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

Do you really earn a decent amount working in finance? I planned to get an accounting or economics degree, but all the pay scales that I was checking suggested that most jobs only pay around £32k a year unless you’re lucky enough to become very senior.

I’ll be very happy if this isn’t the case!

Like many others I work as an accountant.

I have also saved a lot from young age,putting pay rises into savings /pension/over paying mortgage.

I have stuck in same 2 bed flat I bought 20 years ago. No need to upgrade when it's just me (well me and boyfriend now)

So being frugal really and having a good career job and moving regularly up the ranks. Easier to do in accounting then say competitive law and hours are mostly normal. No crazy over nights like you see in law.

DH earns similar as a teacher (£60k) and owns a maths business (he takes home £50k p/a from that, rest is paid to staff/retained earnings).

How does he fit in both jobs?

Divorce around 50, making sure you get the house with mortgage paid off that will grow in value very fast. Also wait long enough to collect on DH’s inheritance from both parents.

Don’t be employable while wed - get degrees etc, fees paid by DH, but don’t get a job till after you’re divorced as settlement will reduce.

Also time the split for when the children are at Uni or working so you don’t have to support them.

We’ve got about half a mill in savings. Mainly saved through expat assignments in low tax countries where DH was getting accommodation, bills, flights etc paid for & we lived off my salary.

We did that for 8-10 years, working 60 hour weeks & live a fairly frugal lifestyle.

We currently save about 25k per year although have a fairly high mortgage & nursery fees to contend with.

Finance, IT & engineering is where the money is, contracting when you can build up network/contacts and being pretty nomadic/flexible with locations.

Moved abroad and immediately doubled my take-home pay. My profession doesn't pay well in the UK, but you can make good money here.

So...worth checking what you could make in different geographic locations if you can move easily.

i started saving and just saved what i could it builds up after a few years im not rich but ive got something behind me i still save i dont waste money i have to need it not want it .

Be lucky enough to be intelligent and born into a stable and supportive family.

Get the best education you can

If you marry, marry someone with the same attitude to money and spending as you do

Always save something no matter how little and overpay your mortgage even if it is just rounding up by a few pounds.

Pay your credit cards in full every month

Get a job in an industry/firm that offers bonuses and share options as part of the package. Biotech maybe

When you get your bonus don't spend it. Invest it.

Don't be interested in flash cars

Sign up for your company's pension day 1 (if there is one)

Oh my ... you may be intelligent, as you say, but you will also need to be resourceful and to have some common sense. What is your Masters Degree in? I'm guessing not anything technical? In other words, have you just decided you want to be rich now, or did you think about it before making your educational choices? Did you have any aptitude for maths/science/IT at school? You can get into IT at any age, but you may be behind the curve for a while

p.s. You might find this government report interesting:

assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/869263/The_impact_of_undergraduate_degrees_on_lifetime_earnings_research_report_ifs_dfe.pdf

Its hard getting rich as an employee.

Tou have to work for yourself.

Another mistake is university if your only goal is being rich.

From your aims all you want is a 5 bed house.

So to do this you needed to get on the housing ladder fast.

The longer you spent at university, the longer you are accrusing debt and not earning. And doing a masters it seems you were at uni for a long time. That is all years you are not earning, you not building equity, and instead you are getting debt- I understand depending on the student loan structure you may not have to pay all this off, but it does affect your take home pay on a monthly basis.

So to get a 5 bed house, the earlier you find the job for you that gives you a path to work up, settle in a relationship and buy a house together the greater the chances.

The only real reason to go to a university would be if you were guaranteed a job that would give you great pay, which doesnt seem like it in your case- as your asking for advice on this forum, ahainnsame with the Masters, that is years where you are not earning- what was the advantage to this, and if it was a great advantage why are you having to ask for advice about pay here?

