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

@RonaRossi

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.

I've just come back online and has seen this has gone from like 5 replies to 126 so just making my way through them

This is what I was wondering, like if I rung up my bank and was like hey I'm gonna be getting £10,000 a month guaranteed income for the next 30 years - can I have a mortgage please? Because isn't that why they want you to have a job so you have guaranteed income - does someone work in a bank that could answer this????

Also I meant the lottery income of £10,000 a month adding up to £120,000 a year not an actual salary but to be fair I don't know whether you'd be taxed on this or would it be tax free? Does someone work for the lottery who could answer this

Quit work immediately
Buy the house I currently rent as I love it, but will have a new bathroom, kitchen and fully redecorate - as in pay for someone to do it. Pay half my kids' rent.
Enjoy being able to afford brand new stuff
Add to my doc martens collection
I'd also love to swoop in and flash my card at a reader to pay for someone's shopping here and there.
Donate to the cat rescue my boy came from
Have an amazing Christmas each year. I'd be 80 by the time it came to an end, but I'd have savings.

Lottery wins are tax free, as far as I'm aware.

I'm a PhD student with a monthly stipend of £1250 so that's guaranteed to still be coming in. I wouldn't quit because I love it and want the degree, obviously!

We also don't have a mortgage (inherited house in a very cheap area - our three bed house was valued at £72k before anyone thinks we're rolling in it already! ) so I could easily save £8k a month and live off the remaining £2k plus my stipend.

The pressure would also be off with regard to finding a post-doc or research position after I graduate, as many of them are part time so I could basically apply for the ones that took my fancy without worrying about cash.

I lookedon the lottery website out of curiosity. Its 10k after ta, for 30 years. A fiancial advisor to help you through stufff. They would pay out a lump sum if you die.

I would allow myself six months or maybe a year to spend every single penny and not worry about it (although the first couple of months I’d pay off debts). A new home, car, holidays - all of those for me and my family.

I’d like to start a charitable business and I’d make sure I was funnelling a not insignificant amount into savings.

The set for life win is tax free but any interest you might earn from it would be taxed.

Really interesting reading people's plans - I have to say some of them are quite ambitious for £120k per year - one poster said they would buy each of their 4 children a house!

I would go part time at work. It would allow us to skip a rung on the property ladder, so we could move into our forever home 5 years earlier than we've factored. We have primary aged DC, so I wouldn't put them in private schooling now, but would save enough in case we wanted to for secondary. I would up my charity donations from £10 to £100 for each charity per month, and would buy friends and family lifetime National Trust memberships. I would much rather win this amount than one of the big jackpots as I think it would be much less stressful and easier to keep private!

Move to a bigger house, get comfortable financially as in build up the savings/pay off debts/mortgage asap and get some plastic surgery I want done but dont have the money for now, save for the kids, give more to charity.

My first expense would be posting my laptop back to work.

Move out and buy a small house, live with my cats. Work as I wanted and save.

I would buy a bungalow that could be adapted for my disabilities, have an annexe for ds to live in to have some independence but I could still keep my eye on him, pay for driving lessons & a car for him. Increase my cleaner's hours & employ a gardener, pay ds through university. Once I had done all the basics, I would buy either a top of the range touring caravan to have on a seasonal pitch on a good site or buy a motorhome to be able to go touring in. Put some in savings for ds & some to a private pension or investments to pay out when I reach retirement age in 12 years.

I would spend all the money on finding the best bowel cancer specialist in hope they could extend DH's life (40, stage 4 terminal bowel cancer, he's already outlived his life expectancy).

Mostly I would save it to give my dc (and dn) a little bit to start them off in adult life. I'd love to be able to give them each a big chunk of money as a deposit on their first homes - it is such a frustration for them paying rent each month and getting no return for it (and a lot more than they would be paying out on a mortgage if they could get that deposit together).
However, it would be lovely to have spare tenners or £20 notes to be able to just treat people to little things to brighten up their day / week.

@loubieloo4 - I hope you win this week!

Expenses often do start to eat up the sum. Eg I was spending £50k a year school fees and £90k a year interest on mortgage at one point - and that was from after taxed income as sadly I have never won anything, not even the premium bond I was bought in the 1960s - never won once.

I'd buy a nice house somewhere rural that has a pond and a bit of a forest at the bottom of the garden. Go on holiday alot. Buy houses to renovate and rent out. Run an animal sanctuary for stray and wild animals that have been hurt to heal them and either release or rehome.

