The total of my future expenses each year are about $96,000. I know this is logical because my primary sources of information are the internet and my parents.
According to this website (http://www.indeed.com/salary/Business-Analyst.htm), I can likely count on making $87,000 each year as a business analyst (what I'm interning as). My education/training to get that job will cost $100,000 total for four years of college.
I want to save $5,000 for my rainy day fund each year, and $15,000 for retirement each year. If I save $15,000 for retirement each year, by the time I am 65 years old I will have $450,000 plus interest.
Comparing my future income and expenses makes me think that I will really have to cut down on my expenses so I can save for retirement or I will have to work harder for a higher paying job.
It's really great that your internship reflects what you want to do in the future. I hope you achieve all your dreams. If you work hard, people will give you money.
ReplyDeleteA chemical engineers job has a similar salary so I see what you mean by trying to find a higher paying job in order to be able to pay for retirement. Also, $100,000 may not be sufficient for all of college- just something to think about!
ReplyDeleteI recognize similar problems with my expenses vs. salary for my future job. I guess in the long run I will have to cut more expenses. That's really cool that you are able to intern for your future job. Good luck.
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