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).

We went without a lot of things e.g. holidays, new furniture, eating out, tech etc. Our first house was an unmodernized (no inside plumbing or heating) terraced house in a dodgy area. Which we upgraded ourselves. Then we worked hard, saved and stayed out of debt. It wasn't easy; I can still remember living on beans on toast for weeks when we ran out of money.

@hen10 @Inconnu what kind of sectors? Do they require a more specific degree?

Totally agree Hen10. I wish someone had told be that too.

OP all the people I know with the level of income I would like are Lawyers or Accountants pretty much.
I'm now nearly a qualified Accountant at 42 and I wish I'd done it years ago.

DH chose a career that he knew would pay well, and where promotion always leads to more money.

I definitely agree that girls and young women in particular should be told straight out to focus on the career that will pay for your dream life, rather than the ‘do what you love and you’ll never have to work a day in your life’/‘follow your dreams and choose a job that will fulfil you and make you happy’ pipe dream. If you want to make a good living and have financial security, you need to pick a career that will pay well. If you want to live a vocational life that’s of course just as valid and valuable, but you may not have financial security.

Luck (for which I’m very grateful)

Privileged background, private school then uni

Worked various jobs through hols so left with no debt and savings in the bank.

Job in well-paying sector and studied for professional qualification.

Career break of 7 years to have a child then started my own business when I became a single parent in a (then) niche area.

Mainly a lot of luck I think and making the right choices at the right time.

If you work in the City, or anywhere that pays well, don’t spend it all. Overlay a mortgage, buy investment properties, spend as if you were still only earning a modest amount.

I remember being astounded by colleagues needing to know when payday was. To me it was an impossibly large salary. Their handbags were nicer than mine, though!

Basically I did it by learning how to delay gratification. Working hard first and getting a good education, then further training, then saving to buy property in London all before having children.

You need two decent salaries certainly at the start to be well off so marry someone with similar ambitions. Both me and DH come from lower middle class roots so no significant family money. I had a bit of a leg up getting on the property ladder but that’s it. DH didn’t though. Get on the property ladder as soon as able too. You don’t want to be still renting when older.
We are lucky in that one of us in a stable public sector job and on is in a far more risky career with big peaks and big troughs.
When Dhs has had bad times my salary has kept us going. In the last two years Dh’s earnings have gone stratospheric due to him working for himself. We are finally comfortable. We have also puta lot of money into a pension as We want a comfortable retirement. Earnings will prob drop this year but we have a buffet this time.

Buffer

Finance in my case OP.

Did well at school got into a good university And left with a degree. Didn’t find a career job until a year after uni. Worked my way up and then changed industries to a mor lucrative and interesting one.

My BF had a trade and is pretty senior.

We are both workaholics but love what we do.

And we haven’t yet had children despite being early thirties.

People will say hard work...
Lots of people work hard in minimum wage jobs that have no progression opportunities.
In my opinion it's a combination of individual character and resilience, innate skill/talent, hard work, good qualifications, getting the right opportunities at the right time, having the needed support, and most of all - LUCK

Married a rich man

Lived in poverty as a child. Worked my way through university, then worked seven days a week and evenings until I felt "safe". Had children late.
I'll never be loaded, but that's fine.

After years of working for other people took the plunge to be self employed. Its really long hours and lots of uncertainty but I earn more

@TiddleTaddleTat absolutely agree. Putting it down to hard work alone is highly misleading. Luck, social circles, contacts. All more important than hard work.

I was lucky that my parents did what they did. I was lucky to get onto the course I did, I was lucky to find the house I did when I did. I was "lucky" to have compensation from a car accident that gave me a deposit for a house.

None of these things were my own hard work.

After family money, my capital has come from property deals leaving me mortgage-free on several properties for 20 years, a PhD in a science that led to a few Uni. jobs. I then started my own business off that experience, and that has proved to be a safe income that allows me to juggle family, caring for elderly relatives etc. I also help to run a family business which generates further capital, but that was started by my parents so cannot take credit for that. I like to invest in old houses that need cosmetic updating, or even more work, and I have developed skills to do the work myself...so they are sold on at a good profit. I appreciate that may not happen so much post-lockdown.

Yes, the people I know who are high earners are in business areas that deal with big money (pharmaceuticals, finance, construction), to echo PP point that to earn big there's no point going into a specialist area where wages are lower, but it's a vocation/for the love of it.

You could start your own company but obviously it has to be something that can expand and then it's a matter of luck if it really takes off and you move with the times (eg in retail).

Research jobs websites for the highest paying roles and see what industries they involve.

Sometimes entry level into the right company is a good way forward. Move around when you're in there.

OK, both me and DH are in jobs that pay less than the national average- but own our own home (no mortgage) lots of savings and lots of holidays abroad. We are not materialistic and are good with money, not mean by any stretch just sensible. I was a single parent n benefits when we met but almost anyone can do it if they put their mind to it. Smart phones are not essential, Sky is not essential, it was things like this that we did without whilst the kids were young. The kids had holidays when young (Oz, France etc) simply because we knew what to do with budgeting. Paid off the mortgage before 50. I only started FT work when the youngest started senior school.

Choose a partner wisely.

Don't have more children.

Work hard, spend less. Follow Dave Ramsey principles.

Good luck. The fact your thinking about it means it may we'll happen.

Oh and you don’t need a partner to be well off!