What would you do if you earned $10,000 per month?

messymutt

I realize some MFP members probably do earn this much, but for the rest of us, how would you use that money?

I was proposed this question yesterday. I've thought about it before, and, honestly, I don't know. The thought of receiving $10,000 per month is a bit overwhelming, to be honest.

*NOTE: The $10,000/month would be long-term. Meaning, you would get it (conceivably) for the rest of your life, or at least the foreseeable future.

I truly can't tell you what I'd do. I'd definitely take some of my money and allow it to earn more for me. You know - invest. I'd definitely buy a car. We're down to one in our family, and it gets annoying. I'm already wanting to move at the end of this year, so I may save some of the money and pay cash for another house.I already have plans to turn my current home into a rental property.

I'd give some to charity. I volunteered for two years in a small, non-profit domestic violence center, so I'd give them regular contributions. How much? How often? I don't know yet.

Travel.
I really want to travel. Conceivably this money would be earned semi-passively, so after I get the ball rolling steadily, I'd take a month or so and just go somewhere. The beauty of the passive income is that I'd still earn money while traveling!

See my family.
I've got family in California (I live in Texas.) that I haven't seen in years, and that I miss. Without having to worry about the cost of plane tickets or taking off work, I could see them. My grandpa isn't doing so great, so I really want to visit.

I'd also help my mom. She wants to open her own bed-and-breakfast.

Pay my bills in advance. I know this may sound silly, but I'd considering sending a grand to the utility compan(ies) and not have to remember when the bills are due. I'd probably also set up a bank account where only payments come out of it so I can still monitor autodrafts from companies.

Writing this post on MFP made me think: I'd probably get a regular personal trainer. I need someone to kick my *kitten* into gear.

Eat better.
I just would eat better. Maybe I can get a personal chef? Or at least hire one to make some meals for me.

Buy new clothes and makeup.
Yes, yes, yes.

One last thing:
I want to own my own private island. I've already got my eye on some. They're pretty reasonably priced, considering. So, I'd budget to buy one. I want one by the time I'm 30. (I'm 24 now.)

Ultimately, I'm hoping I'd be less stressed. Not having enough money in my life is a big stressor.

So, what would you do? Am I boring? I feel like some of you may have thought through this better than me. :laugh:

techteachergirl

Pay off bills (student loans), bigger house, more kids, maid, trainer, savings,

AllyBooMommyof2

Help my family (and not have to tell my kids no when they need or want something ), and other people who I know need help. I'd like go undercover and find people that really needed help and give it to them lol . That's what I always say I'd do if I won the lottery lol, pay peoples houses off and supply them with food and utilities and stuff Would be so awesome.

AmyM713

I would donate to charities, pay my bills, set my kids up for college, help any family member that may need help, stay home and enjoy watching my family grow. I would just try to be responsible with it and not let it go to my head, if I had the means to help people I would help them. I would also travel and see the world and expand my education, and start my own business possibly a restaurant or bakery.

TinkrBelz

Well, I have 6 kids....so 10K/month would be great!

I would pay everything off and then, travel with the kids. We already do lots of mini vacations with the kids, but I would LOVE to have them see the world and other cultures!! So, a good portion of money would go to traveling with the family!

I'd like go undercover and find people that really needed help and give it to them lol

This too. I heard of some random people doing this for Christmas....I would do this too...pay for other people's Christmas gifts or pay for their dinner. Or just slip someone a hundred dollar bill. If I won the lottery, that would be my part time job...giving people money. That would be so much fun to see them smile!

kmacgera

btdt, at the time I didn't need that much. Socked 20% away in my 401K. Traveled more on a whim. Otherwise, lived pretty much the same as now and before. I still budget and plan. You'd be surprised how ordinary it is... My big lifestyle breakthrough was from bike to car, after college graduation. I still savor driving, warm and comfortable, in the rain.

SmartAlec03211988

First, I'd put aside $5100 every month and split it between savings and investments, then I'd just live a normal life with a modest home and a nice car (Porsche Cayenne, preferably). I'd also take four, week-long vacations to a different continent every year.

messymutt

I forgot to reply that I'd go to university and finish my BA/BS degrees.

As for helping people - I totally would, too. I like the undercover helping idea. It sounds like something I would do.

AllyBooMommyof2

Help my family (and not have to tell my kids no when they need or want something ), and other people who I know need help. I'd like go undercover and find people that really needed help and give it to them lol . That's what I always say I'd do if I won the lottery lol, pay peoples houses off and supply them with food and utilities and stuff Would be so awesome.

I forgot.. We lost our house a while ago also.. So it'd be nice to have a home for my kids that was ours.. And take them to disneyland because I know how bad they want to go! Maybe see the ocean for the first time ever stuff like that too.

Sidesteal

I would put money aside for my son. I probably wouldn't buy much as far as new stuff because I'm pretty happy just having a wife and kid and a gym membership and a couple of fishing poles and a bunch of bowling balls.

