To be nosy? (Shameless post)

[StandingLikeATRex]

I'm a long time a lurker and a recent poster.

Myself and DH are young (late 20's) (trainee) professionals. We are still at the very early stage of our careers, (think work experience, cups of tea, applying for placements) he is retraining and I've been working up.
We've been chatting about buying our first home together and how much we can afford, we've realised this is not very much. It's disheartening to know that I may never be able to afford the type of home/life that I want.
We aren't from traditionally professional families (working class) and don't know too many wealthy people.
So....I'm curious to know what sorts of careers people go into (it doesn't have to be you) how long does it take to get to a comfortable salary, what do wealthy people do? And how do they become wealthy? (Haha please don't send me those earn £,000,000's at home links)

Shall I retrain as my job has a ceiling and I will never earn 6 figures, what should I do, what would give me the best chances?

I've also been asked by a family friend to give advice on university courses that lead to good jobs. none. and that got me thinking more about this.

Don't wipe the floor with me please

[hungryhippo90]

I think for our generation it is quite hard, I believe its harder to procure the jobs that we have trained to do, because there are so many other candidates against us for the same roles,
Which is something that has put me off of obtaining a law degree, I've been accepted by numerous universities, but I know it's one of the very most popular courses, and I believe that I'll never obtain the employment I'd have trained for and gained a lot of debt in the process.
It is good to follow the money, but do remember that getting employed in one of the big money roles is likely to be quite cut throat, as so many will be doing the same, and it's important to do something that you REALLY love. If you are going to be slogging your guts out 70-80 hours per week, you are going to need to love what you do to stick at it.

This being said, university isn't always the only route, I know some people who make bloody good money and never went to uni. Admittedly, they have no sort of home life. I think that's probably a given for anyone who earns 100k + per year.

I do feel that aiming for that sort of salary, is somewhat un obtainable though. 99% of the population are unable to do this, and I could see it being mentally limiting if you set your sights on that specific figure. How about you start out saying, right I'll buy whatever I can now, and I'll work up the ranks/ get a better job. I'll aim to improve my life. Once it's improved set a slightly bigger goal.

You are aware most people buy a starter house, then another, and probably another as they get wealthier? You can't just start out with that million pound house.

[Gowgirl]

100k doesn't go far in London either, I think you'd be better off looking at what you can afford, few people ever attain the perfect life.

[mouldycheesefan]

£100k salary if you got 4 X that for a mortgage would get you a £400k house.
Not a million pound house, if you both earned £100k then you could get a £800k house, still far off a million.

[dillyduck]

£100k salary if you got 4 X that for a mortgage would get you a £400k house. Not a million pound house, if you both earned £100k then you could get a £800k house, still far off a million.

You need a decent deposit- 20% not unheard of for a large mortgage so it would be a million £ish house.

[UnsuccessfullyAdulting]

Spot on, what shovetheholly said.
However, I'm in retail and although am nowhere near 6 figures, I'm about half way there, and work 40 hours per week. I'm 30. No degree. I have a nice life

[margewiththebluehair]

I think this generation feels entitled to have the same opportunities and life that we took for granted 20-40 years ago. It is a different world now.

It is depressing but the golden era where anyone can make it is over. Only the extremely ambitious, entrepreneurial, brilliant and LUCKY make it to the heights.

The average doctor or lawyer cannot even afford a home without the bank of mum and dad.

My advice is don't feel entitled to anything. Don't accumulate any debt and live a frugal life. Honestly, it will take you another twenty odd years to learn that money and lifestyle don't make you happier - only having a happy loving family and good friends will do that.

Be excellent in your work, give it 100%, the best of the best in ANY profession earns decently. Life is getting tougher and tougher and we are really moving back to Victorian times where the rich have all the opportunities and the poorer don't. In another 20 years, only the rich will own property and the rest will rent.

[emsyj]

I earned over £100k (including bonus) working as a fairly junior lawyer in London in my late 20s. It was miserable and I couldn't wait to leave. It did enable DH and I to pay off my student debts and save £100k within 2 years though (he also earned reasonably well, around £70k at that time). Then we came home to the north west and bought a house. We have never had parental help as our parents don't have any money anyway, and there's no family money lurking around to inherit either.
I have since moved to a public sector job that will pay just under £50k once I finish the training - I will hopefully then drop to part time work and focus on setting up a business (idea currently in the pipeline and nothing to do with my day job).
DH is an IT contractor and earns £500 a day at his current contract. He left school at 18 but is VERY driven and has learned everything he knows in his own time really. He started in a junior IT job with the local council at 18, then has moved around a few bigger companies before starting contract work when we moved down to London. Since we returned to the north west he still travels to London regularly, which he hates, but that's one or two days a week and the rest of the time he works at home a fairly regular 8.30 - 4.30pm sort of day.

