I’ve made a template so that you can figure out
how much your ideal life will cost you annually.
Is it perfect? No,
we’re not trying to be perfect.
We’re not trying to be exactly right on the dot
of exactly how much money we’ll need.
You know why? Cause numbers change,
things shift, and not everything will be accurate.
Some things will be over estimations
and some things will be under estimations.
And thus we’re hoping that it all just kind of
nets out to be around the amount of money that we will end up needing.
So that being said, I have recalculated,
and $215,000 is not how much money I would need for my ideal life.
I would actually need more than that, shockingly.
Here’s what it looks like.
It is very simple.
These are all of the categories that you’re gonna need money for.
Aka all the categories I could actually think of and conceive of.
Um, I put per week,
per month, per year.
Per month and per year
are formulas based off of whatever you put in per week.
Of course, if you think about it,
in a monthly turn, you can just overwrite monthly or yearly, whatever.
Just make sure that you adjust the formulas to like,
so that you know actually what your weekly income is,
you know what I mean? Cause like,
if you. If you put it in monthly and then you put nothing in weekly,
then that’s not gonna Be counted in weekly.
I’m just gonna trust you to, like,
use common sense on this. It is a free template.
This is a free template. It’s free.
So. Yep,
I color coded based off of what I think are like,
things that I absolutely need money for.
Things that I would like money for.
And then the kids and the pets are like, negotiable.
Like, I don’t know if I want kids,
but if I do want kids, I want two of them,
which means $50,000, because
I’m just basically assuming
that each kid is gonna cost me $25,000 a year,
and I honestly don’t even think that’s enough,
but whatever. And then down here,
I’ve left space in case you’re like,
you forgot this category. Just put it in.
Just put it in yourself. I left space for you.
The big stuff that’s hard to estimate for are like,
rent and retirement.
So I put this link to a retirement calendar that they have at Vanguard
so that you know how much yearly
you’re probably gonna wanna set aside for retirement,
as well as, like,
how much home can you afford?
What’s your mortgage going to be?
Based off of a home price,
whatever that takes you to a money guy calculator.
Cause I like, there’s the best.
Something that I don’t have for you, though,
is car and home insurance. Expenses.
Home insurance. I’m just going based off of my best guess for myself.
Okay. Like,
you Could probably find a calculator for that.
If I find one, I’ll link.
I’ll add a link here. But other than that, like,
I don’t know. Truly,
truly just a best guest. Based off of this
more comprehensive
list of things that I need to factor into my future income,
the post tax income that I need is $397,000.
Post tax. That is after taxes has been taken away from me.
Which means my pre tax income
if I file as single in the state of California
needs to actually be $670,000.
However, I am luckily married
and so I get to split all these expenses with my husband
because I did factor him in to the totals that I put in there.
So if I file jointly as a married person in the state of California,
I actually only need to make $580,000.
AKA we only need to make $580,000.
That’s a huge difference. I mean,
5 80 is still a lot of money.
Like 5 80 divided by two 2 5 80 divided by 2 2 2 90.
So we each need to make 2 90 a year.
Okay,
I need to stop. I need to stop calculating this.
Just the number gets higher every time I do it.