Highest paying specialty?

[Littlespark99]

Good morning everyone,

I'm new to the forum so firstly hello I am currently training to become an electrician however I'm undecided as to what kind I should be. I currently have my level 2 City and guilds + ecs card and am working towards my level 3. I have a few weeks experience in domestic wiring (I've just started thanks to my teacher recommending me to someone). I've thought a lot about getting into rail or UPS or even test related kind of work but I've yet to talk about this to someone who knows what they're talking about. My main concern is money and career progression. I'd like to at least be earning 40k take home a year by the time I'm 30 (I'm currently 18), ideally about 80-100k+ by the time I'm 40. These are just some personal goals and obviously don't need to be met I just need to know the best possible path to get there. I enjoy electrical work so I'm not fussed too much about what kind as long as the pay is good. Also I'm a little stressed as I was told it'd be much more difficult to find an apprenticeship after I turn 19 which is soon, should I be worried? I would greatly appreciate any advice given. If you have any questions please let me know.

Thank you

 

[Squid]

Lotus? Really? well, I'll raise you my Reliant Scimitar, and throw in my Gilbern Invader!
In exchange for something that works...

What model?

Mate was doing the head on this,

 

[DefyG]

Unless you are employing a number of people £100k a year is unrealistic as a SE 'one man band', unless you can really find that niche speciality that we all search for but then again £100k when you are 40 may equate to about £45k in todays terms!

 

[Brian Taylor]

I think you have to be realistic...I've been in the industry for 40 years and earn well under £15000.oo per year..if you're after the sort of money you state may i respectfully suggest that being a sparks is not what you should be considering....try becoming a member of parliament..they seem to get a good screw for minimum qualifications.

 

[TJ Anderson]

I think you have to be realistic...I've been in the industry for 40 years and earn well under £15000.oo per year..if you're after the sort of money you state may i respectfully suggest that being a sparks is not what you should be considering....try becoming a member of parliament..they seem to get a good screw for minimum qualifications.

15k? What are you doing man!!

 

[Deuce]

I think you have to be realistic...I've been in the industry for 40 years and earn well under £15000.oo per year..if you're after the sort of money you state may i respectfully suggest that being a sparks is not what you should be considering....try becoming a member of parliament..they seem to get a good screw for minimum qualifications.

You worked one career for 40 years to achieve minimum wage!?

Pretty much every self employed spark I know, once they're established earns about £40-45k a year, on the basis that with a good reputation that's not too tough to achieve, and that it's fairly pointless trying to earn more as you jump into the next tax band = more work for less reward and starts to screw with the work/life balance.

 

[TJ Anderson]

I'm sure Brian miss typed

 

[TJ Anderson]

You worked one career for 40 years to achieve minimum wage!?

Pretty much every self employed spark I know, once they're established earns about £40-45k a year, on the basis that with a good reputation that's not too tough to achieve, and that it's fairly pointless trying to earn more as you jump into the next tax band = more work for less reward and starts to screw with the work/life balance.

You're LTD co aren't you.......45k+ is not an issue when you're Ltd as I'm sure you know

 

[Deuce]

I'm sure Brian miss typed

That's what I thought, but then 150k wouldn't make any more sense given the context.

 

[Deuce]

You're LTD co aren't you.......45k+ is not an issue when you're Ltd as I'm sure you know

It actually makes very little difference these days. As it happens I also cap my drawing (salary/dividends) at the same sort of tax sensible level, and any excess goes into a complicated buy to let project we set up in place of a pension plan... I'll let you know how that worked out in 20-30 years

I suppose the one thing about being ltd is if you have a good year you can leave the excess in the company and draw on it the next year, with less pressure to work as hard. But in the end, if salary or salary+dividends exceed the limit, you go into 40% tax. Or as I call it, the de-motivation tax.

 

[lumenmachine]

£1270 a week not £1200

Year Month Week
Gross Wage £100,000 £8,333 £1,923
Taxable Wage £88,141 £7,

 

[lumenmachine]

I'm in Scotland and I'm 31. My friends who earn that kind of money are in Oil and Gas, there is demand for HNC qualified sparks in decommissioning work at the moment. The people here who make good money are either on the rigs or have their own small companies in wealthy communities and are confident enough to charge what they are worth.

Also, watch out for the boys who say they earn next to nothing, they're usually the ones who make £100k before they've combed their hair in the morning!

 

[tudore]

100k is achievable but you'll have to work long hours and usually far from home. This summer I was offered work on Tottenham football stadium at £2400 per week, but that required working 12 hours a day and 7 days a week. So £100k+ is achievable, but not sustainable. firstly you will burn out. secondly you will have little social life and no family life, thirdly these projects are not continuous, so even if you could, the work won't be there all year every year.

 

[Deuce]

Another angle on this "I want 100k a year by X age" view...

There isn't really very much difference in lifestyle between 50k - 100k. The shift in tax means that of the extra £25k, you will only see around half of it anyway. And lets face it, if you're on £40-50k already, you're already in an income bracket where you don't have to worry too much about money. Those that earn minimum wage have to worry about the pennies when they're in the supermarket. For me, the biggest leap in quality of life money-wise came at the point I simply didn't have to worry about that sort of thing anymore. So if I see something I want to eat/drink, into the basket it goes. Same as worrying about MPG of my car, or whether I can afford to eat out overnight on holiday. The biggest leap anyone will make wealth-wise is simply not having to worry about cash everyday. Beyond that leap, there is no other leap until you reach the point where you have the supercar, 7 bed house with pool ect, at which point you can call yourself a rich bast@rd.

Earning effectively an extra £25k wouldn't really make very much difference. I would need to be earning substantially more to make my lifestyle 'better'. But on the other hand, for a spark, as has been pointed out, generally higher income means more hours, or in some way more stress and/or time away from home.

So at best you have a mildly wealthier lifestyle, but you get to enjoy far less of it one way or another.

 

[snowhead]

So at best you have a mildly wealthier lifestyle, but you get to enjoy far less of it one way or another.

It's also the difference between having a chipboard casket and solid oak casket.
You'll probably be paying for the solid oak long before the chipboard one.

 

[Deuce]

It's also the difference between having a chipboard casket and solid oak casket.
You'll probably be paying for the solid oak long before the chipboard one.

To be clear I'm not paying for my own casket. Sling me in the back of the rubbish truck for all I care

For sure though, chasing ££ has many hidden costs in the form of stress, health and relationships. If you've got a comfortable house, a full fridge and a reliable mode of transport, you're basically in a place where you can have a great life full of experiences without needing very much more.

My only flamboyance is my car, but I could argue it still serves a functional purpose at least