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

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?

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:

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.

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

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)

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

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.

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.

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.

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

Everyone keeps saying they would pay off bills. That's not how it works. Your bills would get bigger. That's all.

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.

I'm not judging...I was agreeing. People are saying that$10,000 just pays the bills, that sounds like they are living paycheck to paycheck no matter how big that is. Okay, so let's call that living within your means. And when I have doctor's calling me telling me they need their check ASAP because they are going to be overdrawn, if they are living within their means, that shouldn't happen. And yes, it is hard for me to understand. We live in the same neighborhood, shop at the same stores, pay exactly the same for a gallon of milk.

All I said is my needs are few, I'm frugal to begin with, and I have no desire for things. So, more money wouldn't mean a lot of bigger bills. Three extra 10,000 checks would pay off all my current bills and, sans 70,000 mortgage, I would be debt free. I'd be living well on my current salary. And I wouldn't have a mortgage over $1,000, I wouldn't move to the city. I am just speaking for my personal situation. BTW, I did raise 4 kids and when I did we lived in a bigger house, same neighborhood. My husband made $80,000 but he was terrible with money, maxed out credit cards, ruined our credit. I left him and I make much less but I'm better off financially and I have excellent credit.

I would cut back on my lifestyle a little.

I would pay off my bills definitely...buy a newer car (after paying off mine of course)...I would save up to buy my own home straight out so I wouldn't have a loan to worry about. I would help my mom buy a home and probably send them x amount of money every month. My mom is on disability and they have to work hard for what they get, so if I made that much I would want to help her.

I would still probably live like we live now (under our means) and just try to save whatever was left for my son's college

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.

I'm not judging...I was agreeing. People are saying that$10,000 just pays the bills, that sounds like they are living paycheck to paycheck no matter how big that is. Okay, so let's call that living within your means. And when I have doctor's calling me telling me they need their check ASAP because they are going to be overdrawn, if they are living within their means, that shouldn't happen. And yes, it is hard for me to understand. We live in the same neighborhood, shop at the same stores, pay exactly the same for a gallon of milk.

All I said is my needs are few, I'm frugal to begin with, and I have no desire for things. So, more money wouldn't mean a lot of bigger bills. Three extra 10,000 checks would pay off all my current bills and, sans 70,000 mortgage, I would be debt free. I'd be living well on my current salary. And I wouldn't have a mortgage over $1,000, I wouldn't move to the city. I am just speaking for my personal situation. BTW, I did raise 4 kids and when I did we lived in a bigger house, same neighborhood. My husband made $80,000 but he was terrible with money, maxed out credit cards, ruined our credit. I left him and I make much less but I'm better off financially and I have excellent credit.

I get that, but just remember, the stakes are higher. You can live well, but you can also lose big. during my divorce, I lost my business and my house. That cost us a lot. Much of those loses were the result of living right up to the edge of what we could afford. Had we lived frugally and not maxxed out, then much of the financial troubles I am still suffering through right now could have been avoided. However, there was a time when we were seriously what I would consider very well off, due to business income, out of state rentals, and other things where we paid almost no income tax. I mean it was really good. When you get there, you push for more. It's kind of a weird state. I'll remember never to go there again because you keep wanting more, bigger, better, and it's like a self-perpetuating thing. And, it souless. That's the main lesson from it all for me.

Anyways, pushing through that and trying to correct takes some time because I don't have the financial leverage I used to have, and I pay a huge share of taxes, plus back taxes from the failing business.

One day, once out from under this mess, I might be able to enjoy life a little more, take a vacation once in a while, and have some fun. But, I guess I'm just saying that it's not all THAT much money. The government is the great equalizer. I bet if I made half as much, my take home would be similar to what it is now. I have no doubts about that.

One thing this thread has done is make me realize that maybe I'm a bit above the fray (sometimes you forget), and that I should take time out to enjoy it. Even though I'm just paying bills and not really living with chefs cooking for me, house cleaners, and all that, I should still focus on the fact that my earning power is outstanding, and I should do a few things in the coming years to capitalize on that as much as possible, without adding to the lifestyle of it.

i have been thinking a lot about downsizing everything in my life and getting back to a really basic lifestyle. It sounds ridiculous, but cutting cable TV was a start for me when I did that last summer. I've cancelled practically every service I have except Netflix and Internet. Netflix I kind of feel like is a nice luxury and it's inexpensive enough, and Internet is also a nice luxury that I'm not willing to live without at the present time. But, other than that, I've cut out everything...gym, newspapers, all subscriptions to anything. i dont buy new clothes unless I really need them, I don't go out much, I never eat out, etc, and I'm still barely able to pay bills. But, that's due to the stuff I mentioned above. Once all that is settled, then it probably will be smoother sailing for me.

My goal is to live more simply than I have in the past and not get caught up in having things. Because those things wind up with additional costs. For example, I really want a Harley, but I keep thinking about the added insurance and maintenance, along with the other stuff that goes with it. I may get one someday, but thinking about what I want more...early retirement and money in the bank, it trumps haing another thing in my life.

Anyway, this thread has helped me re-energize and think more about some of this stuff. So, thanks,.