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

ironanimal

Yes, cost of living does have an affect.

I, the original poster, would live well off this money. I've also trained myself to live off of less.

For example, I do have a mortgage. Mine is $550 per month. Yes, five hundred fifty dollars. However, the trade off for such a small mortgage is a small house (700 sq. ft) in a somewhat ghetto neighborhood.

So, yes, for some of you $10K isn't a lot.

For others, like myself, it is.

For those of you say you could never live off of "such little" money. You need a reality check. Life will throw you curveballs.

I also suggest being grateful for what you have.

I'm sure some here have worked their way up to such a high wage, but it does irk me slightly that some people have no idea what it's like living nowhere near the top with nowhere left to fall. $10k a month is more than I can ever hope for.

well if that is what you make yourself believe then , no you will never make that much! If you really want something you will go out and get it! Making over 100,000 per year is possible in many professions.

It's not what I believe at all, or at least not what I used to believe. Approaching 2 years unemployed despite top 1% percentile grades in school, a diploma and a multitude of professional qualifications and a plethora of different job experiences and being turned down for 300+ entry level jobs on the basis of either there being too many straight white males without a criminal record or disability (as in the case of the Prison and Fire services - when I actually wanted the jobs to help the community) or because there simply aren't enough jobs for the University graduates as it is, without people like myself flooding the market, tends to put a downer on your faith.

elmarko123

It's not what I believe at all, or at least not what I used to believe. Approaching 2 years unemployed despite top 1% percentile grades in school, a diploma and a multitude of professional qualifications and a plethora of different job experiences and being turned down for 300+ entry level jobs on the basis of either there being too many straight white males without a criminal record or disability (as in the case of the Prison and Fire services - when I actually wanted the jobs to help the community) or because there simply aren't enough jobs for the University graduates as it is, without people like myself flooding the market, tends to put a downer on your faith.

Exacty my point above ^, not everybody can be on a high wage - that's not how the system works.

Even if everybody was a determined & skilled - a majority of jobs will be paying below the average.

indy_jh

As others have already stated, I think $10k/month could be a lot or not much at all relative to your local cost of living. ($10k/month is decent in my line of work, but it's not exorbitant.)

But, if I can rephrase it a bit: What would I do with a LOT of money each month -- assuming it would be steady for the rest of my life?

Travel. I'd go all over the world.

Buy a small farm in Northern Cal or Southern Oregon and have some animals and a kick-*kitten* out-door grill where I'd have friends and family over for some great barbecues.

Get more education -- but stuff I WANT to learn rather than what I NEED to learn, like oil or water-color painting and wood-working.

I'd remodel a little house (or build one), and I'd have a killer garden.

(Hell, I might just do all that anyway...)

Oh, and one other thing: I would have my OWN GYM -- as a business, of course. (I've always wanted to do this...)

indy_jh

OK, so I have to ask for the people saying they could not live off that little or they would have to take a pay cut to get to that level...WTF do you live/work?! Maybe because I'm a full time student living on a GA stipend and student loans 10k/month sounds like a freaking fortune...even after taxes. Hell, I'd happily pay the taxes if I made that much :laugh:

I have 2 degrees, working on my MAcc right now and I'm worried I won't even be able to get an entry level job making 1/4 of that a month. Maybe it's just this area, jobs are hard to find, or because I don't know many people here, but because my kids are in school here and this has been "home" for the past 6 years I'd like to stay here until it's just not possible. I want them to grow up around people they know and provide them with a stable environment...not moving around every year like I did when they were younger. But they both realize when I'm done with school (next May) if I can't find a job here then moving may be the only option. I have too much in student loan debt to work at McD's or Wally-world.

But having said that, any income is better than none at all, so if that is the only job I can get I'll be asking "would you like fries with that" with a smile on my face. As long as it keeps a roof over my kids heads and food in their belly I'll take what I can get.

I know this is detracting from the meaning of the original question, but I wanted to reply to this (and others).

The new US economy is very different. Employers are paying for skill -- not a degree. Yes, sure, the degree is a must, but if you can't provide something they NEED right away, you might struggle with finding a job.

