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

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Replies

  • 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.
  • AlayshaJ
    AlayshaJ Posts: 703 Member
    Bigger house, live in nanny, school, savings, business.Oh and miscellaneous things that I need/want.
  • ironanimal
    ironanimal Posts: 5,922 Member
    I would love to be one of these people that thinks $10,000 a month is no big deal. In my previous job I worked 50 hours a week some months and was lucky to end up with £900 ($1446) in my pocket after tax.
  • messymutt
    messymutt Posts: 24
    I would love to be one of these people that thinks $10,000 a month is no big deal. In my previous job I worked 50 hours a week some months and was lucky to end up with £900 ($1446) in my pocket after tax.

    I'm right there with you.
  • HauteP1nk
    HauteP1nk Posts: 2,139 Member
    Is that tax free?? LOL Well, $10k per month isn't really EXTREME but it would definitely keep me living comfortably that is for sure. I would be able to pay off debt a bit faster, save a lot more and travel frequently.
  • Koshkaxo
    Koshkaxo Posts: 332 Member
    Its really not that much, all these people saying buy new cars, houses, pay off family debts, they would have to recieve this money for a super long time to keep debt free. If you are broke now then 10k seems like a hella lot, but when you start taking on all these bills you can quickly tie up that whole amount. I guess what Im saying is 10k is only a lot if you live well below your means, but people always want to max out their spending.
  • nsblue
    nsblue Posts: 331 Member
    lol that what i made for the whole year last year...
  • ironanimal
    ironanimal Posts: 5,922 Member
    Its really not that much, all these people saying buy new cars, houses, pay off family debts, they would have to recieve this money for a super long time to keep debt free. If you are broke now then 10k seems like a hella lot, but when you start taking on all these bills you can quickly tie up that whole amount. I guess what Im saying is 10k is only a lot if you live well below your means, but people always want to max out their spending.

    :noway:
  • coachblt
    coachblt Posts: 1,090
    What would I do?

    1. Buy my daughter a cheap, used car.
    2. By my years back...retirement wise.
    3. Put more money in my 403b.
    4. Buy a small house.
    5. Purchase some new clothes...running shoes in particular.
    6. Plan a semi-vacation.

    That's about it. Nothing too fancy. I'm a simple man.
  • xYumzx
    xYumzx Posts: 953 Member
    HAHA my parents make close to 8 grand a month and its impossible to survive out here lol
  • nomoreplaying
    nomoreplaying Posts: 36
    Since I couldnt possibly use that much money each month, I'd be sure that animal shelters got, animal cruelty programs, and whatever else to do with homeless animals, got a big chunk each month. Not that people come second (but they do in this case) my next would be the food pantries each month. And I would hire someone "OPRA STYLE" to do my cooking for me to lose this darn weight. Then with whats left over after taking care of bills, I'd give to all those "cousins" that I never hear from.
  • mfp_junkie
    mfp_junkie Posts: 359
    While it seems like a lot of money, $10K a month is a comfortable living, but I have yet to finance my own island or head off on 4 vacations a year. That's pretty much bang on my monthly income, but I'm 45, and have been working in my industry for 23 years, so I've put in my time.

    I also live in Toronto, where my 1,800 square foot house costs $600,000, and that's 20 miles from the downtown core. Put that house in the city and the price doubles.

    Where does $10K a month go? Taxes take a 1/3. Mortgage payments take 1/3 of what's left. Car payment, food for a family of three, heat, hydro, college fund, retirement fund, a little into savings, a regular donation to a few favourite charities. The rest I spend on coffee....
  • Koshkaxo
    Koshkaxo Posts: 332 Member
    Its really not that much, all these people saying buy new cars, houses, pay off family debts, they would have to recieve this money for a super long time to keep debt free. If you are broke now then 10k seems like a hella lot, but when you start taking on all these bills you can quickly tie up that whole amount. I guess what Im saying is 10k is only a lot if you live well below your means, but people always want to max out their spending.

    :noway:

    I already explained my reasoning behind that statement haha :flowerforyou:
  • dlyeates
    dlyeates Posts: 875 Member
    First pay off my mountain of student loans!!! That should take about a year.

    Then invest, invest, invest. and save save save

    Buy a house free and clear.

    Fund my children's college funds.

    Travel and play.

    In that order!!!
  • Justjoshin
    Justjoshin Posts: 999 Member
    Pay my monthly bills.
  • ironanimal
    ironanimal Posts: 5,922 Member
    Its really not that much, all these people saying buy new cars, houses, pay off family debts, they would have to recieve this money for a super long time to keep debt free. If you are broke now then 10k seems like a hella lot, but when you start taking on all these bills you can quickly tie up that whole amount. I guess what Im saying is 10k is only a lot if you live well below your means, but people always want to max out their spending.

    :noway:

    I already explained my reasoning behind that statement haha :flowerforyou:
    And I find that to be completely nonsensical because I survived on a little over £3000 for a year, paying for my own food and everything else. The only thing I didn't pay was for housing because my mother let me stay at home.

    Whatever. Go class divides, woop woop.
  • ninerbuff
    ninerbuff Posts: 49,030 Member
    It depends on where you live too. Living in the Tri-Valley area of Northern CA, $10,000 a month is not consider a lot of money. That's where I reside now and that's enough to pay for a house (avg homes are in the $500k plus range) a couple of cars and basics with a little money left over.

    A.C.E. Certified Personal and Group FitnessTrainer
    IDEA Fitness member
    Kickboxing Certified Instructor
    Been in fitness for 28+ years and have studied kinesiology and nutrition
  • IronmanPanda
    IronmanPanda Posts: 2,083 Member
    I think it would really depend on your cost of living. If you made $10k a month while living in an area in the mid-west where the cost of living is relatively low it could definitely stretch.
  • robin52077
    robin52077 Posts: 4,383 Member
    Cost of living here is LOW. I can survive on $1500 a month if I had to because I live very modestly. Luckily we have more than that so I SAVE everything above and beyond what I need because i believe there will be no social security by the time I am that old.

    But if I had 10K a month? I would SAVE 5K, every month, and live a tiny bit more freely than I do now, but I would not go crazy with it. I don't believe in car payments. Only drive what you can buy outright.
  • LorinaLynn
    LorinaLynn Posts: 13,247 Member
    I'd move to a bigger home with more land. Which wouldn't take much considering my house is tiny and my yard is a postage stamp. I'd get a membership at a REAL gym and ditch Planet Fitness. :laugh: I'd have a data plan and smartphone, new computer and the fastest internet connection. I wouldn't exclusively shop the clearance racks, but I'm sure I'd still look for bargains. And I'd go on a real vacation once a year. And if I was making that much on my own, I'd twist my husband's arm (ha) to quit his job and go back to school for something he wants to do.
  • Dave198lbs
    Dave198lbs Posts: 8,810 Member
    more
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