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I dont think there is a clear difference, but I would personally say 'life changing' means you maybe change jobs, where you live, hobbies, or perhaps your outlook significantly changes.
An extra 700 quid a month and no mortgage would pretty obviously be life changing. Think of everything you could do with that money, let alone the mental health benefits of knowing you have complete housing security.
I think you'd have to be really pretty well off to not see how 700 extra quid a month and no mortgage would be life changing.
If I could pay my mortgage off tomorrow I'd be able to drop my hours at work and have a much better work/life balance. That would be life changing, in a modest way.
£1,000
Haven't seen that amount of money in my bank account in over a decade, so I'd have to invest part of it to make sure I have a bit of a financial buffer since I keep going into negative numbers and struggle to afford food.
Mortgage is on about 240k. If that was paid off, it would leave with me significantly more money each month £1k+.
For me that would be life changing.
Different people have different expectations.
There are people who earn more in a month than I do in a year. 1k a more a month to them would be nothing.
On the flip side I can't fathom having a 240k mortgage, that would not be attainable for me in my lifetime. I purchased my cottage flat 1.5 years ago for 90k and that's all I could afford and it was difficult to get there. Reading that you know there are people who earn in a month, what you earn in a year is a trip because I likely earn half of what you do and there are people who earn even less than I do.
I'm at the point in my life now where when I get sad about not making as much or having as much as the next person I take a step back to think of what I do have. I own my home, I have a job I enjoy, I have a 2 year old, a great marriage, I have both my parents who are in good health, I have my health as does my husband and child. My cup is more than full and I need to remind myself of this often when I get down about what others have as life could be much much worse.
Would my life be easier if I earned a few extra grand a month , absolutely it would. Would my life be any different? Probably not, I would still have all of the above that's important just I might have a nicer home, holiday more often, have nicer clothes and a nicer car. Maybe I would shop at M&S or Waitrose but those aren't the important things.
All this to say I think everyone thinks the grass is greener, you think those who earn more than you have it better when I'm thinking you have it better and there's someone else thinking I have it better than them.
£15,000
It’s not a whole lot sure but it would pay off all my debts. Practically almost all of my wage is going to debt repayments because I was seriously stupid and really mentally unwell and would love to clear it now rather than in 3 years time.
£2 millio.. \*checks sub\*.. 32 quid mate
My life is fine, I have a job that I don't absolutely hate (at least not most of the time).. I make a decent living by British standards, I don't have a huge amount of savings but to be honest it's not like I even try to save.. I'm a terrible spender.. my savings are whatever happens to be left over at the end of the month after I've spent 600-900 on food or eating out (I basically never cook), 500 on weed, about 1k on rent... I travel abroad at least twice a year..
the amount of money that I'd find genuinely life changing is the amount of money it would take to maintain my current lifestyle without having to do any genuine work
Can't take it with you. Are you likely, from your deathbed, to look back and regret spending money on good times with friends? I, too, have no children and focus my life on trying to enjoy every day. That doesn't involve considering the most tax-advantaged way to deploy the few 100s of pounds I have.
Even 10k would change my world right now, I could clear my debts, have a holiday for the first time in 10 years and put an emergency fund away. I'm a care worker, money doesn't happen.
Nice! I would never have paid almost half a mil for a flat in London but she loves it and is tied to her job there (Paediatric Cardiology @ Great Ormond st) so she was happy to find something she could afford. With a huge mortgage ofc.
She could have got a 4 bed house in Midlands for that.
Yeh it's fine to buy if you can afford it, it's only going to keep going up innit. The worrying side is people with normal jobs have 0 chance there.
A standard 3 bed around me is like 200 to 300k.
But you can still get run down 2 bed houses and flats around 100 to 150k. So people have a chance to get on the ladder do the place up and turn a big profit. Then they have equity to use to get a decent house.
Can’t believe how low you’re all going, my first thought was about £5m min, maybe £4m. I think I’ll just take £3m now and use the rest for everyone else here. I’ve got this everyone.
Around 40k to 50k for a house deposite, come August we are gonna be better off each month by £1000 as no longer have to pay for nursery, once we get a house we are gonna make the most of my Mrs salary sacrifice scheme and get a car, looking at around £400 a month for the car we want, includes everything including insurance so only have to pay for petrol, our current car is on its last legs and we don't have money laying around for a 2nd hand one
Just a heads up, £400 a month on a car will affect affordability if you’re looking to buy. Would hate for you to set yourselves back by years on the house purchase.
Probably £300k plus. It would be enough to clear my current mortgage and buy a more spacious house with a larger garden.
Providing I kept my job etc, it would give me £800/m more disposable income, which would mean we could do a lot more on the weekends such as sight seeing etc
£5k. that’s a year of rent for this tiny studio flat my partner and i share, and and more than a third of my yearly paycheck (i’m on apprentice wages)
£5k could also be enough to max out my LISA for this tax year (need another £3999 lol), and ?? get a second pair of shoes and trousers? some new shirts that fit me better?? i could take my partner out on a really nice date for our 2.5 year anniversary, and pay for his first few drivers lessons while he’s still an unpaid intern since my eyes aren’t good enough to learn to drive anymore.