If I needed a job, I would focus on a skill that is in high demand. Or, I would try to get an education where the law requires certification -- like engineering, medicine, law, accounting, etc. Or, I would focus on getting some skills that are in demand right now: computer programming -- especially Java and C# or similar, welding, pipe-fitting, oil work.

Manufacturing is started to come back to the US, but it's going to take some time. In the meantime, the only way to survive is to get the skills that are in demand.

buckeye86

First I'd pay off my student loans... Then, I would live as if I made $3000 per month and have all of those kids I want! Crossing my fingers it will happen someday.

TrailRunner61

I'd make my husband, who is seriously ill, quit his job and retire so he could live his life to the fullest instead of spending his time working.

sandiburn

quit my job and flip houses. I have remodeled every house I have owned. I love it!!!!!

stevewynjones

My friend does, well euros actually, And she sees very little of it at the end of the month.....

haveing 20 horses does that to you

agthorn

OK, so I have to ask for the people saying they could not live off that little or they would have to take a pay cut to get to that level...WTF do you live/work?! Maybe because I'm a full time student living on a GA stipend and student loans 10k/month sounds like a freaking fortune...even after taxes. Hell, I'd happily pay the taxes if I made that much :laugh:

My husband is an IT contractor and I'm an account manager. We live in Massachusetts. We are doing pretty well, I admit, but $120,000 a year doesn't make you a millionaire like most of this thread seems to think. Although if I lived in Alabama (where I'm from originally) and made this much, I'd be loaded...

I agree, hubs and I make about $160K combined and we have a nice life but we're certainly not rich (outskirts of Northern VA). Having no debt helps though. We drive lower-end american sedans. We have a 1200 sqft apartment. We take a couple vacations a year and go out to dinner at least once a week. We give to several charities. We save a lot. We pay about $28-29K in federal and state taxes.

So yes, it's all relative.

JamesOfLondon

I would be hating the tax man

Actually you pay a lot less, it's all company dividends, etc, so tax rates are low as hell.

Sorry!

messymutt

I would be hating the tax man

Actually you pay a lot less, it's all company dividends, etc, so tax rates are low as hell.

Sorry!

Um...no...this is supposed to be your own earnings. Maybe a business or so, but mostly passive earnings.

Justjoshin

I'm seeing some ridiculous answers here.

People saying that they would hire a personal chef, live in nanny, etc etc.

It seems people are viewing 120k a year as winning the lottery. Believe me, once you have the big house, the car payment, the kids, the lifestyle you want... your 10k a month isn't going to be left over to hire personal assistants.

I find it hard to believe that people don't realize what these luxuries actually cost.

messymutt

I'm seeing some ridiculous answers here.

People saying that they would hire a personal chef, live in nanny, etc etc.

It seems people are viewing 120k a year as winning the lottery. Believe me, once you have the big house, the car payment, the kids, the lifestyle you want... your 10k a month isn't going to be left over to hire personal assistants.

I find it hard to believe that people don't realize what these luxuries actually cost.

I don't think anybody ever said anything about "live in" personnel or full time. I know I said I'd like to have some meals prepared for me.

ironanimal

I'm seeing some ridiculous answers here.

People saying that they would hire a personal chef, live in nanny, etc etc.

It seems people are viewing 120k a year as winning the lottery. Believe me, once you have the big house, the car payment, the kids, the lifestyle you want... your 10k a month isn't going to be left over to hire personal assistants.

I find it hard to believe that people don't realize what these luxuries actually cost.

I can't believe some people can't imagine living without the luxuries so they're actually comfortable in what they need. But hey, that's just me.

directorj

This is why I said I'd live out of the country (after stacking $$) With that much money, you'd have a driver, personal chef, and nanny if you'd like for 24 hours a day. At least in Asia that would cost you about "$80-$100" a month each.

Nataliaho

Between my husband and I we earn substantially more than that. However we both come from really poor backgrounds, so I know how rediculously lucky we are. I am constantly amazed at my work colleagues who complain about their financial situation. I know how lucky we are, sure we are both smart and educated and good at our jobs. However lots of people the world over work their butts off and will still struggle. As for our lifestyle, we live in a very expensive location with a high cost of living. My life isn't extravagant, I have debts that take a chunk. Life is good though and I won't pretend I'm not fortunate.

