For those who are 'well off', how did you get there?

[Ivyy988]

By well off, I mean comfortable enough to not have to worry about money, can buy luxuries, go on holiday etc.

I'm a single parent, study at a good uni (will have my degree next year), but come from a fairly poor family and I really want to never have to worry about money.

I'm not skiled in anything particular, but have a lot of motivation, am very good at saving (although there isn't a lot to save on a student loan) and mainly buy second hand etc.

What is the best way to get there? Am i best of looking for a graduate jon and working my way up? continuing in education? What things helped you get there? (other than inhereted money or where you had a large amount to begin with).

Graduate job for me working my way up, buying a property young and never having a huge mortgage. DH self taught in his profession, saw that working for a bank was lucrative and from about early 30’s we had no money worries. Not rich but lived well, nice house, new cars, private schools holidays. DH started earning big money about 5 years ago (circa £250k) and was about to go onto huge money (£400k) when he was diagnosed with stage 4 cancer. Being in a big company they paid him through his illness and beyond and I’ve had a 7 figure lump sum plus huge equity in an expensive house since he died and it’s All down to him choosing to work for companies who not only paid well bit looked after their families. I still work and earn well so we are lucky financially

I wish I knew.

No privileged background, single parent and no extra income, but went to uni when you didn't have to pay for it. Got there by being bright and having a tolerance for exams, was not exceptional. To be honest it was a question of timing as much as anything, initially. And then being ok on a bit of a treadmill. I am not sure it translates to the 2020s, I started out in the 1990s.

I worked pretty hard and got in tow with someone who also worked pretty hard, then I started my own company and worked BLOODY hard, and he got a truly good promotion, both of which have made all the difference to us financially longer term.

When I see people who are always moving forward (financially as much as anything) they are good at gently steering themselves away from things which take time but benefit other people more than them. And they tend to have fingers in more than one pie, like a business on the side of their main job even if it's just small. They are really good at maintaining contact with people who are similar and there's a lot of cross-pollination.

@LongPauseNoReply I would be really interested in what you did (without identifying details) as I really admire people who start companies like this.
I'm sorry to hear your thread turned nasty but if you're happy to give more info on your story I would love to hear it. I had an idea for a business at christmas but had just had DS and then COVID hit so I doubt I will go anywhere with it

Great thread OP

OP what area is your degree in? That will change the advice you're given enormously.

Luck

Its not always hard work though is it? You have to work smart too. I run a cleaning business and I work myself into the ground but unless I staff it (which I don't want to for various reasons) I am never going to be well off.
I'm doing a degree now and will hopefully be able to get chartered status in a few years. I won't be working any harder then than I am at this stage of my life thats for sure. I am also lucky to be able to study at degree level. Not everyone can .

Put every career opportunity first, which meant moving to some less desirable locations in the world. Invested in London property, married well, both kept moving countries for career advancement. Had children in late 30s when it was possible to afford help and a career break. Kept investing and started a business. Returned to career for interest though still earn a good salary and with the business profit have bought more property.

Expat contracts for 25 years, currently in China.
Had children later.
Went to university in the 1980s so no fees, had a full grant and graduated with no debt.

I worked hard, always tried to get myself into a niche position and networked as much as I could. I'm not rich but we live comfortably on my salary and I have put myself into a good position to go into consultancy once I retire...

poor background ( 80s child) very hardworking parents who prioritized education and were very supportive.

Worked very hard at school and uni - not naturally clever, but worked at it. Post Uni job and then moved to London to an IT job and worked hard ever since. Apart from maternity leave and part time when children were at primary school worked ever since.

I am also a saver not a spender so early savings into pensions and stocks and shares now paying off.

Watching with interest OP,
I'm 46, a single parent and I would love to have a bit more than my 9-5,
5 day a week wage. I realise I will have to go to college.

Getting into a career that pays well. Hard work does not necessarily make you rich. You need skills in an area where there is more demand than people with those skills. I picked a career path that I enjoy, but also where I can build a unique skillset that people want to pay me for. Alternatively look for routes where you aren't basically selling your time - there's always an upper limit on how many hours you work and can therefore earn. Start selling items (or other people's time) the sky's the limit...

