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.

Also to add- we are 26 and 25 years old.

In our case:
DH- skilled role in high-paying tech co
Me- choosing career (law) and field (finance) based on pay, buying several properties asap.

The two families I know who are well off and have been for a long time are lawyers and doctors (consultants.) All very clever and qualified in their twenties and established their careers before having children. The women had nannies and returned to work straight after maternity leave so no major breaks in their careers. None of them were from privileged backgrounds, just worked hard at school and university.

I earn about 25k a year, my partner is a nurse, she is a band 6 so earns more then me, we are currently getting by ok, but her trust put her on a uni degree, when she is qualified in about 2 years time she will be a nurse practitioner, and according to the NHS website she will start on around 46k a year, so life will be much more comfortable and she is currently 31weeks pregnant

I think, unless you come from an already well off family, most people make their success from either being high up in a well paid career or starting their own business.

If you like the idea of starting up a business don't be too put off by the immediate loss. I know it's hard, H has his own business and the first year he made a loss (but was expecting it and had saved money to cover it when he was still employed), the second year he made nearly 100k and is set to make way over that in the 3rd.

Whichever you choose to do, it takes a lot of hard work and probably some failures along the way!

I work in what's considered a good profession I think (solicitors) but I fucking hate it with a passion and can't wait to get out of it.

Money is usually about strategy, IME, not hard work sadly.

as soon as you said food, I thought private catering. And ultimately, weddings.

in this Instagram world, there's food styling but I'm not sure how much of that work is around.

What’s your definition of rich?

The standard Mumsnet definition seems to be earning £30K+ and/or buying a car for more than £1500.

I think it's all relative - I think I'm comfortable but I'm considerably less well off than many on here I think, however I'm much better off than many. We have a joint income of around £85k but I work part time - if I go full time we'd have around £110k probably. We don't have much in the way of savings but that will change when the toddler gets his 30 free hours. We can't afford fancy holidays, however I can pretty much do what I need to without scrimping - if the kids shoes break I can go to Clarks the next day, if I want to spend £100 on face cream I can but not every month, that kind of thing.

Both my husband and I are similar - academic but lazy - both of us flunked out of university because we hated studying but love working.

I think the key is finding something you like and want to do.

I'm an accountant and my husband is a data analyst - we're both probably mid-management. We could both progress and earn a lot more, but we have good, 9-5 jobs which allow us flexibility and easy commutes and a lot of time with our family.

If you could do ANYTHING what would be be?

There are genuine "rugs to riches" stories

Persian carpet dealers?

Could you take advantage of your husband being away so much and study for the OU in the evenings?

Work impossibly hard for a crushingly long time and fail repeatedly. This is how you get rich.

It does depend on your definition of rich.

If you mean comfortable with a bit of spare money for nice things and a yearly holiday, that's easier.

If you mean able to put your DC through any uni and buy them a house afterwards, lots of luxury holidays etc, that's trickier.

My parents were very rich, and to be frank that gave me the skills and knowledge necessary to be able to do it myself, even though I walked away from them and their money it would be disingenuous to say it didn't give me a massive head start.
Knowing how "things work", how to move in certain circles etc (eugh that sounds gross) makes a huge difference.

My DH is career military (US) but grew up being pass the parcelled between foster homes. He's also an ethnic minority, so wasn't born with the white privilege or other societal advantages. Again gross to write but sadly true.
DH worked his way up primarily by doing the things others weren't prepared to do, volunteering for the postings nobody would touch with a ten foot pole.
Which is what I did too. There is money to be made doing the things most people won't - either because its grim dirty work or because it crosses one line or another.

I will add that neither of us has even broken the law, but I have certainly done some morally dubious things.

To be rich (as opposed to comfortable) you need to be ruthless, or have someone who is prepared to be rutess for you and have the price exacted from their soul instead of hour's.
Being rich doesn't come cheap.

I thought OP meant how to make more money generally but not millions!

*Today 13:27 Lifecraft

What’s your definition of rich?

The standard Mumsnet definition seems to be earning £30K+ and/or buying a car for more than £1500*

If that is the definition then we just make it between us- I take back saying we are not.

If it is 30k each then I stand by I'm not

I will also add that we did the unsavory stuff pre DC, so that its not something they have first hand experience of.

I think a lot depends on what you mean by "rich"

I know people with very high incomes who still have money worries - in my view, they are not truly rich.

And I know people with medium incomes who are very happy and content and live full lives - in my view, that's richer.

It may not be a question of making megabucks, but of making your money work harder for you (cut out extraneous expenditure) and of earning just a little bit more to give you a cushion.

Are you likely to have to move round with DH's military career? No point building up e.g. a catering client base and then having to move every 2 years.

Work in sales - being bright and working hard means commission. A good manager will help you make your targets while you're learning and support you. You don't tend to need lots of qualifications too.

I wish I'd worked in sales earlier - you genuinely do tend to get paid more the harder you work, which is not the norm in most places.

Did well at school, went to good uni and got good 'academic' degree, and then chose a career. Worked in that career for 10 years before I had children. OH, who went to same uni and got better degree, didn't pick the career choice option, and so now he is self employed (in his industry, archaeology), but manages the children / childcare around it, allowing me to work FT without any worries about school pick ups / clubs etc.

All the rich people I know (non-inherited) did the same route i.e. worked hard at school / uni, and picked a career, i.e. law, medicine, accountancy etc.

Most, because of their age (mid forties and upwards), have also made money on house prices in the last 20 years as well.

This discussion doesn’t include being thrifty at all. People on very different incomes end up equivalently rich through different buying patterns. We were extremely careful with money when saving to buy a house. We currently have a very different spending pattern and are not saving much and we need to change that next year.

Grafted and compromises
Got a job with a rubbish basic but incredible commission structure, put all the commission into savings and worked at a pub for extra pennies for fun money so I could just keep saving and saving. I use the savings for daft things like holidays but I’m planning on buying a second property at some point.
I bought a house and got a lodger which is extra cash flow too.

A lodger is an easy way to get a bit of extra cash and I actually made a really good friend too. It’s tax free income up to £7000 a year too.

I'm rich. I didn't think I was, but on another thread I made a comment that spending £2K on a holiday wasn't hugely extravagant, and everyone piled in to tell me that it was alright for rich people like me and that anyone spending £2K on a holiday obviously had money to burn. I got so much abuse telling me how unreasonable I was and how the super rich like me had no idea of the realities of life, that when I got to my holiday destination, I was quite disappointed that I wasn't stood between Roman Abromovic and the Sultan of Brunei in the queue for the toast machine at breakfast.

We aren't "rich" but in our early 20s have a household income of 60k+, and it was hard work.. we both worked our arses off since school both completing degrees in difficult subjects, working all kinds of hours and bending over backwards to progress in our careers and prove ourselves. However its finally starting to pay off..

I was on an ok career path then was made redundant on mat leave. Took a mat cover role for a year - great experience. Didn't get anything for the next six months - very frustrating. Then got another mat cover. Paid less and was squeaky tight financially but it was a chance to update my skills and learn lots. Then got a fab job. But I only got it cause of the skills I'd learnt in that crappy jobs.

You have an excellent skill you can utilise. Chef for private dinner parties or buy a hog roasting kit and do weddings and festivals.