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

warmachinejt

i meant 15k twice a month now twice a week lol

lizzybethclaire

I would start by paying off my debt and my husband's debt. Than I would start saving up for a large downpayment on a house, for a truck for my husband and a small truck for me, as well as retirement. It would take about 10 years before I was settled and only had to save for retirement and big purchases.

Onesnap

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'm very happy with my 1,400 square foot house 30 minutes outside of Boston. A larger house in my area is around $535,000 though...so a larger mortgage. We got 3 houses for the price of 1 (one we rent out, one we built ourselves).

I guess that rules out that you are from Needham then, LOL

Framingham.

ArroganceInStep

It seems people are viewing 120k a year as winning the lottery

Wait, 10k a month is before taxes? I thought it was after taxes...

lour441

It doesn't go as far as you would think. Wife and 4 kids eat it up quick.

Bahet

i meant 15k twice a month now twice a week lol

I knew what you meant. I think everyone else did too. You still heard wrong unless you are talking very high ranking officer with all benefits included. An O-10 (highest possible rank) with over 20 years in the military gets just over $15,000/month. Once a month. You can see military pay here: http://militarypay.defense.gov/pay/BASIC/docs/Active Duty Tables/2012 Basic Pay Table - Active uncapped.pdf It's all public records.

HelloSweetie4

First I would pay off all my debt (student loans, credit cards, and my truck payment)
Then I would buy a nice 3-4 bedroom house, probably in the same town I live in now.
I would help my Aunt find a good place to live, so that her daughter doesn't feel like she needs to take care of her and hold herself back. (my aunt has some mental issues and I know my cousin feels obligated to care for her even though she's only 15) I would also help my parents pay off their house, so they could actually keep it and not have to worry about moving.
After all that, I would set up college funds for my nieces and nephews, and then for my own kids whenever I have them.

JadedSouls

After all the monthly bills are paid, I'd still a $8500 a month to play with..

I should put a grand a month away for my son's university tuition coming in 2 years, maybe a grand in an RRSP ..

I'd get my first brand new car (always bought used) ..

Travel a bit more (once I get a passport)..

Move to a bigger place (am in a 2br apartment now)

Donate to Big Brothers/Big Sisters every month as it helped my son immensely

Donate to the local Food Bank and help other needy people

I'm not sure what else..

theleftie

I would need a second job.

saxmaniac

Don't ever have children...

Pay $3000 in taxes
Pay $2000 for a mortgage
Pay $1000 in utilities and maintenance
Pay $1000 to feed the family
Pay $1000 to keep the cars running, insured, and gassed up
Pay $1000 in tuition and retirement
Pay $999 in medical expenses
Spend $1 on myself

devilwhiterose

I love my happy little house and my 3 kids. I enjoy the simple things...

With that said, I'd buy a bigger boat. I might do some more landscaping around the house but...meh.

Oh, and I'd ditch the minivan. and get a truck with an extended cab.

ArroganceInStep

Don't ever have children...

Pay $3000 in taxes
Pay $2000 for a mortgage
Pay $1000 in utilities and maintenance
Pay $1000 to feed the family
Pay $1000 to keep the cars running, insured, and gassed up
Pay $1000 in tuition and retirement
Pay $999 in medical expenses
Spend $1 on myself

In my case, move the 949 of the medical expensis to baby savings and that's basically my budget now. I don't have children yet =(

StarvingDiva

WOW 1700 on unemployment??!!??!!!!!! what I wouldn't give to see hubs bring that home when he is laid off....we have 3 kids and he only brings home just over 1000 a month on it

Luckily I live in one state but worked in another, if I had to get unemployment in my own state it would be a heck of a lot less. Also, don't get too excited about my 1700 a month, I'm not paying taxes on that, so come tax time, I'll have to pay the Piper.

sleepytexan

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

Oh ha. ya think?

jennifer3998

HUH? I live in Singapore, and YES, everyone (but me) has a "helper" (no one has a driver), but my 3 BR apartment costs $10,000 a month (and it's average), and my child's schooling (because we are not locals) costs over $30K a year. I paid $10 for a bunch of tomatoes the other day, and at a minimum, everything is generally twice as much as the US. It's not the same in all of Asia. This country is the 8th most expensive place to live in the world. $120K would get your nowhere fast. And the live-in help issue is a thorn in my side, because even though it's common, I refuse to pay someone $400/month to work all day for me 6 days a week. It disgusts me.

