Latest news with #JackKim
Daily Mail
a day ago
- Business
- Daily Mail
I make £100,000 a year but don't feel rich
A Gen Z professional who earns £100,000 a year insists that despite having no dependents to care for he doesn't 'feel rich at all'. Jack Kim, 28, works as a strategy consultant and brings home around £6,000 a month after tax but calls himself a 'HENRY' – which stands for 'high earners not rich yet'. So-called HENRYs are those in the UK's top 10 per cent of earners, often young professionals, who say they are left with little at the end of the month after bills, taxes, higher mortgage rates and lifestyle inflation . Living in central London in a two-bedroom property he bought with his partner for £550,000, Jack – who covers all their expenses – says he is feeling the cost of living. His monthly expenses include £2,630 on his mortgage payment and council tax, £420 in bills, £250 on groceries and £400 for socialising. Jack claims he's had to adjust his lifestyle due to cost-of-living – ditching a weekly M&S shop for Sainsbury's , swapping luxury holidays in Asia for European mini breaks and opting for Pure Gym instead of the more expensive chain Gymbox. Jack, from East London, said: 'Even though I'm on a six-figure salary, I don't feel rich at all.' He adds: 'Everyone knows living in London is extremely expensive. 'It comes to four main things – higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation and debt. 'As income rises, so does your lifestyle. 'I don't wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo. 'We try and live below our means by limiting eating out to once a week at a good quality restaurant. 'Other than a drink at special occasions like weddings, I don't drink alcohol, which is very expensive. 'We feel the cost of living just like anyone else. I don't feel upper-middle class.' Jack sends £500 a month to his parents in South Korea and after all his expenses are paid, he's left with about £320 which goes on clothes, one-off expenses such as gifts or saving for a holiday. After graduating from the London School of Economics with a bachelor's and master's degree in management in 2019 – which cost £99,000 in tuition fees – Jack began his career as a strategy consultant on a £21,000 salary. He quickly progressed to £45,000 and began saving for a £82,000 deposit to buy a property with his partner. 'We collectively needed roughly £82,000 for a deposit, and we did that in two years with some help from our parents,' Jack said. 'It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which did help because it meant we weren't spending as much or travelling at all.' And in December 2021, Jack and his partner got on to the property ladder, purchasing their two-bedroom flat. 'Being on a combined income helped us for sure, but alongside our own drive and determination,' he added. 'I can only imagine how hard it is for young people to get on the property ladder now. Especially if they're single and doing it alone. 'Affordability and the goalposts for a mortgage have changed – even in the last four years.' He adds: 'It's not affordable to get a mortgage these days – unless you have generational wealth. 'Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea. 'Since gaining my education and career in London, I'd say as a whole, my family are middle class. But we certainly don't feel it in the grand scheme of things. 'I don't have an expensive watch or a car. No luxury yacht or Monaco, St Moritz holidays like my friends who are bankers. 'Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn't changed that much.'
Daily Mirror
a day ago
- Business
- Daily Mirror
'I'm 28-years-old and earning £100,000 a year - but I'm not rich'
Jack Kim, 28, from East London, says despite earning £100k-a-year he isn't rich. He says he has to make changes to his lifestyle due to the cost-of-living crisis A man who earns £100,000 a year says he has been hit by the cost of living crisis despite his eye-watering salary. Strategy consultant Jack Kim, from East London, says he doesn't see his six-figure salary, once he has stumped up money for tax and bills. The 28-year-old, who owns a home with his partner, has shared a breakdown of his outgoings. Jack lives in a two-bedroom property which he purchased for £550,000. He says their monthly mortgage payment and council tax is tough. The 28-year-old denies that he is rich and says his income puts him firmly in the HENRY bracket. HENRYs are young people in the UK's top 10 per cent of earners who say they are left with little at the end of the month after bills, taxes and lifestyle inflation. Jack claims he's had to adjust his lifestyle due to the cost-of-living - ditching their weekly M&S shop for Sainsbury's, having to reduce luxury holidays in Asia for European mini breaks, and opting for Pure Gym instead of the more expensive Gymbox. "Even though I'm on a six-figure salary, I don't feel rich at all," he said. "Everyone knows living in London is extremely expensive. It comes to four main things - higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation and debt. As income rises, so does your lifestyle. I