You know, one thing I would do is eat a lot more big-*kitten* steaks and some crab legs.

quietlywinning

I'd set most of it aside each month, c ontinuing to live as frugally as possible, until I could pay cash to have a house in the country built. Once that was done, I'd continue to save, but ease up a bit on the frugality. :laugh: I'm generous even when "cheap" with myself, so would be able to give more, and set more aside for my future and my kids' futures. I would continue to work because I love what I do and I want to model that work ethic and industriousness to my kids. Plus, it's good for my health to be physically active! Travel would definitely be on the agenda - both destination/fun travel, and to see friends and family. Having suddenly lost a friend yesterday in a tragic accident, I am sharply aware of people I love but have not seen recently. I hate that money so often dictates that. We would definitely eat better, but I would still cook it myself. I enjoy cooking, and my little girl loves to help, so it's another way to spend time together. I wouldn't mind hiring someone to clean up after me, though!!! But I honestly can't see me ever hiring a housekeeper.

It is interesting to think about!

Qarol

Ah, wouldn't it be lovely.

We don't have any debt, not even a mortgage (paid that off in 2010). But I would go ice skating like everyday. Continue lifting heavy 3 times a week, but maybe join a nicer gym than the Y that had more space and nicer equipment. It would be further away, but who cares. I'd have all the time in the world b/c I'd quit my boring J-O-B.

Really, just the idea of not having to work and having TIME to do all the things I really enjoy doing would be wonderful. I wouldn't go crazy and live large. I'd just live life the way I think it was meant to be. With a hottub out back.

craigers13

Two chicks at the same time....I figure if I made that much I could probably hook that up

EBFNP

Honestly, I would prob save it. When I started working as a Nurse Practitioner, I got nearly a 30,000 pay raise. I spend just about the same much now than I did when I was nurse. However, I am using the extra money to pay off my car and student loans, saving for retirement and emergencies. This is stuff I wasn't doing when I was working as a nurse. I am almost done paying off my car, so once that is done, I will save for a brand new house down payment. I def live underneath my means because you never know if you will be terminated or lose a job or something bad happens and that income cease to exist. I highly recommend that to all college grads or people who are starting careers. Its okay to splurge here and there, but its so important to invest in your FUTURE and don't kill all your money on unnecessary things.

vade43113

Help family, pay off loans, bills, new car, play the stocks with a little bit of it, and put the rest in the bank.

I don't have any wants ...

messymutt

That's adorable.

I really wouldn't live large, either. It may sound like it, wanting my own island and all, but that'd be a long term goal achieved by saving.

I'd also like to point out that I don't have kids or a spouse. I'm a singly 24 year old woman, so I'd live like such.

Also, I make very little money right now as it is. I've had windfalls before, and with the help of my mom, I'm still broke. lol. So, I've learned from past mistakes what not to do with a large sum of money.. So, to some of you, my ideas may seem extravagant, but they'd be well managed.

nammer79

If I made that kind of money I think I'd be working way to much to have the time to enjoy as much as I wanted to ... but I would have some fun lol

douglasmobbs

I would be hating the tax man

Trechechus

Pay for school.

Gatominx

Two chicks at the same time....I figure if I made that much I could probably hook that up

Have you seen my stapler?

hawtpep

jizz in my pants

honeysprinkles

Pay off what I already have in student loans for me and my fiance and then quit taking out loans for my remaining 2 years! Help my family pay off their debt, give my sister money for school, buy a new car for myself and one for my mom and my sister... I don't know what else I'd do but those would be at the top of my list!

That's too much money for me to even think about having! It would be nice though!

ironanimal

Invest in real estate.

Roeri011

Like my husband says "more money, more bills". Plus you'd pay about 20-30% of that money in taxes.

kcdrake

Considering that I'll be lucky to make $3,000 a month(starting) - $7,000 a month(retirement) I'd feel like a flipping millionaire.

For the immediate plan: I'd pay off my student loans faster. I'd help my parents out so they could get their house in sellable condition and able to move up closer to my sister and her family of young-ins. I'd get a new computer. I'd travel overseas at least once a year. I'd get new furniture and decorate my apartment so I'd feel like it's a home and not a bowl of oatmeal. I'd get clothes that make me feel better about myself.

In the long term: Set some money aside to buy a home and some money for any kids I might have (so THEY don't have the type of loans I do). I'd find charities that I believe in and make annual donations to them.

CdnPgnMom

I'd be happy.

My husband is the only breadwinner in our home and it is really hard. We just barely make living expenses and rarely have money left over for anything else, including the new vehicle we desperately need.

kcdrake

jizz in my pants

This. I'd do this too. :laugh:

babbott165

Max out my 401k and Roth IRA, pay off debt, sack money away from both my kids college tuition. Buy a cheap new car that's reliable to get to work and back. Have fun, for once.

coopersmom2006

Good question--

We'd certainly be able to buy a house with some land! We'd be totally debt free and get my parents out of debt as well. I'd put a nice chunk up monthly for my kiddo's college and would invest some as well. We'd CERTAINLY do some serious travel. There are so many places in the world I'd like to see!

MMarvelous

I would be hating the tax man

Exactly!!! Lol is this net or gross $10k? There is a huge difference

MMarvelous

Max out my 401k and Roth IRA, pay off debt, sack money away from both my kids college tuition. Buy a cheap new car that's reliable to get to work and back. Have fun, for once.

Unfortunately you can't do max pretax at that salary!!! Ugh most ignorant thing I have ever seen!!!