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

If I had that income, based on my current outgoings I'd save 80% of income, eventually use it to put a deposit down on a bigger house and put current house on the market.

On that income, with a slightly bigger mortgage I could still get a better car and have a social life.

Oh I wish I had that money.

We earn around 120K a year, but after taxes and living costs we're comfortable but not living the high-life. It goes on the mortgage, cars, house renovations, bills, food, a couple of nice holidays a year, some into savings for university for dd, clothes etc. We eat out once a week, can afford to eat well, can afford to pay for dd's hobbies and music lessons etc. I buy nice clothes from places like Hush and Other Stories and I can buy dd the trendy trainers she wants from adidas. I get my cut every six weeks and highlighted, I buy nice make-up and toiletries. We certainly couldn't afford to give great chunks away to relatives, or pay off the mortgage in 2 years, or go on super luxury holidays all the time (unless of course we cut all our other expenses to virtually nothing and scrimped on food and clothes and toiletries more.)

Replace the kitchen (after a couple of months, so I can go all out). Think about other things we could do to the house, and save lots to pay off the mortgage. Go on nice holidays when we can travel easily again!

Make sure that the rest of the family have enough money - eventually my parents are going to need care, so pay for the best care possible (DH's parents are healthier). University funds for my niece and nephews. And charities, like the local food bank.

It would go very easily, especially with the big projects at first! I'd keep working though, as I like my job and I'm nowhere near retirement age.

New chanel handbag every month
Couple of nights in a posh hotel or a holiday
No work
Sounds great

It’s probably already been said (not had time to RTFT) but with taxation £120k doesn’t get you anywhere close to £10,000 income.

I earn £160k and my net income is £7200 after tax and pension contribution.

My DH doesn’t work for health reasons so we are comfortable but not what I would consider ‘rich’.

I'd save the first year or so for a nice flat, would fly to see my family in Germany every month (or have them come over) and spoil my niece and nephew.
I also have a list of charities that would get money should I ever win the lottery. My local food bank would get a decent amount so they can decide what they need most. They also work with homeless people and offer them hot showers and a hot meal on certain days of the week.
A car would be nice as well, nothing flashy, just to get me around more easily. Okay, I live in London, so don't actually need a car, but it is a "nice to have".

It's something we have talked about. I am a realist and yes I think its a good idea I assume its linked to the person who won it so if they died it dies with them? For that reason I wouldn't be comfortable giving ip work.

The first month or two we would pay off small debts ie cars. Then I would pay £8,000 a month off mortgage and use the other £2000 (plus we would have over an extra £1000 from normal mortgage payment and car payments etc) to have fun.

I would probably go away for a weekend once a month. Buy new furniture, new carpets and pay someone to decorate the rest of the house.

Our mortgage would be paid off in about 18 months so at that point we would probably look to see what we could do with our lives. I think DH would love to retrain or at least go part time and do something fun and artistic in his spare time so I would encourage that.

Oh, I would get a daily housekeeper. Would love someone to come in every day to clean the house so when I get in from work it is done with all laundry put away. That would save me so much time.

I'm not bothered about reducing my hours at work as I enjoy my job but I would like to be able to afford to enjoy my home life more so a housekeeper would allow that.

I think once our mortgage is paid off I would look to buy some rental properties as investments for ours and our children's futures.

I’m 44 and it would lead me into retirement. I’d give up work and I’d be 74 by the time they stop paying me. Dh can carry on working, he loves his job 🙄

I'd put half into savings each month, and use the rest for paying for general life, and having fun.

I have sat and planned this before, but the answer is very boring. Pay off debts, gather a house deposit, apply for a stonking mortgage, ssave for the dc's future, save for my nephews futures, relax knowing I don't ever again have to panic about bills. I don't want a high life, I want a secure life.

I would carry on working but buy a house for me and the kids. I would treat my family and my parents. Put money aside for the kids

Then I would donate money to each state school here for their science departments first off so they can replace any equipment or buy things they need (I'm a science technician and kmow how expensive the equipment is)

Then I don't know. I would want to help people a d animals as well

Private health care, a cleaner, a cook and a gardener.

And a decent holiday every now and then as haven't had one in years.

This after tax (whereas earners on that start by giving at least half back to the state before they even get started on full time childcare costs for 2 toddlers)......

When we have had spare money we have paid it off the mortgage.

My income went up a fair bit in the 1990s. We paid off the mortgage on our house and bought this much bigger one (with a £500k mortgage in the 1990s and every penny of our savings and the children's savings). Then I had our 4th children (it was twins - so ended up as 4th and 5th children). I paid 5 sets of school and university fees. So I suppose most of it went on a big mortgage (£90k a year interest only at once point) and school and university fees. I bought a small island in the pacific too but that was to camp on, cheaper than most flats in Spain so more a survival thing than a luxury thing and had it for 10 years.

I don't think there is much more I would want extra money for now in my 50s. I don't really need huge amounts although if someone has a spare £10k a month which they don't want by all means ship it my way.

i remember in the 1980s hoping to win similar things although I rarely entered and I always thought I would take the smaller lump sum rather than the monthly sum because the company might go bust or stop paying so better to have as much as possible ASAP or remember in the 1970s we had inflation of 60% over 3 years so big sums became little sums - a very different financial world from now.

We have no mortgage and a net income around £8k a month. However we still live very modestly (I think). Our kids go to state school, we drive very ordinary cars several years old, no cleaner, modest holidays (none this year obviously), dont eat out / have takeaways regularly.

