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

@joystir59

Its my annual income ffs

Good for you 🙄

I would probably try and put most of it in savings each month to do sensible stuff like buy a bigger house and a new car and having a really good savings pot that you couldn't do straight away.

I'd definitely want to do lots of little things too, I'd like to buy all our meat at the butcher and not the supermarket.

Get my eldest a SEN tutor.

Pay for friends/family to see family that live abroad/far away. Massive family holiday to our home country...

I do think the £10k monthly is better. You are forced to think about what you want more and it would be harder to fritter away in one go.

I always fantasise about winning set for life, rather than a lump sum. I like the idea of a regular income. I'd renovate my house, I'm mortgage free, stay for a couple of years, then move and rent it out. I have a pension that wouldn't stop. I'd buy my DD a house to live in, help out my other two DD's (who already own houses) and I'd possibly build a property portfolio, for my two GC, but I'd charge fair rents. We're in the NW so the money would go far. Me and my youngest would go on a more luxurious holiday to Canada and Japan. We are on a two year savings plan to hopefully do Canada in 2022.

I would volunteer instead of working. I would pay off our debt first. Then I would save for a house. I would let my daughter do more horse riding lessons. I would buy a nicer car and I'm sure that would be near the top of the list for my husband too. I would buy a house with land to have rescue animals. I would also consider private schooling for my children but not sure if I would go through with that. I would go travelling, first would be Greece then Florence and then Japan. I would like to put a little amount away for a colleague so she didn't have to rely on her boyfriend, she is wonderful but working for the NHS doesn't pay well so she hasn't got any buffer savings (that i know off!) so I would like to know that she wasn't trapped if she decided that she had had enough. I wouldn't necessarily give anything to our parents as they have paid off their mortgages and are not big spenders but I would ask if there is a gift they would like. I guess I should say as well that I probably wouldn't tell people until it had been around 2 years and we had saved a good amount.

I might go and get a lottery ticket today!

@joystir59, but you'd now be handed a extra 10k a month as fun money. That's what the OP is asking.

I'd buy my Dad the jag he always wanted because Mum won't let him have one even though they can afford it. Then I'd finish the things that need upgrading on the house (conservatory roof, bathroom, boiler, and general decoration) and then I'd 3 way split the rest. Pension, Savings, Repaying the mortgage. I am in my 40s though so the intention would be to retire as early as we could to enjoy life by travelling, etc.

I'd want the lump sum. DH and I don't earn quite that much but enough to know that it's not a give up your job and travel the world type sum. Particularly if it's just for 20 years. It's a put it all in savings so when it stops coming and you're retired you have enough to live on comfortably.

I'd stop my little part time cleaning job. Start a charity providing free mosaic classes for people living with cancer.

Are you talking about the SFL prize? Someone down the street won the second prize and immediately bought a range and went on a luxury holiday. My neighbour said he's burning through the money. I hope he's at least put some away in savings!

@Betty94 120k per year would not get you 10k a month though. It would be actually half that.
To actually receive 10k per month you would need to earn around 240k

Between my husband and we earn about £10k a month. We have a nice life but not fancy. We have no money at the end of each month because mortgage and bills is about £3k, 3x school fees is about £4k, cleaner and after school nanny is about £2.5k then the rest goes on food, a few meals out etc. I don’t even buy expensive clothes and we don’t have money left over for a luxury holiday or anything. Basically if you have kids and want to privately educate then this sort of sum is wiped out pretty quick.

[quote swannin]@Betty94 120k per year would not get you 10k a month though. It would be actually half that.
To actually receive 10k per month you would need to earn around 240k [/quote]
Two people on £90k each (assuming no pension payments) will take home £10k per month between them.

I would clear the mortgage, rewire the house, new roof and windows, replastered and decorated throughout so that it is good for the rest of the time we own it.
Private dental plans and get our teeth sorted.
Hire a cleaner! Pay for an intensive driving course for Ds2 and buy myself a new car so that he can have my current one.
Ensure all dc can have a house deposit when they are ready to buy.
My siblings need new rooves on their houses so I would get that done as well.
My dc do a hobby which could do with its own building. It would be fabulous to contribute towards this and enable that to happen.
I would also buy woodland and fields and plant more trees.

I’ve already planned what to spend on first.

Give up work -it’s killing me with my health problems anyway.
Help my mother financially.
Have the roof done (roofer says it only has a couple of years left before there are serious problems)
New driveway (it sank at some point and it floods the garage every time it rains)
New kitchen (The 80’s one we inherited with the house has half the doors fallen off)

I'd buy a big life insurance policy as imagine if you upgraded your home and life then died soon afterwards and all the disruption to the children's lives having to move house again if the money suddenly stops, fills me with dread.