This whole thread is a joke. You cannot compare apples to oranges. Even where I lived outside of Philadelphia before this, $120K would get you very little.

And the OP wants to buy an island? Hilarious.

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.

sleepytexan

For all the folks expressing how hard it is to live on as little as $10,000 a month, I get that certain areas are quite expensive. I just hope that you remember that most of the people in your expensive place to live do not make as much money as you do. I wonder how they make it if you are "barely able to survive".

The US Median income declined to about $26K per year in 2011. Sure, one person. So $52K per year for a two-earner family. Half of what is "just getting by" for some.

Just something to think about.

This is sort of the way the "99%" schtick goes. You know what? MOST people who make $120k or more a year (and I will reiterate, it is NOT that much --I paid back that much in student loans over 22 years, and DIDN'T get them forgiven, btw), went to school for DANG LONG TIME and took out a lot of loans to do it.

You're kinda preaching here that they should be grateful, and yes they should. We ALL ought to be grateful for the many blessings we have.

However, education is an investment, and if someone makes a decision at the age of 18 to invest the next 4-10 years in school pursuing a degree(s) and career path into a high paying field, then pays back their loans and accepts the responsibilities and commitments required in order to succeed in that field, then their investment will likely pay off. They have WORKED for what they got.

Let them spend their money the way they will without sanctimonious lectures.

Those who didn't make the same investment in education might decide later to follow Snooki's footsteps and make millions that way. Of course there are some who do NOTHING but collect welfare and/or scam worker's comp to sit around and live, less comfortably, yes, but hey -- they get to hang at home.

Whatever.

Bill Gates doesn't owe me a dime, and neither does he owe you.

jennifer3998

For all the folks expressing how hard it is to live on as little as $10,000 a month, I get that certain areas are quite expensive. I just hope that you remember that most of the people in your expensive place to live do not make as much money as you do. I wonder how they make it if you are "barely able to survive".

The US Median income declined to about $26K per year in 2011. Sure, one person. So $52K per year for a two-earner family. Half of what is "just getting by" for some.

Just something to think about.

Thank you. My husband and I make good money (and like some people think on here, he doesn't work 15 hours a day meaning he is away from his kids all the time) and I still have school loans. I live a wonderful life, but we chose our path and I'm not going to apologize for it. Reading these responses makes people seem like devils who do "okay" or better. $120K is not a lot of money these days, I'm sorry.

This is sort of the way the "99%" schtick goes. You know what? MOST people who make $120k or more a year (and I will reiterate, it is NOT that much --I paid that much in student loans, and DIDN'T get them forgiven, btw), went to school for DANG LONG TIME and took out a lot of loans to do it.

You're kinda preaching here that they should be grateful, and yes they should. We ALL ought to be grateful for the many blessings we have.

However, education is an investment, and if someone makes a decision at the age of 18 to invest the next 4-10 years in school pursuing a degree(s) and career path into a high paying field, then pays back their loans and accepts the responsibilities and commitments required in order to succeed in that field, then their investment will likely pay off. They have WORKED for what they got.

Let them spend their money the way they will without sanctimonious lectures.

Those who didn't make the same investment in education might decide later to follow Snooki's footsteps and make millions that way.

Whatever.

Bill Gates doesn't owe me a dime, and neither does he owe you.

jennifer3998

Oops, I posted in the middle of the quoted text.



Thank you. My husband and I make decent money (and like some people think on here, he doesn't work 15 hours a day meaning he is away from his kids all the time) and I still have school loans. I live a wonderful life, but we chose our path and I'm not going to apologize for it. Reading these responses makes people seem like devils who do "okay" or better. $120K is not a lot of money these days, I'm sorry. For the last eight years I've created my own business, sitting for hours a day at a sewing machine, when I have law school under my belt. All because I wanted to stay home with the kids. Everyone has a story.

thelovelyLIZ

Pay off my damn student loans quicker than I am already.
Get a nice-ish apartment.
Switch to humane meat in my diet.
Be happy that I could live comfortably. I don't need a ton of things, but it would be nice not to live paycheck to paycheck.

lisag2007

Become a stay at home mom. I am missing out on so much with my little boy and he is the only one I will ever have. Remodel my mom's house or heck....build her a new one if she wants. Travel. Shop. Get Lasik surgery and pay it with cash. Buy my husband a new truck/car or whatever it is he would like. And help out those in need. And finish my building that my husband is working on for my sewing room.

umachanxo

- Student Loans first and foremost.
- Student Line of Credit
- Purchase a house
- Invest some

- Visit our sponsored children, Salissou and Sumaiya. I've always wanted to go and see them with my husband and just be able to talk to them face to face, but that kind of travel is expensive.

