Friday, July 11, 2014

Week 4- Budget in 10-15 years

So I think I want to be a District Attorney (or at least something in that field), and I've searched up the average income a year that a DA would make in California. (http://www.indeed.com/salary/q-Deputy-District-Attorney-l-California.html).

So that would amount up to about $117,000 a year- about $9,750 per month. According to the websites I checked (USC and UConn Law) I would have a tuition fee of about $370,000, assuming I've done 4 years of college and 3 years of Juris Doctor, and passed the bar exam. I added up all of my expenses together (housing, gas, etc) per year, and it would equal to about $82,382 in expenses per year. I would like to save a LOT for retirement- I'm thinking about $1,000-$2,000 a year, and have about $500 a year for rainy day expenses.

I don't plan on ever having kids or a spouse, so I'm going to assume I live alone with my 5 cats, and set aside a $500 dollar budget for them. 

If I save about $1000 dollars each year for retirement, by the time I'm 65, I would have $36,000 plus interest. If I saved $2000 dollars each year, I would have $72,000. I should probably save a lot more for retirement- I'm thinking everything that I don't use per year (the $117,000 - $82,382) I'll just stuff into my bank account waiting for me to grow old and lay in bed all day. I'm sure I'll have more than $72,000 for retirement- it really all varies on the year, and how many unforeseen expenses I may have.

I feel like I'm aiming too high here- law school is expensive, and being a District Attorney is hard. I'm not even sure I can find a job as a District Attorney or accomplish these feats, but this is what I've assumed for now. Seems a little unreachable, but who knows?


Some websites I used:

indeed.com
sandiego.edu
uconn.edu
(and most of the expenses are from the apartment where I live now- two bedroom, cozy, I don't think I'd need to move. Phone bills + everything else, etc are from what I have now too.)

4 comments:

  1. Yeah, I like the idea of saving every non-budgeted dollar. The only difference is that I would probably put money into general savings, rather than retirement because I do not care too much about retirement.

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  2. I think it is good that you are aiming high. If you don't aspire to be something, what purpose is there in going to college and all that? I know it's really cliché to say "follow your dreams," but it's good to have them.

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  3. I love the part about your five cats and setting aside money for them haha. It's awesome that you're planning ahead for retirement! that's smart.

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  4. I put DA as my job too. The education costs are insane though! I'm not sure if I want to be a lawyer just because of that.

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