Not go back to work after the series of procedures & operations I'm having for various issues.
Either fully cat proof the entire (small) garden, or have a large catio built for my pair who aren't allowed out.
Big fat donation to the rescue the cats came from.
Maximise pension contributions & annual ISA allowances
Get house decorated - without wallpaper so Boycat can't scratch it way in chunks!
Buy really decent Xmas pressies for my DSis, DBro & Sil, nephews, and nephew no.1's 3xDC
Of the rest (probably about £8k pm), half to pay off any debts, extra mortgage payments & more indulgent living costs.
Remainder to be invested using a good friend of mine who is a financial advisor so he gets the benefits of the advice & ongoing fees rather than the one provided by the lottery company

To me it's better than an outright jackpot win.
I'd firstly get the things that need doing round the house that I can't afford done. I'd also get my debts paid off.
That's probably 2-3 months at most (inclusive of usual outgoings).
I'd then look at replacing the car.
I'd set something aside each month for the youngest members of the family, so that, when they reach 16/18 they have a small lump sum for whatever they want to spend it on.
I'd also, each month be able to treat myself to the little things I normally have to say "no" to because I can't afford it on UC. I'd be able to take Resident Collie to the beach once a month for a change of scenery. I'd be able to buy nice fabric to make the cushions I really want, or get Resident Collie some nice treats.

Would prefer an outright jackpot win

If it's 10k for life then that's a dwindling payment. The lump sum theoretically let's you set up something with better returns

Tax free?

Short term we would buy a camper van (one of the transit type).

Longer term, I would use it to pay off the mortgage a bit quicker and I would invest. I would like to retire in my 50’s, so it would help me achieve that.

I love my job so I wouldn't give that up. I expect DH would want to reduce his hours /retire a bit earlier but he loves his job too.

I think j would put £2000/MTH into mortgage overpayments and the same again into longer term savings. The rest would be a healthy balance of holidays/treating family/home improvements/ spending on children's hobbies and education.

Pay for both MIL and DM's living costs entirely - they are both struggling and neither is especially high, just too high for any of us to properly help with. Would probably be about 2k.

Stop/reduce work and do a full time German course until I'm fluent. Consider doing a degree after this. Would take up 1kish to replace income, plus however much for study costs.

Pay off debts - would take about 4 months @ 5k per month. That should hopefully take us out of the worst period of the corona lockdown. After this:

Driving lessons and a car for me once I pass.

Keep an eye out for a bigger house. Upgrade all the crap things in our house and donate rather than sell the old ones.

Have some money each month to do nice things like days out, kids doing sport/ activities etc. Just generally inflate our budget a bit.

I don't think we'd do private school, the schools here are amazing, but it would be an option if any of the kids were to need it.

Would visit home (UK) twice a year and have enough left to go on a family holiday once a year as well.

The rest - save for a rainy day.

Actually yes DH has said before he'd love to do 3 or 4 days per week, so if we did have the option he might reduce his hours too.

Holy crap, I earn £10k a year!

I’d buy our house, and give up work, live easily but not lavishly and donate £3-5k a month to charities etc

I am retired so there is nothing I really want. I would provide all the kids who need feeding during the school holidays in my local school with lunches. I would then set up a charity to get more money in so that no child in that school is ever in need of a meal.

I earn a bit more than £10K a month but that's before tax. Once tax, NI, pension and share save contributions have come off, it's a lot less! My DH is retired due to ill-health as he had cancer in his late 50s so I'm the only earner though he has a good pension.
What do I do with it? Well, we bought a second home in the countryside 10 years ago as well as having a flat in London. Our cottage is very small but a great bolt hole and we spend weekends and most holidays there. Apart from that, I give my niece an allowance every month to help her as she is a single parent to a little boy and is hard up. I help my mum too, and I take her and my niece on some special holidays, or I did before the pandemic. I love that I can treat my family. I give quite a lot to the cancer charity for the cancer my husband has/had (he is in remission) as he suffered from an underfunded type of the disease, not one of the biggies with lots of money for research. Other than that, I save a fair bit in deposit accounts each month and invest in shares and funds - that has been a bit hairy recently as the market has been volatile and I have made some losses. I do buy very nice clothes, that's my main indulgence for myself, as I don't smoke or drink or have flash habits but I love fashion. I drive a Fiat 500 and I love my little car too.
I don't feel rich at all as in swanky, but I do feel very privileged as I come from a poor background so I know it is a huge luxury not to have money worries, particularly at the moment when many people are suffering. I am worried about the economy and fear there is hardship ahead. I grew up in the north in the 1980s, and I am really concerned about what will happen to people if we have mass unemployment as we did then. My father lost his job in the 1980s recession and it ripped our family apart. That made me really see the value of financial security at a young age.
I also feel privileged as I have worked hard over many years to get into this position - all of it is off our own bat, rather than inherited. Therefore, I don't feel guilty about being well-off, I just enjoy it. I won't say I deserve it, as I don't like that concept - no-one deserves to be rich any more than they deserve to be poor or children deserve to be hungry. But I don't feel bad about my earnings either, they bring self-esteem and independence. Whatever amount of money makes you feel secure and free of financial worries, if you have that and you know it, you are rich.