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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask how I can become "rich"?

447 replies

raincabin · 08/11/2022 00:04

I know this sounds ridiculous.

I would like to be a high earner, I grew up working class and my knowledge in this area is lacking. I have tried to do my own research but found it difficult, with a lot of opposing answers and many sites/people just trying to sell!

I am doing a midwifery degree, I have always been academic and considered law but I knew I would find it boring.

What can I/should I do so that I can become a high earner?

I dream of nice cars, holidays and not having to worry about stretching until the end of the month. I'd also love to be able to send DC to private school.

I am open to anything.

OP posts:
Katelyn88 · 08/11/2022 07:13

I am a high earner. I made a choice early in my career, went into a profession that paid very well. It wasn’t something I was super interested in back then (I didn’t hate it too). Early days were very hard. Regular 60+hr weeks. I love my job now and the sacrifices are paying off.

I pursue interests as hobbies.

The amount of entitlement in people is jaw dropping when they say oh I want to make a lot of money but I’m not interested in any of the high paying fields !!

Katelyn88 · 08/11/2022 07:18

Oh and when you eventually get rich, you stay rich by using the money wisely.

Many sensible high earning families live On one income and save/invest the other income.

emmetgirl · 08/11/2022 07:21

You'll never get rich working for someone else. Start your own business

JennyForeigner · 08/11/2022 07:21

Sorry you have had such a rotten time on this thread OP. Some posters are so weird.

You sound like a great mum to me, trying to figure out a secure life for your DC. There is nothing wrong with wanting a decent quality of life either, and even dreaming a little.

Medical negligence law could be interesting for you one day, and your midwife qualifications would be an asset. It's basically bringing experts together. But why rush? And why not aspire to be one of the experts instead of the solicitor bringing the case together?

I have never regretted finishing one thing and then giving it a little bit of time to see what falls into your lap. With the NHS changes now underway and staffing issues there will be a lot of pressure - let alone chances - to move up the ladder as soon as you can. And then there are lots of related fields including NHS leadership and clinical governance.

The hard work you have already done is the first steps on the ladder. To mix a metaphor, now it's about maximising the value of your hand before you turn over the cards. And just knowing that it isn't forever will make midwifery feel more bearable. Every day is valuable experience.

L1ttledrummergirl · 08/11/2022 07:22

Sell your soul and join the conservative party, then become a donor and get yourself a nice fat government contract you have neither the skill nor expertise to fulfill. Do a piss poor job and you'll probably get a knighthood as well.

Luckydip1 · 08/11/2022 07:23

You need to be have one of the following
Very intelligent
Lucky
Very driven
Well connected and persuasive
Marry someone rich

Annoyed200722 · 08/11/2022 07:26

DH and I have an income a bit over what you talk of. We come from working class backgrounds and it doesn't make us rich. We have an okay house, but nothing particularly special (we are SE though). We drive an okay car (think three year old SUV, but not a fancy brand) and have one foreign holiday and a couple of UK break each year. Can't afford lots of luxury items, although kids do a few extra curriculars. Private school is definitely out of the question.

The rich you talk of tends to come from being very successful in your own ventures, banking careers or, as we see if most 'rich' people round us, inheriting/ having 'family money' on top of a good income.

Bestcatmum · 08/11/2022 07:28

You won't get rich being a midwife. Switch to podiatry instead. When I did private podiatry I earned £5k a month After tax. The guy who owned the business was a millionaire. He hired other pods and took a cut of 50%.
I'm back in the NHS now because I find it more interesting but that's a personal choice.

ping78 · 08/11/2022 07:28

OP you're still really young, I went into a sensible low paying career in my 20s that I enjoyed, but by my 30s realised I wanted more from my lifestyle. Took a different step and on a much higher trajectory now, and actually enjoy the job and feel more valued now.

Have a look at cyber security, it doesn't have to be as technical as it sounds, lots of different facets to cyber security although you're young enough to train up anyway, don't need a degree, they date very quickly in tech; experience and courses will do it. Lots of apprenticeships about. Civil service could be a good place to look to get trained up.