Once you've got a career, build a network. My last few job moves have been because I knew people. One I was headhunted by a former manager, the other I managed to step up to a role I didn't have the experience for but the manager was willing to gamble on me as she knew me by reputation.

My financial situation also improved hugely when I left my fiancially incontinent ex. Don't get involved with someone that has a lot of debt/is a spendthrift. Ideally find someone who has similar financial goals and work ethic to you so you share the breadwinning load.

Lastly, don't fall into the lifestyle inflation trap as you climb the career ladder. Many people I work with still live hand to mouth even though they earn 6 figures. They have to buy the latest handbag/coat/gadget every payday, rather than putting away some savings.

By no means rich but comfortable and don’t worry about money. No debt other than small mortgage.

I chose to have my kids in my 30’s & 40’s, up until then we worked really hard, long long hours, extra hours, saved hard, made good financial choices.
Always lived a frugal Life, still do.
House is just enough for us, not huge, small mortgage, cheap runner cars, don’t bother about fancy clothes or luxuries.
Save hard and splash out on great holidays which is our only luxury but that’s every 2 years and we pay over a year.

Worked for promotion in our chosen fields.

My family going back generations were all poor, we had very little as did grand parents and their parents.
I didn’t want that for me and my children.

It's not just about working hard. You have to work hard in a sector that pays well. This seems bloody obvious now but I wish someone had said it to me when I was at school. Speak to people who earn what you'd like to earn and stick with your chosen path. Others are definitely plan any children and if you have a partner, make sure you have the same ambition financially before you make any committment. Work in a sector which will give you the cash you need to fulfill your dreams, rather than seeking a career to fulfill you. Those generally aren't well paid and that's the mistake I made.

Distilling what wise PPs have said: you have to choose the right route for you and this changes a lot with the generations.

I did a classic route of university followed by City career. I was brilliant at neither but happy to plod thru the years of training and experience.

I just don’t know if that works / remains relevant now I’m 43.

I have slightly side-shiftedover the years, work pretty hard but only four days a week, and have always gone the “ big business” route. I am not an entrepreneur and like my monthly pay packet. For that reason I’m never going to be mega-wealthy.

And like calls to like. If you are ambitious to earn well and have a nice lifestyle don’t be ashamed of that or shackle yourself to friends and partners who won’t support the fiscal discipline it takes.

Good luck

hen10 I go into schools sometimes to talk at careers days and I make a point of saying exactly what you just said - especially to the girls.

What curiouslypacific said - crosspost.

I have a masters degree in a STEM subject. I slogged away at an average paying IT job for twelve years. I took voluntary redundancy and was unemployed for eight months then I left the country for a far higher paying job.

I appreciate I was able to take the risk of the redundancy and leaving the country because I was totally independent with no significant other and had no children.

Not helpful advice I know but it's the truth about why I am now well off.

Go into a sector that has high profit and good rewards.

Just choose this and your financial outcome will be different.

Only child of an only child, also have an only child.
DH and I with professional careers and had one child late (I was 35).
My parents and family business are generous towards us.
Covid has stopped me working but we are ok due to minimal mortgage which is due to my generous parents.

Thank you, some really inspiring posts!

For those asking, my current degree is in the social sciences. I enjoy it but its unlikely I will end up in the field since job propects aren't great. If i was to study further I would most likely do a conversion masters, or alternatively go into a graduate job, and as some of you have said, perhaps try to gain a professional qualification.

inconnu it's so relevant to working class girls especially. I feel that I have worked in all the 'helping' professions, was an excellent student and collaborative worker and thought this was what I needed to do to be successful. Too old to be bitter about it now.

Poor background (single mum on benefits) but excellent free education (grammar school then Oxbridge, the latter with massive student loans plus some grants). Would have loved a more creative career that actually uses my talents but I got a job in the City and now work ridiculous hours for a high salary. Also bought a cheap flat in London (saved for deposit myself) as soon as I could and between buying and selling it the area became trendy so I made a lot of money on it. Used that to buy our family home.

Tbh I don’t feel rich in any way but am comfortable and will continue to be as long as I stay in this job (if my mental health and family life will allow it).