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).

Also, a few other things that were a factor:

We never had children. Not for financial reasons, but they are expensive buggers.

I rented for a total of 1 year in my very early 20s and then got on the property ladder ASAP- I wanted my money to service my mortgage, not my landlord’s.

I never invested what I couldn’t afford to lose. I’ve lost about £20k in share prices this month. They’ll be back up by the time I retire and want to cash them in. Hopefully.

We determined what we needed to live comfortable and then stuck to that. Every time I get paid, 100% of it goes into a notice savings account. When DH gets paid, some goes to savings (including into a second instant-access savings account for holidays, big annual bills etc), we each get a set amount into our personal accounts, and the rest goes towards mortgage/bills/living costs. As our salaries increased, we increased the amount we put in to savings. We currently save about 65% of our net income. We are saving hard towards our next house purchase now though, and will have a bigger mortgage once we move.

I must say though the '' worked bloody hard '' does irk sometimes.
Mil says through gritted teeth how fil worked hard but his job was actually well paid. I mean workers on construction sites work hard don't they... Workers on checkouts, as we know 12 hour shift NHS workers, care workers physically lifting the elderly, wiping their arses and dealing with the emotional side, 'work hard' '

This is very true, but as a PP has also pointed out, for financial rewards then working hard in certain jobs or fields will get you further on than working hard as a nurse or a carer or a checkout assistant.

All jobs are valid and everyone has a role to play - but if you are very money motivated then picking the career choices that pay well will reward that hard work with a better income. I went down the path of looking at a job that would pay me more - it took me 12 years to do the entry level working up. Over the next 6 years I tripled my salary and I'm still not at my earnings peak yet. If I'd gone for a job that was what I wanted to do, it would have been floristry or something gardening related. Instead I have ended up in a very technical and quite dull role - but which is very specialised and consequently pays really well at a senior level.

I think mostly it's just having the determination to push outside the boundaries of normal.

Working hard doesn't mean working long hours. It's about working smarter and harder in the hours you have. I've made my business sustainable on 20 hours a week max on purpose. I work hard but not long. There's a massive difference.

I think mostly it's just having the determination to push outside the boundaries of normal.

^This . For sure.

Came from a poor family that didn't value education but was determined to study out of poverty. Every step of the way I have ignored the people who told me I couldn't do something because I was stupid or thick.

Took some risks to study and finally got a degree as an adult and just kept plodding on until I got a job that I loved and paid well.

I was lucky enough to be born into a very stable, loving family that prioritised their children's education and happiness - not much money but not so little that there was any significant stress

I was lucky enough to be born pretty intelligent

I worked really hard at school and university. Chose a professional degree/post grad mainly because it would be more stable/lucrative while still being interesting. Slight regret I didn't study the subject I truly loved but not much

I worked really really hard in my 20s. Still had a great time but focused a lot on work. All my friends were the same

I married a man with similar values to me and similar education. He worked harder than I have ever seen anyone work in his 20s/30 (junior hospital doctor in the 80s/90s when weekends of call stretching into Monday were commonplace - so pretty much no sleep for 2 nights regularly).

Put off having children until my early 30s. Went back to work full-time after each one. Paid more than either of our salaries in daycare for a year as I knew it would pay off. Supported dh when he took a leap of faith in his career. Did travel for years in my own job.

Don't spend a lot on things like cars etc. Cars are both 10 years old. We did spend on making our house nice but it isn't a mansion by any means - most of the kids in my children's private schools had bigger/fancier houses than us. We save a lot. We spend on education and travel to a certain extent. WE give a fair bit to charity now we are well off. We have a lovely life.

Totally agree with PP who say you need a partner/spouse who shares your approach to money and work, your values and aspirations.
If I’d stayed with my first husband I would still have nothing. Id also be dead or insane but that’s another thread! My DH and I now live well because we are both on the same page re: the work ethic and we want similar things out of life. I’d also say that the studying I did earlier on in life (BA then MA) has paid off - as has working continuously throughout motherhood etc.
I do think everyone needs a bit of luck though - I’ve been lucky in that I’m not disabled and am fit and able to work.

Totally agree with PP who say you need a partner/spouse who shares your approach to money and work, your values and aspirations.

This. I had a partner who told me I was too stupid to have a particular job. I now have a job that is more senior than that because I didn't listen to that arrogant arse. He is obviously not in my life anymore but reminds me of the people that love to bring you down.

Make useful connections and network where you can, make sure you know who the influential people are. Look for mentors and others who have done well. Take risks where you can afford to, most people have to speculate to accumulate - either in time, people or financially.

Be ambitious. But most of all learn about money and how it works.

I agree with the pp’s who advised being careful about who you live with or marry. A shared outlook is vital.

