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First Car
A car for a young driver will probably be used and a few years old, so I chose mine to cost $20,000. This would cost me 5000 a year to save up for and I would maybe use a small loan to help buy the car. This is a medium term plan. -
Graduating Highschool
Graduating Highschool is a major event but it does not cost money. -
Graduating College
In the United States, the average person currently graduates with $32,000 in debt. This means I would $8,000 per year. I would consider taking a small loan or applying for scholarships. -
First Job
I would plan to get my first job straight out of college, around age 22. The average 22 year old makes only $24,000 a year. This is an important milestone but does not require much saving up. -
Getting Married
I want to get married somewhere in my mid twenties. Weddings are expensive and I have expensive taste which means it would cost me around $45,000. I would save over a span of 4 years- $15,000 a year. -
Get a job promotion
This requires a gain in money not a decrease. I increased my salary from $24,000 as a 22 year old to $35,000 7 years later at 29. -
Buy a House
I want to wait until I am financially stable to buy a house so somewhere in the 2030's. A house costs around $600,000. I would save $15,000 a year and then set up my mortgage on a 30 year plan. -
Having first child
I want my first kid to be born in the year 2036 at age 30. The cost of having a child in the hospital is around $12,000. I would save $2,000 a year for 6 years. -
Retirement
I want to have a comfortable retirement to lean back on so I want to save at least $600,000 by saving any extra money I can save for years leading up to my retirement. -
Funeral
For my funeral, I intend to have life insurance so my future children do not have to pay for it. My life insurance costs 20 a month until I have $25,000.