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How long have you been a consultant for, how much have you made/saved?

 
#1 How long have you been a consultant for, how much have you made/saved?
08/03/2009 18:40

finding out

I have been a management consultant for 12 years, have 2 properties (worth 250k and 500k) - still 20 years of mortgate left on both (one is buy-to-let) and savings of 50k in the bank.

Not exactly bad, but am careful of spending - I try to save up to 1k each month, but rarely happens!

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#2 RE: How long have you been a consultant for, how much have you made/saved?
08/03/2009 19:36

poor dude to finding out (#1)

what are you trying to prove here.......????

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#3 RE: How long have you been a consultant for, how much have you made/saved?
08/03/2009 19:41

finding out to poor dude (#2)

not trying to prove anything, just finding out what people have achieved in this profession - i put my cards on the table and hopefully you'll do the same...

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#4 RE: How long have you been a consultant for, how much have you made/saved?
08/03/2009 20:31

eh?! to finding out (#3)

Why?

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#5 RE: How long have you been a consultant for, how much have you made/saved?
08/03/2009 20:44

boaby to eh?! (#4)

Having lots of properties does not make you rich when they are mortgaged up to the hilt.

A more worthwhile piece of information would be how much equity you have in them, if you are looking to impress.

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#6 RE: How long have you been a consultant for, how much have you made/saved?
08/03/2009 21:39

Tax doctor to boaby (#5)

I think the OP meant that both properties are 100%/close to 100% mortgaged over the 20 year terms. The implication is that the properties weren't purchased in the last months. Pre-recession interest rates would mean 100%+ of post-tax income going on repayments. Therefore, these mortgages would be on interest-only terms.

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#7 RE: How long have you been a consultant for, how much have you made/saved?
08/03/2009 22:29

C3P0 to finding out (#1)

£1k/month for 12 years = £144k (probably less as I doubt you saved £1k/month back in years 1-3)

1- How is that enough to have decent deposits on those properties and £50k in the bank?

2- Why do you keep £50k in bank rather than pay of mortgage?

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#8 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 03:51

cyclops to finding out (#1)

to the op:

i have been a consultant for the last 15 yrs. I have only 1 property, and still am paying off the mortgage. I drive a beat up old car.

Guess what? I am happy with what i do, dont yearn for millions of dollars...i make a comfortable living and my advice offers some real social impact.

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#9 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 10:14

finding out to cyclops (#8)

Guys - I am not showing off at all - in fact i have no reason to because, apart from the 50k i have saved, the properties have very little equity in them - bear in mind still 20+ years of mortgage left on both and the 500k one was value last year - probably 400k value and i bought for 350k a couple of years ago and did it up. My total Equity is probably 100k in the properties (at best) - so having 150k to show after 12 years is not exactly something to show off about when most top consultancies can pay that much in bonuses in a few years.

Oh, and I drive a banged up ford focus - would like a nicer car but will have to save for it.

Sorry if i can across as trying to show off, i am so not. I was just curious as to how others have done in this profession.

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#10 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 10:30

anon to finding out (#9)

far more than I've got, but then I've a wife and 2 kids so can save little, how about you

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#11 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 11:25

Mitch to anon (#10)

Consulting with Accenture for 9 years, senior manager, first (and only) job:

400k house, 14 years mortgage left - been overpaying

70k in bank - tied to investments worth maybe less

Pension too - not sure of value but been putting aside 100 pounds a month for 5 years

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#12 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 12:43

anon to Mitch (#11)

IT consultant for 15 years

mortgage down to 80K, house about 350K

savings about 30K

2 cars (me and wife)

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#13 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 13:54

Kaiser Soze to anon (#12)

i have nothing, freewheeling...no committments, no strings attached...live everyday on its own merit.

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#14 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 14:24

Usual suspect to Kaiser Soze (#13)

whats the point of working hard and earning loads if you aint got nothing to show for it? just get an easy 30k a year job and spend all ya money in the pub!

i know pratners at kmpg living in 1million + houses...but that is their annual salary

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#15 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 15:18

mac to Usual suspect (#14)

5 years consulting

£200k house (£130k mortgage), £10k car, wife, one nipper on the way.

Trying to save all the wife's wage in order that she can give up work when the baby arrives.

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#16 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 15:51

B to mac (#15)

3 years into consulting, £52k in bank/investments - no house, one small car... Do not earn much but try to save as much as possible for a large deposit.

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#17 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 16:39

Q to B (#16)

Seems like you consultants are generally well off people if you stick around long enough - certainly doing better than most other white collar professions

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#18 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 17:01

Monkey to Q (#17)

That may well be but when you consider that consultants work )very approximately) ~50% kmore hours than typical white collar employees then the benefits soon become less prevalent!