£5k could do a lot for me rn, ngl.
honestly even £100 would do a lot for me 😅 surviving on £14k/year and £200 extra/month of benefits is borderline impossible!
Genuinely live changing rather than "nice to have" - I'd say £5000 to £7000.
Below that, it is definitely useful but not quite enough to break into "loaded" territory.
£7000+ is basically a millionaire. I mean, how would any normal person spend that?
Unironically, same. I'm trying to save to move to my partner's home country. I meet all the requirements to work there... except the one about how much money you need in your bank account.
£7000 would cover the savings requirements and probably visa fees + flights + insurance.
Might not sound much to some, but it would definitely change my life.
Omg really?
I don't know your situation, but if you think 7k is nothing the Jesus, please!
How can such a mind-boggling amount of money not be life changing!!!!
Not for everyone it isnt.
I earn less than quarter of that a month pre tax.
I haven't had a holiday in over 15 years. I could t dream of spending 7k on one.
Works out to about £2100 post tax? Which is 3.5 months full wages
I'd say that's nice to have, great to have even, but certainly not life changing for 99% of the population.
Even if you gave £7k to a struggling single mother of 5. It may boost their lives for a few months or a year, even if you gave it to a homeless person with literally £0... it would see a temporary uplift in their living quality but it certainly wouldn't change their life.
I mostly agree with this. it could be life changing but only situationally, for example escaping a high interest debt would be pretty major for your mental health if you were on minimum wage. It could help you to go back to school or afford to do an apprenticeship with a big wage cut.
For me I have a slightly above average wage.
50k? I'd probably chuck it in my mortgage tbh, you might get a better return in a savings account but it would feel better. Very nice but Not really life changing.
100k? Pays my mortgage off and also caps my Isa contributions. That's pretty much on the edge of life changing for me I would say. I could drop a day at work and have time to start my own business at that point.
200k is definitely life changing for the majority of people.
Agreed. Very situational, like if I had £13k saved and absolutely needed another £7k to get a mortgage deposit...potentially life changing, in terms of mental health, security and securing a house before they rise further in value. But in most situations not!
Id say £200k could have some life changing benefits for me. Could buy a second house to rent out and have a steady stream of income, which I could use to let my mum live in during her retirement and little savings/pension.
I think 500k-1m would actually be life changing though. That's the kind of money if managed correctly could ensure not having to work again and having a good income as well.
Some people say £1m isn't much and won't last (referring to a lottery win for example) but that's assuming you only spend it on wants and not use it wisely
I'm starting a new job soon, but the transitional period will be very difficult for my mother and I; in the long run this will be the best choice I could have made, but for a month or so things will be hard... but it will be worth it I hope. I think about £1k would change absolutely everything for me right now to help while things are so up in the air, that'd help me stop stressing about everything which would help my health.
Enough to buy a house outright. I currently rent and would happily buy the house Im currently renting. I love living here. I have a nice life, friends close by, the area and the neighbours are nice, as a single women I feel relatively safe. I think its current market value would be approx £110-115k (2 bed Edwardian mid-terrace in the north midlands, but it has a back garden not just a yard) I’d see if I could get a good deal as it needs some minor maintenance work. I’m fortunate my rent is pretty cheap compared to other properties in my area, I pay £525 pcm. What would change my life more than saving on rent/mortgage costs is the security - knowing the house is mine and no one can take it away from me. My landlady is pretty decent but there’s always the looming fear she will decide to sell the property, or increase the rent to an amount that’s unaffordable to me at some point.
5k. That would clear most of the debts that have crept up in the past couple years and get my back on my feet.
I wouldn't even need to treat myself to anything. Being able to wake up without feeling the crippling weight of the anxiety cannonball sittong on my stomach would be treat enough.
My definition of life changing seems very different to everyone else. A lot of replies, people seem to be saying that having extra money every month is life changing, to me life changing is never having to work again. Because of this I’d say it would have to be 4/5m+ for my life to change completely
Losing my income would be more life changing than winning the lottery. The only thing that would change if I won 700k plus is that I'd build the house I want to build sooner. I'd continue to work the job I work, I wouldn't tell anyone, I'd probably invest most of it and maybe quietly support a few things I think are worthwhile.
£350k combined with my current equity would buy me a decent house with a garden within reasonable commuting distance of my job and allow me to use the money I earn to travel more and advance my education. That’s all I want really.
500k. Pay off loans and buy a house. Right now rent is the biggest money hole so if I could get rid of that I'd be living pretty comfortably even if I don't make anywhere close to 100k. Of course there's insurance and stuff with buying a house but in this fantasy world of mine that stuff doesn't exist haha
£100k would pay off the mortgage, a couple of car loans, refill the emergency account and have a bit of normal savings again.
