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

theoriginaljayne

I'd buy a sailboat, a good one. I'd live well below my means for a couple of years and save up the money, so I could pay full price up front. I might buy our boat from my father, actually (although he's so attached to it that he'll probably want to be buried in it). I'd rent out a slip somewhere near my workplace. I'd buy a bicycle and a raincoat; I already have a decent used car that I could keep. I'd go to the bank every month and trade in dollars for rolls of quarters for the laundry machines. I'd drop my spare change on the sidewalk so kids could find it.

I'd buy fruits and vegetables without weighing them or comparing prices. I'd buy everything organic. Maybe I'd buy lots of pots and seeds, and I'd make a vegetable/herb garden on the dock next to my boat.

If I was careful, I'd get my doctorate without going into debt once. I'd study abroad -- that's how I'd see the world. If I wanted to take a vacation somewhere, well, a bit of rope is all that would be keeping my home where it was.

I'd save or invest as much as I could, for retirement or hard times.

I'd give to all of the charities and organizations that I've always wanted to give to. I'd give huge, anonymous donations. They'd never know it was me.

Any leftovers would go to my parents and my sister and any family that she might have.

You know, I really think I would like this $10,000 a month scenario. Sign me up, okay?

shadowkitty22

If I were to make this much money for the rest of my life until I retired/died I would do the obvious stuff. I'd pay off our debts, get us a custom built home (with a seriously kick *kitten* Korean style bathroom because I'm so going to miss this once we move), save up money for our kids to go to college, save for retirement, pay off my family's debts, travel, charity, shop, etc.

The real big thing I've secretly wanted to do for a really long time though is set up a scholarship program that is strictly for students of single parent households whose parents get told that they make too much money for their child to receive any sort of government assistance from FAFSA. This happened to me until I was no longer able to be claimed by my mom on her taxes. Yeah sure she apparently "made too much" but she also had a lot of debt which meant that she wasn't able to help me out at all. The government doesn't care about your parent's debt when it comes to FAFSA which sucks, so I'd like to help out that way.

Of course a personal trainer, chef and household staff would be awesome so I wouldn't have to clean another day in my life as I hate doing it. But lets get real, I've gotta stay humble and do some stuff for myself right? Haha

AmericanExpat

Not necessarily, it all depends on where you live. I make that much, I am in my 20s but I live in Switzerland. I work 9 hours a day 5 days a week and have plenty of leisure time. My housing is 3x what it was when I lived in the mid-west of the US and my salary is 2x because the cost of living is so much higher here... its all relative.

If you earned $10.000 a month then you'll probably we working 12-15hr days every day and having to be on call to work evenings and weekends too. Because you'll be a director or SVP and have heaps of responsibility. You may have little time for family, exercise and recreation beyond attending client dinners, networking and the other things a job at that level brings. Sure you'll be able to own a nice house, a nice car and take luxurious holidays, which you will need to compensate for the 46-48 weeks a year you'll be working.

You'll pay more tax, have more expensive outgoings and overheads and possible more stress and headaches.

Unless you are über-disciplined, you'll probably overeat and/or gain weight from lack of exercise.

Now, if we won the Lotto and that was our monthly income after tax and we didn't have to work, life would be sweet!

We probably wouldn't move, but definitely get that extension we want built.

I'd have a PT to whip my *kitten* into shape and get me to work on my strength training.

I'd have an endless swimming pool built at the bottom of the garden.

We'd travel more - go places we've always dreamed of and fly business-class and stay in 4**** hotels (and I know the ones I want to stay at )

Certainly we'd donate more to our chosen charities and I'd get to see dad more often.

But having said all that, I can't really complain about my life. To quote Paulo Nuttini, I have food in my belly and licence for my telly and nothing's gonna bring me down. I have my health, a loving husband, fantastic friends. Who could ask for anything more! :bigsmile:

tabulator32

This post will either be a reality check or an inspiration depending on your attitude, but...

http://www.privateislandsonline.com/

Do the math and go get'em, tiger!

