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Budgeting for the future

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CavernousAbyss
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Budgeting for the future  Reply with quote  

Hi all! I'm a college student trying to figure out what I want to do for a career. I've taken every career personality test known to man, and it's yielded nothing, so I've decided to start examining careers that will first and foremost fit the lifestyle I want in my later years. To do this, I want to put together a tentative monthly budget for my future. Unfortunately (and I'm not helping my generation's image here) I don't really know what I'm doing. Does anyone have any tips/websites to help me get started?

Areas I'm confident in:
1. Mortgage. I want to live in an apartment until I have the means to build/buy my own tiny house and a small tract of land. I've done research and have a good idea what expenses will look like here.
2. Student debt. I owe my life to my father's hard work in that this area is covered.

Areas I'm struggling with:
1. Utilities. I don't plan on going off the grid, so I'll still have to pay for electricity, water, heat, and waste. I know this varies by location and square footage of the house, so I'm not sure where to look here.
2. Insurance. Auto, health, property, the works. I have no idea how much these might cost. (though I'm an only child who doesn't plan on getting married... life insurance??)
3. Taxes. Excepting local and state taxes for now (since I know those vary), how can I know how much I'll have to give up a month in taxes?

One last thing... I want to get as far away from my home state as humanly possible. Should I make one general budget or several for different cities I might wish to live in?

Many thanks! (sorry for the length)
Post Wed Aug 31, 2016 10:24 pm
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oldguy
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quote:
I've taken every career personality test known to man, and it's yielded nothing, so I've decided to start examining careers that will first and foremost fit the lifestyle I want in my later years.


When I was age 18 (1957) I was in Army Basic Training, they had us take tests to decide where to place us. I have a high aptitude for math, solid mechanical skills (farm machinery, welding, engine overhaul, etc), and truck driving experience. So I expected to be assigned to the Motor Pool, either as a mechanic or a driver. My Army test result was Cook - I have never liked cooking, never had the slightest interst in it. So I'm not at all surprised that you found that your tests yielded nothing.

Anyway, after the Army, I went to college, got my degree in Mechanical Engineering, got a job with a major Space/Defense company - and spent 35 years designing Spacecraft, Missiles, Smart Bomb controllers, etc. During college I drove 18-wheelers to make some extra money. And I've NEVER been a cook, lol. Go with what you are good at - and most likely you will like what you are good at.

OTOH, a counceler may tell you to "do what you love" - that is not entirely true, you need a degree in a marketable field - not poetry, russian literature, basket weaving.

quote:
Should I make one general budget or several for different cities I might wish to live in?


Two budget scenarios, the big variance is between small rural towns and large metro areas (as opposed to regions). You probably already know which one you prefer - so you'll only need one budget. Eg, San Francisco, Baltimore, Boston, all cost about the same. And Billings MT, Minot ND, Fairbanks AK, Casa Grande, AZ all cost roughly the same.

Utilities. Roughly $200/m electric, $40/m water/trash pick-up, $200/m Cable (computer/TV), $100/m smartphone.
Insurance. Car $1000/yr, Home Owners $500/yr, Health $7500/yr. Life, not required, it is to support your kids if you die young.
Taxes. Figure about 35% of your paycheck, that is for SS, Medicare, Fed, State taxes. (My oldest grandson (20) really winced when he saw what was withheld from his first paycheck, lol)
Post Thu Sep 01, 2016 1:47 am
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CavernousAbyss
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This is a big help. Thank you so much!
Post Thu Sep 01, 2016 1:54 am
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ArtsMoneyTalk
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quote:

Areas I'm struggling with:
1. Utilities. I don't plan on going off the grid, so I'll still have to pay for electricity, water, heat, and waste. I know this varies by location and square footage of the house, so I'm not sure where to look here.
2. Insurance. Auto, health, property, the works. I have no idea how much these might cost. (though I'm an only child who doesn't plan on getting married... life insurance??)
3. Taxes. Excepting local and state taxes for now (since I know those vary), how can I know how much I'll have to give up a month in taxes?



1. Water/Power/Waste costs us about 200-250/month (household size 4) so adjust accordingly
2. Auto about 100/month, health insurance about 70/month if you can get through employer, dental about $20/month, gas for the home is about $25/month, property tax varies but is about 1.25% of home value each year here in LA. so a 200K home will be about $200/month, you don't need life insurance if you don't have people that depend on you for money
3. roughly 35% will go to taxes (federal, state, etc)

these are about what you'll pay in Los Angeles. of course if you are renting you won't be paying for water/power/waste/gas/property taxes. rent in LA varies greatly by location. if you don't need much space you can definitely find for under $1,500/month

quote:

One last thing... I want to get as far away from my home state as humanly possible. Should I make one general budget or several for different cities I might wish to live in?



one general budget should be good enough to get you an idea. the only big variance will be rent/mortgage depending on where you buy

quote:

I don't really know what I'm doing. Does anyone have any tips/websites to help me get started?


I actually have a YouTube channel you can visit to learn more about money in general.
https://www.youtube.com/playlist?list=PLXHsu9lzMeA01AoCrDMgXw_CgPyCq6aG4
Post Fri Sep 02, 2016 7:29 am
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