Koshkaxo

OK, so I have to ask for the people saying they could not live off that little or they would have to take a pay cut to get to that level...WTF do you live/work?! Maybe because I'm a full time student living on a GA stipend and student loans 10k/month sounds like a freaking fortune...even after taxes. Hell, I'd happily pay the taxes if I made that much :laugh:

I live in Fort McMurray, Alberta. Its a oil fueled boom town. I live in a ghetto rundown 1 bedroom apt that costs $1900 a month, plus 300 a year for pets. (My previous nice 2 bedroom apt was $2500 and I had to downgrade) I spend at least $800 on groccerries just for myself, and I buy food on sale etc. Add in car payments, insurance, cell, utlities, gym, etc and my months bills run at least $3k-4k. I make usually 4k-5k a month and I am pretty much considered lower class / poor by most people's standards.

$10k can be a lot of money but not enough to live lavishly.

Edited to include I paid almost $40k in income tax last year as well haha

neverstray

Another way to look at it is I might gross that much, but my check comes in at half when you look at health insurance, disability, and other things I pay for and taxes. So my annual take home is $60k. Give $20k to my ex, and now I'm down to $40k. Add, rent at 24k and that puts me at $16k for car payment, food, bills and everything else. Yeah, I'm living the f*cking life. Just a party every day and vacations constantly. Oh yeah, and my personal chef...FML! The truth is, I'm what they call the working poor. I really don't see much difference between myself and someone making half or less than me. I really struggle to make ends meet. So, it's really not that much. My taxes are probably more than some people make. I know. It's crazy. If I had $10k a month net, now that's totally different. I think people that aren't there just don't understand. But, the government does and they make sure to equalize us as best they can.

ChrisStoney

Yes, cost of living does have an affect.

I, the original poster, would live well off this money. I've also trained myself to live off of less.

For example, I do have a mortgage. Mine is $550 per month. Yes, five hundred fifty dollars. However, the trade off for such a small mortgage is a small house (700 sq. ft) in a somewhat ghetto neighborhood.

So, yes, for some of you $10K isn't a lot.

For others, like myself, it is.

For those of you say you could never live off of "such little" money. You need a reality check. Life will throw you curveballs.

I also suggest being grateful for what you have.

I'm sure some here have worked their way up to such a high wage, but it does irk me slightly that some people have no idea what it's like living nowhere near the top with nowhere left to fall. $10k a month is more than I can ever hope for.

well if that is what you make yourself believe then , no you will never make that much! If you really want something you will go out and get it! Making over 100,000 per year is possible in many professions.

It's not what I believe at all, or at least not what I used to believe. Approaching 2 years unemployed despite top 1% percentile grades in school, a diploma and a multitude of professional qualifications and a plethora of different job experiences and being turned down for 300+ entry level jobs on the basis of either there being too many straight white males without a criminal record or disability (as in the case of the Prison and Fire services - when I actually wanted the jobs to help the community) or because there simply aren't enough jobs for the University graduates as it is, without people like myself flooding the market, tends to put a downer on your faith.

Keep plugging away, Persistence is something that cannot be replaced- good luck to you! I have had a job since I was 11 years old, and cannot imagine wanting to work and not finding a job. Have you considered a new career or moving, or even starting something on your own?

mdsjmom98

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.

Girl, you rock!! What a kind, unselfish thing!! The world needs more people just like you!!

docdrd

As people have said on here, once you get to that level of income, its funny how one has a way of spending it (to a point). First you buy a bigger house. Then you save a bunch so your kids can graduate college debt free. Then you think about nicer cars and more vacations. My sense (without sounding like a jerk), is that it is pretty easy to spend up to your income, although there comes a point where you really can't spend and then it is either about accumulation or giving a lot to charity. Frankly, that is why it bugs me to see some CEO's taking these ridiculous pay packages. There is ZERO difference in their lives between making $3 million or $5 million a year, but that money could be a meaningful raise for lots of their people. But that is a rant for another day.