A lump sum would be much better as could tie it up straight away in long term savings for the children, give jump sum to family, and buy the dream house outright without having to worry about meeting the mortgage payments

I would donate £1000 a month to charity.

Initially, pay of debts, mortgage etc.

Then probably replace the car, a few treats such as new computers etc. Non- Covid times, a holiday. Or buy a motorhome.

That’s the first year spent.

After that, deposits for kids houses. Maybe save to get a holiday home on coast. Or rent somewhere. Gifts for family members etc.

Good point about deflation over the years.

I think I’d take the lump sum and invest it to earn interest.

I would pay off the mortgage and go on an amazing long family adventure, possibly in Australia or New Zealand or Central America (Covid doesn’t exist in my fantasy obviously)
And also a trip for just me and DH on the Orient Express where I could read Agatha Christie and wear elegant clothes.

Then I would:

Pay off sister’s mortgage
Pay for my in laws to move somewhere they want to
Donate to some charities close to my heart
Buy nice food
Buy my DH the car he’s lusted after for ever

I would probably still work but fewer hours and do more volunteering.

Finish the house off so that we weren’t living in a project.

Trip to Iceland at Xmas for close family and close friends

Holidays for friends and wider family

Pay off my mortgage

Buy properties for my 4 kids.

Help with local children’s clubs Facilities

Work part time

Private health care. Put the rest in savings.

This isn’t quite the same but my business brings in over 5 figures a month. Low running costs.

I pay a lot into our pensions from the business every month. I upgrade tech very regularly (it helps with reclaiming VAT) and I spend a lot on coffee shop working.

Then personally I have upgraded our car, overpay the mortgage regularly, invest a lot, usually go on a lot of holidays at short notice. Eat out a lot. Care for a relative. I have nice skincare and designer handbags (all bought on sale). I look around my house and I can see expensive furniture mixed in with IKEA.

I think the biggest thing is not having to save before making a purchase. I can decide I want something and get it straight away.

However you will still find me batch cooking, shopping at the yellow sticker counters, comparing energy prices and switching.

Money has made my life easier for sure. I have been on the complete opposite end of where I am now and I always worry about losing it all - hence the investing quite heavily.

Save to put my children through university then buy them a house. I do wonder how they'll afford one in the future without mine and DHs intervention.

Just to note, on a 120k salary, you most definitely don't bring home 10k disposable income each month after deductions.

I could spend that so easily.

Two new bathrooms, new kitchen and utility - all of which are so scruffy. New carpets throughout the house. New sofas. Some really good gym equipment. DH would love a rowing machine, DS2 a cross trainer and I want a speedball, boxing equipment and a pair of kayaks.

I would also give big chunks to family: sister and brother who both struggle, nieces and nephews who are nearly all affected by uni loans, terribly low wages and lack of employment opportunities these day. Some to my lovely cousin who has struggled for years.

I'd research to find one of the most deprived areas in UK and the best food bank within it and help fund a proper soup kitchen for hot meals once a day for everyone who needs them.

I'd hire a little office so I don't have to work from home. Hire a gardener and cleaner and pay them well. And a window cleaner.

I'd fund a scholarship at my old uni and one at DC's old school for someone from a low income family. The school scholarship would include funds for all school trips, sports equipment etc so they never had to try and fit in. They'd have true equal opportunities.

I'd massively up what I give to charities each month.

New hybrid car with in-built sat nav - ours is a clunky uncomfortable old thing with a torn A-Z .

And if we're ever allowed out of the house again the list of travel I'd like to do is endless.

If I won the Set For Life prize? I'd pay off debts, buy a house for the kids and me to live in (nothing massive: but a house with a second bathroom, a dining room and a spare room so we can have guests stay over - current rented place is tiny!), and I'd save as much as possible. I'd help family/friends/pay it forward. It would be fab to own a place outright, to be able to take my kids to see family abroad, and to have savings....and not to worry about money!

I'm a single mum of two, and work FT as a nurse. I would carry on working, but probably go to part time hours whilst the kids are still young. I love my job and have always worked FT, but I feel bad as I've missed a lot of being with the kids as they grew.

I love threads like this!!

I would save some but that’s mainly for DS I am nearly 50. This lottery win ais for 30 years. Could very well be dead when it ends. Same with DH.

DH would resign and find a less physical job. Likely to be on lower pay.

New cars

Pay off mortgage

Charity donations.

Travel.