I think previous posters who suggest working for yourself is the only way to get really rich are probably right. If you want to do healthcare work, look at how you could do that in a self-employed role and how you could monetise your skills. Making lots of money (unless you inherit it or win it) usually involves a lot of slog and sacrifices. It wasn't worth it to me, hence quitting highly paid law and switching to a public sector role where I am unlikely to ever earn over £60k, but there are well paid jobs out there if you are willing to work like a dog.

[Verbena37]

Ok, so you are up north?
Chatsworth Place, Harrogate
www.rightmove.co.uk/property-for-sale/property-54296938.html

This three bed in Harrogate, which is an expensive area shows you still get a three bed with garden in a very lovely town, for under 200k.

I think managing your expectations will help you find a house you can both afford and like. Then you can save up for a better house in the future as you earn more/change jobs etc.

[Henrysmycat]

OK, TRex you are me, 15 years ago.
Forget people slating you, nothing wrong with aspirations and dreams.
Like you, I'm a working class stock that was clever and went to uni. (top top tier and graduated with a Masters.) Nothing wrong to want to be comfortable and want to have a nice house, a decent car and nice holidays.
People saying education for the sake of education either live in the clouds or don't care about putting food on their table. History of Art is lovely, and I'd have loved to study it but unless you are a toff with connection to Christie's, it's pretty much a useless degree for those 6-figure jobs.
I do earn the 6-figure salary and even more at times, as I got involved in the oil & Gas industry and did some hardcore developing countries with extreme temperatures and nothing else.
It's usually niche jobs that provide that earning; Law, definitely accounting/actuaries, some specialized IT, Oil &Gas Engineering (especially, if you don't mind living in a tin pot in the North Sea during winter) and also businesses that got lucky and worked clever. I know people that started a beauty internet business and after nearly 10 years they see their company going stratospheric.
But while, I did and do earn that amount, I also live in the SE and £1M buys you a decent 4 bed semi in a good school catchment area.
And even that, I couldn't get it by myself well, not unless I wanted to be mortgaged to the hilt. My partner, even though, he's in a different field, he has higher earnings. We know each other from Uni but we worked hard, allowed each other business travel and living abroad to make the most of the opportunities. Of course, I'd have loved to be snuggling up to him but my job was paying me above and beyond to be in a "-stan" country with -20C in the evening living in what could be described as lowly army base.
I don't know, if I'm helpful but don't give up. Many times, I thought of throwing the towel but then, I remember there is nothing worst that the worry of the money and if you can pay the bills like my folks were.
Dream big and at least you can achieve some portion of it. Go for it.

[TheCompanyOfCats]

I have a country pile with acres of land. I'd say that it's not as 'beyond reach' as you'd imagine. When we've put the house up for sale in the past we've had countless people come to view but no offers to buy 'because there are no jobs in the area' etc. Consequently, the house isn't worth millions, despite the size and location. We are very rural, obviously - in a national park. So to make that lifestyle work, you either need to:

1. be independently wealthy
   
2. work for yourself/ be a successful freelancer.
   
3. be what I'd call a 'core' professional, e.g. a GP, a school Head of Dept. or Head Teacher.
   
   Two combined professional wages in jobs like those, or from successful freelancing, can easily manage a lifestyle like ours.
   
   P.S. Old country piles need a lot of maintenance. So it's not as though we are zipping off to the Maldives every five minutes. It's about priorities I guess.

[Dontyoulovecalpol]

OP has said she only wants about £250k for a house.

I know loads of people with million pound houses but the wealth has been accumulated from other properties they previously lived in gaining values. A FTB doesn't et a mortgage which allows them to buy a million pound house FFS

[dodobookends]

By my late 20's I'd been working for 10 years! Bought first place at 23 with ex-DH - it was a tiny starter home, but it got us on the property ladder.

OP you are setting the bar too high, and are dreaming of something that isn't reachable - not for a long time. Nobody end up living in a lovely £1m house in the country by the time they are 30-odd just like that - not unless they inherit either the house, or the cash to buy it. It will take years and years of hard graft and working your way up to it.

[Lorelei76]

I am mystified by a poster saying you don't choose a uni course for money

not doing that was one of my biggest mistakes - but then, I thought perhaps I could do more study "later". And this was a long time ago, before house prices hit the stupid levels they are now - I'm in London. so no it wasn't a mistake that couldn't be fixed but I could have more money in the bank and that's so important. aAnd it was the point of the post!

OP don't feel ashamed or embarrassed about wanting money - if that's what you want, go for it. But please be realistic, do the research, don't be a person who keeps forking out for courses etc thinking they will get qualified for a magic job that makes a lot of money.

[ginorwine]

Standing
What about ot or physio if you want to work in health ?
Senior ot or physio ? My friend does that and she also now lectures pt on ot and she has a great wage .

[dillyduck]

This three bed in Harrogate, which is an expensive area shows you still get a three bed with garden in a very lovely town, for under 200k.

It is on the edge of bedsit land and not in the catchment for the grammar school. No garden. That said I think the area has potential and would buy a 1st home there.

