What would you do if you earned $10,000 per month?
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Like my husband says "more money, more bills". Plus you'd pay about 20-30% of that money in taxes.
yeah, this. I make that a month and our expenses are high and while we live well, we are not rich by any means.0 -
Pay off student loans since that is my only debt. Buy a house go back to school to get my Mental Health Nurse Practitioner and donate 25% a month to a charity or church.0
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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.
Dude, really? A $250k home is a fixer-upper home in the barrio here. LOL. Anyway, I heard about this tax increase. Yikes. As I said earlier in this thread, the government is the great equalizer. When ever anyone gets ahead a bit, they knock them down.
A bit on education, yes, I went to grad school so I could have a good job and a good life and always be employable or better. Actually, I always thought I'd have my own company, but whatever. Anyways, there was significant investment in that, and also sacrifice. You don't just sort of casually do it, you put your life on hold for a few years while pursuing higher education. So, yeah, there is an element of "I deserve it".
Also, the stress that goes with my job is sometimes not worth it. I long to be a pizza delivery person or scoop ice cream for a living. That would be a dream. My job can take over my life, and it's really crazy sometimes.
The cool thing about it is as I progress through life, I find myslef falling backwards. I am currently getting rid of all kinds of things - something every week. Cleaning out and getting rid of everything. Even considering ditching the furniture. Yes, I might be extreme, but I don't need "stuff" anymore. What this is doing for me is keeping cash in my hands. So, in a few years when the debts are paid and the IRS and State is off my back, I'll be in pretty good shape for round 2 of my life.0 -
Pay off all my debt right away.
Buy a house, pay down my mortgage as quick as possible
Buy and drive a car
Buy the BF a new car
Save!!
Hire a personal trainer
Hire a maid
Help out my family.0 -
Pay off the mortgage and buy some vacation property
Help our kids out-within reason
Travel the US in a motor home
Volunteer and give more to our local charities
Plant a nice vegetable garden as I would have more time to spend weeding!0 -
considering that i make 1,000 more than that in a YEAR!!!!!!!!!!!!!!!!!!!... i would probably have a stroke
and yes i make 11,000 a year!0 -
$10,000 a month is ridiculous. I work part-time hours while I go to school, and $10,000 is my annual salary! Let's see, if I had that much money coming in a month, I would first PAY OFF MY STUDENT LOANS! After damage control has been done to that, I'd help my parents and other close friends with whatever they're having trouble paying off. Save some money to buy a nice house and donate some to food pantries around the area and homeless shelters.
i agree to this!! I work full time hrs and make 11,000 a year!0 -
considering that i make 1,000 more than that in a YEAR!!!!!!!!!!!!!!!!!!!... i would probably have a stroke
and yes i make 11,000 a year!
I wish I would meet and date and become very involved with someone that made this level of income. Selfishly, I would like to learn how to live on that much, so I could just pretend that that's what I made, and save all the rest. I really really do. I know I could self impose it, and just do it, but that never works for me, I'd have to hang with you for a long time, and sort of see how you do things, what do you do for entertainment, what do you do when a friend calls and invites you to go out with them? I have a lot of questions, but I think it's more about the behavior. It would be interesting for me. Seriously. I would really love to do this. Plus, it would feel great to live simply, and then splurge once in a while. It seems like it would really be appreciated. Is that bad that I said this? It's not meant that way. I just think I have no idea how someone can live their life on $1,000/month. My rent alone is double that. Add in Child Support payments, and I'm quadruple that. It's just mind-boggling. I'm sure you hate it, but I just don't see how it's possible. That's all. But, obviously, it is because here you are.
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considering that i make 1,000 more than that in a YEAR!!!!!!!!!!!!!!!!!!!... i would probably have a stroke
and yes i make 11,000 a year!
I wish I would meet and date and become very involved with someone that made this level of income. Selfishly, I would like to learn how to live on that much, so I could just pretend that that's what I made, and save all the rest. I really really do. I know I could self impose it, and just do it, but that never works for me, I'd have to hang with you for a long time, and sort of see how you do things, what do you do for entertainment, what do you do when a friend calls and invites you to go out with them? I have a lot of questions, but I think it's more about the behavior. It would be interesting for me. Seriously. I would really love to do this. Plus, it would feel great to live simply, and then splurge once in a while. It seems like it would really be appreciated. Is that bad that I said this? It's not meant that way. I just think I have no idea how someone can live their life on $1,000/month. My rent alone is double that. Add in Child Support payments, and I'm quadruple that. It's just mind-boggling. I'm sure you hate it, but I just don't see how it's possible. That's all. But, obviously, it is because here you are.
As someone who managed on about this (note; managed, not enjoyed) I can tell you it's very simple. You save money where you can and you don't enjoy excess in anything. If rent is too high, guess what? You move. If food costs too much, you eat the crappier food or go hungry. If your clothes are falling apart, you replace them as and when needed as a necessity, not a luxury. If something on your car breaks, you fix it yourself or only if it's necessary to pass the annual testing.
FYI; I'm still at home with my mother, because even when I was working 50 hours a week I couldn't afford the ludicrous rent rates here in London. I maxed out about £1000 for a couple of months, and rent for a small place in the city starts from about £700 (before utilities) and only goes up. Many of my friends have degrees, with all of them including myself having achieved extremely high grades in school. Two have studied at Oxford. Despite this, they are ALL stuck doing low end, underpaid jobs because the work simply isn't available, at least in the city. None of them earn more than £14000 a year and we vary in age between 20 and 29, in our social circle.
