

But you still have income

@ninjaninja9954 Месяц назад

You said you have friends that earn about 65k and they think they are average. I bet your friends are in London. London is a different league compared to the rest of the UK. Top 10% salary in UK is 65k but the top 10% salary in London is 79k which is a much bigger jump.

@melike1984 5 месяцев назад

POOR people buy liabilities Rich people but assets.

@vivekchedambaram1285 6 месяцев назад

Should we reduce our expenses? I mean being frugal is the only way?

@KiranKaurFinance 6 месяцев назад

I think being frugal is a key factor in building wealth, but your level of income is also important!

@FormerCityFinancier Месяц назад

£180k with an 8% pension contribution is around £8,300 / month. Allowing for a mortgage and associated living costs. A person earning this is unlikely to bank more than a few thousand / month. Let me be clear. It is near IMPOSSIBLE to get rich from a salary. Also, don't forget that those earning the most are usually within a decade or so of retirement. Do what I did. Start a business. Good luck everyone!

@Spirituallyguideme 4 месяца назад

I’m looking making money working harder and increasing income, but I’m not giving my car up, my business is based on travelling and I want nice car so not giving up my Audi

@AdrianMcDaid 2 дня назад

Do you need nice car or reliable cost effective car ?

@gatekeeperboxing5898 3 месяца назад

The people who earn more don't believe they are rich, which is partially down to being in denial and also because alot of the people in their social circle earn similar, so they believe they are on a median salary. I have earned from 7k up to just under 40k throughout my career. I always thought a median salary was around 20k, I always thought of anyone earning 50k or more as well off.

@AdrianMcDaid 2 дня назад

Do you still feel that? What about younger person wishing to buy home with the cost of how they are now. If earning around 50k is that well off ?

@ImpartialDebater 6 месяцев назад

How difficult it is to become an account? Or assistant accountant?

@KiranKaurFinance 6 месяцев назад

I did 3 years of training and exams to become an Accountant! It wasn't easy but I think it can give you a great foundation in business and finance

@FiscalWoofer 3 месяца назад

@@KiranKaurFinanceit’s a hell of a lot easier than training as a concert violinist 1st desk on LSO, lucky to take home 25k per year. Three years training would never get one even close to taking that position, but it doesn’t pay! surgeon does less training.

@gatekeeperboxing5898 3 месяца назад

I never did any accountancy exams, and worked over 20 years in accountancy. The problem is a lack of qualifications will likely be an issue when going for higher profile private sector accountancy jobs. I worked in both the public and private sectors for large companies and smaller ones. Unfortunately I also worked for some of the worst managers a person could wish to work for, which has resulted in a great deal of apathy in working for future employers. I am now looking to start my own company and work for myself going forward, as I do not feel the treatment I have received by certain management staff at all warranted and no longer feel like rolling the dice hoping to get good employers to work with in the future. Try to avoid working for agencies as they do not care about you only the client the pays them, and if you run into a problem they will always side with the client over you as you are replaceable to them.

@ImpartialDebater 3 месяца назад

@@gatekeeperboxing5898 thank you. I just need any opportunity. I wish to find a job without any exp. I would be ok with any employer even if i get fired afterwards. The exp is what it counts

@AdrianMcDaid 2 дня назад

@@FiscalWoofer all about the line you joined when we where younger. One just happen to pay more, but both took as much effort. You know the joke about Billy Conny when asked why did you become Welder... The Que was shorter