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I can smell a virgin from a mile away…
I hit the character limit. The aim of this post is so I can draw up a rough savings plan (rather than mindlessly saving as much as I can).
This past year:
TC: $270k
Expenses: $60k
Saved: $120k
Ahhh makes sense, Finance in MCOL. Kills me seeing the age and the TC. Nowhere close to that and I’m 30.
Kudos on a great savings rate. Roughly the numbers look reasonable.
I would budget the kids number to be a bit higher ~1.5M (350k for college per kid including tuition and boarding in 20 years + ~15-20k per year expense for 18 years + vacation cost) and I wouldn’t include this in your retirement number since you might incur this expense before your retirement so you can aim to save slightly more in the next few years as your salary increases and then the savings rate might go down when new family members get added.
Thanks for the feedback! Good points, I’ll keep that in mind when I take a second pass at this
Are you factoring a spouse or partner into this calculation?
Sounds great - and good luck on your goals!
Amazing OP! That’s a great head you have on your shoulder
Amazing, good luck!
Did you factor in the cost of kids and the divorce? Maybe $10M?!
Increase savings by 50%. Call it a margin of error.
You may want to consider how you’ll approach some potentially joint expenses with your future spouse (ie what if they enter the relationship with debt? Will you have them reduce their savings rate to pay that off ASAP or will it be a joint expense?). What about aging parents or medical costs? I think your numbers look reasonable but maybe consider a separate buffer account or increased savings in the near term so you have some extra set aside for non-retirement items
I see. And yep that’s totally a very possible reality! This savings plan is certainly just a draft, and one that I’ll aim to revisit annually to see if it still makes sense.
FWIW I’ve talked through this with my girlfriend, and she’s certainly on board. She’s a med student, however, so will definitely be coming out with debt. We plan to create a savings plan for her next week, and then hopefully we should have a more wholistic picture!