Els1e · 08/11/2022 07:29

I read somewhere that highest earning roles are mainly within finance, law or IT. Not sure if that is true but it might be worth you looking into. One of my friends runs a very successful cleaning company. She started off with just her, working self employed to fit in with kids. Then started employing others, gaining contracts with pubs, restaurants plus the residential work. All her children went to private school and she is comfortable off. Good business head though and does put in a lot of hours.

RedHelenB · 08/11/2022 07:29

raincabin · 08/11/2022 02:56

Careers? I am 22. I have had one career that I am currently doing extremely well in.

If you could read, you'd already know that.

Being a student isn't a career.

XmasElf10 · 08/11/2022 07:29

I’m going to ignore the bickering. With a medical background / interest have you considered clinical research? There are large CROs (Iqvia, Syneos Health, Parexel for example) that run clinical trials for pharma companies. They need clinical monitors. It’s not an immediate big ticket salary but you can work up to £100k plus as a Director / Snr Director. I’d expect that to take you 10hrs plus and you’d need to be really good (proactive, own what you do, detail oriented, etc.) but it’s not a badly paid career generally. I think you will find that if you start on 25k and slowly work up to 100k that when you get there it doesn’t feel like rich because your outgoings have risen alongside your salary.

Alondra · 08/11/2022 07:30

Midwife will give a nice but average wage. If you really want to earn money, the professions to train for are: dentist, specialist doctor, anaesthetist, engineering, architect, finance (masters in commerce and finance) and senior data analysts.

Any master degree based on commerce/IT, maths and science will get a high earning salary.

LimitIsUp · 08/11/2022 07:31

Economics degree and then into banking / the city
Or Computer science degree

VeggieSalsa · 08/11/2022 07:31

Another vote for the Big 4 accountancy route. It’s not that mathsy, and what I do is probably closer to law. I started in a grad role ten years ago, will get a pay rise this year following a promotion to between £90k-£100k. The next promotion in 2-5 years would be to partner, and depending on which firm you’re at, that grade has an average salary between £500k-£1m. It’ll take a few years to get near that though.

BUT, our household income is about £125k and it is not enough to never think about money (although close), and affording private school would mean struggling to make ends meet… so you might need to set your aims higher than £100k income, and you should think about what time frame you intend to get to this in as it will take some time to work up to.

Lightsoutlondon · 08/11/2022 07:35

Agree with what a PP has said, don't confuse salary earned with wealth. There will be people out there earn £50k and feel rich, and others earning £150k who feel it never stretches far enough.

OP I mean this kindly, but you have already made some choices that decrease your likelihood of getting what you want. Having a child young is one - it's very difficult to work the kind of long hours often demanded by the highest paying career tracks, with a child at home - especially if you are single which I'm assuming you are, as you haven't mentioned a partner.

Dropping out of A-levels is another - for many top paid jobs entry into a graduate fast track is required, and whatever anyone thinks they do look at your A-level /pre-university grades. An access course does not have the same kudos.

You are now considering dropping out/switching from your midwifery degree onto a different degree. If you do this, you will already have incurred £10-£15k+ of debt on a wasted first year of a degree - that sort of debt takes years to pay off, further delaying financial comfort. Whatever you do, you need to stick with it.

Also understand: you already have a child. The chance of being able to get to the sort of financial position to pay for private school, in time to do so for a child already born, is very unlikely. Set yourself more realistic goals. The sort of people who earn enough to pay for private education tend to work intensively for 10 years after graduation to build their career, delaying marriage and children until at least early 30's. They are already earning the big salaries before having children. It's so much harder to build a career with young children.

Next: cars. Lots of financially comfortable people don't drive 'nice' cars. Because they are expensive, and depreciate, and are poor assets to throw your money into.

Honestly, set yourself a more realistic goal of achieving financial security for yourself and your DC. As a PP has noted, you need to keep outgoings, below incomings, and over time you will build savings and security, which feels pretty good.
I know you feel disheartened by midwifery but actually I think you should stick with it. Don't waste the year you've already completed. Finish the degree, get a job, and start building security, once you are working and earning you can explore some different avenues within healthcare to earn a more comfortable salary. NHS jobs at least are very secure, and come with a very desirable. It's not to be sniffed at. If you live in a less expensive area you can still enjoy a decent standard of living.