Bahet

As people have said on here, once you get to that level of income, its funny how one has a way of spending it (to a point). First you buy a bigger house. Then you save a bunch so your kids can graduate college debt free. Then you think about nicer cars and more vacations. My sense (without sounding like a jerk), is that it is pretty easy to spend up to your income, although there comes a point where you really can't spend and then it is either about accumulation or giving a lot to charity. Frankly, that is why it bugs me to see some CEO's taking these ridiculous pay packages. There is ZERO difference in their lives between making $3 million or $5 million a year, but that money could be a meaningful raise for lots of their people. But that is a rant for another day.

Now here's a post I can agree with! No one goes from making min wage to making $10,000/month. You make min wage then you get a few raises and work through college, get more raises, maybe change jobs for better pay or benefits a few times, pay down any debt, move to a nicer apartment then buy a starter home then upgrade that then trade in the old car for a newer one, etc. It's really very gradual.

Hubby and I now make about double what we did when we first got married 19 years ago. We live very similar now to what we did then. We even still have a lot of the same furniture that we bought during our first few years of marriage. But our house is more tan double in size what our first house was (3368sqft now compared to 1600 then), we have more savings in mutual funds and bank accounts, and we have 2 growing boys (almost 12 and 15) to provide for. We drive a 2000 Windstar and that's our only car because I work from home so I figure why add the expense? The last brand new clothes I bought for myself were maternity clothes and my "baby" will be 12 on Wednesday. I comparison shop and price match and only buy most things on sale. We make a lot more but our mortgage is double what it was then (although it's still quite a lot less than some of you pay for renting) but our bills have also about doubled. I could have a personal chef and maid service if I wanted. Of course, I'd have to put less in our savings, retirement, or kids' education funds to do so so that would just be stupid.

If you are in an area with an insane cost of living and you're unemployed - MOVE!! I'm cracking up at some of the posts here. People bragging that they have a mortgage of $550/month because they have a 700sqft house in a bad neighborhood. OK, that's fine if you are just starting out but that's still ridiculously high. We have 2 houses. 1 in AZ is a 2376 sqft house in a nice suburb of Phoenix. Our mortgage there is about $900/month including taxes and insurance. Our main house is in VA. We're in a nice neighborhood in a suburb of Richmond. We have a 3368sqft house on an acre lot in a neighborhood of similar or better homes. Our mortgage is just shy of $1400/month including taxes and insurance. Paying half that amount to live in a house almost 1/5 this size in a bad area doesn't sound like something brag worthy. Of course, that is still much better than renting ad getting nothing for your money.

Honestly, most of what we have came because of spending wisely and being home owners instead of renters. Yes, our income has gone up a lot but so have our expenses. Our level of financial security has increased exponentially. I remember the days when I'd get nervous if my bank account dipped below $500. Now that would send me into a full blown panic attack and screaming at hubby "WTF HAPPENED!?!?!?!" It's nice to be financially solvent and debt free (aside from mortgages). Why would I want to start accumulating debt because of frivolous things like a personal chef and a maid? Heck, I can just tell everyone we're ordering pizza and make the kids dust and it costs a helluva lot less.

I think a lot of people don't seem to realize that $10,000 can mean well off but that's not necessarily the case. It's not like those people making $3,000,000/yr. They make more than double in 1 month what that person making $10,000/month makes in a year. Think on THAT one before you vote for someone who wants to lower taxes for the wealthy and have it paid for by the poor and middle class.

kazzari

I would live instead of surviving!

Exactly!

smokeatr9

Now here's a post I can agree with! No one goes from making min wage to making $10,000/month. You make min wage then you get a few raises and work through college, get more raises, maybe change jobs for better pay or benefits a few times, pay down any debt, move to a nicer apartment then buy a starter home then upgrade that then trade in the old car for a newer one, etc. It's really very gradual.

It is possible to go from barely making it to 6 figures in a blink -- without hitting the lotto. I'm living proof. It may not be possible to do it in the comfort of an office or even in the good ol' US of A but it is still possible. I went to Iraq as a contractor and made that kind of money. And 2 years later I was ecstatic to give up my 6 figure job and go back to making $30K a year.

pullipgirl

I would use the extra to go on a vacation somewhere

kazzari

Yes, cost of living does have an affect.