don't wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo. "We try and live below our means by limiting eating out to once a week at a good quality restaurant. Other than a drink at special occasions like weddings, I don't drink alcohol, which is very expensive. We feel the cost of living just like anyone else. I don't feel upper-middle class." After graduating from the London School of Economics with a bachelor's and master's degree in management in 2019 - which cost £99,000 in tuition fees - Jack began his career as a strategy consultant on a £21,000 salary. He quickly progressed to £45,000 and began saving for a £82,000 deposit to buy a own property with his partner. "We collectively needed roughly £82,000 for a deposit, and we did that in two years with some help from our parents," Jack said. "It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which did help because it meant we weren't spending as much or travelling at all." In December 2021, Jack and his partner were able to get on the property ladder and purchased the two-bedroom property they live in now. Jack said: "Being on a combined income helped us for sure, but alongside our own drive and determination. "I can only imagine how hard it is for young people to get on the property ladder now. Especially if they're single and doing it alone. Affordability and the goalpost for a mortgage have changed - even in the last four years. It's not affordable to get a mortgage these days - unless you have generational wealth. "Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea. Since gaining my education and career in London, I'd say as a whole, my family are middle class. But we certainly don't feel it in the grand scheme of things. "I don't have an expensive watch or a car. No luxury yacht or Monaco, St Moritz holidays like my friends who are bankers. Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn't changed that much." Monthly outgoings Mortgage and council tax: £2,630 Utilities: £450 Groceries: £250 Transport: £100 Savings/ investments: £1,500 Subscriptions: £100 Socialising: £400
Daily Mirror
a day ago
- Business
- Daily Mirror
'I earn £100K but I'm not rich' - Life as a HENRY in London
Jack Kim says his £100,000 income puts him firmly in the HENRY bracket - high earners not rich yet Meet Jack Kim, the 28-year-old strategy consultant who is raking in £100k a year but still does not feel flush with cash. He is what is known as a HENRY - high earners not rich yet. Jack is among the young high-flyers in the UK's top 10 per cent of earners, yet he says he is far from rich after bills, taxes, and the dreaded lifestyle inflation take their toll. The Salary Calculator breaks it down: before any deductions, Jack's take-home pay is £68,557.40p annually, or £5,713.11 monthly. His contributions to the taxman and National Insurance amount to £27,432 and £4,10.60p respectively each year. Residing in a London zone two location, Jack's two-bed pad – costing £550,000 – sets him back £2,630 a month on the mortgage alone, not to mention council tax, £420 on household bills, £250 on food shopping, and £400 for social outings, leaving him feeling anything but wealthy. In response to the soaring cost of living, Jack has had to tighten the purse strings, swapping his weekly Marks & Spencer shop for Sainsbury's, trading lavish Asian getaways for modest European weekends away, and ditching Gymbox for the more wallet-friendly Pure Gym. Despite his hefty income, Jack says he feels the pinch just like the rest of us. Jack from East London said: "Even though I'm on a six-figure salary, I don't feel rich at all. Everyone knows living in London is extremely expensive. "It comes to four main things - higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation, and debt. As income rises, so does your lifestyle. "I don't wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo. We try and live below our means by limiting eating out once a week at a good quality restaurant. "Other than a drink at special occasions like weddings, I don't drink alcohol, which is very expensive. We feel the cost of living just like anyone else. I don't feel upper-middle class." After completing his education at the prestigious London School of Economics in 2019 with both bachelor's and master's degrees in management, Jack embarked on his career with a starting salary of £21,000, which quickly rose to £45,000, allowing him to save for a property deposit. Jack explained their strategy for saving for their home: "We collectively needed roughly £82,000 for a deposit, and we did that in two years with some help from our parents. "It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which did help because it meant we weren't spending as much or travelling at all." In December 2021, Jack and his partner achieved a significant milestone by purchasing a two-bedroom property, attributing their success to their combined incomes and personal drive: "Being on a combined income helped us for sure, but alongside our own drive and determination. "I can only imagine how hard it is for young people to get on the property ladder now, especially if they're single and doing it alone. Affordability and the goalpost for a mortgage have changed - even in the last four years. "It's not affordable to get a mortgage these days - unless you have generational wealth. Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea. "Since gaining my education and career in London, I'd say as a whole, my family are middle class. But we certainly don't feel it in the grand scheme of things. I don't have an expensive watch or a car. "No luxury yacht, or Monaco or St Moritz holidays like my friends who are bankers. Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn't changed that much." Breakdown of Jack's monthly outgoings. Mortgage and council tax: £2,630 Utilities: £450 Food shopping: £250 Travel costs: £100 Savings/investments: £1,500 Going out: £400
Daily Mail
3 days ago
- Business
- Daily Mail
I earn £100,000 a year but don't feel rich - I've downgraded to PureGym and holidays in Europe, ditched M&S groceries and only eat out once a week
A Gen Z professional who earns £100,000 a year insists that, despite having no dependents to care for, he doesn't 'feel rich at all'. Jack Kim, 28, works as a strategy consultant and brings home around £6,000 a month after tax but calls himself a 'HENRY' – which stands for 'high earners not rich yet'. HENRYs are young people in the UK's top 10 per cent of earners who say they are left with little at the end of the month after bills, taxes and lifestyle inflation. Living in central London in a two-bedroom property he bought with his partner for £550,000, Jack – who covers all their expenses – says he is feeling the cost of living. His monthly expenses include £2,630 on his mortgage payment and council tax, £420 in bills, £250 on groceries and £400 for socialising. Jack claims he's had to adjust his lifestyle due to cost-of-living – ditching a weekly M&S shop for Sainsbury's, having to swap luxury holidays in Asia for European mini breaks and opting for Pure Gym instead of the more expensive chain Gymbox. Jack, from East London, said: 'Even though I'm on a six-figure salary, I don't feel rich at all. Jack pays £2,630 a month for the mortgage and council tax on the two-bedroom flat he shares with his partner 'Everyone knows living in London is extremely expensive. 'It comes to four main things – higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation and debt. 'As income rises, so does your lifestyle. 'I don't wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo. 'We try and live below our means by limiting eating out to once a week at a good quality restaurant. 'Other than a drink at special occasions like weddings, I don't drink alcohol, which is very expensive. 'We feel the cost of living just like anyone else. I don't feel upper-middle class.' Jack sends £500 a month to his parents in South Korea and after all his expenses are paid, he's left with about £320 which goes on clothes, one-off expenses such as gifts or saving for a holiday. After graduating from the London School of Economics with a bachelor's and master's degree in management in 2019 – which cost £99,000 in tuition fees – Jack began his career as a strategy consultant on a £21,000 salary. He quickly progressed to £45,000 and began saving for a £82,000 deposit to buy a property with his partner. 'We collectively needed roughly £82,000 for a deposit, and we did that in two years with some help from our parents,' Jack said. 'It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which did help because it meant we weren't spending as much or travelling at all.' And in December 2021, Jack and his partner got on to the property ladder, purchasing their two-bedroom flat. 'Being on a combined income helped us for sure, but alongside our own drive and determination,' he added. 'I can only imagine how hard it is for young people to get on the property ladder now. Especially if they're single and doing it alone. 'Affordability and the goalposts for a mortgage have changed – even in the last four years. Despite getting several pay rises since the start of his career, the 28-year-old doesn't feel it's made a big difference to his lifestyle 'It's not affordable to get a mortgage these days – unless you have generational wealth. 'Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea. 'Since gaining my education and career in London, I'd say as a whole, my family are middle class. But we certainly don't feel it in the grand scheme of things. 'I don't have an expensive watch or a car. No luxury yacht or Monaco, St Moritz holidays like my friends who are bankers. 'Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn't changed that much.'
The Star
10-06-2025
- General
- The Star
Fire in building next to South Korea's main Buddhist Jogye temple in Seoul, Reuters witness says
SEOUL (Reuters) -A large building next to one of South Korea's historic main Buddhist temples, the Jogye temple in Seoul, is on fire and firefighters are battling to contain it, news reports and a Reuters witness said. There have been no news reports of people injured or dead. (Reporting by Jack Kim and Josh Smith; Editing by Christopher Cushing)
