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).

If you can get in one of the London housing associations and get into the development side, you'd be on a very good wage and 9-5 (if that..they're flexible and wfh a lot too)

OP which do you want? Well off? Otto have no money worries because they don't ALWAYS come hand in hand unfortunately. But my top tips for no money worries are:
Be realistic...
Don't overstretch your finances...you don't need a flash car etc
DON'T try to keep up with the Jones's (they actually don't have it all anyway!)
SAVE SAVE SAVE
Budget EVERY penny!!
Learn the TRUE difference between a NEED and a WANT (this will save you so much!)

I'm 35, married, 2 dc and completely debt free, mortgage paid off and I had no help with that. No inheritance etc we just prioritised and saved!! And now it has paid off! Neither of us earn over 50k

Oh and don’t waste money.
I had millionaire friends who around the time we bought a Florida villa, they bought one also.
We were all on the same £200 economy jobby flights to Orlando Though.
Only they swiped left to Sarasota, while we swiped right to Kissimmee

I must admit, I was impressed with them though

NC for this- i started life in a one bed tenement in glasgow with my sisters, we slept in the kitchen and had an outside toilet. We were uprooted to a new town in the 70s and given a bungalow with a garden and our dad left us there and my young mum struggled. So we struggled and it was hard. I didnt have anyone to push me or advise me, I bumbled along being slapped for not getting better than my neighbour. I happened to fall into mental health nursing after seeing an advert and that is when my life changed. I qualified, moved 200 miles away, got promotion, moved to london, got promoted, I was good at what I did, had a child to an ass but dumped him and bought my own flat, met a man who was in a profession which was relatively highly paid who also had his own flat. Between us we now have 4 DC, all have gone or are going through private education and live in a sought after area of london.... a far cry from counting pennies and taking turns to go to the loo....

Probably not the answer you want to hear, but in my early twenties I was on an very good salary 60k basic, plus double time and time and a half for unsociable hours. I’m from a very working class background, studied at a polytechnic, so no red brick uni (although it is now ranked higher than some red rocks), tbh going to a “good uni” doesn’t really get you as far as you think, your degree subject, work experience and contacts are much more important. I was lucky that I picked a very niche job, was very good at it, better than most and so could command a high salary. Unfortunately, despite my high salary, I was miserable. I am not one of those people who can get fulfilment just from money alone, if you are great, pick just pick a job that is achievable and allows you to earn the most, but you probably won’t know until you do it. I took the hard decision to leave the profession and follow my heart, I now earn half what I used to, but I’m a lot happier. I am just cautioning you that doing a job you don’t enjoy or worse, hate, just because it pays well can be soul destroying and no amount of money in the world can make you happy when you despise your job. When choosing a career, I would choose something you think you will enjoy, that you know pays well, rather than just choosing something based on salary alone.

Just bear in mind that where the best paying jobs are may not be where you will be most comfortably off.
We moved from a major city, where had I stayed, my earning capacity would have been a great deal more than it is now. (DH's not much different as he does consultancy and works mainly from home.) But where we live now, property is a lot cheaper and we have excellent state schools. If we had stayed where we were I think one of a salaries would have been completely taken up by school fees and we would be living in a far smaller house or have a massive mortgage. Now, even though I am earning a lot less than friends who stayed, we are mortgage free, I am working part time and we have everything we need plus much of what we want. You need to look at outgoings at least as much as income.

Law isn’t an easy option. Unless you are magic circle or silver, ,ones isn’t that great and flexible working/child friendly hours isn’t common at any level, as far as I know.

@fluffdeloop
could you explain a bit? Do you mean gt a job in a housing association? Doing what?

It’s made me quite sad how many people say that they attribute part of their wealth to have if kids later on in life.

Me and DH are 25 and have just bought our first home. I am 6 months away from being qualified in a professional career. I’ve been in a well paid job for almost a year now since completing ta post grad degree.

I was planning to start trying to conceive as soon as I qualify 😂 was contemplating a short mat leave though.

How can you put in the hours necessary in many high paying professions to impress with young kids, though? It’s the sad reality. It’s why men tend to do better in those fields, or women with sah dad partners. In my experience. Someone needs to pick up the slack. Or, you need a live in nanny, and that costs.

Deliberately qualified in a well earning career (law) had DC young-ish (20s) when I could cope with juggling.

Set up my own business and worked ridiculously hard, sold it for lots and lots of money

Probably unhelpful, but my 'success' comes more from natural aptitude and luck rather than hard work, as throughout school and university I was lazy. Procrastinated every assignment and barely scraped a 2:1. Came from a working class household and qualified for full grants/loans.

One thing I have always done is worked, ever since I was 15. I even did full time equivalent hours in two shops during my second year of university (mainly because I was disinterested in my course).

I have also always had 'something in mind' and if it wasn't working out, I would seek out something new.

For instance, at 14 I decided I wanted to be a solicitor so I shaped my A Levels to study Law at university. Decided during second year I didn't want to go into 'pure law', so decided to follow what I found interesting my degree land law/revenue law. Followed property for 18 months, then decided there was no progression so found a trainee tax role.

