How did you become rich (without inheritance, marrying into money, winning the lottery etc)?

[AlansFungalFootPowder]

Can anyone give me a solid plan for how to earn lots of money? I am intelligent, have 10 years experience in a very responsible job, I have a masters degree and I’m willing to work very hard. I don’t want to sell my body or compromise my ethics.

ps not a nurse

Investment banking

I wouldn’t consider myself rich. But in 10 years I have gone from earning 20k to 50k, plus shares.

I chose what I wanted to do (data analysis) and made myself an expert in one area. Which was business improvement. Progressed in my company, then moved on a couple of times. I turned down my current role twice because they wouldn’t pay what I wanted. We eventually settled on 50k wage, plus yearly bonus, plus shares in the company.

We had a buy out last year, by far my highest earning year was 178k. Don’t get that every year though.

With that I am building investments. But that’s early days.

We’re not rich but DH will have done 250k including bonus this year. He has no qualifications.

He worked up from ground zero, working 60+ hours every week for decades, not
being afraid to take risks, not being afraid of confrontation or working away or
standing by his views but ultimately because he made and saved his company lots and lots of money and was rewarded for it.

if there was a sure way then we’d all be doing it but I would say making someone else tonnes of money gives you a certain value.

You need to make the money you do have work harder. Investing little amounts and making them grow with pensions, lisa, isa.

Work in IT. That’s where the money is.

What do you consider to be ‘rich’, OP?

You can earn enough to retire early and have a comfortable lifestyle in many jobs, if you are prepared to have a standard of living that isn’t ‘flashy’. There is a whole movement called FIRE (financial independence, retire early) that teaches you how to do this. Google it.

If you consider rich to be flashy cars, watches, mansions etc then you need to start your own business and be prepared to fail.

Own business. Don’t generally get rich working for someone else
!

Sorry to be facetious but spend less than you earn.
Earning a lot won’t make you rich if you spend it all. It’s a common way of being.

This!
DH and I are both just 32 and own 2 businesses. Very successful; have 3 children in private school, our dream home and have enough that means our lifestyle won’t be compromised.

Being completely honest; it’s a combination of very hard work, luck & networking.

But how do you know what business to open? Especially some who don’t have ‘passions’ as everyone likes to say?

what businesses do those who are well off own? Of course I know you can’t say what exactly but good to know if it’s niche/ or a chain of sorts etc

What do you mean by rich? Dh and I have boring sensible jobs as accountants.

We’re not rich, but have a lovely house, lots of equity, a new car and lots of holidays. Key though is we massively live below our means - we save / invest about £30k a year excluding pensions.

it depends on your definition of rich. Does it mean multiple millions in the bank and no need to ever work again? Or does it just mean having an income in the top 20% or top 10% of earners?

My grandfather became rich while working in a grocery store. He was just extraordinarily frugal to the point of ridiculousness. His spartan lifestyle was not something most people would tolerate even briefly. He strategically bought property and let his money grow.

If you just want to live a nice lifestyle, get a good education and go into a lucrative field.

Ah yes, I should have been more specific about my goal. I suppose rich relative to my life now. Which isn’t that rich in the grand scheme of things.

I’m not into cars and designer clothes or even holidays tbh. I want to own a 5 bed detached house in a nice area, have a good, reliable car that I can keep replacing as needed, have savings in the bank that could pay for private surgery if needed, and not have to worry about heating bills or food bills.

I am fully aware that to some this is the life of a peasant, but like I said above, it’s rich relative to my life now.

Do you mean financially rich?

Remember that earnings are taxed whereas savings are not. If you earn £1,000 the govt takes £400, if you reduce your outgoings by £1,000 you keep it all.

I'm not 'rich' but as a single mum I have a house and a reasonable pension. I think the basics are don't waste a penny on rubbish. Flash cars aren't any better at getting from a to b than basic cars.

Buy decent quality, it lasts much longer and is much better value.
Look after your kit.
Use what you have before you buy more.
Stay away from freeloading men, they are very expensive.
Only have one child.
Brands and bling really don't matter.

Then just hard work and common sense I suppose.

Why a five bed house? Do you have four children?

@AlansFungalFootPowder look at accountancy / tax. Get a training contract at a Big 4 firm. Work hard and from there the world is your oyster. It’s not easy or family friendly though whilst you qualify which takes about 3 - 4 years.

Once your qualified you’d be on about £50kish depending on where you are in the country, and
If you stay in Big4 the top Partners earn over a million. If you stay in Big 4 though you’re essentially selling your soul and it never becomes hugely family friendly, the exit opportunities are also decent though.

Do you need 4 children to have a 5 bedroom house ? Two of our rooms are hone offices.

Contracting OP?

*home

I think much of it relates to whether you stay as a couple for a long time.
I'm a doctor so I have a decent income, and the capacity to earn more if I were to work extremely long hours.

However, I've been single most of my life, and have been a single parent since my kids were born. I only split bills with someone when I lived with my ex for about 3 years, and I'm now 55.

Some of medical contemporaries married other medics in their 20s, and they're still together. So basically they've had double my income and shared expenses for 30 years. I would say I'm am comfortable and they are rich.

I remember the first time I noticed the discrepancy - I was going to a wedding as a single person. Back then it was the done thing to spend about £30 on a wedding present. I bought something for £30. My couple friends split it between them and spent £15 each. Much of life is literally twice as expensive when you're on your own.

Moving jobs frequently helps boost salary.

Also: follow the money. So for example, if you want to work in marketing then marketing for the financial sector pays more than marketing for non-profits etc.

the best way to make money is to have it in the first place.

You could aim for a very high earning job?

You are not going to be rich if it's just about wanting to spend money for no reason on some big detached house.

Rich isn't about wanting a big house (& unless you have 3-4 kids, a 5 bedroom house is big), it's about what you do with the assets you have/get.

The bigger the house, the more things you end up buying to furnish it, the more it costs to run so the higher the council tax/heating/insurance bills etc.., so the more money you need endlessly coming in to just wake up in the morning.

If it's just you, then a well insulated 2 bedroomed house in a good area with all the facilities you need will make you richer than a 5 bed money pit.

Agree with @Lilgamesh2 follow the money. I work in finance as I’ve chosen my job for the pay check. I work with a lot of knobs and it’s boring as hell but I am there for the money not the fun so I’m staying! Also. Being with someone who earns well is a MASSIVE help. The most important financial decision you’ll ever make is who you marry.

As above, don't stay in the same job too long, look out for better higher paid jobs, have a side business, save each month.

I don’t think I’m rich but the only time I had money in the bank was after redundancy and divorce.