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

15 years ago I would have struggled as I was on at least twice that.

Depends entirely on your lifestyle and living expenses

I often play this game 😀 helps me sleep.

I’d hire private tutor for DD, someone who understands ASN. I’d buy my friends lovely luxurious gifts in secret. I’d probably send my local food bank on a ‘supermarket sweep’ thing so they can get exactly what they need every month.

That’s pretty much my salary. We don’t have a cleaner or gardener. We shop in lidl. Kids don’t go to private school. We save a lot in the hope of early retirement. Pay a lot of tax and some substantial charity direct debits. We don’t wear designer clothes or have fancy cars.
We travel a lot, though fairly frugally. Kids do activities and we have a lot of meals out and treats and bits whenever we want. I try to get value for money and not be wasteful. I recognize how lucky we are and it’s lovely to not have to worry about money. Not always been this way, I started on 12k a year.

NC for obvious reasons but I earn close to this and my husband earns far far more but don’t feel we live a particularly extravagant life. Await MN backlash to this. I’ve worked hard and yes we enjoy nice holidays and don’t have day to day money worries. This used to be me.

Being able to buy the family dinner or host Christmas is a nice thing to do. It enables me to give to more charities. But not a huge amount is different, I still cook all meals from scratch, we’re not silly with money.

I think that no matter what you earn you will expand your life accordingly. So your mortgage is bigger, perhaps your family gets bigger and the cost of that of course. You get a bit pickier about holidays, flights etc, nice restaurants.

I’d say mainly it’s nice not to have guilt when spending a bit of money but also knowing you can get the car fixed without waiting for payday.

Not particularly exciting but then it isn’t, it’s just very very comfortable living.

You also become so aware about money, and I would encourage our children to understand the concept of earning, spend, investment and giving back to the community.

You need to earn around £215k p.a. to get the same amount net.

For me it, I'd keep working but I'd send my 2 DCs to private school in a heartbeat. And maybe get a gardener cos I hate outdoor chores. I'd still clean my own house. Dull, I know

Feellikefrighteninh yeah,
What type of tutoring? Can maybe hook you up.

Save then buy a large lump of land and then more horses. Mine is retired, so costs loads but can’t do anything. I love him to pieces, but I’d like to have one to ride!

I'd quit my job and go to uni to train instead of battling with my employer to fund an apprenticeship for the same course.

Even doing that I'd give at least some of it away each month (food bank, arts charities supporting those who can't currently perform, local charity supporting vulnerable families).

If the 10k was for life it'd pay the dc through uni/whatever they want to do as well. Actually even if it was only for 12 months that'd do!

I'd probably work part time and give more of my time to charideee

But the very first thing I'd do is buy a new set of wood for my old Morris and get her back on the road

First thing would be to clear debt.

Then work our way through the house doing it up.... bought a fixer upper almost a year ago and every single room needs doing, plus windows, roof etc etc. So it would take a long time!

Finally, fun stuff for ourselves, the kids and friends/family.

I'd be utterly dull, get the mortgage paid off, upgrade some of our furniture. Build a new extension and smarten up the garden then we'd look to get a cottage in the lake District to spend all our down time there. Then top up pensions.

Oh, easy. Pay off my (small, but there) bills, set up trust funds for my two sons, and open a cat sanctuary. I could do a lot of good for unwanted cats with that kind of money.

I'd clear my credit cards. My ANNUAL income is less than £10k. No mortgage, kids left home, live alone with small dog and cat.

With £10k a month I'd pay (or invest for) my grandson's nursery and possibly eventual school fees.

If it was the Set For Life £10K a month for the next 30 years I'd like to think I would do a lot of good with it as well as the obvious make sure my better half and I could live comfortably. We'd give his business partner and friend a monthly allowance so he didn't have to ask us for anything - they could then work when they felt like it rather than having to work every day like they do at the moment - and they have loads of shared hobbies and interests (he'd want his mate to enjoy all the activities, outings etc that he did - much more fun with two of them).. Post-Covid (fantasy at the moment as reality very different) .they might also plan a 6-month - a year dream trip to Alaska/Yukon/Klondike to go gold mining then off to Nome, Alaska, to dredge for gold. We'd have enough money to cover all their expenses + treats as well as to buy in care for me.

