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To ask if you are rich, and if so how you made your money?!

(402 Posts)
jinglebelly Sun 01-May-11 20:05:22

I run a small ebay business but after DC 3 starts school I'd either like to retrain/get a degree or start up a larger business... I don't know any very well off people hence why I'm asking on mumsnet!

usualsuspect Sun 01-May-11 20:06:32

I'm poor so can't help , sorry

jinglebelly Sun 01-May-11 20:06:54

grin

icooksocks Sun 01-May-11 20:10:37

Also poor, sorry.

Zooo Sun 01-May-11 20:12:41

I think the key to being 'rich' is to manage your finances well regardless of how much money you're bringing in.

If you live within your means and you have a little left over to put by at the end of the month you're doing well.

Hulababy Sun 01-May-11 20:15:42

But what does rich mean? How much is rich? Most people live within their means, and that just increases as they earn more,so they don't exactly feel rich. To me, being rich means you have so much money everything comes easy - life of luxury, etc.

jinglebelly Sun 01-May-11 20:19:25

To me it would be being able to send DC's to private school, buy our own (large) house, go skiing once a year plus another 3 week holiday somewhere hot...

shakey1500 Sun 01-May-11 20:19:26

Yes "rich" can be ambiguous. I wouldn't consider myself "rich" (by my yardstick) but we are comfortable. That has come about by sheer hard graft in the early years of marriage twinned with buying and selling a property at the right time which equates to nothing but pure luck smile

PeterSpanswick Sun 01-May-11 20:22:33

Sadly not! Did all the right things, got my degree, built a half decent cv and my job is pretty good but DH still earns three times what I do with barely a G.C.S.E. to his name!

He has the drive and the ambition that I've never possessed plus he does something he loves whereas my job is just that to me. I think to succeed at something you have to enjoy or at least believe in it, neither of which I do - how depressing! Although I do have plans to retrain after ds2 arrives... Best of luck in your endeavours!

stoppinchingthedummy Sun 01-May-11 20:22:56

I think people who are rich are not always genurous with their money ..thats why they have money (obviously from working hard or inheritence too) but people (like myself) who get a little extra once in a blue moon and then spend it on nice gifts for people wont ever be rich ...I.E i worked a few extra hours this month so had a little more wages so buy my friend a lovely birthday present because this month i can

Ok reading this back im not making much sense am i?

stoppinchingthedummy Sun 01-May-11 20:24:09

Oh and the not genourous -or however u spell it - is just my view of how to have money ..dont be too kind with it and i know some people who have money are very kind with it smile

Zooo Sun 01-May-11 20:24:16

How much would you need to earn a year to be living the lifestyle you want?

Garcia10 Sun 01-May-11 20:35:06

My brother is very rich and he has done it all through hard work. Worked hard at school (12 O-levels and 3 A-levels) and at University. Moved into the City , worked crazy hours and now has his own hedge fund. He is generous and helps out his family whenever needed.

I think hard work is key but he will probably admit that he had a bit of luck too.

Maybeitsbecause Sun 01-May-11 20:37:16

No, but shout out Xenia. She owns her own island grin.

Mirage Sun 01-May-11 20:54:28

My friend is very rich.He left school with a CSE in woodwork and no other qualifications and I don't know what he started out doing,but he was investing in commercial property as his last job and has just 'retired'.He does a lot of exploring,trekking to the poles,that sort of thing and I know he donates a lot to charity.

Thinking about it,I know a lot of millionaires/very wealthy people and they are almost all very philanthropic.Their wealth has come from,processed foods,hardware stores,housebuilding,commercial property,being a sports/tv personality,diet industry,and oil.A few others have a lot of wealth tied up in land,but not a lot of ready cash IYKWIM.

PeterSpanswick Sun 01-May-11 20:56:40

Her own ISLAND?! That's just another level isn't it!

breathing Sun 01-May-11 20:58:43

My parents

MayBankHoliday Sun 01-May-11 20:58:46

I'm not rich because X years ago I chose a career I loved and felt I could contribute to, instead of something well-paid. Now not sure that was a great idea, but that's another story! So I can't help, sorry, but looking forward to seeing what others have to say!

SybilBeddows Sun 01-May-11 21:03:53

the people I know who are rich have done it through finding commercial applications for scientific research - a Physics one in the 70s and 80s, and a biotech one recently - and then creating successful businesses out of those applications.

they were academics who took the risk of leaving a safe job in academia and then working very hard and missing out on home life for a long time.

it's taken them hard work + talent + luck.

oh and I also know a few city lawyer types who are clever and have worked their socks off in a not always congenial environment and been very successful, but at an even greater cost in a way because they're working for someone else rather than having the creative satisfaction of building up a product and a company that they believe makes the world a better place.

I think you should do something you believe in and then even if it doesn't work out you can be proud of having tried.

good luck.

TattyDevine Sun 01-May-11 21:07:22

If you work very hard in your twenties or before you have children in a professional capacaty, are careful with your money and invest (say, in property) then that can pay off for many years from the "head start" you gave yourself by putting your head down and keeping your eyes on the prize while everyone else pisses it up against a wall.

A successful business that is more than local would allow you to do it now though, as the scenario described above may have passed you by by the sounds of it.

TattyDevine Sun 01-May-11 21:07:49

I can't spell tonight! Capacaty? Capacity!

lechatnoir Sun 01-May-11 21:08:00

Most people I know who are very comfortably off (inc my own family but not me sadly grin) can attribute their wealth to inheritance, canny/lucky property purchases but mainly studying hard then working up the ladder to senior management/board level. IMO some people just have that natural drive, ambition, self-motivation & strong work ethic and other don't. The big earners I know tend to work in either law or finance.

Mare11bp Sun 01-May-11 21:21:55

I was comfortable and had a BMW and ate out all the time then I had kids grin

Now the nursery are the only winners when it comes to my salary!

bethelbeth Sun 01-May-11 21:28:50

We're quite comfortable. Lucky I guess- mid twenties with kids and own our own house/car outright.

Neither of us have degrees...we're just grafters /crooks wink

MrsCampbellBlack Sun 01-May-11 21:30:39

Work hard, take some risks and be lucky are my observations.

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