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 do this lottery with my son, every week. We’d share the winnings so have £5,000 each a month. At our stage of life ( me and DH are in our 50s) No mortgage, we would give up our jobs immediately and our employers give early retirement funding As we work for the government, so would draw reduced work pensions early. As the £5,000 a month would be guaranteed, that would allow us to live very comfortably for the rest of our lives. That’s purely though because of our ages and for people a lot younger, it would be different. It’s a lovely dream though .

I'd save it up until we had enough to build our own house- nothing particularly extravagant. I'd just be happy to own it, mortgage free (and I've always dreamed of designing and building a home.)

Then we could both reduce our hours at work.

I'd help out family members.

Save for the kids so they have money towards their first car, house deposit etc.

But the house would be the main thing. Being mortgage free would make such a difference as rent is by far our biggest outgoing.

£120k salary doesn't = £10k a month income. I earned a bit less than that in total before going part time. For me it was structured as about 95k salary 20k bonus.

• the bonus would come in a single month and 40% of it would go in tax, leaving £12k. We used it on different things each year - for example overpay the mortgage, to fund me taking 2 lots of a full year maternity leave, and to buy a second hand non premium brand family car outright.

The 95,000 is about 8000/month. Typical breakdown would be:

• about £2,600 tax & national insurance
• about £500 pension
• about £500 childcare
• about £300 commute to work

So that's nearly half gone before it gets "fun"....

• my half of the family costs:
• mortgage £1,400 (4 bed house in the london commuter belt)
• utility bills & council tax £400
• insurances, petrol etc £200
• family supermarket bills £250
• short term savings £500 inc holidays, home improvements, car repairs, Christmas
• non essential direct debits (gym, phone) £150
• meals out, children's clothes & shoes, swimming classes, day to day spending £400

• leaving around £800/month which is really totally my "free" money. It usually goes on:
• long term savings £400
• clothes & shoes for myself £100
• gifts eg family & friends birthdays £50
• charitable giving £150
• surplus/chocolate/coffees/lotto tickets etc £100.

Note all household amounts are only my half- DH earns the same and his breakdown is similar although he puts slightly more to savings as I tend to buy the childrens stuff.

We would move up to be close to our daughter, would pay for our sons wedding, buy ourselves some nice shoes and clothes. We would pay for our fur baby some training,. I would start some long term psychotherapy, and have my eye surgery. Maybe shop in M&S, pay for a trip for some disadvantaged children, I can't really think of much else.

Give my parents the first 10 for a new kitchen.
After that encourage DH to drop to part time at least and me to drop to 1-2 days (enough to cover our current bills easy)
Save half
Get a nice car each
Pay a load of the mortgage and do some diy on the house to add value.
Long term buy a bigger home.
Hopefully the part time would let DH further his studies so he could get a better paying job he enjoyed and me to pay for the college course I want to do.
Send DS to nursery (can't afford it right now and doesn't make sense with my working hours but he would benefit massively from it)

Save as much as I could for as long as I could and put a large deposit on a house or even better buy one outright

I would be able to give up work and concentrate on family and things that I enjoy or feel are valuable. Charity work and other voluntary stuff. I could afford private health care. Keep paying into a pension/savings for when it ends (I would be well past retirement age by then). Buy my brothers and my DC houses as well as moving somewhere a bit better ourselves. Etc. I really would be sorted for life but can probably only ever dream about being that rich.

One way ticket to New Zealand......

I'd have a very frugal year(east in the current climate) to get a deposit up together and then I'd enjoy some nice holidays when the world opens up. Buy the good seats not the cheapest in the theatre. And have more than one side in a la carte restaurants.

@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.

Of course £10,000 a month tax free for 30 years on top of what you already earn is a lot. Even in London . What a crashingly stupid comment.

I earn more than that a month, I’m piling as much as I can in to pensions. My bills are around £2,000 not including mortgage, I save a lot every month. I don’t get the time I would like to travel because of work but when I go it costs thousands and I pay for my friends.

I'd get DH to go part time, he wouldn't like not working at all. I'd keep maybe £3k a month to top up our finances & pay the mortgage on the much nicer house we'd get. I'd save £1k a month for each of our 3 DC that they could use for uni/house deposit when they're older. Most of the rest I'd give to a few specific charities but I'd keep back maybe £500 a month to donate to things like emergency appeals or short-term fundraising things. I'm not into fancy/expensive things but I'd enjoy having cash to donate without worrying about how that would affect our family's finances.

