currently have $150K. by time i start job in october hopefully about $220K.
year 1-3 training as accountant.
after-tax pay for all 3 years ~ $135Kish.
poker winnings and other moneymaking entreprises, hopefully another $135Kish. so total income $270Kish.
expenses:
live at home for year 1, spend about $7K.
year 2 and 3 rent with friends, costing $35K, spend about $20K.
total expenditure: $65K.
so net earnings $200K in year 1-3.
so have in the bank after qualified as an accountant $420K ish.
now it gets tricky. basically i want to spend mid 20s with friends then try and buy a pretty awesome 1 bedroom riverside apartment, such as this:
http://www.foxtons.co.uk/SS/chpk0046488
change in house prices will affect a lot, but i'll need about $1.2mill in real terms to buy something like that. so ill be able to get a $400K mortgage, have $420K in the bank, im still $400K short.
so if I spend year 4-6 working, hopefully involving some work abroad, making say $240K posttax from salary and make another $200K ($5.5K/month) during that period from moneymaking enterprises, then I'd have a total of about $850K-900K and at that point could take out a $400K-$50K mortgage, having spent a few years renting with friends, a bit of work abroad, and then have enough for a riverside flat.
that's the plan.
thoughts?
obv there are a billion variables till then, but i like to have an idea in my head for something to aim for and keep me motivated in the hard woring times.