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Ok. First try of this ended up with salary requirement of $215K/year. Too high.
Let's try a slightly different approach.
savings — 15%
Same as last try, I'm going to go for 15%.
taxes — 25%
Again, same as last time, I'll figure in 25% taxes.
appartment — $25.5K
Condo, condo, condo...
Do I really need a condo? I'm 29. They say that the first 5 years you are not really making money, just paying back the bank.
5 years, at my age, is a very long time... Many things change. I can get 3 divorces in this time. I can have a kid. I can have two. And I'll never know until it happens. In this position, I don't think a condo is the best solution. Especially a $400K condo when the market is like this.
So, let's assume for a second that I will be staying in Philadelphia. Let's say I'll get a position at Drexel or UPenn. I'd like to live here.
Domus builders have a wonderful building here on 34th and Market:
Nice view and quite spacious 800+ sq ft appartment on the third floor with everything I might want. Oh, plus a terrace.
~$2,500/month rent. Kinda steep. Let's try something else.
 The Courts appartments are very nice! A little pricy, but very good place. Gated community and all.
1 Bedroom $1210-1500;
1 Bedroom/Den $1300-1420.
Well, let's average between $2,500 at Domus and the lowest of $1,210 at Courts. We get $1,855 per month. That's $22,260 per year.
Gas: $20/m = $240/year
Electric: $150/m = $1,800/year
TV: $50/m = $600/year
Internet: $50/m = $600/year
That's $25,500 per year that covers all appartment costs.
Now, I'm not likely to move into these expensive places. I know Philly well and I will definitely find something far more sensible. For now, however, this calculation seems to be good.
car — $27K
WOW!
Now, this is the color and style I picked:
And the inside:
So, would you go for a ride with me in this brand new $47K BMW Series 1 135i Coupe? I think so! ;-)
Insurance, of course, $200/m = $2.4K/year.
Gas, like in my previous calculation = $5K/year.
Same with parking = $2K/year.
Car of course I'll have to finance. Say for 3 years. Comes to $17.6K/year.
So, car's total is $27K/year give or take.
travel — $10K
Let's shave $10K off the $21.6K that I calculated last time. I actually highly doubt that I would be capable of spending more than $10K on travel. Let's say $10K for now.
food, clothes, theatre — $15K
Previously all this came out to $20K. I doubt I'll be getting THAT many suits and I wear them more than a year. Food, also, will be cheaper. I think $15K is a more reasonable estimate. Let's go with that.
health — category absorbed into insidentals
All universities have a gym. ALL! It'll be free for me, too. Personal trainer? Screw that! I mean I was talking to a publisher about writing MY OWN book on the subject. I really don't think I need that. Energy bars? Yeah... Those are a little over $0.50 each when I get them at a discount from GNC. I'll absorb them into food, too. That's it, category out.
totals — $129,166.67
All of above adds up to $77.5 K. That's 60% of my paycheck as the other 40% are eatten up by taxes and savings.
This makes is a total of $129,166.67 per year.
Well, I suppose I can be sensible and not overspend on some things here. Also let's not forget my current business income and my potential external incomes.
Yep, this is very much achievable and very much realistic. Now, let's just not get kids until I recalculate all of this to include those :-)
YAY! I'm geting a BEAMER!
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