The total of my future expenses each year is $55,292. I know this is logical because I used the budget worksheet as well as extensive research. Obviously no decisions are finalized so monthly rates regarding housing, transportation, children, etc, are subject to change in the future. I based my budget on the idea that I would be finished with college and just starting to live on my own.
According to work.chron.com, I can likely count on making $90,200 each year in my future job as an Athletic Director. My education/training to get that job will cost $138,480 total for all years of training. Training includes both a bachelor's degree of science in physical education as well as a master's degree in sports management. Both of these degrees can be applied in various fields and thus allows for more job opportunities.
I want to save $5000 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 $420,000 plus interest.
Comparing my future income and expenses allows me to accurately plan ahead as well as prepare any unplanned occurrences while also making sure I still have money to spare. In addition to this, I learned that its important to find a balance between doing something you love as well as finding a high paying job. In order to be able to pay for life's necessities, you need to have a steady income. However, in order to be able to enjoy life and enjoy what you do, you need to find a job that interests you.
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