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

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Replies

  • honeysprinkles
    honeysprinkles Posts: 1,757 Member
    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
    ironanimal Posts: 5,922 Member
    Invest in real estate.
  • Roeri011
    Roeri011 Posts: 77 Member
    Like my husband says "more money, more bills". Plus you'd pay about 20-30% of that money in taxes.
  • kcdrake
    kcdrake Posts: 512
    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
    CdnPgnMom Posts: 172 Member
    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
    kcdrake Posts: 512
    jizz in my pants

    This. I'd do this too. :laugh:
  • babbott165
    babbott165 Posts: 21
    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
    coopersmom2006 Posts: 839
    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
    MMarvelous Posts: 1,067 Member
    I would be hating the tax man
    Exactly!!! Lol is this net or gross $10k? There is a huge difference
  • MMarvelous
    MMarvelous Posts: 1,067 Member
    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!!!
  • mdsjmom98
    mdsjmom98 Posts: 333 Member
    OMG!! Where do I start??

    Invest
    Pay off house, then fix it up and sell it
    Buy new house, somewhere away from Illinois
    Buy a boat and jet skis
    New vehicles for kids and hubby (I have a new vehicle already!!)
    Pay off bills - my ever mounting medical bills
    Help deserving family, especially my mother in law who's step daughter is a complete sponge and has almost ruined them financially
    College for my kids
    Travel
    Donate to charities like ASPCA - that one always tugs at my heartstrings.
  • cherryObebe
    cherryObebe Posts: 189
    Like my husband says "more money, more bills". Plus you'd pay about 20-30% of that money in taxes.

    ^^ This is exactly the truth. The more you make, the more you spend. We are creatures of habit. If you spend all of what you make now without savings on less income, you would do the same with $10K a month. Money goes quickly. If you are a saver with less income, then you would be a saver in the same fashion. The worst part, depending upon how you make your $10K a month OR MORE, you might be responsible for paying your own taxes, even quarterly, and if you get behind, a mere $10K a month isn't always enough to try to make up such numbers with the IRS! It is very easy to say, "That wouldn't happen to me!", but it happens easier than one assumes.
  • Daisy_Cutter
    Daisy_Cutter Posts: 774
    I actually do make this about 8 months out if the year. Doesn't mean things are always easy. I have two homes and try to save as much as I can for leaner times. Oh yeah, my kids suck a lot of it up too.
  • delco714
    delco714 Posts: 229
    hmm.. give me 11 mo month until graduation and ill tell you :\

    and what ill be doing? -> nice car i deserve and paying off HUGE student loan.
  • Daisy_Cutter
    Daisy_Cutter Posts: 774
    Yeah..taxes suck.
  • Koshkaxo
    Koshkaxo Posts: 332 Member
    I actually will be for the next 2 months :3 Granted thats 12 hour shifts and only 4 days off during the whole time

    Torn between investing it all in silver bullion while its low and cheap, or putting it as a down payment on a house...
  • jenna324
    jenna324 Posts: 28
    Like my husband says "more money, more bills". Plus you'd pay about 20-30% of that money in taxes.

    Correct. My husband just graduated as a Pharm.D. so he'll make roughly that much a month. His friends who graduated last year though, who make that much said they pay about 30% in taxes. That's not to say $7K/month is a meager amount, it's still enough to live comfortably and have some disposable income to travel, have a nice house/car, donate to charities or whatever else we want to do with it. It just sucks that people who work hard and put their time in (and this is for all income levels) get taxed up the @$$!
  • Smuterella
    Smuterella Posts: 1,623 Member
    Buy a house, an actual house, with stairs. I miss stairs.
  • messymutt
    messymutt Posts: 24
    I like stairs, too.
  • love4fitnesslove4food_wechange
    love4fitnesslove4food_wechange Posts: 6,897 Member
    I don't really see it as that much in today's society. I will be making that much this summer--likely more when i graduate. It would be too easy to spend $10,000 a month.

    $1000 on food
    $2500 on mortgage
    $1000 on car payments, gas, and insurance
    $1000 frivolous expenditures (entertainment, clothes, gym memberships etc)
    $2000 investments/savings for retirement/savings for kids' futures
    $500 other 'bills' like electricity, internet, etc.
    $1000 loans
    $1000...miscellaneous.

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