If his business partner wanted to move near us, or possibly even into our spare room, we'd work something out. We know his parents need a few grand to save their house so again we'd work something out so that we could help him to help his parents.

For the first 3-6 years of getting that regular monthly £10K we'd give £500-£1,000 each to his aforementioned business partner (treats/wages top-up) + a similar amount to the lovely lady who has been our friend and neighbour for 30 years so she could pay off her lease (the stress is killing her). She could then give serious thought if she wanted to move near to our new place (we are due to move soon)...if a neighbouring property came up for sale we'd be happy to buy it/part buy/whatever was mutually agreeable for her to be our new neighbour - up to her if she sold her current flat or rented it out, or let her grandson move in with his young family. If she could live mortgage-free we'd be happy to give a smaller payment monthly indefinitely.

We support a local animal rescue whenever we can so would love to use the equivalent of a couple of month's money to pay their annual rent + another month's to cover accountancy fees & a bit towards their vet's bills. We would also make regular donations, send vouchers or a credit account with suppliers and do our best to help in emergencies/mass rescues etc.

We both have small families (I have 2 siblings, 2 nieces, 2 nephews; he has 1 sibling, 1 niece, 1 nephew) -they all work hard and none are well off but not below the poverty line so we'd see what we could do for each of them.

One of our cats that we've had for about 13 years has adopted a second family for 3 years or so...we'd set up an account to put an allowance in for him that the family would have a card to and, for example, be able to access whenever they needed to, wanted to treat him or had to take him to the vet (we are in contact daily and that will continue)

There would be one-off and/or occasional donations to other charitable causes that mean something to us: our local hospice where I had excellent respite care, day care and will try to make it there to die when my time comes; refuges for victims (male & female) of domestic violence; other animal charities.

We'd also fork out for a good solicitor to write new wills for both of us - hopefully we will manage to save a bit of our new-found wealth to leave our nearest & dearest. It is more likely I'll die first but if anything should happen to him I would need a lot of help as he currently does most things for me! Not sure his business partner would want to do much more than groceries/DIY-type stuff, lol! Sure there must be tons more but looks like a long enough dream list already - we can all dream and who knows, one day we may just get lucky when our number come in.

That would be so much money to play with (I would have to earn £205497 a year- used a reverse tax calculator, this does not include any pension contributions). Suppose I would ( should....) Invest some I think maybe £3000 a month ( pension). I think DH and I would keep working but cut down hours. May private school DC for secondary ( like primary school to be close by for lots of playdates etc) so maybe £1500 per month. Over pay mortgage as much as possible without loads of repayment fees and at end of present contract pay off remaining mortgage in lump sum. Maybe £500 a month to certain family members ( £2500 a month). Spend on fun things/holidays £1500/ month. Save £3500/month, would love slightly bigger house in a safe area ( extra 500 feet maybe, I dream of a detached house with a garden and shorter commute for DH and some parking, maybe an ensuite, money for furniture that's not second hand and that matches, new mattresses). Love the idea of playing it forward. Would save loads to help DC with university costs ( if they want to go) and huge house deposits.

Firstly pay off all debts and then put 5k into a savings account for my 4 daughters. I'd carry on working but drop my evening job as a school cleaner. Probably spend a grand a month on clothes for everyone and save the rest to eventually buy our house which is rented from the council 🙂 Also help out close friends and family who are like us and live wage to wage to make life more comfortable for them.

First 6 months: get my £30K dream kitchen complete with rewriting this geriatric house. Currently the oven, hob and dishwasher are all on their last legs and it’s driving me insane.
Hire a cleaner. Actually, do that in Day 1.
Put DS2 on an intensive driving course so he gets his damned licence at last.
Join a gym with specialist trainer to have rehab sessions to regain my mobility and improve my health. (Thereafter would need fewer sessions, but I really need some intensive help)
Get private counselling for MH issues of a close relative so we don’t have to keep fighting for the crumbs the NHS can offer.
Spend 1k a month on daft random acts of kindness like paying for someone’s shopping, or replacing the laptops at the foodbank because they are shit. I think this would be tremendous fun.

7-12 months: big extended family holiday in Italy for everyone, but each family in a separate building so we don’t all kill each other after a week. (There are 18 of us in all) we haven’t been able to see each other since March, and I would LOVE time together.

