To ask how I can make more money by Working Really Hard

[PaintingOwls]

I am feeling very disillusioned and depressed over my finances and savings. I managed to save £10k after uni by living with parents for 2 years whilst on min wage and basically not doing anything. I put that money into NS&I and have gotten back about £200 in prizes.

I am mid-20s now and living in London. DP is at uni and in his final year, we live in zone 6. We want to start a family etc once he starts working. He is on an NHS course so hopefully he will be able to find a job very soon after graduation.

I earn £26k per year. This is 20,800 after tax. I don't get overtime or anything like that. There is an annual bonus but honestly it's a pittance and is obviously taxed so ends up even smaller!

After rent, council tax and travel (2.5k a year!!) and food there's not much to put away into savings.

What can I do? I work 8.30-6 with an hour commute at each end. I thought about looking for a weekend job but it's the only free time I get and work leaves me exhausted at the end of each day. I am an Executive Assistant so I basically spend my days running around fulfilling my boss's whims and wishes. I can't keep this up forever.

I always see people saying that they got ahead in life by working really hard -- well how can I get on that bandwagon? I feel really thick not being able to come up with any good ideas

[Oliversmumsarmy]

You have to look at the fact a school leaver with no qualifications could earn almost what you are on as a shop assistant. Especially when you have to add on the expenses such as clothes and travel off your already taxed income.

[Somerville]

Last year I met with a couple of recruiters who said I could definitely get £30k with my experience. One said my outlook would be better if I had 5-7 years.
So increase your earnings to 30k plus now, and then switch to a new job again after you've been an EA for 5-7 years, when you will earn even more.

The longer you stay on such a low salary for your job title, the more it is going to hold your career back in the longer term, I think. In fact, if you've been there longer than 2 years then I think you need to prepare an answer for that at interview.

If you don't value your work highly (and by that I mean at least going-rate for your level of experience in that role) then employers won't either. But you don't sound afraid of hard work, so you've got no reason not to think highly of yourself.

[LadyPenelopeCantDance]

OP, check out the Secs in The City website for an idea of jobs in the West End and City. There are lots of recruiters and agencies on there that I would recommend you register with. They will go over your CV and basically work with you to find a job, as the get paid when you get one.

Second what others have said though, move out of London if you ever want to get on the property ladder!

[lostincumbria]

If you want to buy your own home eventually, you need to start moving some of your savings into a Help to Buy ISA: www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

[minihobbit]

www.secsinthecity.co.uk/jobs/ea/banking-finance/6/

[PaintingOwls]

That came out wrong. I look like an idiot but that's not what I meant.

Last year I met with a couple of recruiters who said I could definitely get £30k with my experience. One said my outlook would be better if I had 5-7 years. I decided not to walk away from a secure job for the sake of £4k without a career plan.

What is eye opening is that £40-50k EA jobs are apparently common as PPs here are suggesting. I have 3 years experience but no legal background so I'm not even sure if that would qualify for those jobs.

[TreeTop7]

That salary is an insult for an EA in London. I know an EA in Taunton who is earning a bit more than that. It's a disgrace, really.

Approach City-based recruitment agencies which recruit staff for investment banks etc - the staff at these agencies have good relationships in the City and will be able to find you something.

I worked in the City in the late 1990s in a junior financial role (I was not a qualified accountant at that stage so I guess I would have been a peer of the EAs) and I was on £33k basic plus £4k bonus then!

[FatBottomedGal]

Hi OP!

My advice would be to move companies. I used to work in South London for £26k, went up to £27k over the course of 3 years which was a bit of a kick in the teeth considering the cost of living was going up at a much higher rate!

I took the leap in June 2015 and my salary went up by £11k and I've had a further £1k pay rise and over £4k in bonuses since then. I'm not in the same field as you but it sounds like we're on about the same level? I agree with the advice of jumping every 3 years or so. You'll get a feel for if the company reward hard work when you've been there a little while and what the next steps should be. But beside that - you'll get a great deal more experience by moving companies!

Update your CV tonight, inbox me if you want any help with that. Then get it up on Indeed and Reed, apply for a few things that interest you and get on the agent's radar. Then wait for your email and answerphone inboxes to blow up!

Best of luck with it all - I know how hard it is to work and live in London xxx

[QueenofallIsee]

I am not being funny OP, but it should have occured to you to look at the market salary for your role! I am in IT - I developed into the role after starting in a lower paid admin based role... now I earn 70k +...I could actually earn much more in London but have traded the flexibility I get for a lower pay. I KNOW what my market worth is - you should as well.

If you like the job you are doing, make your aim to be the best damn EA you can be, learn all you can and then move on. EAs in my firm (to VPs and Senior Execs) earn around 45k

[SheldonsSpot]

I agree with a PP - these salaries really shouldn't be an eye opener.

You haven't ever thought to have a look at jobs being advertised, similar to what you do, to check out the salaries and see if yours is comparable?

[PaintingOwls]

witwootoodleoo

Magic Circle?

[mummymeister]

these salaries shouldn't be eye opening. you should be constantly looking at jobs pages and benchmarking what you do to make sure you are paid the right amount of money.

your boss is going to want to pay you as little as possible for doing as much work as possible.

sorry, but you need to put in some leg work on this yourself and start looking at what others in a similar role in a similar area earn. then ask your boss to match it or move.

