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.

My income isn't quite that, but is high. It does get eaten up. School fees, wrap around nanny, cleaner, gardener, mortgage, house running costs, etc. Plus savings because I'm very well aware that the high salary could vanish in a heartbeat and recruitment at my level is tough and takes a long time (when I last moved roles it was a year from first interview to starting).

I have been in a place where I had ten pounds for my weekly shop and had to add everything up when I went round the supermarket. The current situation is undoubtedly more pleasant but certainly comes with its stresses.

I would rather win the lottery and not have to work 🥳

I would n't know where to start! I've never even earned £25K a year, never mind a month. Ummm...As I would be able to access much bigger mortgages, I would buy two properties, I think; a bigger house here in the UK and one overseas somewhere. Here, I'd have a cleaner and gardener. And I'd build a fabulous wet room en-suite!

I wouldn't waste it on a big house in an expensive area for a start.

It helps that my current dream house is this one.

I'd use it to (semi) retire as soon as possible, maybe doing a bit of consultancy work over the internet or working as a dive guide, which is less of a job and more about getting to do your hobby for free or earn a small amount of money while doing it.

After pension (assume 10%) take home would be closer to 12.8k and I suspect the money would go quicker than you’d expect for the headline salary. Someone would be comfortable with very nice house but not quite as jet set as you might imagine.

Mortgage 4k
Private schools 2.5 for 2 kids
Extra childcare/activities 1k
Bills 1k
Food and random spends 2k
Holidays 1k
Savings 1k

I think I would put it in savings so I could retire sooner. But I think I would also buy better food.

@RedPandaFluff

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

I love it, you lucky people to have such a nice life style. Enjoy every moment of it x

The thing is when you earn 300k (esp in the SE) after you have bought a lovely house, paid for transport into London, paid for clubs and activities your kids want to do, paid for one or two luxury holidays and saved some, that’s about it!
I have 3 kids and 300k wouldn’t be enough for me to send them all privately and also have a lovely big house where I currently live

I’d buy myself a house and leave DH in ours. I’d have a house built next door for my dad.
The house would have enough land to have an animal sanctuary, and I’d employ staff to run it.
I’d get a cleaner in every day.
I’d have my tea cooked .
Oh yes, I could spend it.

Sorry RedpandaFluff that wasn't for you at all x

I'd save and buy a small house outright.
I'd pay to put my dc's through uni, give them some money to travel, and save and buy them a small house each.
I'd travel myself, help family, save for future security, and give money away.

Chocolate, shoes, and an animal psychologist to help my cat with her anger issues.

I can't get over £10k a month in tax

I’d be paying the tax man a hell of a lot each month

I don't think I'd care how much tax I paid if I had £14k pm take home to cover living expenses, save etc.

Our household income is higher than this. It mainly goes on two mortgages and school fees, not very exciting.

I think that would quickly go!!

Mortgage we have 200k and it’s £900 a month. A nice detached house would easily be 2-3k a month mortgage. Plus bills etc would be more say 2k for all things like car finance, council tax, utilities, tv subscriptions, phones, insurances of various types, etc etc
Food - you would probably eat out more/have takeaway especially if working long hours. For our family of 5 could easily become 2k a month if eating out somewhere nice once a week.
Cleaner/gardener etceasily 1k Week if having full service, ironing done, handy man for small jobs etc
1k on kids activities and days out eg expensive ones like theme parks etc especially as would be able to afford expensive ones like horse riding etc
Private school - we have 3 kids so easily 3-4 k a month on school fees.

That’s 12k already if living liberally without including holidays and savings and pensions etc!!

I'd keep my nice little flat, but really go to town doing it up. New kitchen, bathroom etc.
At least one stupidly expensive holiday a year.
(I'm a simple soul!)

Buy a nicer house in a nicer area. Become a two car family. Bikes. Camper van. Invest in hobbies. Travel regularly. Eat well, not always the basic ingredients, eat at restaurants and not look for the cheapest item on the menu!

Daily personal trainer, daily PA, and a housekeeper 5 days a week. So I could just get on and earn that salary.

If you earn 300k you can't put 10% or anywhere near that into a pension.

@westr

If you earn 300k you can't put 10% or anywhere near that into a pension.

A pension isn’t just a pension fund though

@westr

If you earn 300k you can't put 10% or anywhere near that into a pension.

You can. The tax relief is impacted though

I have so much inherited money, and hubbsybubs pulls in a 7 figure salary and we just enjoy it, you know.
we are so so so so lucky and without these threads on MN I don't now what I would do with my existential angst.

s/

Bigger house.
Private school fees.