Living Expenses

- Food: My monthly food costs total up to $450. This is because I like to cook and eat with ingredients from grocery shopping over the weekdays, But, over the weekends, I like to visit expensive restaurants and eat out there with friends. Overall, this is quite expensive for 1 person and it adds up to $5,400 per year.

- Rent: Altogether, my monthly cost for rent and utilities is $1,768. This is because my rent itself would cost me $1,500. This is because I prefer to live in a decent home that is situated at a safe and beautiful part of the city. I would also like to have a decent amount of other utilities like electricity, Internet, TV, phone and resources such as water as gas. This would add up to a cost of $268, which is around enough for one person. Thus, yearly this would cost me $21,200.

Savings:

- House: I would need to save up about $12,143 per year to pay for 20% down payment for my house. This is because I want a house that has a lot of space (for my future family), has decent build quality and is around a safe and exotic area. So, my house would at least cost $850,000. The down payment would be $170,000 which I would pay for 14 years.

- Vehicle: I would need to save up $3,750 per year for a car. I want a decent vehicle that costs about $30,000. The vehicle will be a 4-seat vehicle and probably be a Toyota. So, I would save up for it over 8 years, which is $3,750 per year. That way, there is less financial pressure on me and I can take my time to save up to buy a good car.

- Wedding: I want my wedding to be amazing. So, I would save up to about $6,500 per year for my wedding. I am planning for my wedding to cost around $65,000. I will save up for this over 10 years.

- Vacations, family entertainment and reunions: I would save up to about $4000 yearly for family entertainment and spending time with friends. I plan to have a big vacation every 4 years, which would costs about $12,000 for a 4 person family. For this, I need to save up to $3,000 per year. I would save another $1,000 yearly for annual reunions and parties with my friends from school altogether. So, I would need to save up to $4,000 per year.

In co-relation to my careers choices:

- Surgeon: Surgeons make about $80,000 per year after taxes are cut off. If I look at my annual costs, yearly I am spending $67,325. Thus, even after all my spending, I will have another $13,000 left to spend. This number will grow eventually and allow me to save more money over the years because my salaries will increase over time.

- Mechanical engineer: Mechanical engineers start off with about $50,000 per year. This means that I will only have enough money for yearly costs and no money on savings. This would mean that if I wanted to maintain my savings, I would have to give up my yearly costs. I would need to live at a smaller, not-as-good home with limited supplies so that I can maintain my annual savings. However, this situation will begin to improve because I will move up in the workforce and earn more.

- Lawyer: The starting salary for a lawyer is around $70,000. Thus, this means that I will have just enough money to pay for my yearly living expenses and collect my annual savings. This means that I will not be able to spend money on anything else such as video games, buying new equipment, buying gifts and etc. This would mean that I have to choose to live at a place with a lower monthly rent so that I can increase the amount of money I have left to spend. However, likewise the other occupations, this would improve as my yearly salary rises, farther increasing the amount of money I can spend or save.