I, the original poster, would live well off this money. I've also trained myself to live off of less.

For example, I do have a mortgage. Mine is $550 per month. Yes, five hundred fifty dollars. However, the trade off for such a small mortgage is a small house (700 sq. ft) in a somewhat ghetto neighborhood.

So, yes, for some of you $10K isn't a lot.

For others, like myself, it is.

For those of you say you could never live off of "such little" money. You need a reality check. Life will throw you curveballs.

I also suggest being grateful for what you have.

Me, too. My mortgage is just under $600/month, (3 bedrooms, 1300 sq. ft., 1/3 acre) which is 3x my net income. I spend about $150 on groceries. Probably that much per year on clothing. I have no car payment. I once turned down a proposal that would have netted me an additional $5,000 per month, and I still fantasize about what I could have done with that money. I don't need a bigger house. I love my car...I wouldn't want a nicer car. I'm happy to have a reliable car that nobody wants to steal. So, I could have quit my job and lived well on $5,000...and still have enough left to help out my kids. I do process payments for doctors where I work and I know many who can't live within their means. It is baffling.

neverstray

Yes, cost of living does have an affect.

I, the original poster, would live well off this money. I've also trained myself to live off of less.

For example, I do have a mortgage. Mine is $550 per month. Yes, five hundred fifty dollars. However, the trade off for such a small mortgage is a small house (700 sq. ft) in a somewhat ghetto neighborhood.

So, yes, for some of you $10K isn't a lot.

For others, like myself, it is.

For those of you say you could never live off of "such little" money. You need a reality check. Life will throw you curveballs.

I also suggest being grateful for what you have.

Me, too. My mortgage is just under $600/month, (3 bedrooms, 1300 sq. ft., 1/3 acre) which is 3x my net income. I spend about $150 on groceries. Probably that much per year on clothing. I have no car payment. I once turned down a proposal that would have netted me an additional $5,000 per month, and I still fantasize about what I could have done with that money. I don't need a bigger house. I love my car...I wouldn't want a nicer car. I'm happy to have a reliable car that nobody wants to steal. So, I could have quit my job and lived well on $5,000...and still have enough left to help out my kids. I do process payments for doctors where I work and I know many who can't live within their means. It is baffling.

I'm not sure anyone said they are not living within their means. What people are saying is that it's relative. How much is a gallon of milk where you live? Everything is more here. Every where I go, I have to pay to park, or take a taxi. You get the idea. It's just generally very expensive to live. So, yes, the income looks big, but it's pretty average, to be honest. I live within my means, and I'm good at managing my money. I don't have cable tv, I watch what I do and keep a close eye on my money. But, it just costs a lot. Clothing is very expensive. Try clothing and feeding two growing kids in this city.

If I was single, it would be different because I could rent a small apartment in a kind of not bad/not great part of town for pretty cheap. I could not have kids and save a ton. I could do a lot of things that would get my in a place of having quite a lot of cash on hand. In fact, I could probably save quite a lot and retire early. But, that's not my life. I have responsibilities and those cost money.

Don't judge.

FitSuga

That's not a whole lot. Maybe middle class from the areas I've lived. My husband and I are young yet, so it would be an increase, and the only difference we would be able to save more. Might.... Might have someone come and clean regularly a couple times a week so I could get more breaks. Raising four kids so that would be like heaven to have that much help! We've had the opportunity to reach well over that if my husband would have been a contracter in afghan but Im glad we never went that route.

JamesOfLondon

I would be hating the tax man

Actually you pay a lot less, it's all company dividends, etc, so tax rates are low as hell.

Sorry!

Um...no...this is supposed to be your own earnings. Maybe a business or so, but mostly passive earnings.

Okay, sorry. Maybe I wasnt clear.

I earn a few times that figure each month as a consultant who undertakes senior roles for global financial orgs. Eg director for one right now. I can continue to do so for as long as I wish to.
I don't accept offers to join permanently because the tax man screws the full time senior perm employee, so...

Like most people in my position I set up my own company and pay myself a minimal salary with the remainder coming to me in dividends, etc.

So I pay way less as a percentage - though obviously a lot more than most people in absolute terms.

Hope that makes more sense!

