To ask if you are rich, and if so how you made your money?!

[jinglebelly]

I run a small ebay business but after DC 3 starts school I'd either like to retrain/get a degree or start up a larger business... I don't know any very well off people hence why I'm asking on mumsnet!

wibblebibble i hear you x

Frig, I went to University for 10 years and have hit the ceiling at under £50K pa

Indulged, it is unfair but not all professions pay the same (I am sure you know) for the same effort.

If someone chooses a better paying profession from the word go, they will be definition earn more over a lifetime than someone who does not. You can call this person a wage slave or neglectful parent, but hardly comes as a surprise that they do well financially.

There is nothing to inspire anyone about. It is a fact of life. You can, within reason, do the same but chose not to.

Here is my advice based on our experience; Don't have ( poor but hardworking) parents who can't afford to give you a hand up, don't have a partner who is in the same position, don't work in the NHS unless you are a doctor (me), nor be a lecturer in a university (DH).

"of course state educated kids go into medicine and dentistry"

Yes they do.

But a disproportionate number come from private schools and from the selective state sector.

I think it depends on background as well. I am from a strong medical family with no background or understanding in anything else as an influence in my childhoof career choices.

onceamai, I agree with what you wrote. Work can be immensely absorbing, heck, even well paying ones. I love what I do - it is very analytical, fast-paced and high profile within the business.

I know many lawyers, doctors and accountants. Some earn more than others. All of them were state educated. Most of them have a good work/life balance and are pretty comfortable.

I read a great quote once that I thought said it all... "The wealthy plan for three generations; the poor plan for Saturday night."

blueshoes, I just dislike the phrase "upworldly mobile" and the type of people who use it. Cringe, cringe, cringe. You're wrong to think it refers to salary only.

I 'did well' as a teenager as, as well as college and university, I worked in a well-paying industry. Nothing dodgy, by the way! All of that was invested well for me, by my parents.

I also bought and sold property (not professionally) at the right time and did fairly well financially, from a relatively early age.

I worked bloody hard at my two degress. Neither has been useful in terms of money-making!

Pia, you are just sensitive to that phrase then. Get over it.

Never mind all this Medicine/Nursing whatever. If you study Opthamology you can be Prime Minister of an oppressive dictatorship!

You seem the sensitive on, blueshoes. If someone had corrected me, I wouldn't keen banging on about it. You were wrong (or back-pedalling). Yawn, night, night.

adverse very interesting link

I suggest you have a look on Moneysavingexpert.com as they have some really good forums about Ebay businesses. I don't think it's the path to riches that it's made out to be. It's one of the most competitive and price sensitive marketplaces there is.

From my experience, hard work only goes so far ... it's where you channel your efforts that makes the difference. Another valuable lesson I learnt was that you never get rich working for someone else. I know there will be exceptions to this but largely I think it's true. All the wealthy people I have encountered have become that way by setting up their own businesses and my own earnings doubled when I started freelancing. It also helps to be motivated by money - then you're always looking for opportunities to make or save more.

Also I have found most (but not all) wealthy people to be quite frugal. They don't necessarily have expensive tastes/buy designer clothes.

And although it pains me to say it, where I live I have encountered a number of women who have simply married into money.

Pia, you'd better go to sleep. You cannot correct someone unless you are right.

en.wikipedia.org/wiki/Income_in_the_United_Kingdom this is fascinating and helpful to anyone pondering whether or not they are wealthy....

A friend of mine is very well off; her husband is a "professional gambler"

Just as it sounds; he makes his money studying and betting on the horses, and actually makes a very good living out of it. They have a massive house and take lovely holidays.

Pissed and forgot the brackets

en.wikipedia.org/wiki/Income_in_the_United_Kingdom

I agree with all you said, suebfg.

Yes, marrying well is quite a surefire way to riches, if you can make the marriage last a decent time.

Couldn't resist clicking again... blueshoes, you are wrong if you think that "upwardly mobile" refers to salary only, are and coming across as a pompous fool.

Well according to Adverse's link I'm off to bed to count pounds . Feel moderately comfy but not according to that.

I just married well

We are not well off yet, but we will be in a few years time when our hard work pays off.

Having said that I would rather have less money and more family time. I know of people who do similar jobs to some of the posters in this debate, and although they are well off they regret the amount of time they sacrificed at the sake of their families. It's not worth the money in all honesty.

But that's just my opinion (and is probably wrong for some mums netters who have struck a better balance).

Interesting link hmc.

It looks like the bulk of wealthy people still make their money from salaries and bonuses, so employment still seems to work out well for a lot of people.

I agree with others that entrepreneurial wealth at the upper ends is higher than salaried wealth. There is a blurring of lines in that partners in law firms are considered self-employed, although they usually start out salaried and work their way up. The highest paid partners have to be entrepreneurial, not just technically proficient, in order to develop their business and grow their clientele.