Choose a career with great care, look at accountancy, finance, banking if you have the aptitude.
Or HR, IT or own business if you are a self starter.

Don't study for a minute longer than necessary, get into a company as fast as possible with a clear route up.

Later buy a property as early as possible ideally, with an extra bedroom to rent (tax free,) for security and to build equity.

Work clever as well as hard, look for ways to make every penny work for you, and to put yourself in a highly paid position.Civil service is good for the pension and benefits and hours.

Self emplyed is good for flexibility, maybe start evening business whist still having a secure job.

Iron clad contraception, double up! Only date motivated supportive men, who actively encourage you and match your attitude.

Finally dismiss no job, my best friend is a top stylist and earns 100K plus....she is not academic at all, but has a ferocious work ethic, is very creative and ambitious. She also bought 2 investment properties and is aiming to retire on the proceeds...

I mean I didn’t have a kid at uni so it would be hard for you to do what I did, but it worked and was hard.

Worked 72 hours a week whilst at doing masters - in a shop during the day and hotel.

Totally practical view- join a good grad scheme (in whatever takes your fancy- commercial, HR, marketing, finance), as long as you have a 2:1 from a good university and are personable etc you should get on one (though they are competitive) apply to loads. Good areas are the big companies but not City companies (Unilever, big retailers etc)- obviously City is great but highly competitive, much better chance with these other companies.

Stick with it, work hard, avoid the temptation to jump to another company too quickly (stay 5-8 years). Work through the boring junior years (every job is rubbish when you’re the junior, stick with it!) Should be earning around £30k to start, £45k after 3-5 years, as you work up can easily be £70-90k + car allowance, bonus etc by mid-30s. Not rich but definitely comfortable, secure, good pension, good salary and manageable careers with a family.

I want to echo what a few other people have said, plenty of people work very hard but never really get off the breadline. It's working smart that counts.

It sounds so obvious now but it took me until I was in my late twenties, but people should consider income when they're first choosing their career options at school. I'll certainly be pushing my daughters especially to think what kind of lifestyle they want then which career path they'll take to get there. None of this 'oh I like children so I'll go into childcare etc'.

Before people pile on btw, Im one of the people who 'loved working with children so went into childcare' then realised far too late that actually I see more of the paperwork than the kids anyway and I'll never be rich!

Definitely something financial services like accountancy. With these types of careers you are supported through your training and then just continue on up the ladder once qualified.

It will be hard work as there are a lot of exams when training, but it's worth it in the end. One of my ex-colleagues is a qualified accountant and her degree is in social sciences.

For those suggesting a grad scheme, are they all out of 9-5 hours?

I would have to rely essentially on a 9-5 role due to childcare.. or does it vary depending on the nature of the work / company?

I keep coming back to add things

Another factor has been not listening to my mother. I love the woman to death but she’s always had a serious chip on her shoulder about working women. My sisters are SAHM and two have admitted they wouldn’t have been if they thought they could have done otherwise.
Even now, my mother will speak about how lucky I am (financially) to have my husband. I am, but he’s lucky to have me too.

My dad, on the other hand, is much more supportive of me and is quite proud of my success. Baffled, but proud

@OutComeTheWolves interesting because I was always told to follow your passion (even if it had poor financial prospects).

Having read through responses I completely agree with what many of you have said, and similarly i'd encourage my child to do the same.

One GETS RICH SLOWLY - through the steady accretion of incremental gains, rather than big leaps.

I feel well off because I have a nice house and garden, a car and camper, and 3 kids.
In reality our salaries are not high, but we don't aim for a luxury lifestyle. The car, house and camper all needed a lot of work. We don't pay for expensive things like coffee, cleaners, beauty treatments, gym membership, pets. So I guess we are good at saving.
And crucially, we made enough money on our first house to be able to afford a big enough house for us and our kids.
I think we did it by being very similar in terms of spending and saving. We have other problems, but attitudes to money isn't one of them.
And of course, we have each other. It's easier to buy a house on two incomes.

Honestly, with a child I’d avoid the City (unless you’re 100% committed) as that will be crazy hours on grad scheme. Other sectors/companies should be fine, many companies are flexible now and understand families etc. Check company culture when you’re choosing but definitely do-able

And yes, I agee ‘follow your passion’ only works out for the lucky 2%!

You would probably have work late on a grad scheme, and also possibly travel to clients and stay overnight, so perhaps this will rule these careers out for you. To be honest though most progressional roles like HR etc will also involve working late at times.

What would you like to do if money didn't matter?

Following your degree, do a CIPD level 7 in HR, and then work your way up. HR is a stimulating and fascinating field, and it pays well by the time you are in your early 30s. And network!

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