Future Finances
Future Finances
The total of my future expenses each year are $37,000. I know this is logical because my primary sources for information are my parents because they both deal with finances on a regular basis and know what expenses for my future are accurate. According to National Association of Colleges and Employers, I can likely count on making $40,337, each year in my future job as a writer/editor/copy writer. My education/training to get that job will cost $200,000 total for all years of training. I want to save $10,000 for my rainy day fund each year, and $10,000 for retirement each year. If I save $10,000 for retirement each year, by the time I am 65 years old I will have $400,000 plus interest. Comparing my future income and expenses makes me think of my financial situation. I would like to start saving as soon as possible for my rainy day fund and retirement each year as these become very expensive. I would hope to work hard in the years to come so I can get a stable well paid job to limit stress in the future due to financial expenses.
You have a great idea of your future, which will likely be very helpful in the future. This is a very thorough evaluation of your expenses. Hopefully, you can follow it and have some extra money each year for the unexpected. I am in the same situation of having just slightly more income than expenses. However, I found that after taxes I had to reevaluate some of my expenses. Have you looked at them? I was very surprised by how much of you income they take. Your parents might have taken this into account already, though.
ReplyDeleteI agree that we must begin saving money for retirement and rainy day funds as soon as possible. I think that a common mistake adults make is waiting too long before planning ahead, which can limit one's career options, decrease their security, and minimize the amount of money available to them in retirement. However unwanted it my be, saving for retirement from the moment one begins working is not only a smart idea, but one with enjoyable rewards in the future.
ReplyDeleteCharlotte,
ReplyDeleteI think it's very interesting that you used your parents as your source for finding out your future financing. I think it's very important to be able to discuss financing with your parents right now, because even though you may not need to worry about finding a job right now, in the future it will be very very important!