Property - we came from nothing. Had no help, other than supportive parents (mentally and in the form of a paintbrush). We bought, lived in chaos, self renovated, remortgaged, lived in chaos so on and so forth. Probably couldn't do that now(as easily).

We took SOOOO many risks, but we were young and child free at the time and it never seemed an issue.

We've since had a few small inheritances, but the bulk of our wealth is from risk taking, extreme budgeting and so much bloody hard work.

I wouldn't change it and my main concern for my 3 privately educated children is that they don't have (and will never have) mine and my partners extreme work ethic.

I love my partner so much and i'm so proud of our life because we did it all together and from nothing.

My friend and her dh buy run down, almost derelict houses, renovate them whilst living in them and sell on.

The last house they bought was in a dreadful state, they bought it for 400k and sold it for 900k. They've now downsized and have a bunch of cash in their pockets. They plan to buy another to do up and sell.

Try some money books like 'Poor Dad, Rich Dad' and 'Get Rich Lucky Bitch'. Very inspiring!

I guess it depends what you mean by rich. DH and I each earn £75k, live in a nice 4 bed in a nice area, have a nice car and go on a couple of hols a year. We have 2 DC. We're not rich enough for private schools or 'fancy' holidays. I'd say we live a normal comfortable life. I work as a project manager in banking but the real money is in contracting. I could earn £100k if I contracted but the risk doesn't appeal. Not at the moment. But I have a few friends who contract (no kids) and they earn enough to do the fancy holidays and take a few months off each year.

DH and I started our own business and doubled our income in 12 months. Will double again in the next 18 months putting us on 100k each.
Not rich, but where we live up north, very well off.
It comes with risk though.

Also you seem to have lots of wants.
Nice house.
Nice car.
Savings
Private surgery.

That's not living like a peasant.

The less wants you have the richer you are.

I dont care about my car. No private schools.
Dont care about clothes. Etc

We are very comfortable. My only want really is the nice house. Which luckily we can afford.

I've been very care ful to avoid lifestyle inflation.

Every time my pay increases I increase the amount I save.

If I wanted to I could now switch to working just 1 day a week and live comfortably.

But obviously will continue my current work for now, with little wants it means i could retire fully within the next few years. I am late 30's but the only reason i can do this is because i love very frugally, a good job helps, but I save a lot. My only weakness are my kids, I do splurge on them.

But my savings % is high. Theres a website that tells you how long til your retirement depending on your savings percentage. So if you can save 100% of your income a year you can retire in 0 years, and the length of time increases depending on your savings percentage of income.
.

Obviously I follow the FIRE movement, but not completely converted because I want the kids to have a good life.

Read up on FIRE.

Being 'rich' is relative. And for that you seem to have a large amount of wants to get 'rich quick.

Not me but close relative.
a few hard degrees (science), started in small company, got promoted and then run it and had shares. Small company got sold, big company (who bought it) gave relative a very big role and he also got several millions from the sale. Annual salary roughly £1M but also works incredibly hard and 7 day weeks are not uncommon.
lots of travel with work too. Relative is not motivated by money but loves their work.

Technology sector. There are lots of non-IT roles in IT that earn money. Project management, product management, risk and governance.

lots of large firms recruit apprentices of all ages giving u guaranteed qualification and promotions over a 2-3y period.

These lead on to better paid roles so in 5-6years you could potentially be be earning £45k+ a year.

But what business?

Building & property.

We aren't rich at all but my husband changed career at 28 and went from earning 19-20k in an admin job to 85k in 4years working his way up in the IT world. He's taken risks moving jobs multiple times to get better paying jobs and promotions, working a heck of a lot of hours 8am-1am the next morning 7 days a week for months in 1 job he had. He's self taught no degree or college. It's not been easy but it's definitely paying off now and he's so glad he did it.

CheapWine · Today 16:40
We’re not rich but DH will have done 250k including bonus this year. He has no qualifications.

that’s all really great! But you must be living on another planet if you don’t think 250k is rich 🙄