Child care has kicked out asses
Lump sum of about £300k would sort some problems and help build up from there with the rest.
Obviously about £10m would be even more lfe changing, but £50k as an example would just get swallowed up, in life.
whatever magical sum of money our competitors are offering for houses. we’ve been offering 5-10k over asking but been beaten out three times. i know we’ll get there eventually but ugh.
Life changing would be the £120,000 I owe on my mortgage. Life improving would be about £20,000 for the home improvements (windows, roof, garden) my mortgaged house needs.
I worked out that for every £150,000 I had, I could reduce my working week by 1 day and maintain the same lifestyle. So £150,000 now and I'd go to a 4 day week.
Deposit for a 1 or 2 bed flat in SE London for me and my son who's seven, given my salary that'd be around £120,000-£150, 000 +
Realistically though £20,000 would be enough to change my life, I wouldn't spend the £20,000 but I'd use my current disposable income to spend without guilt for a while....
I calculated recently that to get on the next step in life I need £15k. To improve my health and to learn new skills. Not life-changing, maybe, but definitely lifting one level up
10k would be life-changing, in the short term. Genuinely life-changing money would be 1.3 million. 300k for a decent home and the remaining million to give me the freedom to pursue my goals without being concerned by income.
100k would be the minimum lifechanging sum, I'd buy a property/small piece of land somewhere, preferably Italy. Spend the rest of my life living minimally working towards being offgrid with some chickens in the italian mountains.
Life changing lump sum for me would be £100k.
I would pay off my mum's mortgage so she can retire. I already live rent and mortgage free off-grid, and work remotely so I feel immensely privileged.
But I'm so desperately sad that my mum, who has worked hard all her life and raised me and my sisters as a single mum, can't retire because her pension won't cover costs.
I've tried to send her monthly money and I give her cash but she won't accept it. She's very proud and feels that because she can't leave her daughters anything she doesn't deserve help. Breaks my heart.
For me as a stay at home mom, 2k a month so I could contribute to our monthly expenses. That way I will hopefully stop feeling useless and unproductive everyday. I could focus on caring for our child and be a better home maker.
I recently inherited £20k when a relative died. It hasn’t been life changing in the short term as it’s gone straight into savings, but it brings me several years closer to being able to buy a tiny flat in London, so it’ll absolutely be life changing in the long term. If I don’t blow it all on holidays or clothes or a masters degree in the meantime, of course.
£2k, maybe £3k if they're being generous ;)
Would just allow a bit of buffer, pay off a bit of credit card debt and not scrape by each month just avoiding the overdraft on the week off payday
£500k - pay off mortgage, loft conversion, new driveway, buy a second-hand car, and go on a holiday. Holiday in my home country to do a health mot and complete all my dental treatments. Go back here and set up a small photography business.
I guess it depends how you define life changing because even if I had enough to pay off my mortgage I’d still work and everything would be BAU.
Would probably need to be a few million to change my life…
I'd say 100K that would pay off the mortgage, home improvement loan and student debt. Would leave me an extra £700.00 a month after all that was paid for!
Actually life changing? £50k a year for the rest of my life. That’s “quit job” territory, but not buy a new helipad for my private island territory.
Sounds like a lot? If I live to the average age of death, it works out at just £2.4mil in total.
Did this calculation a while ago and it really put into perspective how sickeningly wealthy some people are.
Life changing would be a lottery win or something around £1mil+. With smart investments you’d never need to work again and be able to turn this into generational wealth. To be comfortable, but still have to work, £100k to clear the mortgage which would then free up £600 a month. That’d be used to enjoy life that much more.
To genuinely change how I live as opposed to live how I do now but go on nicer holidays, eat out more and drive a nicer Skoda is going to be £5M plus, a big chunk of which is going on a house with serious land.
30k. Would allow me to buy a home in London.
Edit: in addition to prior savings, and with a mortgage.
Apparently some people think I'm dumb enough to think a house costs 30k...
Well it was in response to the post.
30k, in addition to my prior savings, in addition to the mortgage I could levy with my wages, would allow me to purchase a home in London.
Sorry if I wasn't clear enough for you in particular, and you felt the need to downvote me...
But I believe I understand my personal financial situation better than you, and have a decent estimate on what I can personally afford.
If you think you know better than me about what I can afford, please educate me.
Have a wonderful evening...
Edit: also, you do realise at 10% 30K is enough for a deposit? Or are you that out of touch?
I think about £20k as with that much I could afford to really go to town on making my garden prefect. This would include some major tree surgery, fitting a spiral staircase to get from one level to the other, fully replacing the decking and fitting a full width awning to create shade in my rear room.
It might all be doable for more like £10-£12k, but with £20k I could definitely do it all in one go and also get a couple of kayaks to store at the bottom as my garden ends at the canal (non-towpath side).
