The total of my future expenses each year are $93,737. I know this is logical because my primary sources for information are my family experiences.
According to salary.com I can likely count on making $54,777 each year in my future job as a head chef. My education/training to get that job will cost $185,525 total for all years of training.
I want to save $6,000 for my rainy day fund each year, and $8,100 for retirement each year. If I save $8,100 for retirement each year, by the time I am 65 years old I will have $315,900 plus interest. I would also like to save around or more than $15,000 to go towards opening my own restaurant, which will cost around $525,000.
Comparing my future income and expenses makes me think about needing to save more now and get scholarships to put more money into completing culinary school so I can find work and save money to open a restaurant.
Sorry this is so short. I had a more in depth one written and when I went to post, it didn't post and deleted everything I had done...
It sounds like you know what you need to focus on with your money. You have set goals, such as culinary school, which makes it much easier to determine what you'll need to put money aside for. Good job!
ReplyDeleteIt is good that you have your heart set on something. However, how do plan to have $94,000 in expenses and only make $55,000 a year?
ReplyDeleteSounds like you have a plan that will work for you.
ReplyDelete