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Budget in Ten Years

Budget in Ten Years

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Published by HarrisonWuJouChan

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Published by: HarrisonWuJouChan on May 10, 2011
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05/10/2011

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Harrison ChanMs. LesterEconomics9 May 2011The American DreamFor the purposes of this project, I plan to pursue a career in the field of AerospaceEngineering, earning a bachelor’s of science and masters of science degree from the Universityof California at Berkeley. I may or may not jointly pursue a graduate degree in law at the sametime. All luck willing, I will pay for all of my undergraduate studies with grants and scholarshipsfrom the state, the University of California system, and federal funding. To pay for graduateschool, I would try to pay with a combination of grants, scholarships, and student loans,preferably federal. At Berkeley, graduate studies cost around $34,000 per year, with two yearsrequired to earn a master’s degree. This totals to a $70,000 in graduate tuition, which, whenaveraged out as a 20 year loan, should result to anywhere from $3,000 to $3,500 in annualpayments.By the ten year mark, I hope to have a mid-level engineering career at a SouthernCalifornia aerospace firm. Internships during graduate studies should give me contacts or jobcontracts at various aerospace companies, so I intend to vigorously pursue internships while I amstill studying in college. Choices of employment are not certain in ten years, but from currentprospects, it seems that Burt Rutan’s Scaled Composites, Virgin Galactic, Boeing, Raytheon, orLockheed Martin would all make suitable employers. As a mid-level engineer, I would earnanywhere from $90,000 to over $130,000 per year. To calculate expenses for this project, Iselected a median value of approximately $110,000 salary per year.
 
The cost of housing is a monthly rent fee of $1,895 for a two bedroom and two bathcondominium in Newport Beach. The complex has a free laundry room, negating the energy orcost requirements of washing. Power costs were estimated based upon standard home appliances,including two flat screen televisions and two computers, one laptop and one desktop. Natural gascosts are zero as all appliances, including oven, range, and water heater, are electric powered.Transportation is a Shelby Mustang GT500 equipped with various upgrades and a 5.3 L V8engine, costing $1,014 a month. Based on a 60 month payment plan, I intend to be at least twoyears into payments by the ten year mark for which these expenses were calculated.Entertainment and retirement are strictly budgeted, the former as a monthly $500 check into asavings account and the latter as $200 spending cash. Groceries have been budgeted as $250cash, allowing up to $62.50 per week in groceries, already an excessive amount. Total insurancecosts for car and health add up to $2,200 per year. One last important note: all data and mobilecommunications costs are “maxed”-out plans, including 35 Mbit/s internet, Fios television,unlimited cellular minutes and texts, and unlimited mobile data.In the even that I do not secure a suitable job, I can forgo the luxury goods, namely theShelby GT500, the excessive grocery budget, and the extreme internet and mobile plans. Barringthe success of that method, I can retreat to a small, rural community and make my living buildingand selling longbows in a smaller, but comfortable existence. In such an existence, I could forgoalmost every luxury. Energy could be provided by cutting firewood. I could grow vegetables andhunt for meat with bow and arrow.

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