I make £30,000 a month — when you earn more, you want more

Welcome back to Me and My Money, Metro’s series taking a peek into the nation’s wallets and bank accounts.

This week we meet Londoner Patrick Reid, 55, who was a DJ and BBC producer before switching careers to become a foreign exchange (FX) trader at the age of 38.

He started out as the oldest apprentice in the room, learning how to trade currencies for maximum profit. Now, through a combination of trading and FX mentoring, he regularly makes £30,000 a month, with his monthly salary occasionally hitting £60,000.

Here, he tells us how he made the (very lucrative) career switch, and what he does with all that cash.

Hi Patrick, tell us about yourself

Money was always something I was interested in. I had a privileged upbringing, living on Guernsey, and enjoyed adventurous family holidays growing up.

As I reached my teens, I began to wonder what was out there and after my A-Levels, I was drawn to the big, bright lights of London.

This was during the late 80s and early 90s, where I fell in with a crowd who partied hard. I felt really lucky to be a part of that, however I started to see a side of money, a lot of ostentatiousness post-Thatcher, which I didn’t like.

I was creative, so I went to university in York to do a degree in Film Studies. I wanted to make a change in the world through the arts. During my time at the university I was really lucky, I had an exchange with Milan University for six months, and an exchange with Fox in LA for six months, writing my dissertation about Hollywood and I really loved it.

When did you enter the world of work?

At university I had part-time jobs here and there as a waiter and when I moved to London after my degree, I worked at the BBC, scheduling for BBC2. I really got into the music scene, I was DJing at the weekends and making records.

Soon I was moving around in my job, working for Radio 6 Music and the news, and I really loved it, but I realised unless I was hugely successful as a creative artist, I wouldn’t make it. After 15 years in the job, I knew I was at a pivot point. I was unhappy with my lot, and knew I wanted to do something more stimulating.

My relationship with money started to change too. I had started on a salary of £25,000 and ended up earning £65,000. I wanted to make money because I like nice things. I had tried being creative and it didn’t work out because I wasn’t cut out for it. I found myself wondering what else I could do which was legal, interesting and would make money.

What sparked the big career change?

I decided to ditch the day job and become a foreign exchange (FX) trader. Aged 38 I was the oldest apprentice in my group. My father had been in banking and I had rejected it as a career because I thought it was boring and full of people wearing suits. I couldn’t have been more wrong.

I turned up on my first day at work in an ill-fitting suit, with a newspaper under my arm, and when I walked in, everyone else was in jeans and t-shirts. The looks I got were hilarious, I can’t imagine what they were thinking.

I had £40,000 in savings to ensure I could work for a year and pay the £1,500 rent on my house. It was a worry but I had thrown myself into the lion’s den and it was time to see if I would sink or swim.

What challenges did you face?

I started work during the Greek financial crisis when things were moving very quickly. However being among the oldest, meant to start with I was slow. I would be half a second behind others and I was clumsy in the early days. If you double click on a number by accident that’s quite significant for a trader! Sometimes all hell would break loose.

I learnt the hard way, but I survived my first year and in the second year I started to make money.

How did you ensure you didn’t run out of money?

I had £50,000 to start my trading, separate from my £40,000 savings for living, and I had to rent a desk and cover my expenses. For the first year I watched my budget closely. I brought packed lunches to work, bought a flask, and while other traders were always going out, I would only join them for a drink here or there.

I felt alive, scared witless with huge imposter syndrome, but for the first time in my life I felt like I was where I was meant to be.

I told myself failure wasn’t an option, but even if I had failed, I would be pleased that I’d tried. It was hard work but it was also my passion, so I enjoyed it. Through work I met my business partner Adam and in 2014 we founded The Adamis Principle, for FX consulting and mentoring others wanting a late career change. It’s a success and I’m very proud of it.

What does your job look like now?

I am an early morning person and would wake up at 5.30am naturally. It means I can jump on my desk by 6.30am.

My busiest hours are between 6.30am-10.30am, then I spend time doing something non-job related, before coming into the office to talk to clients, followed by finishing up trades around 4pm. I’m out of the office by 4.30pm.

I work with people who would see themselves as alpha males and I would say I’m a regular guy. I’m passionate but not hardcore. I’ve learnt there are so many different types of trader that you don’t have to be the Wolf of Wall Street to succeed in finance — he was a broker, and a crook, and it’s not an accurate representation.

What’s your monthly spend?

I usually earn between £20,000 and £30,000 a month, but it can be up to £60,000. From this I pay £3,000 on my mortgage, and £200 on council tax, £150 on water and £200 on energy bills.

For transport, I spend £1,500 on Ubers and £250 a month on car insurance. My work related expenses can be up to £3,000 a month, particularly if I have to travel to see clients in Europe and I spend up to £3,000 monthly on groceries.

After that, I put about £2,500 a month into my savings and sinking funds and I can invest around £50,000 each month through trading. Alongside trading, my FX mentoring business brings in up to £450,000 annual revenue. Annually I spend £200 on my phone, £150 on the internet and £100 on streaming services.

How does it feel to be earning so much more than the average Brit?

I’ve taken risks to get that wage and it was a well worth every second, but I feel I deserve the reward.

Splurge or save?

Besides spending money on friends and family, my biggest thing has been investing in myself and my late career change.

With money, the best thing I’ve been able to do is buy back time. The years pass more quickly as I get older so if I can spend money on making life easier then I do, for example I have a personal stylist. That’s a splurge but it’s a great one. I also have a plant based nutrition expert to keep my diet well balanced. This is pure investment in myself.

What is your biggest financial challenge?

Greed! When you have more, you want more. I ask myself what I would do with it? It’s nice to get paid, but the important thing in life is being able to look after family and friends.

I’ve learnt that the really big traders who are my mentors and who I look up to don’t do the job for money. They did at the start, but now they do it to win. If you only do it for money, that clouds your judgement.

Top tip?

Money is easy to get but hard to keep so, if you can, always put something away for a rainy day. Also, dream big. Your job doesn’t define you and if you think you’re too old to change, think again.

Now, through my mentoring, I have clients in their 50s who have just started new careers and are doing really well. Age is just a number. To see my clients grow and change their lives makes me ecstatic.

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