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Milestone 1: Age 25
I have the insurance plan outlined on my Insurance Portfolio. I have been out of college for a few years after graduating with a degree in Economics. By this point I have a job as a research position for a private firm with a salary of about $30,000. I am renting an apartment for about $800 a month. I will have a used car and try and live in a suburban area in order to have a lower cost of living. -
Milestone 2: Age 28
After working for some years, I am going to get a promotion. This will let me work as a Management Analyst for my company. My salary may start out at $40,000 to $45,000 but can rise over the years to get closer to the median salary of about $85,260. The job outlook for Management Analysts is 14%, which is higher than average. In this position, I would meet with clients and evaluate work in order to eliminate waste and maximize efficiency. -
Milestone 3: Age 30
I will get married at the age of 30. My close friends and family members will be invited, as well as people from my wife's side. I estimate the cost to be $15,000 in total for the reservation, ceremony, reception, supplies, outfits, and any other items. The honeymoon afterwards will be about two weeks. This will cost about $5,000 for flights, hotels, transportation, food, items, and more. I would like to travel either to Europe or Costa Rica. -
Milestone 4: Age 33
By this time I will be out of college for ten years going onto eleven. I will pay off my student loans in this ten year window. With an end total of $31,000 of debt at a rate of 5.05% for 10 years I project I will pay $330 a month to pay it off. The total end cost for my loan will be $39,547. I predict this to be a higher cost due to some unsubsidized loans, but could decrease with a down payment. This is an important milestone in order to let me move up into a career and be successful in it. -
Milestone 5: Age 35
My family and I will upgrade to a larger house to accommodate ourselves. We will get a house costing about $230,000 with a $15,000 down payment at 3.8% for 30 years. The payment with PMI is $1374.72 and after is $1,285.14. With this deal, the total interest paid on the house is $145,650.99. This is an important milestone because a house is a big accomplishment. It is a place where a family can come together in order to live and prosper. This transforms a house into a home. -
Milestone 6: Age 38
After ten years of working at my company as a Management Analyst I have gotten promotions and earned more money. My salary is now at about $65,000 or so. I can use extra money to save it, invest it, or spend it. I begin saving extra for my kids and their future college or career expenses. -
Milestone 7: Age 40
This is my ten year wedding anniversary. My family and I decide to do something special. We throw a large party for friends and family. We share food and drinks together and toast to more anniversaries to come. The party costs about $2,500. I have been personally saving money in order to buy my spouse a gift of diamond earrings, spending around $500, $1,000 or more on the gift. -
Age 45
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Milestone 8: Age 50
At this age, my kids will be getting ready to go to college soon. I have decided to save up money over the past few years in order to help my kids out. From ages 25 to 30 I saved $200 a year, getting $1000. From ages 30 to 40, I saved $500 a year, getting $5000. From ages 40 to 50, I saved $1000 a year, getting $10,000. All of this combined is $16,000, meaning my two children get a starter for college of $8,000 each. The money would earn interest, meaning each child gets more than this estimate. -
Milestone 9: Age 55
This is our 25 year anniversary. My family and I decide to take a big vacation together. We decide to travel throughout Europe, visiting countries such as Spain, Italy, Denmark, Norway, and more. The trip will be long and cost a lot, possibly around $9000 or more. This will include flights, which will be the biggest expense, at around $1200 or so a person. We will buy souvenirs and visit tourist locations. -
Age 60
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Milestone 10: Age 65
By my previous calculations, my 30 year house mortgage should be paid off. My children should be mostly through college by now. By this time, I will be making $90,000 or more as a Management Analyst and am deciding to retire. With the amounts I have made, saved, and put into a retirement, and with my current financial standing, I should have enough retirement to be able to live comfortably. This is without any Social Security money.