:bigsmile:

iva001

I don't, but my mom makes slightly more than that and so I don't consider it to be that much money cuz how she lives on it...It really just pays the bills.

naomi8888

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Peta22

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Agreed... The cost of living and the taxes are extreme in Australia by comparison to other countries from what I've heard! I know for a fact though that $10k a month wouldn't go very far at all

naomi8888

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Agreed... The cost of living and the taxes are extreme in Australia by comparison to other countries from what I've heard! I know for a fact though that $10k a month wouldn't go very far at all

Yep even if you gross $200k annually, you only take home between $10k - $11k.

naomi8888

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Agreed... The cost of living and the taxes are extreme in Australia by comparison to other countries from what I've heard! I know for a fact though that $10k a month wouldn't go very far at all

Just saw on your profile that your hubby works in Pt Hedland. I asume he's doing OK then?
I know one guy that moved there for a $150 per hour role (and no expenses)

Shajadea

Those that say they are frugal and would continue to live simply have the right idea. The more you buy, the more expensive it is to maintain it. A new car is more expensive to insure. A bigger house costs more in mortgage, utilities and in upkeep. The more you make the harder/longer you most likely work. You pay for that kind of stress. The big vacations are nice but then when the next vacation comes up you want to top the last. Money isn't evil but it can make you delusional.

angieleighbyrd

Probably the same things I do now. It would just be less of a struggle to do it all.

Nerple

The only difference is with that sort of income security, I'd buy a house now rather than later this year. Otherwise life as normal. The security is far more important to me than the money.

BeautyFromPain

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Be grateful people. I earn $300 per week for 30 hours of work and have my own food and car to pay for. I also only have 2 outfits atm because is all I could afford.

To answer your question, I would finally move out.

scottbad

Do exactly what I did - buy time for someone else. Told my wife there was no point in both of us killing 40 hours a week doing nothing all day. She quit work and fills her time with what ever makes her happy. Nice thing about having that kind of money is that you can easily buy things that once upon a time would have been difficult - like new tires for the car.

glennstoudt

Those that say they are frugal and would continue to live simply have the right idea. The more you buy, the more expensive it is to maintain it. A new car is more expensive to insure. A bigger house costs more in mortgage, utilities and in upkeep. The more you make the harder/longer you most likely work. You pay for that kind of stress. The big vacations are nice but then when the next vacation comes up you want to top the last. Money isn't evil but it can make you delusional.

If given a choice, I would much rather have more time than more money. However, since time is not available for purchase, all of this basically gets down to what you keep, not what you make, once basic needs are met. Can't comment on the Aussie tax systems, but it sounds very close to the US. In 2013, if there are not changes made to various laws already on the books, the combination of the payroll tax, the federal bracket increase, and the 3.9% in the Affordable Care Act will increase taxes on ALL income for everyone >10%. Much of this is under the radar for various political purposes.

So, that $10000 just became about $8500 on January 1, 2013 thanks to those kind folks in Washington DC.

naomi8888

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Be grateful people. I earn $300 per week for 30 hours of work and have my own food and car to pay for. I also only have 2 outfits atm because is all I could afford.

To answer your question, I would finally move out.

Another Aussie!
Don't worry when I was your age I probably earned about that amount too I assume you're still at uni?. Remember that rent / mortgage is you largest cost so stay at home as long as you can.

christibam

Pay off any debt I have.

Save for a couple years while I plan my next moves.

Travel the world.

Buy a modest to decent house wherever I felt like staying longer than a month and knew I'd want to come back.

Buy a bunch of hookers and blow.

Sell hookers and blow to make more profit.

Buy more houses.

Dauntlessness

Of course it would go to paying bills, investing some money for retirement, and my helping family. I would probably start a mortgage on a home that has detached garage to start up a small no-kill animal shelter.

Dauntlessness

This of course in addition to my current income, like others have said...10,000 doesn't go that far these days.

Peta22

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.

THIS - it doesn't go very far, especially in Australia. $3k for the mortgage, $1k for the car, $1500 for school fees. I was laughing with some friends a couple of years ago about how we used to think we'd be SET when we earned $50K, because that'd be "like $1,000 a week".... aaaah those were the days...

Agreed... The cost of living and the taxes are extreme in Australia by comparison to other countries from what I've heard! I know for a fact though that $10k a month wouldn't go very far at all

Just saw on your profile that your hubby works in Pt Hedland. I asume he's doing OK then?
I know one guy that moved there for a $150 per hour role (and no expenses)

Yep... We're doing fine but it does still amaze me at how quickly money evaporates these days! We both worked away for years and while we were away, the cost of living tripled! From what I've heard, I think Perth is one of the worst spots too ...

BTW - I keep seeing your profile pic and thinking 'Naomi Watts' ... Or ARE you Naomi Watts!