The total of my future expenses each year are $ 25,500 including savings . I know this is logical because I have eliminated taking into consideration the childcare category because at age 27 I don't see myself having kids just yet, especially since my career will still be in it's beginning stages. I based my rent, property taxes, etc. on the probability of living in a less expensive area than Marin County. It was hard to calculate medical and dental insurance because considering where I end up working will determine what my rate is.
According to statistics found on Healthcare Salary World entry level dietitians make around $40,000 in an entry level position. However with experience the salary dramatically increases to as much as $80,000 in high paying areas such as California. My education/training will cost around $100,000.
I want to save $2400 for a rainy day fund and $4800 for retirement each year, and eventually increasing this number as I earn more. If I save around $4800 each year by the time I am 65 years old I will have $192, 000 saved for retirement. However once I am further into my career I will be able to increase the amount I have saved. Many sources suggest saving 10% to 15% of your salary. If I'm making
$80,000 then I will be saving $8000-$12000 a year. Therefore increasing my savings to $320,000- $480,000.
This has made me realize the significant price difference depending on the geographical location. I'd really like to stay in California when I'm older however when I'm just beginning my career that could be difficult without help from others. The price of living in Marin County is unbelievable. Although dietitians don't make an incredible amount of money I think $80,000 is a very reasonable amount. This career seems very interesting to me and I keep finding myself coming back to the idea of pursuing it.
Depending on where you live it has differences I want to stay in Marin and stay close to my family and friends to maintain the hometown feeling and not feeling homesick but keep working and thrive for anything you believe in
ReplyDeleteDon't let money get in the way of doing what you want!! 80,000 is very reasonable and you can make a considerably comfortable living with that income. It is sad how expensive marin is, but you can always come back.
ReplyDeleteLiving in California and wanting to save a lot for retirement at the same time is difficult, but I am sure you can make it work! I can tell this is something you are passionate about, so don't let money hold you back!
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