- Travel

jennifer52484

It doesn't go as far as you wish it would. Mortgages, car payments, utilities, taxes... Now if my husband and I both took home 10k each/month.. that would be awesome!

TXBelle1174

1) Pay off all debt - however many months that took. I wouldnt change my lifestyle at all until it was all gone - cars, student loans, credit - everything
2) Buy a house and new furniture to go in it (I would have to save enough for a down payment and to pay cash for the things I wanted, but thats ok)
3) Invest (Take a healthy percentage every month and invest it)
4) Help out family members - set my mom up with a monthly allotment so that she could retire right now, instead of 5 years from now. Not a lot but $500 a month would help her out tremendously
5) Save, save, save - I would have a college fund for both of my kids and a rainy day fund for the household. Easily accessible in case of emergencies. Also a retirement fund, which I am sure would be supplemented by my job.
6) Give some away - I would give to a couple different charities. Giving money away brings it back ten-fold. Not a lot, but something. More than I can afford to give away now, which is pretty much nothing.
7) Buy myself a new horse trailer - and maybe a fancy show pony to go in it.

sleepytexan

Become a stay at home mom. I am missing out on so much with my little boy and he is the only one I will ever have. Remodel my mom's house or heck....build her a new one if she wants. Travel. Shop. Get Lasik surgery and pay it with cash. Buy my husband a new truck/car or whatever it is he would like. And help out those in need. And finish my building that my husband is working on for my sewing room.

When I earned $118k I was a single working mom who did NOT get child support or alimony.

Jain

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.

Yes. It sounds a lot, but by the time the tax man had taken his pound of flesh (up to 40% in the UK ) you've paid the ever increasing utilities bills and the morgage, made a payment into your pension fund and paid the CC bill, then there's the petrol to pay for and at £1.49 per LITRE( that £6.77* a gallon!) there's not a huge amount left. And my husband has to drive for work. He has a decent car, but it's a company car as there is no way we could afford to buy it, so he get to pay extra tax on it. I don't drive, so we are a one car family.
We have enough to live 'comfortably' and have a decent holiday each year (one year in the UK in our caravan to save money, the next year abroad). But we don't have money to throw around, we rarely go out, maybe once a month, and any big purchases we have to save for.
We are better off than a lot of people and for that we are thankful, but my husband works very long hours and is away from home all week, he's just home at weekends and it's been like that for going on 18 years, so it's no bed of roses.

* £6.77 = $10.90

hikezilla

Well pretty soon that 10K/mo will be worth a few bucks less. In that income range you'll be considered one of the evil wealthy by the IRS so get ready to hand over a few more bucks. About 2500 in fed tax, 800 in social security, about 600 in state income tax, 300 for medicare (and going up up up)...then remember if you invest it, your capital gains tax will amount to about 28% of your profits, plus state income taxes on that too...you'll still have over $5K a month though...after all that.

A 250K home will run about $2500 a month for payment, taxes, insurance, and interest
A car payment of $350 a month is modest
A house that size will run about $500 a month for utilities (water, gas, power)

Still leaves a couple K a month for groceries, savings, hobbies, and frozen pizza.

I think I could manage on that.

Skinny_Jeans_Soon

Your tax rate would be sky high and IRS would take most of your money which stinks; I hate it. We paid 26k this year and will probably owe 10k more, it makes me want to scream. Add 4 kids in daycare and we are on a tight, tight monthly budget just to make ends meet. When the IRS is eating the majority of your income you don't have any fluff left over to play with (I am bitter, can you tell). With that said, if we made 10k after taxes, I would pay off our houses and buy lake properties for investment so we could sell when the kids get in HS to pad their college accounts.

hikezilla

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!

Dividends in the US are taxed at ridiculous rates. Capital gains here are stupid expensive. I hope all that is about to change though....not holding my breath.

rml_16

Jobs that tend to pay that much usually involve working about 80 hours a week, so I wouldn't have time to do much.

But let's assume I get that money for free, obviously, quit my job, move to Europe for a while and work on writing novels. That's pretty much all I want out of life.

Oh, and I would donate A LOT to charities that help animals and maybe open my own no-kill shelter or something. That might not be enough to do that, though.

candykay0605

considering that i make 1,000 more than that in a YEAR!!!!!!!!!!!!!!!!!!!... i would probably have a stroke