Life Planning Presentation
Michelle_Michy
LifePlan_Spr19Instructions_2.pptxLIFE PLANNING WITH QUICKEN
THE CIRCLE
OF LIFE
Values:
Goals:
To complete master’s degree by 2019.
To get a job right after graduation.
To buy a car and a house in U.S.A.
To travel around the globe.
To become a President of a company around the age of 45.
To have more than $1M in savings by retirement.
How to start with Quicken?
Buy Quicken premier (Amazon ,best buy, eBay etc.)
Download Quicken and create account
Go to planning and click “Get Started”
Select cash or You can link your bank and credit card account5. Add your plan assumptions in Planning.
It will automatically show the results that your plan will work or you will get depleted.
If you want to change any thing, you can go to “change my assumptions” and do it.
Assumptions & Analysis:
Life expectancy : 75 years
Retirement age : 59 years
First job : mid-2019 (24 years)
Buying a car (estimated $30,000 by 2021)
Buying a house (estimated $200,000 by 2025)
Inflation rate : 3%
Travelling : $35,000
Savings : 35% of the salary
Assumptions & Analysis:
Number of years until retirement: 36 years.
Years in retirement : 16 years.
Savings at retirement is estimated to be : $1.3M (approx).
Starting salary : $80,000 yearly going up to $210,000 till retirement.
Living expense : $40,000/yearly.(Inflation rate 10% after 2035).
Analysis:
Life modeling results:
Integrated life master plan:
Integrated life master plan:
What If Scenarios
Scenario 1:
What if I live 5 years more(instead of age 75 to 80 years
I will still have enough funds to manage my expenses.
Scenario 2:
What if I get retired at the age of 54 instead of 59(5 years prior)?
I will have $1.1M instead of $1.3M at retirement.
Scenario 3:
What if we change our savings to 20% of salary yearly instead of 35%?
Our plan fails, we are depleted in the year 2025, 46 years before the end of our plan.
Inference:
The very first and the foremost thing learnt is “PLANNING IS ESSENTIAL”.
Have to get a job, as soon as possible, after graduation.
Monthly savings of 4099$ will be inching to fulfill the future goals.
Current expenses is $1000/ month and readjusted to 3300$ for future after analysis.(excluded inflation rate).
Few changes had to be made to my current life plans to accomplish my goals.
Things always don’t go as planned. So, HARD WORK is must.
THANK YOU
ANY QUESTIONS?
