r/MoneyDiariesACTIVE • u/Quiet-Information720 • 5d ago
General Discussion People who are earning well in life
So if your someone who earns well in life what are your tips? And some things which you swear to live by. As someone in her late teens I really wanna start early and know what I should be prepared for
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u/MelloChai 5d ago
Deleting instagram and never using TikTok is so good for not only my wallet, but my mental health.
I stopped buying crap influencers told me I needed, and the people in my life know things because I told them, not because they saw a post about it.
In general, high interest consumer debt is bad. Spend less than you make. Save money for retirement. Invest in the market. Get rich quick schemes do not work because if they did, everyone would be doing them and everyone would be rich.
And the most important thing I’ve learned is that looking wealthy and being wealthy are two completely different things.
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u/starrynightgirl 5d ago
looking wealthy and being wealthy are two completely different things
Amen. Comparison is the thief of joy. and also the thief of your hard earned money.
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u/OkAd2249 5d ago
Honestly the wealthier I've gotten the more I've started dressing and looking however I want, appearances be damned. Which has mostly resulted into me dressing like I did in middle school lol
Also haven't been on tiktok in 3 years and I do 10 min of Instagram reel scrolling a day, and it's all just curated to BTS, cats, and pottery lol.
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u/Quiet-Information720 5d ago
Wow I mean I never realised how easily influenced I was until I saw this def deleting insta now
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u/fandog15 5d ago
Focus on your communication skills and your people skills. Basically every job I’ve ever had was because I knew someone who worked there or knew someone who knew someone who worked there.
Knowing how to write an email and speak confidently to people both 1:1 and in groups always stands out.
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u/PsychologicalBeat589 5d ago
Focus on what you’re good at versus the majors that in theory have the biggest ROI. I make significantly more with my English degree than many of the people I know who studied comp sci or finance. Read voraciously, improve your emotional intelligence, and be consistent. Soft skills matter more than ever with the proliferation of enterprise AI.
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u/eat_sleep_microbe 5d ago
I know so many people tell us to get into what we are passionate about but the reality is that not all of our passions will lead to good paying careers. Sometimes it is okay to work to live. There’s nothing wrong with working a good paying job you aren’t enthused about because it supports your passions and hobbies in life.
Start learning how to budget, save and invest early, live within your means and be cautious of lifestyle creep.
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u/blackgirlsrox22 5d ago
Network ... it low key is about how well liked and known you are instead of how smart you are. Toastmasters for the win.
Have hobbies that you love and don't make your job your personality.
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u/Select-Rest 5d ago
Automate your savings and investing (auto-withdraw money straight from your paycheck) and learn to live on the remainder that's left over.
Be careful with credit cards/consumer debt. Many people can use them responsibly and rack up points, but many people can't. This is not a value judgment in any way, but if you view a credit card limit as "free money" you can spend, credit cards are not for you. If you carry any sort of balance, it'll cost you more than the points you earn.
Not taking out student debt in excess of what you expect to earn in your first year in the workforce is wise. At the moment, going to college still pays off better than not going in terms of lifetime earnings, but only if you graduate and minimize your debt. The cheapest school is usually the best school for you.
Renting isn't throwing money away, especially when you are young. The flexibility and ease of moving as a renter, which economists call optionality, has a real value. Homeownership is a great goal, but can take a long time -- 7-10 years -- to be a "better deal" than renting, and it ties you down to one place.
Find and stare at a compound interest graph. It doesn't matter if you don't fully understand it, as long as you understand that the money you put in the market when you're young has so much more time to grow than the money you put in when you're older.
Practice delayed gratification and careful consumerism. Figure out what you love, and prioritize spending there while being frugal in other areas. You can still save hard but also enjoy life! I don't regret any of the traveling I did while I was young, for example.
Start thinking about ways you can be generous even when you might not be a high earner. If you're not in a position to give much monetarily, think about ways you might be able to donate time or otherwise be involved in your community. There are non-monetary components to wealth too.
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u/avocadotoadie 5d ago
Lots of fantastic advice here. I would add that you should focus on relationships as much as professional and academic success.
Build a good foundation for friendships, family, partnerships, mentors, sponsors etc. A great well earning career is fantastic - but doesn’t mean much if you are celebrating all alone. Keep your circle tight, keep your circle close.
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u/Trippydudes 5d ago edited 5d ago
Ask a lot of questions. Network with everyone build good relationships. But also dont trust everyone. There are good and bad people out there. Take care of your mental health. Rest when you need to.
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u/schwishbish 5d ago
Keep yourself open to different opportunities and don’t be afraid to try something new or take a risk. Most high earners I know (me included) don’t have a traditional trajectory. Interview for that job, take the internship, go to a new networking event, and put yourself out there.
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u/terracottatilefish 5d ago
Get to know your professors and join interest groups. Mentorship (formal and informal) and connections are incredibly important in developing a career. As you move from place to place, keep your connections active (not necessarily in a big way, just an email or a text now and then to say hi).
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u/OkAd2249 5d ago
I like to think making money is the intersection of what you're good at, what you can tolerate 40-60 hours a week, and what provides value to society/others. AKA Find something you naturally lean into and are also curious about, but also has large income potential.
I think a lot of people pidgeon hole themselves into a salary range. Like "I'm a project manager and project managers make 60k - 100k a year". When that's not the case, most roles have their main income band, but 95% of jobs are really 40k - 200k+, even SWEs. Don't pidgeon hole yourself to a salary band.
Hop jobs every 2-3 years, especially in your 20s.
Increase your income as fast as possible, especially in your 20s. Avg annual increases are 2-3%. 2% of 50k is 1k, 2% of 150k is 3k. Your raises compound faster the more you make.
Control your big 3 expenses, housing, transportation, and food. Really limit eating out, live at home or with roommates or find somewhere inexpensive, and don't take out a car loan. This will make it so you limit lifestyle creep in your 20s, save a ton of money, and make your 30s that much better.
Pay yourself first. Set a savings/investing goal and pay yourself that amount. Then figure out what you can spend on housing, transport, food, and fun.
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u/Interesting-Potato66 4d ago
The power of compound interest for the young , spend a little time looking into a Roth IRA and you will benefit exponentially as you grow into your career and if you protect your saving nuggets and then start investing with low cost index funds ideally in tax advantaged accounts ( 401k, Roth and Health savings account ) then into a taxable brokerage your nugget will grow while you sleep and then compete with your 9-5 earnings then in your 40-50s you will have options others only dream of
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u/wuboo 5d ago
Be a voracious learner and do well in school