To ask how you got rich

[getmeacupoftea]

We're struggling financially to put it bluntly. DH is full time in the military and I do as many hours as I can around the kids and his work schedule. I want ask what people have done to be in a comfortable position with their money. I'm driven and ready to work my ass off, just not sure which direction to go. I feel I'm still relatively young and have already got my maternity leave etc done and dusted. I know money isn't everything but I'm sick of having to skimp and save for things.

Do you have any skills you can use to work extra from home or set up your own business alongside work for a while to build it up?

I feel I should add that we dont have inheritance or parents to give us a starting platform.

Tried that unfortunately. In my experience I found I was making pennies in comparison to the outgoings I had to pay. X

What qualifications do you have and what do you enjoy doing?

The reality for most people who are comfortable (rather than mega rich) is that they trained for and climbed the ladder of well paid careers. I’d think about it like that - if your were going to retrain or start on a new career path what would it be and what would the earning potential be like?

Could you do a night course and re train doing a job you like which pays better? We are very comfortable. It both have professional jobs which pay very well. It was hard work to get to where we are now including my dh retraining in a new profession by night

Tried that unfortunately. In my experience I found I was making pennies in comparison to the outgoings I had to pay.

That’s true of most new businesses at start up, especially if you’re selling your services/expertise - it takes a bit of time before ‘proper’ money starts rolling in.

How long did you give it?

Look at you interests and skill set and then match that to a career that has good progression.

Honestly...charmed life...highly academic parents, good degree, graduate training program (50+ hour weeks for a decade including two bouts of maternity leave). But most of the graft before we had DC. And a willingness to move across the country for better jobs.

From where you are...what are your qualifications? It’s a different answer if you’ve got a degree vs GCSEs. Are you mathematically competent (ie do you see a percentage calculation and think how you’d get the answer is obvious?)? Are you great with people? What about other people’s children? Do you have to work school hours? What’s your support network like? Tell us more and we can make better suggestions.

Do you not live in subsidised housing?

IMO the only real way to make money is to own your own business, be that an original one or a franchise. If you're already driven and work hard you may as well put that effort into your own business.

Obviously some people have very well paid jobs but they're uncommon and those senior positions take years to get to and then there's no guarantee that you'll get the job as you're competing with many others.

Does DH work long hours/away? That really disadvantages you workwise unless you live somewhere like London with good job opportunities and have family help with childcare.

Is the military the best option for him to earn well?

City Law. Not an easy one to fit around childcare, unfortunately.

Not rich (as in we still rely on a monthly income) but comfortable with savings and disposable income.

Good secondary education, we work hard and have spent most of our twenties continuing studies (I am master qualified but it's been a long slog), have sacrificed holidays to purchase things outright rather than on credit, bought a fixer-upper and spent years living in a crap house before we could afford to do it up and remortgage at a much lower rate, don't get to spend much time with our young children as we both work full time.

I have no aspirations to be 'rich' but having been 'poor' it's a very strong deterrent for going back.

What’s your definition of rich?

I've never managed it , I got married and had kids young. But I watched my brother and SIL go to university, climb the career ladder working all hours god sends so that they could pay off mortgage before they had a baby.
We are all happy but different life choices result in different rewards.

depends on what your skill set is. i was very young when i became a mum (21) at 22 i was a single mum- I was good at math at school so I decided to qualify as an accountant. I did AAT followed by ACCAknowing that after qualifying as chartered I would always be able to get a job that paid at a level that I could support my child comfortably on my own.
I am now with my partner and we are very comfortably off but also very careful with money.

Accountancy is a good route as you can train on the job- the qualification is cheaper than a degree and in a lot of cases an employer may sponser you. It gives a good base for understanding business and can go into other areas of business like analytics, management consultancy etc.

I'd consider myself relatively clever? I got all A's at GCSE, but I was so desperate to move out from my parents that I did a quick apprenticeship so I could land myself I full time job. I work in catering as a chef. An industry notorious for no work life balance and shit pay. I'm eager to leave the restaurant trade and perhaps stay with food. Husband is staying with military at the minute as it's a very stable, linear career path that does have its benefits.

I’m 28, DH is 30. Were childless at the moment because we were waiting to be financially comfortable before we had them. Joint income is £65k a year, £50k of that is mine and we live in the north.

How we did it: got together when we were 17, and had a stable relationship throughout uni so saved money together through both our degrees. I worked really hard in a few jobs to make money and got a 1:1. and in the year after, moved in with my parents and saved both our (very low) wages.

Bought a house in 2014 for under £100k from the deposit we’d saved; it was a wreck but we did it up and sold it for a £22k profit 5 years later. During those 5 years I worked my backside off at my career and got promoted quickly. I then moved jobs and in a year and a half I doubled my income from £25k to £50k.

We then bought our new house and we love it, currently ttc dc1

No help financially from parents, but living with them allowed us to save which I’m so grateful for.

I think the main thing though is both DH and I had a view on what we wanted from an early age and we sort of shaped our lives to get it. It’s not been easy but we’ve done it together.

If you are at all mathematical then accountancy is an excellent choice (I’m biased). You could do the qualifications as an apprentice...so they’d give you study time. But it might mean 9-5 and therefore childcare costs.

Once you’re qualified (if you’re competent!) then you should have lots of choice. And you could do interim work to suit.

Purely luck (and for which I am very grateful)

You sound bright. Start your own catering company, start with birthdays, small scale events, work your way up to weddings where the real money is. Or if you want a better work life balance, do a course through Open University, Access then degree. Is there anything outside of catering that has ever appealed?

We're not quite there yet but DP earns £40K a year baseline but does around 8 night shifts a year at double time so takes his wages to around £50K. I'm still in uni but will qualify as a teacher soon with a half decent starting salary, rising to £40K in 6 years. We have one child each with no current plans to have any more.

We live in a very cheap area in the North of Scotland (mortgage is around £350 a month)

Marriage

That should say 8 WEEKS of nightshift a year*

Hi OP, you will get a lot of stories here about people working very hard and sacrificing and compromising but, statistically speaking, people who are rich or comfortable come from families who were rich or comfortable. There are genuine "rugs to riches" stories, but these are very rare. When your children are a bit older and you are able to work full-time, you probably won't have to scrimp and save, provided you are sensible with your money, but you probably won't be rich either. Sorry to disappoint, as you say life is more than having a lot of money.