Based on my family's current expenses (adjusted for one person), and internet searches, the total of my future expenses would be about $62,640 per year. I think that this is pretty realistic, because it is similar to the way that I currently live, but with a few added luxuries (like better internet service). Some of it I could do without if necessary.
According to educationportal.com, I can likely make about $78,000 per year as a medical scientist. In order to get this job, I would have to spend around $300,000 total for all years of training (to get to Ph.D. level). Hopefully, I will be able to get some sort of scholarship or financial aid.
I want to save $5000 per year for rainy day and retirement each. Though this is really next to nothing, as my salary increases with experience, I would be able to put away more. The $5000 is just at the beginning. If I save this, each year until I am 65 years old, I will have $175,000 in each fund (not assuming the increased savings correlated to salary), along with compounded interest.
Comparing my future income and expenses makes me think that I really need to either get a better job, or be a lot more frugal with my spending. I now realize how expensive it is to live in this area. It's probably cheaper to live elsewhere, but the salaries are probably lower there too. It's good to think about this in advance, so you know what you're getting into.
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