70,000 is an excellent and high salary in Edinburgh, comfortably exceeding the median salary and placing you well within the top income earners in Scotland. This income allows for a high quality of life, enabling you to rent or buy a nice property, enjoy city amenities, and save significant money.
Earning a 70k salary in the UK is generally considered a good income that provides the means to cover living costs, including housing, utilities, transportation, and leisure activities.
62k is plenty. You won't be able to live in the very city centre, but going even a little further out you'll find prices you can afford in decent areas. And Edinburgh has great public transport, so living further out is not a big deal.
Around 4% of UK adults earn over £70,000 annually, though this figure varies by age and gender, with higher percentages in the 35-54 age bracket and among men; it places you in the top decile (top 10%) of earners, where the threshold is around £72,000.
What's a high salary in the UK? Given the above breakdown, a good joint salary in the UK for a couple with one child could be anything from around £55,000–£65,000, allowing them to have a good standard of living with some room for luxuries such as a yearly holiday.
The Grange's exclusivity and charm makes it the best place to live in Edinburgh for many affluent families and professionals seeking privacy within easy reach of the city hustle and bustle.
Excluding your tuition fees, we'd recommend a budget of around £900 per month in Edinburgh to cover your rent, essential expenses and socialising. This will vary depending on the accommodation options you choose and your lifestyle, so take this into account when you're budgeting.
On a £70,000 salary, your take home pay will be £51,157.40 after tax and National Insurance. This equates to £4,263.12 per month and £983.80 per week. If you work 5 days per week, this is £196.76 per day, or £24.59 per hour at 40 hours per week.
How much money do I need to live comfortably in Scotland?:- To live comfortably in Scotland, you need a salary of between - £30,000 & £45,000 per year, while a salary of between £60,000 & £70,000 per year offers a very comfortable lifestyle and opportunities for savings & investment.
The 20/3/8 rule is a financial guideline for buying a car, suggesting you put 20% down, finance for no more than 3 years (36 months), and keep your total monthly car payment to under 8% of your gross monthly income, aiming for reliable transportation rather than luxury, and prioritizing paying off the loan quickly to avoid being underwater on a depreciating asset. It helps ensure your vehicle purchase doesn't derail other financial goals, like saving and investing, by keeping debt manageable and low, with a preference for cash purchases if possible.
To be in the top 1% of UK earners, you generally need a pre-tax income of around £174,000 to over £200,000 annually, though figures vary slightly by source and year, with some estimates placing the threshold at £216,000 for recent tax years, reflecting significant wealth concentration, particularly in London.
The median household income in the U.S. is around $83,730, according to the U.S. Census Bureau. But how people define “upper class” differs. Some say you'd need to be making twice the median income, or around $167,460. Even more elite are those who find themselves in the top 5 percent of earners.
Some of the states with the highest top incomes, including California and New York, host large numbers of Fortune 500 companies. "There's either lifestyle or business opportunities in all of these places," said Jaclyn DeJohn, director of economic analysis at SmartAsset.
According to the tool, 4% of British adults fall into this income bracket. When broken down by age, 3% of those aged 18-34 earn over £70,000, while this percentage rises to 6% for those aged 35-54. Gender disparities are also evident, with 6% of men earning over £70,000 compared to just 2% of women.
Their study revealed that, on average, higher incomes are indeed linked to greater happiness. However, for a subset of unhappy individuals, happiness rose sharply with income up to $100,000, then leveled off. For others, happiness continued to rise, and for the happiest group, it even accelerated beyond $100,000.
