Hi and thank you for reading. I want to preface this by saying that I am currently an 18 year old high school senior without a current job but I have acceptances to colleges that will pay off great dividends.
By the end of my school year in late May, my mother has agreed to open a retirement account with a brokerage firm with $5,000. I currently have 2 cars and therefore will sell one of those cars by that time. I will get a minimum for $3,000 with that sale and will deposit that with the $5,000 my mom agreed to invest to get a total of $8,000.
I have done some research for starting salaries with a bachelors with my intended major. The median annual salary is $71,000 but to be more realistic I will go ahead and say it will be a $65,000 salary.
I will have no college debt as my mom and I will work together to pay off undergraduate tuition costs without any student loans as my instate tuition and food costs will be rather cheap.
There are very few things that I am willing to spend money on. Namely, I would be willing to pay some pretty high prices for my car (cars are my hobby and I love working/flipping them), phone and internet service, and my computer. Everything else I can get by with just the minimum. The computer hobby is fairly cheap as my pc is already fantastic and I don’t see myself spending more than $500 a year to maintain it.
The car I currently own is a 2010 Volkswagen GTI. The car is completely paid off and there are no problems with it. My dad is a certified Volkswagen technician and has always worked with cars so I know that if anything goes terribly wrong with it he can help me out. With that being said, I don’t plan on getting a new car until I am finished with undergraduate studies.
One of my main goals after I finish my undergrad is to regularly deposit a percentage of my income towards a savings account that I can use to buy myself a new car with cash and not finance it. What I would really like to know is how much could I expect to set aside after each paycheck to deposit directly into a savings account that I can use to pay cash for a $30,000 car a few years after I graduate. Again, I know that I am willing to set aside a good amount of money, and I am willing to live frugally and not spend much more than I have to. As a matter of fact, I am already quite frugal and I trust myself to remain this way.
What other things should I think about during college/ after college? One other big goal of mine is to open another savings account that will have 6 months of full expenses in it that I will keep just in case anything goes not according to plan.
How realistic are my goals? What else can I do to maintain economic stability while keeping my hobby of cars achievable?
Any helpful information or criticisms are very helpful and please feel free to say anything that you think I should know. Thanks!
Submitted February 25, 2018 at 04:11AM by Alex22im44 http://ift.tt/2CIhZm2