KweenieBeanz · 08/11/2022 07:40

People suggesting big four accountancy - do you understand those jobs aren't easy to get into 😂 lots of peers of mine at a top ranked Russell group uni applied to big four grad schemes and didn't manage to pass the psychometric tests as they just weren't quick enough on the maths. Big Four don't just accept anyone they are always scouting for bright, quick grads with an academic background. Even then lots who join them fail the accountancy exams they put their trainees through, and lots more don't ever rise to the sort of ranks that command £100k+ salaries....

Cosycover · 08/11/2022 07:40

If you don't mind boring what about Auditing? Takes years of study though.

Or get into something financial. My brother started working in a bank after school and now he has a Chandler Bing job doing something in investments and earns a bloody fortune.

FindingMeno · 08/11/2022 07:42

Just stating a fact in my life.
The rich women I know were mainly either born into money or married money.

Halloweenyesterday · 08/11/2022 07:43

Why did you go into midwifery if you want a high earning career? It’s rewarding work but has an average salary

Duttercup · 08/11/2022 07:43

EdgeOfACoin · 08/11/2022 06:28

This is a pretty good idea, actually. Pharmaceutical sales. Your background in midwifery would help, I imagine.

There's many more jobs in pharma than sales. It's an oddly unknown industry but is a brilliant route for any HCP who wants to get out of the NHS grind. Working with hospital sites that conduct research, for example.

SleeplessinSouthwold · 08/11/2022 07:44

raincabin · 08/11/2022 01:12

I was considering this, you can go into aesthetics as a midwife but the market already appears saturated as it is, let alone when I qualify in two years.

I think you"re right but a lot of the competition is going to fall by the wayside with the introduction of new regulations; they're simply not qualified enough to do this and no on should let them near their face with a needle.
If you are good at it there is always room for the best, whatever you do.

Namechanger965 · 08/11/2022 07:45

29 out of every 30 midwives that qualify either leave or, don't start at all.

@raincabin that’s not true. You’ve misunderstood the statistic. The NHS gains about 1 midwife for every 30 it trains. The newly qualified midwives are getting jobs the issue is that so many existing midwives are leaving that it cancels out the newly qualified.

www.rcm.org.uk/media-releases/2018/september/nhs-gains-just-one-extra-midwife-for-every-30-trained-new-rcm-report/

Raddix · 08/11/2022 07:47

Based on people I know who are rich:

You either need to have no kids or have a partner who will take over the everyday admin of looking after kids. A top level job will expect early starts, late finishes and overnight business trips. It is not compatible with family life. My husband has this sort of job and he basically does nothing except work, he can’t do any school runs or sick days etc.

Some people get lucky and are able to start off poor and become rich, but in many cases the rich come from rich families who give them a leg up. Even to the extent that employers are looking for someone “cultured” and “well spoken” when they hire for a top job, with the “right” physical look that is posh enough to fit in. If you look and sound like you’re from a council estate you won’t get hired no matter what qualifications you have.

The specific job is somewhat irrelevant. You can make a lot of money in pretty much anything if you reach the top. In many cases the top earners do very little - they got their jobs through connections not talent, and they basically just manage the smart and well qualified people underneath them. My husband’s boss doesn’t even know what he does.

The easiest way to get rich is to decouple your working hours from your earning capacity. If you’re working 40 hours then your salary will never exceed 40x your hourly wage. You need to start a business and hire other people so you can profit from their labour. Pick a job where you can learn the ropes then start your own business - whether that’s a legal practice, a dentist, a hairdresser, a handbag designer etc.

youlightupmyday · 08/11/2022 07:47

Luckydip1 · 08/11/2022 07:23

You need to be have one of the following
Very intelligent
Lucky
Very driven
Well connected and persuasive
Marry someone rich

This. What have seen work is your peer group, not necessarily old boys network, as i didn't have one but finding the tribe you relate to and being friends/ networking with those people. That is where oppirtunities lie.

One way is joining professions that make money through whatever means you have. E.g. marketing and comms in lawfirms, investment banks, large multinationals and learning their language. Seizing opportunities.