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

I would put my child into private education, get my eyes layered, get my veneers for my teeth and go on a few nice holidays. First Christmas I would treat my family.

Monthly

1. Use 1200pm to replace my salary so I could quit. This would cover usual outgoings
2. Overpay mortgage (use 500pm)
3. Weekly riding lessons for dc1 (120pm)
4. Savings (7,000pm)
5. Donate remainder (1k)

with the Savings

1. Book Disneyworld for when the kids are a little older
2. Book a safari for when the kids are a little older
3. Look to move into a nicer street (same area though) eventually

With an extra 10k a month -

I would also prioritise the mortgage, even if that meant putting it into savings until the end of my current mortgage terms so that I could throw it all at the mortgage without extra charges.

I would get a new kitchen immediately!

I would then look into upgrading to something a bit bigger, an extra bedroom.

I would hire a gardener and a cleaner!

I would up my donations to the food bank and hope that I too could pay it forward. I would make monthly donations to different charities or community projects.

I would start a very good holiday pot! Start saving a for a big trip for my whole family once the virus is gone.

Obviously it’s all relative. With my mortgage size, current income etc an extra 10k a month would be a fortune that would change my life! If I had a house and mortgage lifestyle like some relatives of mine it would be peanuts!

Oh and I would definitely try and fly business class on long haul if money would allow.....

I’d much rather have a lump sum but obviously wouldn’t say no. I don’t know whether I’d quit my job or not. I think I’d need to do something.I’d most likely look and plan for it annually to front end things like pension/isa investments but a rough plan would be:

3000 pcm stocks and shares isa for me and husband
1000 pcm pensions
2500 allocated for giving up job but not sure it would do it or not.
1000 mortgage overpayment
1000 holiday

So basically I’d be utterly boring at first. After 5 years we would have overpaid £60k off the mortgage and would have £180k lump sum (assuming no investment growth)

Once we’d hit the 5 years of savings/investments , I’d think about an extension. We’d also then thing about private school for secondary.

£10k/ month would more than double our household income - it would make a HUGE difference to us. I don't feel poor day to day as we don't have a mortgage (thanks to an inheritance) but I do worry a lot about needing to make big spends, as our income is not enough to save a great deal every month, especially now we are supporting DD at university.
I would do work on the house as everything is getting rather tired, especially a 20yr old kitchen and bathroom.
Install new sash windows front and back to replace horrible 1990s UPVC.
Probably extend to add a downstairs loo and a garden room in a couple of years when I had had a chance to save up.
Buy a new(ish)car (ours is 12 years old and fine now, but it won't go forever).
Help DC with driving lessons / car / insurance in the short term, and be in a position to help them with a deposit on a property in due course.
Top up pension contributions / get our finances in order to be able to retire sooner (we're pushing 50 now - 67 sounds an awfully long time away!).

To start with id pay off the children’s student loans And get them new (2nd hand) cars

Dh could go part time

Set up a pension for myself would be a good idea which I’ll pinch from another poster

Increase charity donations and some nice holidays

Oo oo oo

Do the extension/knocking through and new carpet in the living room (weve a hole that has been filled with a piece from under the sofa 😀)

Are we all in bed, trying to sleep, and thinking about exactly the same thing. 🤣 This is what I do most nights.

I play this twice a week. It's £10k per month for 30 years. You do not have the option to take the lump sum, however, should you die during the 30 years, the remaining lump sum balance is paid to the estate.
I agree with others that this is a better jackpot to win. I'd work for another 2 to 3 years building up a larger sum then retire. But I'm 51! I'd then use it as my wage and spend in the same way I do now (including monthly charity donations) but would increase my mortgage and put more away as savings. I also like the paying it back idea. I've just ordered a new car so that will do for some time!

There's a charity in my area which used to raise money for all its work supporting local families/poor children etc by running a really lovely soft play. Of course since March their funds have plummeted and I know they're really struggling to help people they used to be able to do lots for. I'd give them some money to tide them over.

Less altruistically:
Nice new landscaped garden with a garden building home gym
I'd get my teeth straightened
A second runaround car
A trip to Center Parcs where I don't weep at ALL the overpriced extras (and take DC into the toy shop bit without wincing to myself)
A chalet home near the water close by - basically there's somewhere not too far from me where we could get one for £100k. My parents could come and stay whenever they wanted, have their own space but be close by and we'd all get to hang out by the water.

Any odd bits every month left over to go into pensions (boring but I worry mine has taken a hit since kids)

First couple of years - sit on the money coming in while looking for the right home to buy. Nothing mega fancy - I'd probably only move into the next neighbourhood (naicer) and buy a terraced house near the park - but the security of home ownership is currently something I can only dream of.

Get a cleaner! A haircut! And a fucking dishwasher!

Invest some money in my business - I've got lots of things I'd love to do, but COVID has shat on my plans, and then the government stamped on them further, so I don't have the cash to invest right now.

Go on holiday to Japan, and take my dad somewhere else he wants to go as he really bloody deserves some rest (if we could sort out care arrangements for another family member - easier said than done)

And when the 16 year old 120k mile hand-me-down petrol car I currently have inevitably dies, I might even then find the money to replace it - what a fucking miracle

Is this amount for life? And is it extra to any earnings we already make? So we could theoretically give up work and still have this amount? I'm assuming yes to all those questions, because that's how fantasies work, lol.