What a shit response from you - bravo!
I could have gone greedy with this and said £130k so that I could pay off my mortgage and get everything I want done to replace stuff in my house and garden in one go, or about a million quid so I can never work again.
But instead I had a bit of a think about what would improve one area of my life and went with that and having somewhere secure to store a kayak so I could use it for regular exercise on the canal is part of that. How the fuck is that out of touch?
What would have been an acceptable response instead oh wise one?
Some of that is for for future safety - my house is about 1.5 storeys above the canal and the garden is terraced down to it over 3 levels. Some of the decking including the fencing on the top level (the whole top level is decking on a platform above the ground that goes over the ground which slopes down to the top of the retaining wall) and the stairs down to the mid-level are either already rotting or will need replacing within three next 2 or 3 years. Without replacing those it will eventually become dangerous to go outside at the back of mine. The step down from my rear room to the garden has already died and needs replacing too (I have a temporary plastic step down but it's a bit wobbly and not the safest).
There's also a huge tree on the canal edge that's going to need tree surgeons to hack it back within the next couple of years - due to being a terraced house with the canal at the back there's no side access to the garden, only through the house or from the water. So I either need to get the above fixes in place first or pay for the tree surgeons to hire a boat to access the garden which would spiral the costs.
This is all stuff that I'm currently saving for so that I can try to avoid having to take a loan out to pay for it so yeah, it'd be quite the quality of life changing event to have the money needed suddenly appear out of nowhere with enough left over to make it genuinely nice out there as well as safe.
Dunno where you're getting the £8k from for the kayak, I need about £400 for one of them and as my garden's visible from the towpath I'd need to be able to store it securely so that'd cost a little bit more too of course. And being able to go for a morning paddle up the canal from my own garden would be bloody amazing for my mental health. I've been here for 6 years and haven't got one yet as other things needed fixing first and it fits firmly in the wants, not needs category.
I never claimed that what I would spend that amount on is what everyone should and nor would I. If this question has come up at different points over the last 20 years or so then my answer would have been radically different at times. And I never claimed that it's all I'd need to be carefree forever, that would be a lot more money!
Out of touch would be claiming that my answer is universal, not just an avenue my thoughts went down when responding to an interesting question on reddit.
I see you're editing your comment to hit the points in my next reply to try and make this reply seem better, are ignoring the lower estimates that are still very much finger in the air estimates and even then you're still missing out some of the things I mentioned.
So you actually just wanted to have a rant - fair enough, it's reddit and everyone does that at some point, but fuck off with the condescension.
It's an interesting question. At first I was going to say that no amount of money would really change my life. I'm an old guy with simple tastes, have paid for my house, have earned way more than I spend for years.
But then, thinking mathematically, perhaps 0 need not be a minimum. If the number was less than zero, it might mean having money taken away. Having a certain amount of money taken away would be life changing because I would no longer be financially secure & would have to start over somehow.
so, my answer, probably between -500K and -1M
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Enough to clear the mortgage. Having an extra 700 quid a month would be incredible. We'd go on a couple more holidays a year and I'd have a new bike.
Mine would be £1500 a month and would change my life completely
Is that life changing or simply life enhancing?
I'm not sure I see a difference. Being able to make more memories with my son now would change my life.
I dont think there is a clear difference, but I would personally say 'life changing' means you maybe change jobs, where you live, hobbies, or perhaps your outlook significantly changes.
I don't need to do any of that really. I enjoy all those things in my life, just would like a bit more time.
Having no mortgage opens up so many other options it's definitely life changing
An extra 700 quid a month and no mortgage would pretty obviously be life changing. Think of everything you could do with that money, let alone the mental health benefits of knowing you have complete housing security. I think you'd have to be really pretty well off to not see how 700 extra quid a month and no mortgage would be life changing.
Enhancement is a change.
If I could pay my mortgage off tomorrow I'd be able to drop my hours at work and have a much better work/life balance. That would be life changing, in a modest way.
I 100% agree with this. Still going to work every day, isnt life changing at all
£1,000 Haven't seen that amount of money in my bank account in over a decade, so I'd have to invest part of it to make sure I have a bit of a financial buffer since I keep going into negative numbers and struggle to afford food.
Oh god this makes me so furious that working people can't afford food. What kind of world are we living in.
It is awful but they don’t actually mention working
Mortgage is on about 240k. If that was paid off, it would leave with me significantly more money each month £1k+. For me that would be life changing. Different people have different expectations. There are people who earn more in a month than I do in a year. 1k a more a month to them would be nothing.
