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£2000 per month for the rest of your life

(145 Posts)
Boomeranggirl Tue 29-Jul-14 12:04:23

Hypothetical question, would really appreciate different perspectives on this.

Let's say you and your OH were lucky enough to have £2000 per month passive income guaranteed for the rest of your life. No working involved, no BTLs just guaranteed income for the rest of your days.

What would you do?

Would you carry on working?

Would you buy a house and have a mortgage as part of your outgoings?

Btw, You have children so can't just disappear off round the world!

Would really appreciate your views

Namechangearoonie123 Tue 29-Jul-14 12:07:13

£2k a month would mean we still had to carry on working exactly the same. Our mortgage and direct debits are much more than that.

It would buy us a much better quality of life though, we would get a holiday - not had one for ten years

MirandaWest Tue 29-Jul-14 12:07:58

£2,000 a month isn't necessarily that much - is that gross or net and what would you need to buy out of it? Mortgage, food, utilities, car costs and many other things would swallow much of it up I'd imagine, especially if it's gross.

CatKisser Tue 29-Jul-14 12:08:16

I'd carry on working and put my salary into savings until I had enough to buy a house outright. Then I'd start saving again for the next twenty, thirty years until I knew I was secure for life.
As someone who spends a scary amount of time worrying about money, this would be my dream scenario.

Shia Tue 29-Jul-14 12:08:23

Is this on top of the money I already have or just £2,000 a month?

MirandaWest Tue 29-Jul-14 12:10:05

That's a good point Shia

Wossname Tue 29-Jul-14 12:10:16

£2K per month would be amazing! Think I would love my pt job and enjoy taking my kids out and about, weekends away regularly, put a bit away a month, concentrate on quality of life rather than just about getting by each month.

Why op? Is this something that's going to happen for you?

Wouldn't really be enough to effect us. Does that rise with inflation? Or when I'm 80 would it still be £2000 a month. In which case it may be only enough for a loaf of bread by then!

Wossname Tue 29-Jul-14 12:11:26

Leave my job, not love my job

I mean wouldn't effect us in that we would still work eye. Obv it would effect us in that we would have more cash but our current salaries and outgoings are more than that.

ThinkIveBeenHacked Tue 29-Jul-14 12:11:40

We earn 2300pcm after deductions so we eould be able to reassess our situation. DH would keep his job (TA) and I would work PT. End up earning 1700pcm.

We would save the extra to move.

ThursdayLast Tue 29-Jul-14 12:12:31

Yes please grin

sleepyhead Tue 29-Jul-14 12:14:28

I'd keep on working just the same (3 days pw). DH could cut his hours so that he could be at home with ds2 when I worked.

We'd not worry about money as much, probably buy a slightly nicer house and a slightly newer car.

It would be nearly equivalent to our combined take home pay though when child care costs are taken into account, so a very significant boost to our income.

Jackie0 Tue 29-Jul-14 12:14:36

I'd continue to work until debts were cleared and I built up some savings and then I might go to uni or retrain .
It wouldn't be enough to move house but it would open doors for me.

306235388 Tue 29-Jul-14 12:16:20

We'd pretty much continue as normal with a 2 week holiday every year, more camping weekends and ultimately I wouldn't have to go back to work when dd starts school . Oh and it'd be nice to have some money to do stuff to house / fix cars rather than struggling.

LindaMcCartneySausage Tue 29-Jul-14 12:17:09

£2000 a month for life is £24,000 a year before tax. A very nice sum, although given our London mortgage and outgoings, it's not life changing IMO, esp with inflation over the years. We'd still keep going in much the same way and be glad of it.

But it's enough to offer us (and most people) a great financial cushion. It would certainly relieve money worries and provide options, like one partner going part time, or for luxuries like a really nice family holiday or paying down the mortgage.

Fairylea Tue 29-Jul-14 12:19:32

That's a little bit more than our income at the moment. It would mean dh wouldn't have to work and we'd both we at home smile (we have a near zero mortgage and not big spenders, 2 dc).

Squidstirfry Tue 29-Jul-14 12:20:15

2k for a whole family is not a lot.
It would be lovely and would change things but not enough to quit working.
U going to tell us why ???

GooseyLoosey Tue 29-Jul-14 12:20:43

Send both children to private school - just about enough to cover the fees and then guarantee �1000 pm mortgage payments for each.

CrimsonPermanentAssurance Tue 29-Jul-14 12:23:45

Depends hugely on whether it's indexed linked or not. If it was, I'd carry on as usual but not worry about my pension planning so much.

LadyLuck81 Tue 29-Jul-14 12:31:32

If if was in top of other potential earnings it would mean I could stay at home, H could keep doing the job he enjoys and not have to be looking god more senior roles and we'd be able to save for our future between that and Hs income.

We'd be very comfortable.

NoTeaForMe Tue 29-Jul-14 12:35:01

We'd buy a bigger house as we could afford the mortgage, or buy an even bigger house and be able to do it up. If that went well. It wouldn't be absolutely life changing, but it would in the fact that we wouldn't have to worry about money anymore. I'm presuming this is an extra £2k on top of what you earn?

Shinyshoes2 Tue 29-Jul-14 12:35:26

Our household bills before food is around £1600.00 a month so it's not a great sum of money

BertieBotts Tue 29-Jul-14 12:36:01

That's a bit more than what we have now, we would probably keep working (we both enjoy our jobs) so would double our income. It would be really handy to have the baseline so that we could take time off for raising children/training/travelling/whatever.

We'd move to a bigger house - we live in a tiny roof flat in Germany. Would possibly buy if we had the funds for a deposit. +500ish for higher rent/bills.

We would buy and run a car, possibly two cars (probably just one). (Avg cost of running car: £300 pcm, but we'd save £100ish on travel passes)

We would be able to visit home once or twice a year and have a holiday at least once a year (car would help with this too!) +350 (generous - spread out month by month)

I'd have more babies grin and hire an au pair. Maybe a cleaner?? Au pair: £250 pm, cleaner £100 pm. DH would want to get a dog, maybe we'd get a dog and cat. Pets: £120ish

Remaining £480 pm would go on more wiggle room WRT food, clothes, days out and to be saved for big purchases. Although probably debts to start off with.

BertieBotts Tue 29-Jul-14 12:37:18

I don't see why you can't travel the world with DC though, I'd love to do that, the main reason we aren't is because of financial stability - we need to know we'd have somewhere to live and something to eat, if it wasn't just us. (But if it's more "we don't want to do that" then that's fair enough grin)

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