The total of my future expenses each year are 36,000. I know this is logical because my primary sources for information are my parents.
Salary:
According to psychology.about.com, I can likely count on making $80,000 each year in my future job as a sport psychologist. My education/training to get that job will cost $100,000 total for all years of training. I want to save $3,200 for my rainy day fund each year, and $4,000 for retirement each year. If I save $4,000 for retirement each year, by the time I am 65 years old I will have $160,000 plus interest.
Reflection:
Comparing my future income and expenses makes me think about the places that I can cut back on in order to have more money left over. I know that during these years, I would be getting raises and essentially putting more money into my retirement fund. Once I reach the point where I'm in college and on a clear career track, I will need to spend my money carefully, and make sure I map out where my expenses will be going.
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