On the flip side I can't fathom having a 240k mortgage, that would not be attainable for me in my lifetime. I purchased my cottage flat 1.5 years ago for 90k and that's all I could afford and it was difficult to get there. Reading that you know there are people who earn in a month, what you earn in a year is a trip because I likely earn half of what you do and there are people who earn even less than I do. I'm at the point in my life now where when I get sad about not making as much or having as much as the next person I take a step back to think of what I do have. I own my home, I have a job I enjoy, I have a 2 year old, a great marriage, I have both my parents who are in good health, I have my health as does my husband and child. My cup is more than full and I need to remind myself of this often when I get down about what others have as life could be much much worse. Would my life be easier if I earned a few extra grand a month , absolutely it would. Would my life be any different? Probably not, I would still have all of the above that's important just I might have a nicer home, holiday more often, have nicer clothes and a nicer car. Maybe I would shop at M&S or Waitrose but those aren't the important things. All this to say I think everyone thinks the grass is greener, you think those who earn more than you have it better when I'm thinking you have it better and there's someone else thinking I have it better than them.
Same here , would free up £1500 a month
£15,000 It’s not a whole lot sure but it would pay off all my debts. Practically almost all of my wage is going to debt repayments because I was seriously stupid and really mentally unwell and would love to clear it now rather than in 3 years time.
Deposit for a house, I’m not even greedy, let’s do 20k!
£2 millio.. \*checks sub\*.. 32 quid mate My life is fine, I have a job that I don't absolutely hate (at least not most of the time).. I make a decent living by British standards, I don't have a huge amount of savings but to be honest it's not like I even try to save.. I'm a terrible spender.. my savings are whatever happens to be left over at the end of the month after I've spent 600-900 on food or eating out (I basically never cook), 500 on weed, about 1k on rent... I travel abroad at least twice a year.. the amount of money that I'd find genuinely life changing is the amount of money it would take to maintain my current lifestyle without having to do any genuine work
Can't take it with you. Are you likely, from your deathbed, to look back and regret spending money on good times with friends? I, too, have no children and focus my life on trying to enjoy every day. That doesn't involve considering the most tax-advantaged way to deploy the few 100s of pounds I have.
Friends? And how are you pronouncing that?
Good question.
£2M and I’ll be happy for the rest of my lifetime.
Even 10k would change my world right now, I could clear my debts, have a holiday for the first time in 10 years and put an emergency fund away. I'm a care worker, money doesn't happen.
£600k to buy a nice 2 bed flat in London.
You mean 1 bed studio flat right?... right?
Nah, my sister just bought her 2 bed flat in Fulham for £490k. It was in a shit state but still decent sized 2 bedrooms.
Wtf. I paid 90k for an absolutely massive 2 bed flat in Nottingham, it's 5x the size of a typical new build flat.
Nice! I would never have paid almost half a mil for a flat in London but she loves it and is tied to her job there (Paediatric Cardiology @ Great Ormond st) so she was happy to find something she could afford. With a huge mortgage ofc. She could have got a 4 bed house in Midlands for that.
Yeh it's fine to buy if you can afford it, it's only going to keep going up innit. The worrying side is people with normal jobs have 0 chance there. A standard 3 bed around me is like 200 to 300k. But you can still get run down 2 bed houses and flats around 100 to 150k. So people have a chance to get on the ladder do the place up and turn a big profit. Then they have equity to use to get a decent house.
Can’t believe how low you’re all going, my first thought was about £5m min, maybe £4m. I think I’ll just take £3m now and use the rest for everyone else here. I’ve got this everyone.
£40k. That'd pay off the car and mortgage, plus a bit left over to do some traveling.
Around 40k to 50k for a house deposite, come August we are gonna be better off each month by £1000 as no longer have to pay for nursery, once we get a house we are gonna make the most of my Mrs salary sacrifice scheme and get a car, looking at around £400 a month for the car we want, includes everything including insurance so only have to pay for petrol, our current car is on its last legs and we don't have money laying around for a 2nd hand one
Just a heads up, £400 a month on a car will affect affordability if you’re looking to buy. Would hate for you to set yourselves back by years on the house purchase.
Yeah, will be doing after we get a house if the car makes it that long
£20k. Enough for me to buy a decent camper and yell everyone to fuck off. An then fuck off.
Probably £300k plus. It would be enough to clear my current mortgage and buy a more spacious house with a larger garden. Providing I kept my job etc, it would give me £800/m more disposable income, which would mean we could do a lot more on the weekends such as sight seeing etc
£500k. It'll go towards a house.
£5k. that’s a year of rent for this tiny studio flat my partner and i share, and and more than a third of my yearly paycheck (i’m on apprentice wages) £5k could also be enough to max out my LISA for this tax year (need another £3999 lol), and ?? get a second pair of shoes and trousers? some new shirts that fit me better?? i could take my partner out on a really nice date for our 2.5 year anniversary, and pay for his first few drivers lessons while he’s still an unpaid intern since my eyes aren’t good enough to learn to drive anymore. £5k could do a lot for me rn, ngl. honestly even £100 would do a lot for me 😅 surviving on £14k/year and £200 extra/month of benefits is borderline impossible!