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#19 RE: How long have you been a consultant for, how much have you made/saved?
09/03/2009 17:35

Q to Monkey (#18)

consultants might work 50% more hours - buts its rare that its actually 'hard' work - its a matter of sticking around and producing something the client likes which isn't too difficult - plus you dont have to see the same faces beyond the length of a project...I'd trade that alone for a doubling of salary but with more hours!

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#20 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 01:48

anon to Q (#19)

2 years with ACN as UK M

£100K in savings, rented home, one car, wife, toddler!

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#21 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 09:49

anon to anon (#20)

2 years in consulting from graduation. Saved £20kin London.

I would like to do something else in the longer term that pays more as it would be hard to live a good lifestyle (by good i mean nice flat and nice car and holidays) in London on consulting wages.

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#22 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 13:39

reality check to anon (#21)

so what are your options? banking - not really. law - currently undergoing a lot of lay offs. i also doubt most corporate jobs will pay better than a reasonable consulting firm - given like for like roles...

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#23 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 14:04

anon to reality check (#22)

There's a few industry jobs that still pay better and there are certain banking jobs still recruiting like private banking/IFA kind of work. Otherwise there's entrepreneurship which is what I'd like to get into.

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#24 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 15:26

B to anon (#23)

RE - IFA

I looked in to this, but as far as I can tell you would have to start right at the bottom - earning almost nothing (sub 20k) and work your way up / take qualifications.. Is this correct?

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#25 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 15:58

interim to B (#24)

interim consultant now for 5 years having come over from Oz. Invested £100k in managed funds (now worth about £60k), own 3 properties worth around £1m approx 30% equity, £60k in the bank. no car. wife and 2 kids.

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#26 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 16:09

RH to B (#24)

True, plus your earnings and career potential as an IFA are comparable to those of an estate agent.

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#27 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 16:34

Anon to RH (#26)

13 years on and off.

Upwards of £480k in cash assets excluding pension which has dropped massively.

No house, no car, no wife kids or girlfriend. Any takers?!

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#28 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 16:41

anon to Anon (#27)

"True, plus your earnings and career potential as an IFA are comparable to those of an estate agent"

Probably about the same as consulting then in that respect given the posts that go up on this site.

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#29 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 16:50

Beancounter to anon (#28)

Accountants have good earning potential. Plus in this current climate there are always opportunites for corporate recovery specialists/Liquidators

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#30 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 17:06

RE Interim to interim (#25)

RE Interim

So you've saved about £420k in 5 years? £84k/year? Not possible?

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#31 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 17:18

Casio to RE Interim (#30)

Yeah I'm amazed at some of the sums you guys have accumulated. Anon has been in for 2 years since graduation and stowed away £20k.

I've been at it 6 months now and spend every penny I make and still feel I live an impoverised lifestyle!

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#32 RE: How long have you been a consultant for, how much have you made/saved?
10/03/2009 18:57

anon to Casio (#31)

3.5yrs consulting + 2 years industry

400k flat in London, 30k car, no wife, no savings as live London life to the full and like holidays

Strategy - pay off mortgage and have fun with the rest

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#33 RE: How long have you been a consultant for, how much have you made/saved?
12/03/2009 21:19

Interim to RE Interim (#30)

average rate has been circa £800 per day + effective tax planning + buying property about 4 years ago means some equity gained through rising market (as central london prices have dropped but not floored).

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#34 RE: How long have you been a consultant for, how much have you made/saved?
13/03/2009 23:11

C3P0 to Interim (#33)

What sort of contract work pays that much?

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#35 RE: How long have you been a consultant for, how much have you made/saved?
15/03/2009 00:59

rasta to C3P0 (#34)

if you're living at home...then exclude yourself from this post as your savings are skewed due to you not paying market rate rent/bills etc...

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#36 RE: How long have you been a consultant for, how much have you made/saved?
15/03/2009 02:16

Q to rasta (#35)

Where else would one live, but at home? I mean, even if you're in hotels 4 nights a week, you presumably still have a home for the weekends, time on the beach, address for payslips and bank accounts, etc.?

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#37 RE: How long have you been a consultant for, how much have you made/saved?
18/03/2009 23:22

Francis Kilborne-Stacey-Witheringham to Q (#36)

Commenced consultancy 1999 £400k house (owned outright) £25K Car. No savings.

Today £280K house. £15k car. £3k debts. Unemployed 15 months.

Personality profile: Lazy

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