[ginorwine]

Ps I think it is great you are thinking of ways to make money and do a job
It's very practical
I wish I had thought of that when I went to uni ! I thought money came easy and I didn't think about the life it can buy if you choose money and job satisfaction .

[ginorwine]

Emsyj
Please can I ask what sort of public sector Job pays 50 to 60 k ? I've just left my career as a social worker after many years and need to change direction .thanks!

[JackShit]

Same old posts equating a high salary to hard work yet again. Nope. The hardest workers in this country earn the least no doubt about it.

[chunkymum1]

I think it's great that you are thinking about what you want out of life and what you need to do to achieve it. But don't focus purely on money and material goods (huge house, cars etc).

I worked my arse off in a very competitive industry for years in the hope of getting these things in the belief that having them would make things better for my family and make me happy. It soon dawned on me that the only satisfaction I got from my work was the pay cheque but I put up with it so that I could have nice things. The industry was not very family friendly (even people who had part time working arrangements were expected to give up their 'day off' at a moments notice and take work home at evenings and weekends). This meant that when I had children I barely saw them during the week and at weekends ended up trying to shoe horn in busy activities to make up for this, as well as staying up late working through the evenings.

After a period of stress and unhappiness I have given up the dream of the big house and expensive cars/clothes etc but now actually spend time with my DC and even have time for friends and hobbies. The work that I do now is not well paid but hugely rewarding and I feel like myself again.

[EllsTeeth]

My husband and I have similar levels of education (PhD from Russell group uni) and have both worked hard at our careers. Difference is he is in finance and I'm in science. Hence he earns many multiples of what I earn. I love my job though and couldn't get out of bed to do his which holds no interest for me whatsoever. Luckily for me he earns enough for us to have a >£1 million house (nice enough house but nothing special here to be honest) and for me to keep my interesting lower paid job (I get around £60k FTE but am currently part time). I'm not sure I could go to a job I find completely uninteresting and feel has no purpose other than to make money for 5 days a week for however many years, but he gets a buzz from it I guess. If money is your main aim a good bet is the finance sector (banking/ hedge fund) in London but you'll have to pay London/ SE prices for your house and £1 million now definitely won't get you a big house with land here! You'll also have to commute in/ to London which is no picnic. You might be better off doing something fulfilling for a lower salary up North.

[VladmirsPoutine]

I don't think you are too late in your late 20s, but that said there really isn't time for navel gazing if you're interested in getting on to a trajectory and chasing money.

I was stop and start for a long time and in many ways I still am - I'm a little bit knowledgable about many things rather than being a true specialist at one thing.

I agree with a PP who said you need to take a stringent audit of your knowledge, experience and skills. Floating around doesn't get you anywhere.

[EllsTeeth]

"Same old posts equating a high salary to hard work yet again. Nope. The hardest workers in this country earn the least no doubt about it"

I wouldn't say that at all but certainly true that there are many low paid workers working just as hard (and in some cases harder physically) as highly paid ones. I don't think anyone is disputing that, more just pointing out that most highly paid jobs require very hard work.

[RhodaBorrocks]

I am a few years older than you but I completely get it. Our generation was sold the lie that university would lead to great jobs and comfortable lifestyles.

The reality is that those who left school at 16/18 and got experience without the debt are either higher up the career ladder now, or have been able to afford to buy because they have no debt and savings behind them.

I am a mid-level NHS employee. I wanted to be clinical, but couldn't get onto the training courses. I have a masters, but not enough 'experience' just yet to get a senior post.

I'm biding my time for now. I know I'll work my way up eventually, it will just take longer than my contemporaries who started straight out of school rather than spending the 6 years on education that I did.

And my parents will be giving me the deposit to buy a house of my own when they sell their £1million property. I'm never going to be able to save up on my own whilst renting. I'm lucky for that, I know. My parents were the 'leave school at 15 and start working types' and both ended up as senior managers. My sister and I were sent to uni because it was the in thing but both of us, in our 30s are making only between £20 and £25k.

It's shit for now, but we keep on gaining experience and pushing for opportunities and our time will come.

[FrogTime]

I think it really does depend on your expectations and if you're willing to actually realise your potential and/or your limits.
I'm 26, DH is 28. We both work 4 days a week (30 hours each) and have a 9mo DD. Between us we earn around £26k minus a little tax and have had a mortgage for 2 years on a semi detached house in a mid-nice area with low crime rate that cost us £115k. We knew we couldnt afford more and really lucked out with the area and size of garden.
We dream of more but realistically we live within our means and worst case scenario the mortgage will be paid off by the time im 41.
DD will inherit a fully paid off house so her future is as secure as we can make it and maybe she can have some more of her dreams than we can have of ours.
Do what you can and live within your means. Life isn't worth it if you're up to your eyeballs in debt on a house you can't enjoy because it's so expensive. In my opinion anyway.
Good luck OP, hope you find what it is you're looking for

[PrimalLass]

I'm sorry but you are being ridiculous. You don't select a course at university because it will mean loadsa money.

I wish I'd paid more attention to employment outcomes. It is very foolish not to.