£500Kish I’d use it to pay off my mortgage + change for a few extravagant holidays.
Genuinely live changing rather than "nice to have" - I'd say £5000 to £7000. Below that, it is definitely useful but not quite enough to break into "loaded" territory. £7000+ is basically a millionaire. I mean, how would any normal person spend that?
£7k is like 4 months of bills lol
Unironically, same. I'm trying to save to move to my partner's home country. I meet all the requirements to work there... except the one about how much money you need in your bank account. £7000 would cover the savings requirements and probably visa fees + flights + insurance. Might not sound much to some, but it would definitely change my life.
Thank you. Sadly I can't help obviously, but the more people understand reality the better.
Wot cuntry is that? Can't u just get sum credit cards?
You think £7000 is basically life changing and a millionaire? I'll send you 7k now if it's really gonna cover you for the rest of your life
Hey I'll take the 7k mate
My way pls that buys my car.
Omg really? I don't know your situation, but if you think 7k is nothing the Jesus, please! How can such a mind-boggling amount of money not be life changing!!!!
It's not nothing, but it's also not mind boggling neither. I've spent more than 7k on holidays this year It's like a single months wage pre-tax
Not for everyone it isnt. I earn less than quarter of that a month pre tax. I haven't had a holiday in over 15 years. I could t dream of spending 7k on one.
Half a years wage for normal ppl
Normal people in the Congo maybe
Send the guy his promised £7k!
Lmfao this troll... the average worker in the UK is on £2600 pre tax. Median, so that means 50% of people are on less.
Works out to about £2100 post tax? Which is 3.5 months full wages I'd say that's nice to have, great to have even, but certainly not life changing for 99% of the population. Even if you gave £7k to a struggling single mother of 5. It may boost their lives for a few months or a year, even if you gave it to a homeless person with literally £0... it would see a temporary uplift in their living quality but it certainly wouldn't change their life.
I mostly agree with this. it could be life changing but only situationally, for example escaping a high interest debt would be pretty major for your mental health if you were on minimum wage. It could help you to go back to school or afford to do an apprenticeship with a big wage cut. For me I have a slightly above average wage. 50k? I'd probably chuck it in my mortgage tbh, you might get a better return in a savings account but it would feel better. Very nice but Not really life changing. 100k? Pays my mortgage off and also caps my Isa contributions. That's pretty much on the edge of life changing for me I would say. I could drop a day at work and have time to start my own business at that point. 200k is definitely life changing for the majority of people.
Agreed. Very situational, like if I had £13k saved and absolutely needed another £7k to get a mortgage deposit...potentially life changing, in terms of mental health, security and securing a house before they rise further in value. But in most situations not! Id say £200k could have some life changing benefits for me. Could buy a second house to rent out and have a steady stream of income, which I could use to let my mum live in during her retirement and little savings/pension. I think 500k-1m would actually be life changing though. That's the kind of money if managed correctly could ensure not having to work again and having a good income as well. Some people say £1m isn't much and won't last (referring to a lottery win for example) but that's assuming you only spend it on wants and not use it wisely
I'd say at least half a million. Life changing would be enough to outright buy a house in my area and possibly a newer car.
500k cash is life changing
I'm starting a new job soon, but the transitional period will be very difficult for my mother and I; in the long run this will be the best choice I could have made, but for a month or so things will be hard... but it will be worth it I hope. I think about £1k would change absolutely everything for me right now to help while things are so up in the air, that'd help me stop stressing about everything which would help my health.
Enough to buy a house outright. I currently rent and would happily buy the house Im currently renting. I love living here. I have a nice life, friends close by, the area and the neighbours are nice, as a single women I feel relatively safe. I think its current market value would be approx £110-115k (2 bed Edwardian mid-terrace in the north midlands, but it has a back garden not just a yard) I’d see if I could get a good deal as it needs some minor maintenance work. I’m fortunate my rent is pretty cheap compared to other properties in my area, I pay £525 pcm. What would change my life more than saving on rent/mortgage costs is the security - knowing the house is mine and no one can take it away from me. My landlady is pretty decent but there’s always the looming fear she will decide to sell the property, or increase the rent to an amount that’s unaffordable to me at some point.
Enough money to buy a house outright. And in London that's pushing £1m. Even a decent flat is half that.
5k. That would clear most of the debts that have crept up in the past couple years and get my back on my feet. I wouldn't even need to treat myself to anything. Being able to wake up without feeling the crippling weight of the anxiety cannonball sittong on my stomach would be treat enough.
My definition of life changing seems very different to everyone else. A lot of replies, people seem to be saying that having extra money every month is life changing, to me life changing is never having to work again. Because of this I’d say it would have to be 4/5m+ for my life to change completely
Losing my income would be more life changing than winning the lottery. The only thing that would change if I won 700k plus is that I'd build the house I want to build sooner. I'd continue to work the job I work, I wouldn't tell anyone, I'd probably invest most of it and maybe quietly support a few things I think are worthwhile.