The biggest spends are on the house - a doer upper. Bought it nearly 2 years ago and still a work in progress. Have spent about £170k on renovations, building work, decorating and furniture/flooring/curtains/appliances. Roof being redone as I type. Still two internal rooms to go including re-tanking a basement tv room which won't be cheap. Then next summer it will be redoing the drive, new front door, landscaping front and back gardens. It's actually really easy to spend a colossal amount of money on the house but it's not only an investment but also a pleasure. I don't really care about much except family, home and friends.

I also save a lot. I'm putting lots extra into my pension in the hope that I can retire at 60 (or just do a couple of days consultancy - I am a solicitor). Saving too with a view to private secondary school for youngest (eldest has LD so would not have passed entrance exam) uni costs (if youngest wants to go), driving lessons and helping them (particularly eldest who will always struggle a bit in life) with first home deposits.

I do appreciate how fortunate I am to be able to make these choices. I don't take it for granted or pretend it's "all down to hard work". I do work hard though btw!

We earn over this too, no kids. Benefits are that we don’t have to worry about bills/ cost of food etc which takes a lot of stress out of our lives. I have been in a position where I didn’t know how I would afford to eat each week, constantly juggling which bills to be paid etc so I fully understand how amazing it is to not worry about these things. My husband has never experienced this so I don’t think he fully realises the mental benefits that come from this.
The money now means that we can afford to buy pretty much anything we want (within reason) but we are very unmaterialistic so rarely do. Neither of us spend a lot on clothes etc and I don’t have any designer bags/ shoes. Having more money reduces the craving for stuff i think, as you know in theory you could buy it if you wanted to. Whereas when you are less well off, you may not have many nice things and I found I craved expensive jewellery/ bags etc. Now I can afford them I don’t have any of that stuff.
We are both quite introverted so rarely go out to restaurants etc. But again we know we could afford to when we want.
Other than that, we live in a very nice but small house. We don’t go on holiday very often but when we do we can afford somewhere very nice. Currently most of our spare cash is going on major home renovations and we put a lot into savings/ pensions.
Christmas is always a modest affair. Quiet with a budget of £50 for stockings each, plus PJs, a board game, and lots of nice food.
So for us, our lifestyle is pretty dull by a lot of people’s standards on here, but I think that the main benefit of having the money is peace of mind.

I love my house so wouldn't want to move, but I'd spend a lot upgrading the kitchen & bathrooms, buy beautiful handcrafted furniture, knock down the crap conservatory and build a massive sun room. I'd fill the garden with beautiful plants.

I'd have a cleaner and I'd get my hair done every few weeks (no more root cover-up spray for me, no thank you).

Mostly I'd save it for my old age so that I don't need to be part of the woefully underfunded and inadequate care system, and could hopefully stay in my own home with all the private carers I needed to make my life as comfortable as it could be.

That’s approximately our current income per month.

We have a high mortgage but other outgoings are quite low so we have plenty of fun money that goes towards travel, lovely restaurants, amazing hotels, our pets, and hobbies.

If I won £10k a month, I’d keep my job and had the money over to my sister. Her son is disabled and it’s a tough life for them. I do help out now but £10k a month would likely mean they could afford full time overnight nursing care and my sister might be able to sleep for the first time in years.

I would love to win the £10k a month...more than the actual lotto I think!

I would:

• Keep working but immediately drop to 3 days (21 hours) a week
• Spend 6 months paying off debts (month 1 basically) and then ‘living well’ - whilst telling NO ONE about the win. Get two decent cars. Redecorate, go on a couple of nice breaks. Buy the stuff for the house we’ve idly mentioned like a new bed, new hob etc. New clothes. All the material bullshit. Basically spunk the money up the wall each month on nice to haves.
• Month 7-12. Sort family out for 6 months. Spread £60k around, buy people cars, give them a couple of K each. Nothing drastic but help out.
• From year 2: Move. Get a mortgage on our dream house, probably still only £3k a month. Add £2k a month to our usual income. Save £5k a month (or as close as we could manage). Consider long term business/investment plans.

Fun gamne to play but from a financial pov you're far better off getting the lump sum if possible. Getting £10k per month would be spectacular and it will help a mortgage on a nicer house etc but overall you'll be paying far more for the property once mortgage interest is factored in.

Me and DH had this very conversation over the weekend!

I think we would both drop to part time hours but still work. Otherwise it can be tricky getting loans and mortgages if needed!
We would upgrade our property to one with more outside space/ less overlooked/ in a catchment area of a better school.
I would use some it to top up our pension pots each month as working fewer hours would affect that.
I’d use some of it to put into investments and savings as we are quite into all of that. Then whatever was left from it and the income from still working, would be spent living our lives; going on holidays, days out, helping family members, helping the community.

The main benefit for me would be not working full time (60-65 hours a week for me usually), so actually seeing family and friends and getting to spend time with my own children etc. I would also hope to use some of the gained time by helping the local community/charities in some way.

Invest most of it. Pension and buying property.

Pay off the mortgage - would probably stay in this house.

Buy myself a car - we don’t currently need two so, although I could afford it, it seems a bit frivolous.

Drop down to 3 days pw after maternity leave

Buy a holiday home/flat in Australia so we would have a base to see DH’s family more often & then business class flights twice per year.

Save the rest - we live a pretty frugal lifestyle anyway!

I think we would both drop to part time hours but still work. Otherwise it can be tricky getting loans and mortgages if needed!

I have wondered this - would it be? Tricky I mean?

Would normal income/credit checks etc apply? Or would a guaranteed £10k a month from Camelot just give you a green light to walk into any bank and get their best mortgage?

I work for a bank 😂 but not on the credit/lending side so I have no idea.

@joystir59

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

I love how oddly specific this is.

I think the OP "should" buy the larger house but employ a cleaner making sure you pay her well above the going rate.