...and I spend most of my money in property investments, I do give to a couple of charities, and sometimes help out relatives, and I do splash out on dive holidays!

messymutt

As people have said on here, once you get to that level of income, its funny how one has a way of spending it (to a point). First you buy a bigger house. Then you save a bunch so your kids can graduate college debt free. Then you think about nicer cars and more vacations. My sense (without sounding like a jerk), is that it is pretty easy to spend up to your income, although there comes a point where you really can't spend and then it is either about accumulation or giving a lot to charity. Frankly, that is why it bugs me to see some CEO's taking these ridiculous pay packages. There is ZERO difference in their lives between making $3 million or $5 million a year, but that money could be a meaningful raise for lots of their people. But that is a rant for another day.

Now here's a post I can agree with! No one goes from making min wage to making $10,000/month. You make min wage then you get a few raises and work through college, get more raises, maybe change jobs for better pay or benefits a few times, pay down any debt, move to a nicer apartment then buy a starter home then upgrade that then trade in the old car for a newer one, etc. It's really very gradual.

Hubby and I now make about double what we did when we first got married 19 years ago. We live very similar now to what we did then. We even still have a lot of the same furniture that we bought during our first few years of marriage. But our house is more tan double in size what our first house was (3368sqft now compared to 1600 then), we have more savings in mutual funds and bank accounts, and we have 2 growing boys (almost 12 and 15) to provide for. We drive a 2000 Windstar and that's our only car because I work from home so I figure why add the expense? The last brand new clothes I bought for myself were maternity clothes and my "baby" will be 12 on Wednesday. I comparison shop and price match and only buy most things on sale. We make a lot more but our mortgage is double what it was then (although it's still quite a lot less than some of you pay for renting) but our bills have also about doubled. I could have a personal chef and maid service if I wanted. Of course, I'd have to put less in our savings, retirement, or kids' education funds to do so so that would just be stupid.

If you are in an area with an insane cost of living and you're unemployed - MOVE!! I'm cracking up at some of the posts here. People bragging that they have a mortgage of $550/month because they have a 700sqft house in a bad neighborhood. OK, that's fine if you are just starting out but that's still ridiculously high. We have 2 houses. 1 in AZ is a 2376 sqft house in a nice suburb of Phoenix. Our mortgage there is about $900/month including taxes and insurance. Our main house is in VA. We're in a nice neighborhood in a suburb of Richmond. We have a 3368sqft house on an acre lot in a neighborhood of similar or better homes. Our mortgage is just shy of $1400/month including taxes and insurance. Paying half that amount to live in a house almost 1/5 this size in a bad area doesn't sound like something brag worthy. Of course, that is still much better than renting ad getting nothing for your money.

Honestly, most of what we have came because of spending wisely and being home owners instead of renters. Yes, our income has gone up a lot but so have our expenses. Our level of financial security has increased exponentially. I remember the days when I'd get nervous if my bank account dipped below $500. Now that would send me into a full blown panic attack and screaming at hubby "WTF HAPPENED!?!?!?!" It's nice to be financially solvent and debt free (aside from mortgages). Why would I want to start accumulating debt because of frivolous things like a personal chef and a maid? Heck, I can just tell everyone we're ordering pizza and make the kids dust and it costs a helluva lot less.

I think a lot of people don't seem to realize that $10,000 can mean well off but that's not necessarily the case. It's not like those people making $3,000,000/yr. They make more than double in 1 month what that person making $10,000/month makes in a year. Think on THAT one before you vote for someone who wants to lower taxes for the wealthy and have it paid for by the poor and middle class.

"I'm cracking up at some of the posts here. People bragging that they have a mortgage of $550/month because they have a 700sqft house in a bad neighborhood. OK, that's fine if you are just starting out but that's still ridiculously high. "

I was not 'bragging." I was stating a fact. And if you think that amount is "high," I think you need to have a reality check. I live in Dallas area, and it's not so simple and easy to "just move."

But, since, apparently what I pay is so "high," I'd like to let you kynow that when I rented an apartment that was also 700 sq ft, my rent was $800/month.

So, I did move...and I now own a home that is a lot cheaper. How dare I be so stupid as to pay so much? *sarcasm*