This was a project that I completed for my math class. We had to wright about what we were going to do for a living and how we were going to pay for the things we are going to need.
When I grow up there are many things I am going to want or need for everyday life. To get a good job I am going to need to go to college but want to go to a good college, and if I want to become a lawyer I am going to need to go to law school.
I will need a car for driving place to place but I am going to want a nice car. I will need all types of insurances such as car, home, and life. So read all about what I think my financial future will consist of and how I will accomplish my goals on a budget of the amount of money that I plan on making.
The financial future I want for myself is to go to Stanford University for four years which would be an out of state college with a tuition of $48,987 Room and board $15,112 and for books and other fees $5,000. The total cost to go to Stanford would be about $276,000 dollars. So I hope my parents have enough money saved up so I don’t have to have student loans weighing me down for the next 30 years of my life. After college I think I want to become a lawyer so that will be another $92,450×6 for each year of law school at Harvard. So that is 554,000 dollars for 6 years of law school and if you add that to the price of college you get about $830,000 worth of education. I do not know for sure how me or my parents are going to come up with that much money. Maybe I will have to invest in the stock market, but there is always a chance I will lose money, or maybe I will have to loan money to someone and use the interest to help pay for my college. After I am done receiving all that expensive education I am going to become a lawyer. On average a lawyer coming out of Harvard earns about 234,000 dollars per year. So it would take me 3.5 years of work just to pay off nothing but education or I would have to pay about $7,000 per month for 10 years. That would be a lot of work just to make up for where I went to school.
Right when I get out of college I am going to need an overwhelming amount of things to make a more comfortable lifestyle. I am going to have to worry about where I am going to live, Which I am leaning towards living in downtown San Francisco which according to an article from Business Insider has the most expensive median one bed apartment rent at $3,590 per month. So this will be very expensive so I will have to worry about how I will pay for it. I looked and I saw a 1,437 square foot condo for sale that is 2 beds 2.5 baths that costs 1,395,000 dollars. Once I have a condo, I will need to find a car that would be good for me, and I would need to fill it up with gas. I will also need to buy utilities such as A.C, water, and electricity. This is more than I was planning on needing right when I get out of college which would mean I have less money to spend on other things.
There are many things that are important to me financially. One thing I have always wanted was a nice car. Whenever I see someone zoom past me on the freeway in a 200,000 dollar car I am always envious of them. My favorite car brand is Mercedes, and there are a couple of cars from that brand that I just wish I had. The one car that stands out to me though is the Mercedes sls amg. The base price of this car is 200,000 dollars so I would have to save up for quite a while to afford it. Another thing I would want to do is eat out. I really like eating out and I do not like to cook. When I get older I always imagined that I would be someone who always eats out. So when I get older I will bring it upon myself to eat out as much as I can afford because if I eat out 4 times per week that is 16 times per month times 15 which is the average bill, that would be $240 per month just eating out.
When I was planning my financial future and how I am going to spend my money each month I was, and still am worried of how I can afford everything that I want. Our account management spreadsheet is very basic and It does not take into account the small charges that add up quick or the big charges such as sales tax, property tax, and insurance. And still after I am done calculating my expenses, I only have $50 to spare each month when there is still is at least $1,000 of uncounted expenses that I cannot afford. So I am going to have to find a way to cut back whether that means no $200,000 car or no $1,300,000 house.
Trying to plan the financial future that you both want and can accomplish is hard, but the only way that you can get through it is to manage your money wisely so you don’t waste it on a bunch of things you want and don’t need like a luxury car but instead you use it on things you need like health insurance. When you are planning your financial future there can be parts where you are worried about not having enough money and there can be parts where you are just excited about being on your own in a nice house driving a nice car and making your own money. So whatever happens to me in the future all that matters right now is working hard in school, and making good grades so you can accomplish your goals later in life.