Set up £2k per month overpayment on mortgage so we’ll be mortgage free soon. £2k monthly to the local charities I already have links to that are currently in crisis. I love them, they are ace people.

Long term - I won’t need a pension as I won’t live the 30 years, most likely, and the income would be fine.
Divide up income into £2k savings for DH and me, £3k savings between the 3 DC, £1k to the wildlife and local poverty organisations I support, and the rest for living well.

For me that means short breaks to cities a few times a year, going out to eat, seeing more theatre than I can afford now, buying more of our food from local independent shops than relying on supermarkets. And not having to do the goddamn cleaning.

@Oblomov20

"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.

Ok, well you should surely understand then that to most people, 10k tax free a month IS a lot?

It's still pretty ridiculous to comment as if the immense salaries and bonuses of a few are of any relevance to the life changes that this sum could represent to the people on here.

I know exactly how this amount - double DH & I's take home pay - could change our lives. I can do so using realistic and normal costs because I know how much the things I want cost.

I don't give a fuck if it's chicken feed to the people you describe. It's irrelevant (and pretty insulting to suggest that people aren't aware of the existence of the super-rich). Most of what people are describing is perfectly achievable on 10k per month.

Ridiculous that people are sneering at the idea this is a life changing amount!

DH and I take home about £7k between us and I would say we lead a very good life - big house, cleaner, lots of activities as a family and trips away. We don't want for anything (but maybe that's because we don't pay attention to the lifestyles of the super rich). And we are able to save large amounts into pensions etc. We feel very content with our life. (Luckily we love our jobs too).

Obviously some people on big salaries are very silly and live well beyond their means and therefore conclude it "isn't enough" but that is their own choosing.

It's possible to feel poor at almost any income point if you focus on what you can't afford, that people richer than you have. This is only untrue for the richest person in the world.

It is possible to feel rich at almost any income point above basic subsistence - obviously not for those who are struggling to put food on the table and keep the heating going, but beyond that it's true for anyone whose basic needs are met.

But I see no harm in fantasies like this. So long as no one imagines that the extra money will actually make them a jot happier.

Probably quit our jobs and live off it

@KihoBebiluPute I think it is nonsense to say extra money above subsistence level won't make you happier. "Stuff" purchased with the money probably won't but the options/peace of mind etc having extra money provide often can.

I wouldn’t tell anyone. Would invest, overpay our mortage, and use the money to treat us to a few nice holidays per year.

My point is that it's not the money itself that brings the happiness, but the attitude that you have. Doubtless many of the things that money can buy are enjoyable, and you can have an ever nicer life the more money you have. My point is that it is people's attitude to their own circumstances that brings the happiness and people can feel rich or poor regardless of their objective measure depending on what they are comparing themselves to. This is specifically about the posts from PP about whether or not £10k per month is a large amount of money.

I'd hand in my notice immediately so I could spend more time with my elderly dad who is very much on borrowed time atm and needing a lot of care.

I'd live relatively frugally for the next year or so to enable me to clear my mortgage. Then would look at making an offer to the owners of my dream house (which is 'only' worth approx £450k) to see if I could persuade them to move out for a little extra and costs!

If I could get that in the bag, upgrade my car and help my best mate onto the property ladder I think I could happily live on £10k a month.

The main thing for me would be to manage so I don't have to work for someone else again.

@KihoBebiluPute

My point is that it's not the money itself that brings the happiness, but the attitude that you have. Doubtless many of the things that money can buy are enjoyable, and you can have an ever nicer life the more money you have. My point is that it is people's attitude to their own circumstances that brings the happiness and people can feel rich or poor regardless of their objective measure depending on what they are comparing themselves to. This is specifically about the posts from PP about whether or not £10k per month is a large amount of money.

Right, but you must be aware that if you're living in a situation where you can't afford essentials then that is stressful. It's nothing to do with "feeling poor" at that level. It's the stress of how will I pay this, how can I get that. 10k is going well past that level. So if you're living at that point then yes, it will increase happiness by removing a source of stress.

If you can already meet your basic needs then yes, it becomes about which luxiries you can afford which is the territory that attitude and feeling rich/poor come into it.