1.  Starting expenses

$19,000*

This figure includes the minimum cost in Washington State for rent, food, public transportation, clothing, personal care items, healthcare, insurance, entertainment, taxes and minor miscellaneous expenses. None of the lifestyle choices below are included.

2.  Do you want to own a car?

If no, skip to question 3

2.a. Do you want an economy car (Toyota Camry or Honda Accord) or luxury car (Ford Mustang or BMW)?

Add $6,000 for an economy car**

Or, add $9,000 for a luxury car**

2.b. Do you want your car to be new (instead of used) car?

If yes, add $1,000 for an economy car**

Or, add, $6,000 for a luxury car**

Costs in 2a and 2b include one year of monthly payments (of a five-year payment plan) plus insurance, taxes, fees, maintenance and repairs.

3.  Do you want to own your own house?

Add $20,000 for taxes ($1,670/month) plus maintenance and mortgage payments.

Most first-time homeowners cannot afford to pay the total cost for a house, so they pay a small percentage of the total and get a loan (called a mortgage) for the rest. Homeowners must pay back the loan over the next 15–30 years or get the money if they sell the house.

4.  Do you want to live in King County (Seattle or Bellevue) as a renter or homeowner?

Add $15,000 more to own a house***

Or, add $3000 for non-house owners***

Real Estate values and the cost of living are particularly high in King County, so it is much more expensive to own or rent in this area.

5.  Do you want to go out to dinner once a week?

Add $2,500

This reflects the cost of two people paying $50 once a week to eat at a restaurant.

6.  Do you want to take a U.S. vacation every year? One week or two?

Add $1,500 for one week of a U.S. vacation

Or, add $3,000 for two weeks of U.S. vacation

This includes domestic airfare, hotel, meals out and basic tourist activities.

7.  Do you want to own a boat or vacation home?

Add $3,000 for a boat.

Add $20,000 for a vacation house.

Both figures include monthly loan payments, insurance, taxes, fees, maintenance and repairs.

8.  Do you want to have a dog or cat?

Add $500 per pet

This includes the cost to purchase your pet plus food, supplies and veterinary care.

9.  Do you enjoy shopping for more than just the essential clothing, shoes or jewelry?

Add $1,000

This includes $20 per week for discretionary or hobby shopping. If you aim to spend more, consider doubling or tripling this amount.

10.  Do you want to have children? If so, how many children do you plan to have?

Add $15,000 per child.

11.  Do you want to send your kids to a private K-12 school?

Add $7,000 per child.

Based on the 2004 average tuition costs for private high schools in Washington state****

12.  Do you want to send your child or children to college?

Add $4,000 per child for a public college or university.

Total cost of your lifestyle

Add all numbers in the middle column to find the total annual income needed.