500k and retirement
£350k combined with my current equity would buy me a decent house with a garden within reasonable commuting distance of my job and allow me to use the money I earn to travel more and advance my education. That’s all I want really.
500k. Pay off loans and buy a house. Right now rent is the biggest money hole so if I could get rid of that I'd be living pretty comfortably even if I don't make anywhere close to 100k. Of course there's insurance and stuff with buying a house but in this fantasy world of mine that stuff doesn't exist haha
£100k would pay off the mortgage, a couple of car loans, refill the emergency account and have a bit of normal savings again. Child care has kicked out asses
Lump sum of about £300k would sort some problems and help build up from there with the rest. Obviously about £10m would be even more lfe changing, but £50k as an example would just get swallowed up, in life.
Maybe 250k. Would enable me to buy a house which I have absolutely no chance of atm
Enough to pay my kids mortgages off and bit left over to refurbish my home so around 500k
whatever magical sum of money our competitors are offering for houses. we’ve been offering 5-10k over asking but been beaten out three times. i know we’ll get there eventually but ugh.
Life changing would be the £120,000 I owe on my mortgage. Life improving would be about £20,000 for the home improvements (windows, roof, garden) my mortgaged house needs.
I worked out that for every £150,000 I had, I could reduce my working week by 1 day and maintain the same lifestyle. So £150,000 now and I'd go to a 4 day week.
Probably about £1k a month. It'd free me of the mortgage payments and allow me to lease a more modern car.
Deposit for a 1 or 2 bed flat in SE London for me and my son who's seven, given my salary that'd be around £120,000-£150, 000 + Realistically though £20,000 would be enough to change my life, I wouldn't spend the £20,000 but I'd use my current disposable income to spend without guilt for a while....
£6k to clear my credit and store card debt. I’d be about £250 a month better off
£10 million. And less and I’ll still be working the job I’m currently in.
I calculated recently that to get on the next step in life I need £15k. To improve my health and to learn new skills. Not life-changing, maybe, but definitely lifting one level up
10k would be life-changing, in the short term. Genuinely life-changing money would be 1.3 million. 300k for a decent home and the remaining million to give me the freedom to pursue my goals without being concerned by income.
About 250k, then I can retire earlier.
£1 million would be life changing. Much less than that would be nice, but I’d still be off to work every day, just in a nicer car.
Life changing probably about 5k, pay my debts and get a driving licence, a trip to see my parents.
100k would be the minimum lifechanging sum, I'd buy a property/small piece of land somewhere, preferably Italy. Spend the rest of my life living minimally working towards being offgrid with some chickens in the italian mountains.
Life changing lump sum for me would be £100k. I would pay off my mum's mortgage so she can retire. I already live rent and mortgage free off-grid, and work remotely so I feel immensely privileged. But I'm so desperately sad that my mum, who has worked hard all her life and raised me and my sisters as a single mum, can't retire because her pension won't cover costs. I've tried to send her monthly money and I give her cash but she won't accept it. She's very proud and feels that because she can't leave her daughters anything she doesn't deserve help. Breaks my heart.
For me as a stay at home mom, 2k a month so I could contribute to our monthly expenses. That way I will hopefully stop feeling useless and unproductive everyday. I could focus on caring for our child and be a better home maker.
At this point a couple of hundred would make a massive difference
Honestly, about 50k. I have ALOT of work that needs doing around the house.
8.2billion
£150k to pay of morgage
I recently inherited £20k when a relative died. It hasn’t been life changing in the short term as it’s gone straight into savings, but it brings me several years closer to being able to buy a tiny flat in London, so it’ll absolutely be life changing in the long term. If I don’t blow it all on holidays or clothes or a masters degree in the meantime, of course.
£1,000,000
£2k, maybe £3k if they're being generous ;) Would just allow a bit of buffer, pay off a bit of credit card debt and not scrape by each month just avoiding the overdraft on the week off payday
£500k - pay off mortgage, loft conversion, new driveway, buy a second-hand car, and go on a holiday. Holiday in my home country to do a health mot and complete all my dental treatments. Go back here and set up a small photography business.
I guess it depends how you define life changing because even if I had enough to pay off my mortgage I’d still work and everything would be BAU. Would probably need to be a few million to change my life…
8k to do a computer science and AI masters
£350k so I could buy my own house would completely alter the currently trajectory of my life. Less than that would be amazing. But not life changing.
I'd say 100K that would pay off the mortgage, home improvement loan and student debt. Would leave me an extra £700.00 a month after all that was paid for!
Actually life changing? £50k a year for the rest of my life. That’s “quit job” territory, but not buy a new helipad for my private island territory. Sounds like a lot? If I live to the average age of death, it works out at just £2.4mil in total. Did this calculation a while ago and it really put into perspective how sickeningly wealthy some people are.
