Q. Hi, I will be graduating from pharmacy school in a couple of years and want to know what I can realistically afford. I will most likely be making at least 100k out of the gate and going up from there. If I wanted to buy a dodge charge, one of the cheaper 25-27k ish models, could I afford it? Or would it be cutting it close? What if I wanted a simple 2 or 3 bedroom house a few years after graduation? From some online calculations it will be 2,800ish for all expenses including the 5 year lease leaving about 40k in annual savings. Is that very much or will I be wasting money right away? I would plan on having the car until it no longer works really. And student loans won't be a large issue. It's a cheap though quality education at rutgers pharmacy school and my parents have taken most of the load off.
http://money.usnews.com/careers/best-jobs/pharmacist/salary
http://www1.salary.com/Pharmacist-Salary.html
http://www.therichest.org/salary/pharmacist/
No disrespect to Canada, I was born there too, but I think things are little different here in US or your figures are a little low. Still mostly correct and insightful though, thank you
http://money.usnews.com/careers/best-jobs/pharmacist/salary
http://www1.salary.com/Pharmacist-Salary.html
http://www.therichest.org/salary/pharmacist/
No disrespect to Canada, I was born there too, but I think things are little different here in US or your figures are a little low. Still mostly correct and insightful though, thank you
A. 100k out of the gate is NOT realistic. In my area (Canada), average pay is $40/hour, at a full-time job of 40 hours a week, that means you're making $1600 a week, or $6400 a month (equals 78k a year).
10% of your income goes to long-term (retirement) savings: $640 a month.
15% of your income goes to debt repayment/emergency fund: $960 a month that goes to credit/loan payments, but you really need to put this money towards a savings account that serves as your emergency fund; what if you lose your job? The goal is to put aside enough to get you through 6 months to give yourself time to find a new job. Put it aside until you have at least $38 400.
EDIT: Student loans are a big deal, they need to go away. Put more of your money here towards clearing the debt first, and once it's gone, go nuts on the savings.
35% of your income goes to housing (rent, mortgage, bills, utilities, car payments; fixed costs). You can afford UNDER $2240 a month. You need to have a size-able down payment though, and the less debt you have, the more of a mortgage the bank would grant you. It's going to take longer than you think, but nice try.
15% of your income goes to transportation (gas, insurance, repairs, bus). You have $960 a month to put towards this stuff. It doesn't sound like you have a car now, so if you set this aside to purely savings, in 2 years (24 months), you will have $23 040 saved up. You can definitely afford that car if you have that money saved up for a down-payment. Again, the more down-payment you have, the better interest rates you can get for your mortgage, and the less debt you have, the more of a loan they're willing to give you.
25% of your income goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other). You have $1600 a month, or $400 a week for all of this stuff, which is easy. It's all about putting a little money aside each week for everything, so that when the random/big expenses come up, you're not struggling to make ends meet.
I'm pretty sure that this is not your current income, but once it is, you can start putting things into action. Aim to have your dream items in 4 years (Couldn't possibly tell you if you can do it in 2, we have no idea how much money you make now).
Once you have your job, in two years you will have $23 040 saved up for a car, $23 040 put towards student loans/emergency fund, $53 760 towards a down-payment on a house, and $15 360 saved up towards retirement (although invested correctly, it will grow to be a lot more than that).
10% of your income goes to long-term (retirement) savings: $640 a month.
15% of your income goes to debt repayment/emergency fund: $960 a month that goes to credit/loan payments, but you really need to put this money towards a savings account that serves as your emergency fund; what if you lose your job? The goal is to put aside enough to get you through 6 months to give yourself time to find a new job. Put it aside until you have at least $38 400.
EDIT: Student loans are a big deal, they need to go away. Put more of your money here towards clearing the debt first, and once it's gone, go nuts on the savings.
35% of your income goes to housing (rent, mortgage, bills, utilities, car payments; fixed costs). You can afford UNDER $2240 a month. You need to have a size-able down payment though, and the less debt you have, the more of a mortgage the bank would grant you. It's going to take longer than you think, but nice try.
15% of your income goes to transportation (gas, insurance, repairs, bus). You have $960 a month to put towards this stuff. It doesn't sound like you have a car now, so if you set this aside to purely savings, in 2 years (24 months), you will have $23 040 saved up. You can definitely afford that car if you have that money saved up for a down-payment. Again, the more down-payment you have, the better interest rates you can get for your mortgage, and the less debt you have, the more of a loan they're willing to give you.
25% of your income goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other). You have $1600 a month, or $400 a week for all of this stuff, which is easy. It's all about putting a little money aside each week for everything, so that when the random/big expenses come up, you're not struggling to make ends meet.
I'm pretty sure that this is not your current income, but once it is, you can start putting things into action. Aim to have your dream items in 4 years (Couldn't possibly tell you if you can do it in 2, we have no idea how much money you make now).
Once you have your job, in two years you will have $23 040 saved up for a car, $23 040 put towards student loans/emergency fund, $53 760 towards a down-payment on a house, and $15 360 saved up towards retirement (although invested correctly, it will grow to be a lot more than that).
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Title Post: How much will I be able to afford after graduation?
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