Salary Envy

[IcebergRightAhead]

I know this is self-indulgent and I’m being jealous and unreasonable but I just want to vent.

I’m not a particularly high earner but I’m fairly comfortable. I’m in a career where I am sitting exams for a professional qualification. The exams are notoriously difficult and the pass rates generally very low. This industry always came up as a “top paying” career when I was at university and is difficult to break into. You get a pay rise when passing an exam - but passing an exam is easier said than done.

All around me in my life I’m coming across all sorts of people who are comfortably out-earning me by a large margin, and they make it seem so effortless. I’m not talking about particularly driven or intelligent people, either - just normal people who’ve got jobs after uni in marketing or recruitment or a basic entry-level job and have worked their way up, and the money is rolling in for them.

I feel like I’m doing all the “right” things and struggling and yet others are handing on their feet and having weekends away every month, on top of three week holidays in the summer, driving nice cars and buying themselves large houses.

Does anyone else feel frustrated at their situation? I know jealousy is ugly and comparison is the thief of joy, but I’m really starting to wonder “what’s the point”?

I spent years climbing the corporate ladder, only to find it was leaning up against the wrong wall.

Someone is always earning more, and the times I've been the happiest have been when I've been earning the least. Less so my bank manager.

When I was earning more, I spent a ton on shit that I didn't need. Such a waste.

Work a job you love and never work a day in your life.
Or work for the most money and crucify yourself possibly with long hours.
Pick your poison. 🤷‍♀️

Are you studying to be an actuary?

Are you sure all of these people are earning more? Or are they just more comfortable having debt than you are?

Your disregard for someone getting themselves a job in marketing is both funny and silly.
I "got myself a job in marketing" and earned well. But I was responsible for generating all the enquiries on which my employer's sales were based. If I didn't generate 75% more enquiries in a year, my company didn't grow at the required rate and I'd be out of a job fairly sharpish. What do you imagine it involves, printing a few brochures and writing a bit of social media?

I avoided the corporate ladder and chose small startups BECAUSE the salaries were higher. More risk, greater return.
If you go for the safe option, which it sounds like you have, your salary will peak later.

I work for the public sector. I'm a graduate but know I'm always going to be earning an 'average' salary of 30-something thousand. I don't particulary enjoy my job; working with the public is usually not rewarding.

I do look at some people where they are earning 100k or something. Do I think they're more content than me, probably not. Not that my life is perfect, far from it. Are they worth more somehow? Of course not. When I was in my teens or twenties I thought salaries were the most important thing.

I guess I'm just happy with my lot and learned acceptance and that health is the most important thing to me. 30k or 300k, makes no difference to me.

Exactly my thought!

yes my son is training to be an actuary too. He gets one study day most weeks though, and already has some exemptions from his degree.

I’m a qualified actuary. Actuarial salaries have just not kept up with those in other industries.

I also am surrounded by people who earn similar or more than I do that haven’t had to put such an effort in to get there as I have. I get your frustration.

I also thought actuary. Consulting pays well though. DH only has half his actuarial exams and does it.

My child is thinking of becoming an insurance actuary. Would you say it’s not worth it these days? Was looking at LinkedIn recruiter posts and it does seem that once qualified you can get a 90-100k salary, seems pretty goid. Is this true or does it plateau after?

I don’t stress. It’s all to do with chosen career paths.

I feel I took a long time to mature and properly launch so my income is behind many of my peers (plus my wealth is behind many as my life has always been single income).

But then I look at my family members who are social workers and nurses who earn far less than me despite working harder with more stress. It’s swings and roundabouts.

Comparison is the thief of joy so try to not let it steal your joy.

Good question!

At the risk of trotting out a cliche, comparison is the thief of joy, and you really need to resist the desire to compare yourself with other people.

Also, unless you have intimate details of their finances, how do you know how they’re paying for this stuff? They might have maxed out credit cards and be swallowed up with debt. They might prioritise weekends away over other spending.

