Would £100k be a life changing amount of money to you?

[Rebelwithallthecause]

And if so how would it so?
What would it go on or towards ?

So much! It would come close to paying off our mortgage and would save my relationship! DP and I brought our house but then a year later I became disabled so he is having to work all hours to keep up. He's exhausted and growing resentful as not only am I not contributing financially, I've also gone from being a fun, engaged person to someone who is in pain more often than not and finding life a real slog some days. I'm trying to start a little home business but it's a very slow journey. If the financial stress went away and DP got his life back, we could go back to how life was before all this pressure. He could work part time and I could have help getting set up to do the same. Oh, what a lovely dream!

Not life changing no but it would take a decent chunk off the mortgage and so give us a bit more to play with each month so we’d have a bit more ‘fun’ money.

Hmm

We have no mortgage, six months salary behind us, only 18 months to go to DH retirement, final salary pension behind us.

Ten years ago, it would have been, now it would be very nice and would fund extra long winters in the sun, but it wouldn't be missed.

Point being, to all of you struggling, it does get easier.

There are a lot of people on here who are very fortunate!!

A 100%. I’d be able to Properly start a business that I’m desperately saving for and working on bit by bit on the side. I’ll be able to see my mum again (she lives elsewhere).

I can’t decide if it would or if it wouldn’t

More due to my mindset changing in the past weeks from thinking wouldn’t it be amazing to do the extension we always wanted or to move to the house we really like or to buy that nicer car or go on the honeymoon that we never got round to,
To wondering if we need or want any of it

I’m not too sure what it would be like anymore

Unfortunately a totally hypothetical question as I’m not due any windfalls

@RainbowMum11

And this being an internet forum, you have no idea how they got there.

I for one was on my own four to five nights a week for the first ten years of my marriage, whilst my DH built his career. Funnily enough no child as we were rarely together long enough to hit fertility windows.

He then changed jobs and we moved North South and quadrupled our mortgage as he was promised a great great job which disappeared in a puff after 9/11. I by then had a five month old child and no child care to be had for love nor money.

He then got another lovely well paying job, guess what he was away Monday to Thursday, we are only finally on our feet after thirty years of marriage.

You know not a jot what goes in other peoples lives or for that matter how they arrived there.

So count me out, when you hoist your judgey knickers.

It would be the equivalent of ten years salary for me and would hopefully enable me to retire sooner. So totally life changing.

I’d finally be able to get divorced and I’d pay off the debts I’ve racked up trying to help one of the children (his EHCP was turned down). I think both of those would help me sleep easier at night. I’d love to know that we could prepay six months of the mortgage and be confident that we could take the kids on holiday every year until they leave home. Nothing fancy, just a cottage by the sea!

More due to my mindset changing in the past weeks from thinking wouldn’t it be amazing to do the extension we always wanted or to move to the house we really like or to buy that nicer car or go on the honeymoon that we never got round to,
To wondering if we need or want any of it

This is what I think. £100K in "fun money" totally imaginary terms is different to the reality of it, if you've already got some "wealth" (e.g. a house with a mortgage, for most people).

In "fun money" imaginary terms, I'd sort out the house layout and get a new kitchen, bathroom, carpeting, landscape the garden, have some amazing holidays and put some by for new cars, and then pay a little off the mortgage to "be sensible".

In real-world terms, I'd pay almost all of it off the mortgage, not feel any better off short-term, and maybe have a holiday.

Being sensible with money sucks.

I am not being remotely judgey Naomi

You also have no idea of my situation either - I am a single parent, was brought up by a single parent, I have worked my socks off and have a professional career, am newly self employed and own my own house outright.

I fully acknowledge that I am in an incredibly fortunate position, i have worked very hard with no parental help behind me financially .

My post was mainly to point out that if a windfall of £100k isn't life changing (even from reducing a mortgage by that amount and then interest or payments ) then you are fortunate - is that wrong?

Yes it would be a deposit for a house so year would change a lives in a huge way. Currently renting and have 3 kids to saving for a deposit is very achievable!

Yes.

It's let me pay off everything I owe, do a MA without worrying and maybe set up my own business.

My reply was to naomifromMilkShake

My post was mainly to point out that if a windfall of £100k isn't life changing (even from reducing a mortgage by that amount and then interest or payments ) then you are fortunate - is that wrong?

Oh, totally agree, RainbowMum11.
I'm spoiled - £100K used to be life-changing and is now just life-enhancing. Crazy, really. We are not well off in the slightest on loads of comparisons - and yet we are rich beyond measure to many more.

Definitely fortunate. 100%.

It's only life changing in the short term.

I totally see that being able to buy a property or move away from an abusive partner can be life changing.

But you still need an income to maintain your life.

£100,000 sounds a lot, but it really isn't nowadays.

Yes! It would pay my mortgage and clear last debts so I could move to my dream location. Oh to dream...

to those who would spend it starting new, happier or safer lives away from spouses or partners.
Half of it, even a quarter of it would be life changing for me.

It would pay off about 80% of my mortgage.
So being late 30's with young kids the money could go towards saving and maybe some holidays over the years.

It wouldn't change my life but it would improve it no end

But by reducing your mortgage by £100k it will likely save you several thousand pounds in interest over the term, possibly reduce your monthly payment commitments as well which might then enable you to retire earlier, have more holidays or whatever.
I am intrigued about anyone to whom £100k wouldn't make a huge difference!

Yes I would buy a property, we live abroad and this would buy a very nice villa with a swimming pool!

It is 5 year's salary for me, so would be massively life enhancing. I did calculate once that it would need to be closer to a million to be truly transformative.

Yes, it would pay off my mortgage and let me retire three years earlier - or go part time now.

Yes but no. I earn £17k so it would be a huge amount. I could buy the house I rent outright and still have a bit left over. Saving the extra £500/month would let me do lots of random fun stuff I can't really afford at the moment, like big foreign holidays (in reality I would probably blow most of it on craft supplies and coffee haha). But I love my job, I like where I live, no dependents. I'm not really missing anything major from my life, in normal times anyway. So day to day probably not much would actually change a whole lot.

I’ve moved house 48 times. Sometimes bad decisions, lived in houseshares too chaotic, moved on as owner sold up, rent hikes I couldn’t afford, leaving a DV relationship, job relocations, one was single parent rent debt eviction. I’m 51. I don’t want to do it anymore. I’d buy a boat so I’d always have a home of my own. Narrow boat, sailboat. Either. We’ll never afford a house or even get a mortgage with husbands heart condition. I’d love to say to the kids : we are never moving again. And when I die this home becomes your’s forever.

I never do the lottery though!