In my Personal Finance class, we are assigned a final project called Real Life Project, which we have to create a realistic scenario of yourself 3 to 4 years after we graduated from colleges or universities.
The aim of this project is to help us with our future finance, to get an idea how to deal with these situation later on. I am sure that almost everyone will have to deal with the income and the living costs. Even if the situation is not the same with what we've planned, we still have an idea and will have to change the plan in order to adapt the new situation.
So far, I've done my first and second phase of my Real Life Project. But there is one thing I was questioning myself many times is about the "Transportation" part. Since I have to include in the taxi cost for my transportation after i graduate since I am not getting car, I don't really know how much should I factor for the taxi. I kept asking myself how much should i factor for it.
For "Home savings", i think it's fine because I used the previous project that i've done, which is the real estate project. I am going to buy a house in Kuantan, Malaysia and lease it for rent. By doing so, it will also help me pay off the mortgage quickly.
Discussion with parents:
As i was doing the "Transportation" part, i wondered whether to buy a car or not. So I asked my parents during our dinner time. My mom said it depends on my finance and also the job that I chose. And she also reminded me how expensive to buy a car in Singapore. So since I am going to be a chemical engineering, I don't think I will need a car to travel place to place like a salesman. It's also convenient to go by the Mrt and buses in Singapore since the government recently and will increase the price of the COE and ERP. Added to this, I think I will need a little more time to settle in my job, to find a fix, stable job. I don't want to not have enough money to pay for the car insurance, maintenance,... in the worst case like loosing my job.
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