I’d like to try and set up a charity with this amount. We are fortunate and wouldn’t need it ourselves.

I’d probably fail miserably as I have no experience in running a charity

"Must be nice to live in Oblomov world..."

FFS

I only work part time. I don't live this life. I'm just saying lots of people do. 1/2 of MN earn tonnes. Lots of London workers earn a great deal.
Dh used to deal with guys from Barings bank and stockbrokers that gave no thought to spending their £250k bonus.

@NoIDontWatchLoveIsland I was thinking basically everything you said, but was far too lazy to type it out. Earning circa £10K a month is considerably less blissful than one might expect after taxes, particularly if you live in London. However, my location is completely self inflicted, I could just move.

However, an additional untaxed £10K would be delightful! I’d do loads of posh travel (there is no Covid in my fantasy scenario) and buy a couple of horses!

My (very small, very local, but with a great pool) gym closed down permanently due to COVID so I’d buy it on a mortgage and make it available to friends and family, and offer it out to schools, charities, community groups, therapists etc. for reduced rates/free. As long as I could keep it ticking over as a not for profit gym. I’m sure there are all sorts of health and safety/maintenance issues there, and £10k a month probably wouldn’t cover it all, but damn, I miss that little gym, especially the pool, and hate to think of it lying there unused when it can bring so much joy and relaxation to people.

My sisters husband earned 10k a month, spent every penny of it. Now ex husband she is on very little but still spends the lot. He had a stroke earns nothing like as much scraps by. Hate each other, she cos he stopped maintaining her lifestyle. He cos she got the house. Kept telling them to squirrel some away but never listened.

Cat sanctuary

I could snog kittens all day

You Pay It Forward whenever you can. Private dentistry and private healthcare for you and your children. Good quality, very reliable first car for your 17 year old + Advanced Driving Course once they pass their test. Both teens have Uber accounts attached to one of our credit cards, to be used wherever it's available/necessary (don't ever want them using public transport late at night, or walking alone). Very substantial house deposits for both children. Industry standard, top quality equipment for DD to pursue her chosen degree & career. Food shopping at Waitrose and M&S. Staying in very good hotels. Eating in very good restaurants. 5* travel. Weekly cleaner and fortnightly gardener.

My husband earns this every month and let me tell you, you wouldn’t think it! His business boomed when lockdown started but before that we were comfortable. We still live in the 3 bed house we bought off the council years ago for only £56,000. We literally just love a nice normal life LoL

I would use it to set up my own business, I would employ people on short temporary contracts with little experience and train up so they can progress their skills and improve their CV.
I would move to a bigger house but nothing over the top. 4 bed and garden.
Buy a modest car.
Then just live knowing we are ok financially.

£10k every month (as in the fantasy scenario) is different from 10k a month net earnings. To earn the 10k I needed to live in London, and commute in London - both very expensive (and I didn't even have a nice house, the area was extremely shabby but comutable). To maintain this standard of living in retirement I have to save a lot into my pension and investments. Despite not having a particularly nice house I have a huge mortgage so I also set aside 500 a month to overpay that as I worry about burnout / long term illness. Those decisions (which are all self inflicted) mean that there isn't 1000s left every month for fun stuff. I have no designer clothes or handbags, my skin cream is nivea, I go to a budget fitness first gym etc etc. However we do have nice holidays and eat out regularly with friends. I am very grateful and wouldn't swap my position but a guaranteed income of 10k a month is different from having to earn it (and knowing you might lose it!)

If I had the fantasy income I'd buy a beach house / second home. I'd have an equinox gym membership. I'd buy 'nice' quality polished clothes from j crew, reiss, cos (not Dorothy perkins and M&S!) I'd have fresh flowers weekly. I'd buy my husband a sports car. I'd send my mum and gran posh chocolates more often. And I'd give a large standing order to guide dogs for the blind.

P. S. I wouldn't give up work but I'd put on. Cruise control mode. Do well, try hard, but not push myself for promotions and betterment. Leave at 6.30. Adopt an 'oh well, tomorrow' attitude. Stop working evenings and weekends.

I’m not bothered about a big house (like OP said, more to clean!) but would love land. Move to the country, have a little small holding with horses, chickens, goats etc. That’s how I grew up and I miss it sooo much! I’d help out family & friends, my sister and her kids would get a decent chunk. And then travel. Lots and lots of travel!