[witwootoodleoo]

Another vote for moving to a law firm. If you try for the magic circle they're paid much more than that for working 9.30 to 5.30

[PaintingOwls]

Wow these salaries are eye-opening. My boss made it sound that going from 23 to 26k was a great blessing being bestowed upon me!

[KitKat1985]

From what you've said I would:

1. Second PP and suggest seeing if there are any better paid jobs available, or at least one closer to your home so you can cut back on your commuting costs.
   
2. Try and get some supplementary income. Is there any work you could do a couple of evenings a week for example? Or there are events companies that hire staff on a short term basis for ad hoc weekend events etc so you are not committed every weekend?
   
3. Trim back on any excess spending you can. Could you get a better deal on your gas / electricity / internet / insurances etc? Can you cut down on unneccessary spending like new clothes, take-away coffees and meals out? Do you really need a new mobile every year or two? Etc, etc.

[LonnyVonnyWilsonFrickett]

You've got an EA title but not an EA's salary. It's hard to know whether you're really doing an EA's role though. The EAs I knew in banking were all middle managers really, who had around 5 years' experience in a 'the business' then they EA'd for 2/3 years then used their contacts to move on. They wouldn't have been able to intern their way into the roles (don't mean that to sound snidey, just explaining that an EA can look very different in different firms and industries).

You sound like a keen, flexible person who people like - is your current company big? Would you be better off moving somewhere with more internal opportunities?

Alternatively, leave London

[whiteonesugar]

I'm a PA and my FTE (I only work 4 days) is £37k - based in zone 3! You can definitely earn more.

[mummymeister]

its not about working hard its about working smart. look at jobs you would like to do and work out what the skills gap is with what you currently do. then work to acquire these skills. if you can get your current employer to send you on training courses to improve these skills then all the better.

earning more sometimes brings with it more responsibility and longer or more unsociable hours. only you know if this is what you want.

its all about skills really.

[knowler]

First off, don't panic. You're only in your mid-20s. You've got a lot of work ahead of you (this is meant to be a good thing!) Second, try to sit down at the weekend and think clearly about your options and ultimate objectives. Your post suggests you're in a spin about things at the minute and can't see the wood for the trees, so take the time to think it all through clearly.

It sounds as if money is a big driving factor and from what you've said, it also sounds as if you're going to have to move jobs to earn more. I would consider your options elsewhere as an EA and research higher earning industries - finance/banks and law spring to mind. I would then consider other options which may involve some retraining such as accountancy.

You might find that as an EA, you do hit a ceiling on pay (albeit one significantly higher than what you're on at the minute) and retraining as, e.g. an accountant would give you more earning potential. HAve you looked at graduate schemes with e.g. PwC?

[sparechange]

Second and third what others say - you need a new job...

We pay our EAs £45+ including bonus (financial services), and those who have worked really hard have ended up following the senior people from job to job and must be on £75k+
I know a couple of them get paid in addition to their work salary to be a personal PA - sorting out home life, wife's birthday, kid's travel arrangements

My SIL was the PA to a high net worth, and was eventually promoted to manage his property portfolio, which meant she would do an interior design and project management qualification on the side.
She has gone from earning low twenties as a graduate to £100k+ in her early 30s

[TotalConfucius]

Is it possible to become a specialist type of EA? One of the legal branches, or perhaps an EA with accountancy?
The richest woman I know - she left school at 16 with a few 'o' levels. She lived midway between Bristol and London. She worked in an admin/secretarial role in Bristol during the week, then studied accountancy/business in London at weekends. A very intense few years. But then she reaped the benefits.
She has a high flying (and I mean it's Tuesday it must be LA) lifestyle as a big financial kahuna. She really rocks - she can still out-Lidl and Aldi me, many a time we've shared some rehydrated noodles by a campfire. She is totally grounded, you get nowhere without taking a bloody big run up to that wall and kicking it down. (She also has a supportive partner and somehow found time for 2 babies along the way.)
I dunno why she even talks to me [bites into another custard tart and ponders turning on the telly for Dickinson's Real Deal.]
With the ease of distance learning nowadays, you could add to your useful skill set.

[jiffiebag]

I second all of the people on here telling you to go for a different job - you could definitely be earning more. There are specific job boards for EAs which might help you find a role you feel more passionate about.

In the meantime, you should try and make your savings work harder. I kept a lot of money in premium bonds hoping I'd win big, but only ever won £25 prizes, so eventually I moved to a Santander 123 account which paid 3% interest on all balances over £10k. It's gone down to 1.5% now so might be worth shopping around, but you can also earn cashback on all of your bills including water, mobile phone, internet, council tax etc. It's never going to make you rich but you might as well get something back from all of the annoying things you have to pay for!

[mambono5]

Would there be more expectation and less tolerance if I fuck something up?

Frankly, companies are not more tolerant to fuck-ups because you are on a lower pay. You might have less responsibilities.

Register with a couple of agencies. I know recruiters have a terrible reputation, but they make their money on placing the best people. They will advise you on the correct salary you can expect. No serious recruiter will send your CV for a role you are too junior for.

[Flushedwithsomething]

OP there are much, much better paid EA positions in London. I worked as an EA for an Investment Bank 9 years ago and was earning 38k plus my last bonus was circa 16k. You can earn more in your current role with another firm!