Future Expenses

• The total of my future expenses each year are $226,100.  I know this is logical because my primary sources for information are my parents.
• According to my dad I can likely count on making $300,000 each year in my future job as a neurosurgeon.  My education/training to get that job will cost $240,000 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 $350,000 plus interest.
• Comparing my future income and expenses makes me think if this is all worth it.  I will have many expenses, and my income is barely enough to live and pay off my loans.  However, I really like what being a doctor entails, especially the science behind it, so I think I will be happy in my job, and that is what really counts.

lifestyle

The total of my future expenses each year are 217,500. I know this is logical because my primary so I are my uncle and mom. According to salary.com I can likely count on making 465,667 each year in my future job as a cardiologist. My education/training to get that job will cost about 600,000 total for all years if I don't get any financial help.
I want to save 8000 for retir each year. If I save 8,000 for retirement each year, by the time I am 65 , I will have  about 190,000 plus interest.

Comparing my future income and expenses makes me think that I will have to be more focus when doing my budget planning and that I also need to balance my expanse so I can have enough money to live with when I am  in retirement.

Lifestyle in 10 to 15 years

       The total of my future expenses each year are $102,900.  I know this is logical because my primary sources for information are my dad, salary wizard, and collegecalc.com. According to salary.com I can likely count on making $510,530 each year in my future job as a cardiothoractic surgeon if I choose to work in San Francisco.  My education/training to get that job will cost $420,038, or $274,594 (depending on whether or not I qualify for scholarships) total for all years of training.
I will not be saving any extra money for rainy day funds beccause I will not have any spare money, and $5,000 for retirement each year.  If I save $5,000 for retirement each year, by the time I am 65 years old I will have $175,000 plus interest. This is a very rough estamate considering the fact that I will increase the amount of money put into retirement as I age.

        Comparing my future income and expenses makes me think that I will have to get smart about budgeting.  A common misinterpretation is that doctors are very wealthy, but if you add up all the schooling and training costs, it adds up considerably. I also realize that I will need a big sense of delaying of gratification, seeing as I will not be living comfortably until I am in my mid thirties at least. All the same the commitment seems more than worth it to me. 

Week 4: Expenses

Expenses:
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.

Blog#4

Medical Assistant Career
Salary in San Rafael: $35,000
http://www.indeed.com/salary/q-Medical-Assistant-l-San-Rafael,-CA.html

I want to become a medical assistant and yearly I would be making 35,000 yearly and at least 2,400 every month

• The total of my future expenses each year are $60,000.  I know this is logical because my primary sources for information are http://m.kiplinger.com/article/spending/T050-C006-S001-cost-of-living-reality-check.html
  • According to http://www.indeed.com/salary/q-Medical-Assistant-l-San-Rafael,-CA.html
    I can likely count on making $35,000 if I was working in San Rafael each year in my future job as a medical assistant. My education/training to get that job will cost $500-1000 in each year a total for all 2-3 years of training.
    • I want to save $300 for my rainy day fund each year, and $4000 for retirement each year.  If I save $4000 for retirement each year, by the time I am 65 years old I will have $260,000 plus interest.

Future Expenses

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.

Expenses in 10-15 years

• The total of my future expenses each year (including the total payment of my car) are $70,600. I know this is logical because my primary sources for information are salary.com, zillow.com, my parents, and common knowledge. 
• According to Salary Wizard, I can likely count on making $280,000 each year in my future job as a neurologist in San Francisco. My education and training to get that job will cost $320,000 total for all years of training. 
• I want to save $2,000 for my rainy day fund each year, and $5,000 for retirement each year. If I save $5,000 for retirement each year, by the time I am 65 years old I will have $245,000 plus interest saved.
• Comparing my future income and expenses makes me think how hard I have to work in order to reach my goals. I have to continue to do as well as I can in school and save up my money by not spending on dumb things. This means that maybe instead of going out to lunch with my friends I can make myself a lunch from home and still go with them. I'm pretty good with my money, so hopefully I will stay that way.