I don't fully understand the situation in the US, but to me at least, coming from the working class side of London, $10k a month is a huge, huge, huge amount of money.0 -
Cut back on expenses.0
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I would need a second job.
HAHAHA tru dat
My experience has been the more money I make, the more bills cost. They both grow at the same rate.0 -
Pay off everything but the house
Buy a bigger house
That said, in this area, $10,000 a month without a working spouse will barely get you a decent townhouse in a non-ghetto area.0 -
HAHAHA tru dat
My experience has been the more money I make, the more bills cost. They both grow at the same rate.
If you're lucky.0 -
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.
Right.
Holding your breath is not a viable long term plan.
Hire a devious genius accountant.
That's what I did...0 -
Jobs that tend to pay that much usually involve working about 80 hours a week, so I wouldn't have time to do much.
Actually I've found that to be a fallacy.
When you get to a certain level (okay beyond the $10k / month level, but the point stands) you don't necessarily have to put in killer hours.
In fact you have great days out, work from home regularly, and a bunch of other perks.
What you HAVE to do though is be on point to make the right decision when it really matters.
At that level, I believe, you are being rewarded for quality, not quantity of output.
Many of the most successful people I know work intelligently, but arguably less hard now, abd certainly less hours in the office, than a lot of middle tier managers / exec wannabes.
Just my experience of course. I've known a few workaholics too...0 -
Jobs that tend to pay that much usually involve working about 80 hours a week, so I wouldn't have time to do much.
Actually I've found that to be a fallacy.
When you get to a certain level (okay beyond the $10k / month level, but the point stands) you don't necessarily have to put in killer hours.
In fact you have great days out, work from home regularly, and a bunch of other perks.
What you HAVE to do though is be on point to make the right decision when it really matters.
At that level, I believe, you are being rewarded for quality, not quantity of output.
Many of the most successful people I know work intelligently, but arguably less hard now, abd certainly less hours in the office, than a lot of middle tier managers / exec wannabes.
Just my experience of course. I've known a few workaholics too...
I work from home. The higher up you go the more impactful your decisions are and it doesn't necessarily equate to hours.
What I do, cheap-*kitten* apartment, nice car, buy pre-made meals, and buy whatever I feel like within reason without worrying about the credit card bill.0 -
I'd be able to tithe and give a lot more to the church and missions!!!! God is so good, HE does provide me with what I need and knows what I want... reality.... I'm not bad. I don't have the white picket fence or the nice modern home with clean floors or carpet wall to wall, but I know my children are well and healthy. I have expectations...
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To be honest, I've found that you generally live in accordance with your means. My income has gradually tripled since I graduated, but I still don't have a huge amount leftover at the end of the month. You buy a bigger house, get a nicer car, drastically increase your outgoing expendable by buying nicer (and probably more things), buying better food, not living off credit cards, get more expensive haircuts, buy higher-end clothes.. etc. etc. The list goes on. I know this probably sounds quite materialistic, but if anything it's the opposite - the more you earn, the more you don't bother to think about how much things cost, and the more your outgoings increase accordingly.
Basically this:My experience has been the more money I make, the more bills cost. They both grow at the same rate.
I do occasionally entertain myself with what I'd do if we won the lottery though. Travel would definitely be up there (which I can't currently do without being tied to my inbox the entire time like a miserable workaholic).0 -
be a SAHM of course!!! easy question, and have another kiddo or two
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Jobs that tend to pay that much usually involve working about 80 hours a week, so I wouldn't have time to do much.
Actually I've found that to be a fallacy.
When you get to a certain level (okay beyond the $10k / month level, but the point stands) you don't necessarily have to put in killer hours.
In fact you have great days out, work from home regularly, and a bunch of other perks.
What you HAVE to do though is be on point to make the right decision when it really matters.
At that level, I believe, you are being rewarded for quality, not quantity of output.
Many of the most successful people I know work intelligently, but arguably less hard now, abd certainly less hours in the office, than a lot of middle tier managers / exec wannabes.
Just my experience of course. I've known a few workaholics too...
I work from home. The higher up you go the more impactful your decisions are and it doesn't necessarily equate to hours.
What I do, cheap-*kitten* apartment, nice car, buy pre-made meals, and buy whatever I feel like within reason without worrying about the credit card bill.
Nice clean, simple life that.
Yeah. Not worrying about cards / bills massively reduces stress.0 -
Take care of my dad, he is a long haul truck driver and in his 50s. It is starting to wear him down. He needs to come off the road.0
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I think alot of people earn 'good' money, but think because they're not living like P-Diddy then they have no luxiuries. There are many things that my income affords me which may not seem like luxuries but they make all the difference in the world. For example if there is an important family or friend event like a 21st, wedding, engagement party etc, we never have to really think about whether we can afford to attend. Even though we live far from everyone and would have to fly to any of these events. My husband and I are able to really spoil each other for our birthdays without thought. I can be relaly generous with friends, family and charities. These are things that I am really grateful for!0
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Pay off debt, put lots into savings/retirement/kids college fund, have 2 more kids (5 total), take a family vacation every year, renovate the kitchen once the mortgage was paid off.0
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Buy a house, marry my boyfriend, and plan for a baby. Save/invest and live normally.0
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