To ask how you would spend a salary of £300k?

[iwishiwasafish]

In a similar vein to “what would you do if you won the lottery” … how would you spend an ongoing salary of £300k per year?

That’s £25k per month before tax.
£14,180 per month after tax.

I know people who earn this sort of money. They work long hours and outsource everything related to the home. So they have a housekeeper plus a cleaner, nanny, laundry service, Gardner etc. Children in expensive prep schools plus they do lots of extra clubs and activities on weekends and evenings and in school holidays. They eat out at least once a week and take away another night. They go on several holidays a year (skiing in Feb, sunny holiday in august and October plus some UK short breaks to nice hotels.) I get the impression though that they save or invest a lot of money too so I don’t think they spend anywhere near what they actually earn

Definitely outsource cleaning, cooking, laundry. Get a personal trainer. I'd quickly run out of material things I want but I'd enjoy bigger holidays.

Our income is about that.

We live in a nice house although with a mortgage
Kids have been privately educated
Cleaner several times a week
We eat out whenever we want or order takeaways
If something breaks we replace it. Recently we’ve had a new boiler, washing machine and dishwasher.
I have a personal trainer several times a week
We run 2 cars
We entertained a lot, pre covid
I pay someone to do the garden
Someone else to clean the oven

Pretty much whatever we want, we buy. We both love our jobs and work normal hours, meaning 9-5

I'd immediately go part-time, maybe two days a week!

@Lawnpop

I know people who earn this sort of money. They work long hours and outsource everything related to the home. So they have a housekeeper plus a cleaner, nanny, laundry service, Gardner etc. Children in expensive prep schools plus they do lots of extra clubs and activities on weekends and evenings and in school holidays. They eat out at least once a week and take away another night. They go on several holidays a year (skiing in Feb, sunny holiday in august and October plus some UK short breaks to nice hotels.) I get the impression though that they save or invest a lot of money too so I don’t think they spend anywhere near what they actually earn

Most of our friends have a joint income £300,000 plus

No gardeners, no cleaners (I don't know anyone except the local Earl with a housekeeper) no 2nd homes
Probably do all travel a lot

Most people just trying to get up to the million pound pension pot and retire.

Small detached house in a good area

Regular gardener and cleaner

Savings

Pension

Regular savings account payments to niece and nephew

Personal trainer and diet food subscription box

I think I'm happy with my life as it is. I would feel guilty and give most of it away.

I’d employ a few hard working people on 50k each and go part time 2 days a week.

New car
Cook
Cleaner
House keeper
Gardner
Savings
Pension
Give some away

@RAFHercules

I think I'm happy with my life as it is. I would feel guilty and give most of it away.

But for most people the salary has grown slowly and their life adjusts slowly in response to that. It rarely happens overnight.

Lots of people give time.
I am a Trustee/Director of 3 charities-as are most of our friends. That takes about a day a week.

So £14.5k a month.

Let's assume £1k to pension

Private schools round here are between £1k and £2.5k a month per child, so assume £4k a month on that if 2 dcs.

A £1.5m House here is big but not "footballer" territory, that's a mortgage of around £6k a month, but assuming you've got equity / bought a while ago, im going for a £4k a month mortgage.

£1.5k a month bills/food/household maintenance (assuming not shopping round for cheapest food but going with waitrose). £2k a month for a nanny.

That leaves £2k a month for clothes, going out, holidays etc. (This hasn't factored in cleaner costs.)

Live in special needs nanny who can do all the things with DS we can't do.
Skiing in a private chalet.
First class travel (and annoy the other passengers).

Nothing too extravagant I don’t think.
I think I’d keep the house I have now but decorate/renovate parts of it.
Definitely a cleaner.
Would get a new car as my old banger is on the way out.
Some nice holidays.
Put a healthy amount in savings and my pension.
Not fussed about private school.
Also a few silly subscription boxes like Freddy’s flowers or a luxe skincare one.

@Blankspace4

You’d likely have so much responsibility for that salary that you’d either not have time to spend it, or spend a shit load just keeping your house functioning - cleaning, nannies, PA etc

Exactly my thought

By the time you've got a cleaner, cook, gardener and nanny you probably need someone to manage them all. A payroll of 5 would take care of a good chunk of £14k a month I reckon!

I'd pay off my mortgage, my close families mortgages and then just see what we all wanted to do.

Once the mortgages were paid I'd set up a direct debit to my local Childress hospital. Prob for about 2k for all the time I was on that salary.

I'd also like to buy a house to get homeless people back on their feet.

I'd build myself an art studio in my garden and live my dream on my spare time.

Id also want to buy a bigger house purely just to have a room that was a library.

Over pay mortgage monthly, could clear it in a month or two on that!
Save save save and retire early.

Don’t think it would go that far after employing help, upgrading life and helping loved ones out.

I wouldn’t tell a soul and live as we do now, probably overpay the mortgage with a few nice holidays thrown in.

After living expenses would save and invest the left over £110k ish pa to quietly help family, friends that needed it (deposits) and start building a solid investment portfolio to secure the future.

From what I’ve read over the last couple of years I imagine the average mumsnet poster would have to make cutbacks on this salary.

Personally, I would spend as much time as possible holidaying in the sun

I would give my friend a monthly amount to make her life easier - maybe £2k? She is one of life's angels and has had so much heartbreak.

Aside from that, buy a bigger house and enjoy family holidays

Round here a third of it goes in taxes before you’ve even started.

I don't need it so i would split it 90/10 with family and charity every month. Only decision to make would be which local charity every month.

LeggyLinda your post made me howl, i might be giving the money away but please don't think i am rich and boasting , far from it but there truly is nothing i need or want.

We earn about this between 2 of us, probably a bit more.
Kids left home and working, so no costs with them.

We've got a mortgage but it's not massive. House has everything I need/want.
Got a company car.
We eat out about 2/3 times a month. Generally cook for friends at home. I buy whatever food we like. DH spends a lot on wine.
Holidays could be long-haul pre-COVID, but now more likely in Europe, renting a house or touring around.
Don't spend a huge amount on clothes as I'm quite old and got a wardrobe full. I like good quality but doesn't need to be 'designer' - I just cannot get my head around ££££ for a handbag etc.
We save most of it for future plans in our retirement (both have pensions) or fantasy future grandkids.
Our best friends have a range of incomes - some much better off than us, others on very average incomes. We definitely don't hang around with the jet-set.
So the reality for us is actually quite boring!

In fact it's a bit strange to me that we earn this much. I'm from a very working class background. We were skint when we got married, and had some very difficult years, juggling debt on credit cards, especially when the kids were young and we bought our first house. Didn't start earning much until early 40-s, and I suppose never got in the habit of being spendy!

@TwinklyBranch

I would hand in my notice, recruit a hot single man to replace me, marry him and live a life of luxury. Cos what's the point in being that rich if you still have to work?!

I like your thinking!

I would just buy a really nice house, go on great holidays and save enough for a great retirement then jack it all in!