I would try to go part time at work, which may or may not be possible. We would also move to a bigger, nicer house. And employ a cleaner/housekeeper for a couple of hours a day, who would hopefully have time to cook our evening meals, make packed lunches for the following day, and clean the house (I don't know realistically how long that would take tbh, a couple of hours a day is longer than I currently spend on housework).

New mortgage I would imagine coming in at £1.5-2k per month. I'm mentally allocating about £750 per month for the housekeeper, but am flexible in that. We'd need a gardener for the garden (we're crap at gardening!) I'm at about £3k per month now. Buy a better car, an electric/hybrid one probably.

I'd buy my sister a house too, and pay her mortgage. And one for mil as well. But small houses for them. And I'd give my sister a monthly payment to spend as she wishes.

Move house - doesn't need to be huge but 3 or 4 beds with a garage and some outside space locally would be nice (and £500k+)
Do personal training more often.
Drop to 4 days a week at work.
Go on nicer holidays.
put more into my pension / savings.

I would gradually drop down to working 4 then 3 days a week.
Move to a nicer area and pay the mortgage off as quickly as possible.
Increase the amount I donate to charity monthly.
Gradually upgrade my stuff so that my house doesn’t look like an IKEA showroom any more
Max out my pension contributions so I could retire early - in 30 years I’ll be 55 so wouldn’t be able to rely on the lottery win throughout my retirement
Get a personal chauffeur

Oh gosh, yes, a cleaner @AvocadosBeforeMortgages !! Definitely, how did I miss that?

I currently rent, so would be able to get a mortgage and my own house. I would quit work and go back into education, I want to get a degree. I'd also get a decent car.

I'd also find a roundabout way (not directly telling him myself) to somehow let my ex know I had money, not necessarily how I had money, just that I had some. He financially abused me among other things, it's clear his wallet is welded shut and he bled me dry while I was with him. So it's petty, but him knowing I had money that he couldn't ever get his hands on would cause him almost physical pain.

I'd keep it low key with everyone else. I'm not flashy, and people don't know much about my job, so I can easily say I'd got a better job, keeping it all vague.

I earn more than that and we don't do anything special. Live in an average 3BD house, my car is now 8 years old, I shop in H&M. And I love my work, so no reason to quit it.
Would probably stick most in pension. Boring.

A few years ago in Surrey I was doing the Christmas Eve shop in Sainsbury’s and someone had gone round dropping envelopes of cash in trolleys! We had £50 in ours and I was absolutely made up because we didn’t have a lot of money and it made a real difference being able to get some nice food treats in! I always wonder if it was a lottery winner !

I think there are advantages to winning the money at 10k a month - i think it would help you transition and plan better, a bit like having a very very well paid job !

And it would be lovely to be able to plan some treats regularly- a regular summer and winter holiday for you and extended family/friends etc. Upgrade your property (hot tub in the garden ? You bet!) take friends out for a day out. Donate to charities.

I think having it in small chunks like this is less likely to ruin your life than having it all in one go if that makes sense !

G5000

What do you do for a living ? (I’m only asking through sheer nosiness you understand !)

That's such a nice thing to read ApplePlumPie! I'll remember that for when I win the lottery .

I earn a similar amount now. School fees eat a fair (Huge) chunk of it up and then university fees will come into play. I would retire. I’d resign in a heartbeat and pretend to be a freelancer. My life would not really change outwardly, other than not spending 50 hours a week on my computer - so my sister in law would not notice and ask for cash.

I think I would try and save the majority of it for a couple of years towards a deposit and then buy a house with a bit of land - currently living in a tied cottage to dhs job with a low income so no change of saving at present. Would use some for fun money but it would mean we could have housing stability in the future.

See i prefer this game to the normal lotto. Seems nicer prize to win. Less pressure.

Anyway, around £4.5k a month on a mortgage on a property around £1.5m, which doesn't buy you a mansion in the south east, so we might have to still work part time if we want dcs to go private for secondary school. Hmm, might have to lower my dream house ideas. Or only play the euro millions...

First I would pay off all debts, second I am in desperate need of a new car, mine is ancient so a second hand decent car with low milage would come next. After that IVF until I have completed my family/it is no longer a viable option. I am desperate for a second living child and most of our debt is due to IVF, it would be nice to know we could keep trying without financially killing ourselves. Next a move to a better house with a good garden space, nothing huge though. After that I would be overpaying whatever mortgage we have to pay it off quicker and putting money into my childs/children's accounts for when they are older. We would also be able to have nice family holidays and be able to have some luxuries. I would get myself a high quality acoustic and electric guitar+amp+pedals. My dp would probably like a new mountain bike. DS is only 3 but we could afford to let him try whatever activities he shows an interest in as he grows. I would pay the money I was given by my parents for our house deposit back and the cost of my uni tuition fees which were around 1k per year (early 2000's era). Also money for other things they spent on me like driving lessons as a teenager when I was in 6th form, they say they have spent 30-35k in total including the house deposit, uni fees, driving lessons and other things whilst raising me, it is regularly thrown in my face even though I never asked for any if it and wasn't aware it all had strings attached at the time. I would like to remove their ability to guilt me into doing whatever it is they want all the time.

I'd have Lindt instead of Freddos.