When I was early in my career, I deliberately got a cheap studio apartment in not the best area so I had more disposable income to spend socialising and travelling - paying a huge amount in rent seemed pointless to me.

Oh it’s definitely still a well paid career. Just not quite as lucrative as it used to be. Salaries have stalled because of competition from cheaper Indian actuaries.

My point was that you can now make similar salaries in other careers without going through the horrific exam process that actuaries need to to qualify.

Not salary envy per say. Even though im on less than others, but like you in the exam process to climb up further through work.

But i do get envy, with how others seem to learn, communicate professionally effortlessly..and i'm spending nights hashing it out, refining work, top up study to learn extra bits or code that others seemed to have just 'Got it' straight away.
I get frustrated that i have to try so much harder to meet everyones default level and it makes me feel insecure and dumb 😅

So what was your plan when you left school- degree? Is it relevant now?
What will your income be when you are qualified?

I’m not talking about particularly driven or intelligent people, either - just normal people who’ve got jobs after uni in marketing or recruitment or a basic entry-level job and have worked their way up, and the money is rolling in for them.

Normal people don't earn shedloads unless they are on commission (ie in recruitment perhaps and that is a tough job.)

What do you consider a good income? What is rolling in?

The person I know in their early 30s who earns shedloads is working for one of the top investment banks in London. Straight there after uni.

Other people I know who earn 6 figures in their 30s are in computer science/ data, private equity companies, etc. And they work bloody hard- often 12 hour days.

I don't think the people you know are typical.

I would advise against it. If your DC likes maths/finance they would be better off doing a maths degree and can still become an actuary.

One big aspect of wealth/incomes is risk. Low risk careers - accountant, actuary, public sector etc - often involve hard work, exams and moderate salaries. But on the other hand they are quite secure and your income over time is fairly predictable.

Working for a start-up/tech company/the more free-wheeling parts of finance is much riskier. You might lose your job tomorrow and never get a comparable one. You might get paid half as much next year as you were this year, even at the same job. You might be forced to invest half of your earnings in your employer, which then goes bust and you lose everything. But if it goes well and you get lucky you can make ten times as much as the people in the steady careers.

The people who took risk and it paid off will buy the big houses and cars and put pictures on instagram. The people who lost everything probably won’t be posting much. So you only see one side of it.

Think about whether you want a low risk career or a high risk one. If you choose a high risk one, don’t complain if it goes wrong. And if you choose a low risk one, remember that security when you’re looking at social media and see that someone else has more money.

Do you have everything you need love,food, heat, water, health, treats why can't this be enough are the people around you on higher salaries actually happy. I've never been a person who is interested in stuff aslong as I can pay my bills and have some extra I don't need a large bank balance. I value my time. People earning these huge salaries are often working 60/70 hour weeks thats not a life and actually sounds miserable

That is why you should choose a job that is meaningful and interesting to you

if you just chase the money you are bound to be disappointed

Also remember some people are gifted money or receive generous inheritance amounts of money.

I often wondered how a 30 something woman in my running group could afford to go on expensive holidays twice a year. It turns out she is mortgage free due to her mother gifting her money.

If they have worked their way up and are now on a decent salary, then they must be driven. You don’t end up on (just as an example) £80k a year by luck.

I earn the highest salary out of everyone in my friendship group, but I had the least amount of qualifications when we were all younger. I left school with the equivalent of 2 GCSE’s, the rest went onto do A levels and some went to Uni. I just happen to choose a career path that I loved and have been driven to move up the career ladder bit by bit over the years.

I get things done, exceed targets and expectations, but to you and others it may just appear (from the outside) that I have just cruised casually to where I am. Behind the scenes, I have worked hard to be paid the salary I am on.

Child does Economics degree has an actuary trainee offer but as this thread and OP says, doesn’t seem all rosy.

Ah that makes sense. Classic tradeoff between stability and high salaries. Yh competition from abroad is a worry.

anyways sorry for hijacking your thread OP!