Blog Post #4: Lifestyle Expenses

Life Style Expenses vs Predicted Salary

The total of my future expenses each year is anywhere from $45526 - $54732, with added costs from Home Maintenance (A few thousand each year on average), and other excess spending (restaurants, activities, supplies, etc.) This also doesn't include education, which would either be payed through student loans (So the price would vary overtime), or I will go to school in a country that offers free/reduced tuition, which would also chance the price I would pay. I know this is logical, because through research and the process of filling out the budget worksheet, these were the amounts I found. Of course, since there are many factors, this amount could fluctuate. There are also things I deemed unnecessary / luxury, which may change to regular spending when the situation becomes affordable.

According to AnimationCareerReview.com, I can expect to earn anywhere from $86,000 to $105,000, if employed in one of the "media capitals of the world", Burbank, or New York. However, since there is a wide variety of careers I would like to pursue, both in animation (Storyboarding, Background, Concept, etc), or outside of it (Freelance Artist, Art Director, or other career involving the arts), the amount I earn could fluctuate severely. The education recommended for these careers (None is technically required, but most people will only be hired with a Bachelor or Masters Degree in the Arts, Fine Arts, Digital Arts, etc), would cost around $30,000 - $50,000 in America, depending on where you go and how much your expenses are. I could also end up going to school in another country, which would obviously have a different price. 

For my "rainy day fund" I would like to save really as much as possible, hopefully anywhere from $5,000 - $10,000. There will probably be times where I could save more, and time I would not be able to save as much. However, since I plan to not be such an exorbitant spender, and will hopefully have the added salary of a future partner, I am not too worried about how much I save. More is better, since you really have no idea what could end up happening. Depending on how much I save, and when I start saving, I estimate having anywhere from $180,000 to $240,000, plus interest and any other added funds (partner, family, etc). 

Comparing my future income, and future expenses, shows me how much I need to strive to get a high paying job, but at the same time being able to pursue a career in the area I want. I know that I have many skills that I can always use in the event that I need to find a backup plan. There always is the possibility that I need to pursue art as a side career, or eventually move onto art after spending some time in another job, and saving up. Hopefully, by doing these types of research now, gives me added time to accurately prepare for my future.