The total of my future expenses each year are about $196,740. I know this is logical because my primary sources for information are adults who have been paying these expenses for a long time now.
According to the Bureau of Labor Statistics I can likely count on making about $87,000 each year in my future job as a civil engineer. My education/training to get that job will cost about $35,000 total for all years of training.
I want to save $200 for my rainy day fund each year, and $800 for retirement each year. If I save $800 for retirement each year, by the time I am 65 years old I will have $3,200 plus interest.
These statistics make me think that I will have to cut down on a lot of expenses in the future, although I did exaggerate the numbers for my expenses a little bit. Hopefully I will have some financial support from my future family because there is no way that I will be able to pay all of those expenses with my predicted annual salary.
The yearly expenses you have are pretty high for a single person, but may be accurate for a larger family. If you do end up having a family at that time with those expenses, you may also have a significant other who also has an income to contribute.
ReplyDeleteYou definitely plan to live expensively if your future expenses are $196,740 a year! It does seem as though you exaggerated a bit because most others future living costs are between $50,000- $100,000 a year.
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