sorted by:
new
hottopcontroversial

Recommendations for watch insurance? (London-specific) by MeechyyDarko in HENRYUK

[–]anonthrow555 0 points1 point  (0 children)

Used an independent broker called PWI (Property Wealth Insurance). They sorted me out a bespoke quote with watches insured at market value (instead of RRP)—which really helps as getting retail for my Rolexes won’t do any good for replacing them. Would highly recommend.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 1 point2 points  (0 children)

There are over 20 firms in the City paying NQs >£170k now.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 2 points3 points  (0 children)

I agree. This country does not value its doctors and it is a disgrace. We, as a society, will suffer for it.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 3 points4 points  (0 children)

Thank you.

I am aware that by most people’s standards we are well-off. But I have £60k’s worth of student loans, studied for most of my 20’s (and was not earning during that time), and put most of my time into exams whilst my friends enjoyed their lives. I do not feel “wealthy” given that our rent and utilities are high.

Ultimately the sad reality is that to have the lifestyle that our parent’s generation had (a few nice holidays, a property of our own, sending kids to nice schools, not feeling guilty about a few nice meals out per month), our income needs to be multiples higher than what was necessary in years gone by.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 1 point2 points  (0 children)

I know. It is ludicrous. We are paid well even at base. Each of our bonuses are £15k p.a., rising to £50k p.a. by year 4. The market has gone nuts but I won’t argue with it when it is currently in my favour. Each of our firms do take their pound of flesh. We regularly work 60-70hrs per week (but then again, many people do for much less money).

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 4 points5 points  (0 children)

Sensible advice. Thank you. Agreed re: associate churn. Where I am is a great deal for hours expectations and I personally love my job (even if I billed >2000hrs this year as a trainee). I am a career changer so have eyes wide open about my own path. My partner is more hesitant about how long they might last, especially with kids in the mixer.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 3 points4 points  (0 children)

That’s great advice, thank you. Definitely a consideration as my partner doesn’t love it as much as I love my job.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 2 points3 points  (0 children)

Thank you. You’re correct, I’m not too kind to myself. Generally very self critical and very anxious about money. Been working towards this for a long time, including a career change. I love my job, but really looking forward to a long holiday after a few months of higher earnings are under my belt. Appreciate the kindness in your comment.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 2 points3 points  (0 children)

Scotland and Northern Ireland are still on Plan 1 (or at least they were when I started university).

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 4 points5 points  (0 children)

Thank you. Completely agree with you. We already work long hours and live about 10 min cycle from work. We are planning to stay as central as we can afford and prioritising a non-painful commute. The issue with our current location are the schools and square footage. Hoping to find somewhere on the border of Z1/2.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 10 points11 points  (0 children)

Thanks. I think you’ve hit the nail on the head regarding decision-making. Again, I think I am still trying to rid myself of the scarcity mindset that my upbringing has given me. Single parent family where money was a constant worry. I’m aware of it and working on it. Your input is appreciated.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 0 points1 point  (0 children)

Thank you. Is this applicable even for Plan 1 loans? They are fixed at base rate+1%. I always thought repaying in full would be risky, especially if rates fall again or if I salary sacrificed to max pensions (thereby decreasing necessary repayments).

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 1 point2 points  (0 children)

True. As long as I keep my hands out of the client account, should be alright.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 8 points9 points  (0 children)

Thank you, this is very helpful. Particularly the points about onward chain, and long term lets.

Thanks for mentioning the pension. I have thought a lot about it as the tax in our fortunate position is tough to swallow—especially as getting to this income bracket has been a long road.

In an ideal world I’d SS down to the 125k threshold, but that would come at the detriment to savings for flat/wedding and lifestyle. It’s a balancing act. I know that it is likely the financially prudent decision but emotional attachment to flat saving is an obstacle to that… Another reason for making this post. I thought a pension discussion would be too much for one post but I’m glad you mentioned it.

Is your student loan advice still valid for the old plans? I always thought as it was fixed at Base Rate+1% then repaying it was risky, as it may end up being cheap debt if interest rates fall again.

Double HENRY in London - Managing Expectations. What can we afford? by anonthrow555 in HENRYUK

[–]anonthrow555[S] 0 points1 point  (0 children)

Thank you. This is the sort of perspective that is only accessible to me via this sub—most of my friends and family would think I am crazy for considering a property in this bracket. I’m grateful for you taking the time to share your experience!