Reflection: What have you learned while completing Entries 8 through 13?
- Which of your answers surprised you? Explain. The answer that surprised me most was, the significant amount of taxes I didn't have to pay when I was single with 4 children. To put it plainly, it was surprising because it was a lot of money that i would be "saving", but not really saving because I would most likely just end up spending the money on my kids or something like that.
- Did you expect your lifetime earnings to be as much as you estimated in Entry 12? Explain. I was actually expecting my lifetime earnings to be more than i had estimated, but I figure that's because I didn't input the income i would be receiving if I transferred into working in a research facility and just used my starting income.
- Did you expect your lifetime expenses to be as much as you estimated in Entry 13? Explain. Honestly , I was assuming that I would be spending more money that what I ended up spending. 40 years is a long time and thats also a lot of money. Maybe because I still dont fully understand the value of dollar and thats why it doesn't seem like a lot of money , but I was really expecting to spend a lot more money on this three things.
- Now that we’ve finished Life Stage 2, how would you change your answer to Entry 8? Why or why not? Assuming that this question isn't relevant to the next question, and that you're just asking if I would change my answer based on the research we had to do, I would say that I would contribute money into paying for university ot for paying for my living expenses when I (hopefully) move to Australia. Aside from that though, I dont think I would really change my answer.
- How would you change your answer if you knew that $1 million needed to last you the rest of your life? If I knew that $1 million dollars had to last me the rest of my life, than I don't really know what I would do. I'm not sure if this question is stating that I'm not going to be able to make money on my own and that I'm just going to have to live off of this $1 million or if it's stating that, this $1 million has to be visible in my life but I'm free to make my own money as well. Obviously , if it was meant to last me the rest of my life and it was my only source of income then I would have to make some major changes, like I would probably just live at home for the rest of my life, and walk everywhere. Though, if it's stating that I have this $1 million along with my own other source of income, then I wouldn't change anything and would probably just end up spending more money on a lot of other useless things, like a hedgehog, or my own personal Chipotle.
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