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

Buy a big house, with views of the sea.

Make anonymous donations to small charities that help people who are homeless.

I would save it for a year, put that money in a high interest account and THEN think about start spending.

I would help the kids out and providing the pandemic was over quit my job and travel the world forever. (If it was a lottery win).

I would save most of it to buy a house with a large garden enough for veg plot and fruit trees and area for the kids to play. I would also be providing some food grown to friends and family. I would hire a cleaner as I struggle at times as I have OA and this would help take the strain off a bit and hire someone who can help with my autistic son to take the pressure off a bit and reduce the worry and would give me more time with my other son. Would also hire a private tutor to help my other son as he has global development delay so this would be very beneficial to him. Would also mean providing 3 extra job opportunities for people at the same time.

I think most of you think £10k is a lot, but it isn't. Loads of London workers earn that. Once they've paid big mortgages, childcare, I bet they don't give 15% to charity, like one poster above suggested.

Other than that I'd have I'd have to really think about it but probably put some of it towards university for the kids if they go or to help them get there own place in the future so would probably put into some sort of savings account.

I’d prefer to have a lump sum. I’d buy my twins and their partners a house each and give them a lump sum. I’d stay where I am but have it totally renovated (probably need to move into rented or a hotel! It’s an old house). Then I’d buy 3 x 3 bedroom houses and rent them out for much less than the going rate ( just enough to cover any expenses) and let them to 3 families who are struggling. I’d give to charity and invest the rest but give myself a healthy monthly allowance.

Buy decent coats, shoes, boots and warm clothes for the kids at DDs deprived school. Ditto food. Pay for my bestie to move out of her shithole private rental house.

@Oblomov20

I think most of you think £10k is a lot, but it isn't. Loads of London workers earn that. Once they've paid big mortgages, childcare, I bet they don't give 15% to charity, like one poster above suggested.

Well how patronising

It is a lot if you don't have a 4k mortgage or send multiple kids to private schools!

Also because it is not tied to work, you wouldn't technically need the kind of expensive childcare a highly paid job often requires. So it's not really the same.

I think if you've slowly built up to that amount though it probably feels less than just having it overnight. If we suddenly had an income jump of 10k, none of our living costs would have increased, they would be exactly the same. Whereas we currently earn about twice as much as we did five years ago. Back then I couldn't have imagined how on earth we would spend twice as much money. We do, though. Rent is about the same. Household bills a bit higher. Food bills a bit higher. We are not as reliant on overdrafts and may actually get out of debt in the next few years.

Also perhaps people feel more inclined to give parts of it away if they have not earned it for themselves. That's why my first thought went to providing for older struggling relatives, whereas it doesn't if one of us gets a pay rise.

I would hire people for 8 hours a day, 5 days a week to stand in the city centre and keep making nails on the blackboard noises😂
Totally worth all that money imho.

Move to a house with land and start a small holding with an amazing garden, then i’d spend all my money on that and be a hermit.

Got £42 cheque off insurance company, changed hands gave me some back was bloody buzzing haha

I think most of you think £10k is a lot, but it isn't.

It really is.

Loads of London workers earn that

er.... depends on your definition of 'loads' of course, but it really is a very tiny minority of the population who earn £120K or more.....

However, OP is talking about getting this monthly income on top of what you earn - this is a lottery win..... the chance to take £10K per month for 30 years rather than the winnings in a lump sum. So - if you chose to - you could still work

I'd teach poor kids how to grow pumpkins and sunflowers so they become the go to expert gardeners for their communities.

Rent a lovely flat or house of my own (and save for a deposit to buy eventually) - so I could have my own space.

Order in or go out for lovely meals regularly during the week; also give regular and large donations to various charities I would love to support.

I think probably carry on working as I am, but pay off the mortgage, buy a holiday home in DH's home village, and obviously help family with their mortgages etc. Plus lovely things like church/charity donations

@Oblomov20

I think most of you think £10k is a lot, but it isn't. Loads of London workers earn that. Once they've paid big mortgages, childcare, I bet they don't give 15% to charity, like one poster above suggested.

Well maybe those London workers are surprisingly thick for their salaries if they can't work out that such an income is well above average for the country. And doubly thick if they were to fail to live a good life on 10k tax free without labour.

People who say that such sums aren't life changing are one of two things: fantastically wealthy (way more than 10k per month...) or spectacularly lacking in imagination.

I do wonder whether people like Oblomov20 are massively goady and enjoy the windup, or incredibly ignorant.

www.ifs.org.uk/tools_and_resources/where_do_you_fit_in

I just stuck a 120k net income into that, guesstimated a high council tax to be £5k annually and gave my actual family makeup of 2 adults and 3 dc and the result is "With a household after tax income of £2205 per week, you have a higher income than around 94% of the population - equivalent to about 61.7 million individuals."

Only an actual twat would describe a 120k net income as not a lot.

I'd get a garage conversion to make extra room downstairs. I'd pay off our mortgage. I'd give my 2 adult sons deposits for their own house. DH with I'll health could retire way early. I'd give my sister enough money to pay off her mortgage. I'd donate to our local cricket club as they had a fire and insurance did not cover everything. They need new nets.

I think I would squirrel it away for a few months then use it as a deposit to buy myself a house nothing flash just enough for me and kids get it all kitted out and get a car of my own waiting for me on the drive. then when my DH rants about how ungrateful we all are and lists out everything he does for the house and everyone in it. Or when he goes on about no beans cheese bread or crisps in the house and how greedy and selfIsh the children are I could whip out a months supply of beans for him and happily say you don't need to "do everything" because we are off so you just worry about yourself and live the single life you crave for sweetheart. Blow a kiss and sashay out the door 🤣🤣🤣🤣

@unmarkedbythat

Or possibly all three. Must be nice to live in Oblomov world...

Some tutoring for Ds.
Travel - we have only had one two night UK break in the last 7 years.

@Oblomov20

I think most of you think £10k is a lot, but it isn't. Loads of London workers earn that. Once they've paid big mortgages, childcare, I bet they don't give 15% to charity, like one poster above suggested.

Apart from considering that those workers need to pay income tax & NI on their earnings, and that this fantasy payment is tax free, you'd be £35k pa better off

Then you have to bear in mind that as a pp said, you don't need childcare if you give up work, or commuting costs, or work related incidentals like lunches, work clothes etc

And no "need" to live in central London, or even in commuting distance.

Private school.
Buy a field, just to wander round and turn into a meadow.
Invest in government bonds.
Pick a few local or smaller national charities and set up standing orders.

Save half each month.

DH will quit his job and retrain in something he enjoys.

£5-10K gift to my friend whom would otherwise struggle to buy her own home.

Then travel! Lots and lots of travel and shopping!