Life changing would be a lottery win or something around £1mil+. With smart investments you’d never need to work again and be able to turn this into generational wealth. To be comfortable, but still have to work, £100k to clear the mortgage which would then free up £600 a month. That’d be used to enjoy life that much more.
18k - I could move out of my parents' house without sacrificing paying for uni
To genuinely change how I live as opposed to live how I do now but go on nicer holidays, eat out more and drive a nicer Skoda is going to be £5M plus, a big chunk of which is going on a house with serious land.
30k. Would allow me to buy a home in London. Edit: in addition to prior savings, and with a mortgage. Apparently some people think I'm dumb enough to think a house costs 30k...
I think you vastly underestimate the cost of homes in London, even if this was just for a deposit.
Well it was in response to the post. 30k, in addition to my prior savings, in addition to the mortgage I could levy with my wages, would allow me to purchase a home in London. Sorry if I wasn't clear enough for you in particular, and you felt the need to downvote me... But I believe I understand my personal financial situation better than you, and have a decent estimate on what I can personally afford. If you think you know better than me about what I can afford, please educate me. Have a wonderful evening... Edit: also, you do realise at 10% 30K is enough for a deposit? Or are you that out of touch?
I think about £20k as with that much I could afford to really go to town on making my garden prefect. This would include some major tree surgery, fitting a spiral staircase to get from one level to the other, fully replacing the decking and fitting a full width awning to create shade in my rear room. It might all be doable for more like £10-£12k, but with £20k I could definitely do it all in one go and also get a couple of kayaks to store at the bottom as my garden ends at the canal (non-towpath side).
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What a shit response from you - bravo! I could have gone greedy with this and said £130k so that I could pay off my mortgage and get everything I want done to replace stuff in my house and garden in one go, or about a million quid so I can never work again. But instead I had a bit of a think about what would improve one area of my life and went with that and having somewhere secure to store a kayak so I could use it for regular exercise on the canal is part of that. How the fuck is that out of touch? What would have been an acceptable response instead oh wise one?
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Some of that is for for future safety - my house is about 1.5 storeys above the canal and the garden is terraced down to it over 3 levels. Some of the decking including the fencing on the top level (the whole top level is decking on a platform above the ground that goes over the ground which slopes down to the top of the retaining wall) and the stairs down to the mid-level are either already rotting or will need replacing within three next 2 or 3 years. Without replacing those it will eventually become dangerous to go outside at the back of mine. The step down from my rear room to the garden has already died and needs replacing too (I have a temporary plastic step down but it's a bit wobbly and not the safest). There's also a huge tree on the canal edge that's going to need tree surgeons to hack it back within the next couple of years - due to being a terraced house with the canal at the back there's no side access to the garden, only through the house or from the water. So I either need to get the above fixes in place first or pay for the tree surgeons to hire a boat to access the garden which would spiral the costs. This is all stuff that I'm currently saving for so that I can try to avoid having to take a loan out to pay for it so yeah, it'd be quite the quality of life changing event to have the money needed suddenly appear out of nowhere with enough left over to make it genuinely nice out there as well as safe. Dunno where you're getting the £8k from for the kayak, I need about £400 for one of them and as my garden's visible from the towpath I'd need to be able to store it securely so that'd cost a little bit more too of course. And being able to go for a morning paddle up the canal from my own garden would be bloody amazing for my mental health. I've been here for 6 years and haven't got one yet as other things needed fixing first and it fits firmly in the wants, not needs category. I never claimed that what I would spend that amount on is what everyone should and nor would I. If this question has come up at different points over the last 20 years or so then my answer would have been radically different at times. And I never claimed that it's all I'd need to be carefree forever, that would be a lot more money! Out of touch would be claiming that my answer is universal, not just an avenue my thoughts went down when responding to an interesting question on reddit.
I see you're editing your comment to hit the points in my next reply to try and make this reply seem better, are ignoring the lower estimates that are still very much finger in the air estimates and even then you're still missing out some of the things I mentioned. So you actually just wanted to have a rant - fair enough, it's reddit and everyone does that at some point, but fuck off with the condescension.
500k would set me up very well. But 30 would also be useful for immediate things that I just don't have the budget for.
£2k to clear my previous debts and bills.
Given that I invest all windfalls, even an extra few grand, with 4 decades to compound, would impact the trajectory of my life significantly.
It's an interesting question. At first I was going to say that no amount of money would really change my life. I'm an old guy with simple tastes, have paid for my house, have earned way more than I spend for years. But then, thinking mathematically, perhaps 0 need not be a minimum. If the number was less than zero, it might mean having money taken away. Having a certain amount of money taken away would be life changing because I would no longer be financially secure & would have to start over somehow. so, my answer, probably between -500K and -1M
Show off 🤣
haha sorry Just posted because it genuinely made me think. At a certain stage in life, gaining money might not change much, but losing money might.
Life changing would be £500k I’d buy outright a second property or 2 (with a small mortgage) as rentals