20M college sophomore going for software engineering which makes an average of 108k a year in America. I currently have 892 dollars in my bank account since I just paid my first four year semester out of pocket. It looks like I’m graduating with little to no student debt because I did two years community and I’m currently transferring to a cheap in state school. I plan on renting a place with a roommate after we graduate, but here are my ultimate financial goals. Tips on how to reach them and information that I’m unaware of is appreciated, as I know nothing about life. Here’s what I want in chronological order after I land that software engineering job:
Health insurance, life insurance, disability insurance(22-23)
A CAR(22-23)
A good reserve of money to handle a year of no income (23-24)
Renting an apartment with the homie in a dense city like Atlanta or Charlotte, or possibly home in Hartford (23+)
POSSIBLY getting married (and possibly divorcing)(26-28)
Not being a “slave” to my job, being able to handle being unemployed for long periods of time(6 months)(27-29)
Two vacations a year(doesnt Have to be extravagant)(30-32)
Owning a home (33-34)
Exactly three children, I’ll adopt if necessary(35)
I want my wife to only have to work part time around this period so she can handle home stuff and not feel overworked (35-40)
Being able to support my parents while they die(45-47)
Sending the kids to college(53, they’ll be 18)
Retiring by 65 and not being a burden on my kids in old age(65+ and a direct burial)(willing to work part time)(I plan on opening a retirement account age 20, I’m not sure what percentage of my income should go in)
Is this realistic? How much should I save and make? Anything I’m not considering? Any tips on each life goal? If I make 108k a year, what percentage of my monthly check goes to rent and mortgage and retirement and kids college funds and insurance and two yearly vacations while my wife only works part time to raise the kids while also having an emergency fund?
Submitted December 23, 2021 at 06:21AM by slugsquad0007 https://ift.tt/3pmmMFj
