There was a time when certain careers almost guaranteed that you’d be pretty flush with cash (or extremely comfortable, at the very least).
If you landed a job in one of these fields, you could expect a great salary, a solid pension, and maybe even an early retirement. Sadly, times really have changed. Rising living costs, stagnant wages, and changes in industry demand mean that many jobs that once led to wealth now barely cover basic expenses. You might have got rich working in these fields back in the day, but today, you’d probably just manage to pay the bills.
1. Being a doctor
Becoming a doctor was once considered the ultimate path to financial security. With high salaries and strong job stability, it was seen as a profession that would set you up for life. While doctors still earn well, the cost of training, long working hours, and NHS budget pressures have changed the reality.
For many doctors, especially in general practice, pay has not kept up with inflation, and increasing workloads mean that the job is more stressful than ever. After years of medical school and student debt, many doctors find they are working long hours just to maintain a middle-class lifestyle.
2. Running a small retail business
Owning a shop used to be a ticket to financial independence. With loyal local customers and steady profits, shop owners could build a strong business and live comfortably. But thanks to online shopping and the dominance of big retailers, it’s become much harder for independent stores to survive outside of “artsy” areas of certain cities and towns.
High rent prices, business rates, and shifting consumer habits have pushed many small retailers to the brink. Instead of leading to wealth, running a shop now often feels like a constant struggle just to break even.
3. Working as a journalist
Source: Unsplash Journalism used to be a well-paid, respected career. Top newspaper and magazine reporters could make excellent money, and even entry-level positions provided a stable path to financial success. But with the decline of print media and the rise of digital content, salaries in journalism have plummeted.
Many journalists now work on short-term contracts, with lower wages and little job security. The popularity of unpaid internships and freelance work means breaking into the industry is harder than ever, and even experienced reporters find it tough to earn what they once did.
4. Being a university lecturer
Teaching at a university used to be a prestigious and well-paid job. Lecturers had good salaries, benefits, and a comfortable work-life balance. But with funding cuts and an increase in casual contracts, the financial reality of being an academic has changed.
Many university lecturers now struggle with low pay, insecure contracts, and heavy workloads. A job that once promised stability and intellectual freedom now often comes with long hours, bureaucratic pressures, and financial uncertainty.
5. Working in banking
Banking was once one of the surest ways to make a lot of money. Whether you were a branch manager or an investment banker, the industry offered high salaries, bonuses, and long-term financial security. But in recent years, the banking sector has changed dramatically.
Many banking roles have been automated or outsourced, and traditional bank branches are closing at record rates. While top-tier finance jobs still pay well, many mid-level banking roles no longer offer the financial rewards they once did.
6. Being a lawyer
Law has always been a high-earning profession, but unless you’re at the top of a major firm, it no longer guarantees wealth. Many lawyers, especially in smaller firms or public sector roles, now find that their pay isn’t as competitive as it once was.
With an oversupply of law graduates and firms cutting costs, junior lawyers often struggle to find well-paid positions. Many solicitors work long hours for salaries that don’t reflect the time and effort it took to qualify.
7. Owning rental properties
Landlords used to make a fortune from rental properties. Low house prices and rising rents made buy-to-let a highly profitable investment. But with new tax regulations, stricter rental laws, and high property prices, making money from rentals isn’t as easy as it used to be.
Many landlords now find that their profits are shrinking, and managing rental properties comes with increasing costs and legal responsibilities. What was once a passive income stream has become a job in itself, with fewer financial rewards.
8. Working as a photographer
Photography was once a lucrative career. Whether working in fashion, weddings, or commercial shoots, skilled photographers could charge high rates for their work. But with the rise of smartphones, stock photography, and social media, the industry has changed dramatically.
Many people now expect photography to be cheap, or even free. The competition is higher than ever, and making a full-time income from photography has become much harder. While top photographers still make good money, the average professional is struggling to turn their passion into profit.
9. Being a taxi driver
Driving a taxi used to be a solid way to earn a good living. Before the rise of ride-hailing apps, black cabs and private hire drivers could set their own fares and build a reliable customer base. But with companies like Uber and Bolt taking over the industry, the financial picture has changed.
Fares are lower, competition is tougher, and drivers now have to work longer hours just to make the same money. Many traditional taxi drivers have seen their earnings drop significantly, making it a much less profitable job than it once was.
10. Working in the arts
Careers in the arts, whether as a musician, actor, or writer, used to come with more financial opportunities. While making it big was always a challenge, those who found steady work could earn a comfortable living. But with budget cuts, streaming services, and a change towards unpaid work, making a career in the arts has become much harder.
Many talented artists now struggle to find stable income, with fewer grants, lower ticket sales, and more people expecting creative work for free. What was once a respected and well-paid career now often requires side jobs just to make ends meet.
