What would you do with £10,000 a month?

[Betty94]

I didn't want to ask this in money matters as that seems like a thread people go to for help and this is just for fun as I'm a very pregnant awake lady - disclaimer this is not my income (sadly ) but I know it's some peoples wages but I'm referring to the lottery game in this instance:-

I can't decide if this is better than winning a full jackpot in the sense as it's not a lump sum so it's less likely to ruin peoples lives and turn people against you (as it's not a lot in that sense, I mean it's definitely a lot to say you've not done anything to earn it - you know what I mean haha but it's not multi millions we're talking like of you won the euros)

I think I'd still work and I'd encourage DH to do the same at least that way our wages would cover the mortgage of a new property and I could feel like I worked for something as I'd feel a bit weird having money just handed to you (nice but weird), firstly I think I'd pay of all my debts a month at a time, shouldn't take too long I'd try and save a lot of it too over the 30 years at least half.

We have a baby on the way and live in a new build property which is a bit boxy and small so I'd love to move to something just a bit bigger, nothing fancy but something with two reception rooms and nice big bedrooms ( the bigger the house the more you have to clean ).

I'd treat immediate family members to a holiday or a new car or whatever they wanted as a nice little present. (Although if they chose the holiday, we'd have to wait for covid to Buggar off actually no it's my fantasy and covids already gone ) I also like to think I'd treat strangers as well in little ways so maybe pay for someone's shopping or someone's meal or pay someone's go fund me off etc just like the little everyday miracles that'll make someone smile.

And then I really don't know, I bet people have better ideas than me which is why I thought of asking this question - sorry if it doesn't make sense, sleep deprivation in the 3rd trimester is a real thing ... also the lucky people who are on more than 120k plus a year can join in and tell us what you do with 10k a month if you want to, be kinda cool to see how it differs from reality and fantasy. ( I don't mean lucky in that way as I'm sure you work very hard complex jobs for it and absolutely deserve it).

This thread is just for fun, hope it gives someone a nice ten minutes to think about what you'd do too

My point is that it's not the money itself that brings the happiness, but the attitude that you have

No, when I was very poor and crying over bills and making choices about how to afford essentials and what I could juggle and having a winter of wearing sandwich bags inside boots as I couldn't afford waterproof replacements, it would very definitely have been the money that brought me happiness. I am so over people saying that money doesn't bring happiness. Poverty brings misery, money alleviates poverty, it is not all about 'attitude' .

@unmarkedbythat

My point is that it's not the money itself that brings the happiness, but the attitude that you have

No, when I was very poor and crying over bills and making choices about how to afford essentials and what I could juggle and having a winter of wearing sandwich bags inside boots as I couldn't afford waterproof replacements, it would very definitely have been the money that brought me happiness. I am so over people saying that money doesn't bring happiness. Poverty brings misery, money alleviates poverty, it is not all about 'attitude' .

I absolutely agree with this.

I luckily haven't been as poor as you describe, but I have certainly been in the place where every penny was accounted for.

Now I'm in a place where there's very few financial shocks I couldn't absorb, or at least have a buffer against. (If either my DH or I lost our jobs, one of us could cover all expenses. If both, we have about a year's savings buffer. If the car gets a big bill, I grumble but pay it immediately etc).

The difference to my life is immeasurable. I'm still 'frugal' in the sense that I shop for good deals, and I don't buy luxury, but I never have to worry about money - that is my luxury.

10k would allow me to work full time on my writing. That would make me happier than anything. (Heck, it could even allow me to put a significant K of investment into getting published.)

And with that, I need to check if I won!

Regarding buying your DC a house it depends where you are buying how feasible it is. I could buy a house outright for each of the first three years with £120k coming in on top of my salary. If I stopped work I could still save enough for 3 houses in the first say 6 years. £120k is a nice 3 bed semi here, you can buy houses for as little as £50 to £60k if you're willing to take on a fixer upper in a less nice area. Flats are cheaper still.

@unmarkedbythat

My point is that it's not the money itself that brings the happiness, but the attitude that you have

No, when I was very poor and crying over bills and making choices about how to afford essentials and what I could juggle and having a winter of wearing sandwich bags inside boots as I couldn't afford waterproof replacements, it would very definitely have been the money that brought me happiness. I am so over people saying that money doesn't bring happiness. Poverty brings misery, money alleviates poverty, it is not all about 'attitude' .

Agree. Money cannot buy happiness. But, there are very few problems in life that can't be nicely solved by throwing money at them.

I have been poor. I grew up poor (Think ice inside of windows and only one gas fire to heat the whole house with no hot water on tap) and have spent years as an adult (in a professional job) earning little and always being overdrawn with credit cards running away.

Having enough money to pay my bills and being able to feed and clothe myself without having to juggle debts is a luxury I used to only dream about.

If I won £10,000 a month I would be able to leave my job (which I mostly enjoy but would still rather not work) and pay off my mortgage with ease. This would definitely bring me happiness now but when I was poor this would have brought me happiness and an escape.

I don't think you need to have been on the bones of your arse poor to appreciate that £10,000 a month for 30 years tax free is a lot of money. Only the terminally dim and stupid (and there seem to be many on this thread, sadly) would think so.

That’s effectively like a 200k salary. I’d buy income generating investments. Guaranteed income for my family and my children’s, children for life.

Space, that is quite hard to do these days with such low rates. You might get 3% before tax on a buy to let so if you saved up say £50k a year for 5 years you would have £250k which might yield you about £700 or £800 a month before tax.

@Xenia, I prefer higher cashflow strategies although I do have BTLs. Pre covid, 30k on average yields me £2800 pm, before tax. Either that or invest in a hands off business.

If you know how, 10k a month for 30 years could be life changing for multiple generations. The key is to buy income, rather than quitting your 9-5 and spending it all.

I agree. Spending it all does not help the next generation! It can be quite hard to find high interest rates etc

@unmarkedbythat - Absolutely. Anyone who says money doesn;t buy happiness has never been truly poor and lacks the imagination to fathom how utterly miserable real poverty is.