The total of my future expenses each year are 43940 including taxes. I know this is logical because my primary sources for information are real companies that I may go to in the future, like Esurance, Kaiser Permanente and California dental health. I also looked up the average taxes for someone like me, and looked at actual apartment listings and job salaries to make my future budget more realistic.
According to Glassdoor, I can likely count on making at least $55,000 each year in my future job as a San Francisco Chronicle reporter. My education to get that job will cost $247,000 total for 4 years of college (based off the price of Pitzer college), but because my parents are paying for my college education, I don't have to factor the price into my future budget.
I want to save $626 for my rainy day fund each year, and $626 for retirement each year. If I save $626 for retirement each year, by the time I am 65 years old I will have $26,292 plus interest.
Comparing my future income and expenses makes me think that I will have to do a lot of planning and adjusting in the future, especially if there is an unexpected event, I decide to have kids, or my salary isn't as high as I hope. But, I think that whatever happens, I am well equipped to manage and will hopefully never go into debt.
Good luck with your dream of becoming a San Francisco Chronicle reporter! It seems as if you have it all mapped out.
ReplyDeleteTo everyone looking at this, I made a mistake: I will save $5,530 for my rainy day fund and retirement fund each year, and by the time I'm 65 I'll have $232,260 saved up plus interest.
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