Last week in math, we had a writing assignment. We had to research and write an essay on how we think that our future would be like. This is what I wrote:
The world is filled with people. People who live their lives everyday and don’t really think about the future. But if you were to think about the future, you would see that everything changes. I am going to show you how to see into the future by telling you how I imagine my future will be like–starting with college.
Let’s say that I go to Yale for college, and I study to become a Neurologist. I looked further into this and I learned that to go to Yale it costs $66,445 per year which includes the tuition, room & board, books & supplies, and other fees. That comes out to be $265,780 for 4 years of college. That’s pretty expensive compared to most other colleges. I also learned that to actually become a neurologist, I will have to spend 4 years in medical school, 1 year in internship, and 3 years in residency before becoming an actual neurologist. I have decided to take a side job and maybe even a loan out to pay for those 8 extra years of school. If I take out a loan, it shouldn’t be that hard to pay it off because a neurologist’s salary is $204,664 per year which is around $58 per hour. I’d say that my college and my career would definitely impact my financial future, but not in a negative way. I would pay for college with my parents help and my childhood savings, and I think that I’ve got the cost of the 8 extra years of school covered with my high salary.
After college and my extra years of schooling at Yale, I will move back to Austin. In Austin, I will find a nice apartment to rent. I went on an apartment search and I found a really nice apartment that costs $1,803 per month. I am going to have a roommate and we are going to split the cost, so every month, I will be paying $901.50 in rent. During my search in apartments, I was surprised to see the different price ranges in the same area. One apartment would be really cheap and then the one right next to it would be super expensive. And as far as transportation, I have decided to ride the city bus or to borrow a car from my parents if they let me. I will still have to pay for a bus fee if I ride the bus and I will have to pay for gas if I get a car from my parents so I will have to adjust my budget once I figure out my final transportation. But after I’ve settled into my apartment and I’ve saved enough money, I will buy my own car. I would think that my home and transportation wouldn’t impact my future very much because my salary basically covers the payment of the rent and of my transportation. After I did all this research and made these decisions, I felt good knowing that I have some sort of plan for my future.
Through all my future, I will have to buy many things in many places. I will have to find a way to responsibly use my money. There are two main ways to use your money: credit card or debit card. During and after college I will need to have a credit or a debit card. Considering that they both have very different uses, I would probably chose to have both–a credit card for big purchases, and a debit card for small purchases. But if I had to choose one, probably chose a credit card though. With a credit card, I can pay off all my purchases at the end of the month which will give me time to get the money. I can also get cash back and I can build a credit score which will help me in the future. Although credit cards are very useful, they can also have some downsides. For example, if I don’t end up paying the money at the end of each month, I could go into serious credit card debt. I was surprised to learn how much debt that a person could go into. I also felt a little scared knowing that if you don’t pay off your debt, you could go to jail. I’d say that a credit card would only impact my financial future if I use my money irresponsibly and get into debt. But I don’t think that will happen, as long as I remember to spend my money wisely.
In addition to spending my money wisely, I will also have to save my money wisely. As I have said before, an average neurologist’s salary is about $204,664 per year. That is around $58 an hour and $17,055 a month. Every month I will have to pay some bills for things like utilities (plumbing, gas, electricity) and internet, and shopping. I researched how much all of this costs and I learned that all the utilities cost about $244 per month (which I will split with my roommate) and I will probably spend about $100 for shopping per month. When I added all of this up, I ended up spending about $1,123.50 a month including rent. I was surprised to find that with my salary, I will still have $15,931.50 left for savings. That’s still a lot of money and I will still have tons of extra money in case of an emergency. I have decided to save as much money as I can so that I can save up for something’s that I don’t have like a car or a house. Also I might start saving up to have a kid because it costs a lot of money for medical bills.
As you can see, my future is very complicated. But people’s futures are like snowflakes–not one is the same. So knowing that, you can go and imagine what your future might be like without actually knowing what your future will be like. Hopefully I’ve inspired you to explore more than just what’s going on today.