After obtaining my professional qualifications I have more than doubled my training salary. I have also never really worked overtime. In my trainee role I probably only did a couple of days in a year past my normal hours of 8:30 - 4:30pm. In my current role, my hours are pretty much the same but I now have flexible working and don't really have to let anyone know what I'm doing.

I am only 27 but on a comfortable salary. Currently on mat leave with our first DD, but I see myself progressing to the next level in five years or so, which is likely to net a salary around 70-80k. We don't realistically need more than we earn together now, so any further progression in pay will be disposable.

More to the point, I guess I never settled. If I didn't enjoy something in my life, I sought to change it. I was never scared to make a jump from something comfortable, which led me to where I am today.

I figure we’ll just have to swallow very high nursery fees for the first two kids and if we want anymore I’ll probably start my own business/go self employed.

I've seen the NHS graduate schemes for HR which I'd love to get onto, I've applied twice but failed.
I got a first in my teaching degree aged 43 and have rediscovered learning and switched my mind back on after years of silliness.
But I think I'm too late (and too old) to be a graduate.

@Asimovsfutureishere2020 I've worked in several HA's and they've all been very open to recruiting without directly linked degrees to job role. They cover a huge range or jobs from Construction,land,comms,HR,IT etc etc and I have seen a lot of people move up the ladder very quickly , the quickest being if you can get into the project management / house building side (which I'm on). I've hired grads as assistant PMs who after 5 yrs (if they're good at the job) are easily on 52k plus, and if you get to senior PM after that or a head of service you're on 70-90. Flexi working, loads of holidays , really good places to get in!

@alarae your post isn't unhelpful at all, it's a very honest answer.

Thanks @fluff very helpful

@alarae yes - the other key ingredient is an aptitude for risk and challenging yourself, being ambitious.
Fortune favours the bold!

ANoiseAnnoys genuine question - how did you OH manage to save money through uni (as that seems to be the start of his wealth from what you say). I went in the early 90's and had a full grant. I worked too but that just broke even as the grant only covered rent and not living expenses. Was there any family money help along the way?

I didn’t go down the education route but worked really hard from moment I left school and pushed myself for promotions and payrises and bonuses every year

I had a driven husband who earned a decent wage but we divorced and I started over

Now have DH and DC I work less but still put my all in.
DH is degree educated but in a creative profession and puts family time as more important to work.

I feel that’s the best balance for us right now.

We don’t spend beyond our means and save what we can.

It means we don’t have to worry and can buy things or go on holiday if and when we want.

Just being happy with what you already have though makes you ‘well off’ by your initial description

Studied dentistry. Married a lawyer. Both of us from working class backgrounds, but had parents with strong work ethics, and we I guess, took their example.
Lived fairly frugally for along time. Took some risks. Now starting to reap rewards ( until Covid19 came along!!)

I'd say look at a vocational/professional degree for starters

Meant to add, we are child free by choice so no maternity leave/childcare fees

I got a humanities degree, woke up after three years in a low level creative role and studied part time to (eventually!) qualify as a lawyer. I realised that the original path I was on would mean hard work but no real route to good earnings. I have no regrets, my job is very rewarding. I work in a creative industry so my earlier work ties in.

Echoing what many have said above, choose a career path that you know will pay well. Law, Accountancy etc. Choosing a generic career like this may give you potential to move around industries and to progress your career as you gain experience with a wider choice of roles. Some industries just pay better, e.g. a receptionist working in pharma or banking or a big law firm will be paid better than a receptionist in a building firm despite that it's the same job. Law, HR, IT, Accountancy are needed in-house in all big companies. If 9 - 5 is important to you, then you are likely going to choose your role carefully, of those options I've mentioned, maybe HR could work out for you as you would have half a chance of getting the department to abide by all those policies companies say they have about life work balance. Be prepared to put some extra hours in here and there though, if you do want to progress you may need to put some extra effort in although that might mean taking work home rather than burning oil at the office.

In the world of work, be helpful, try to gain your managers trust, keeping them happy is your priority. Be really keen to take on work that will stretch you and work hard to get it right, but don't be too snooty to get stuck in to work below your level when the business really needs it. Ask senior people about their careers and how they have succeeded, learn to ask for and accept constructive criticism. Don't stick around in a role too long, when you have stopped learning and there is no potential of progression, start looking around for something else. I'm fact, always be on the lookout for your perfect next role or even the one after that. When studying I remember seeing a job ad where they were asking for 5 years post qualification experience in my industry and it paid just over double my salary. I was three years off qualifying but it was a great motivator.

I really envy those of you who have sailed through life so easily. It makes me wonder what on earth am I doing wrong. I work so hard and yet am only really getting entry level jobs. (yes, I have changed direction and had health reasons and caring duties that have meant I have taken years out of the job market) but I honestly feel I should be hitting a higher level than I do.

I must be doing something wrong here.

Good advice @cantarina which I have noted down.

I have also done arts degree and now masters in IT in the hope it will be better money but am only at the bottom rung.