Create a detailed financial plan for yourself to budget your money for the next 20 years. The detailed financial plan should include (but not be limited to):

• Taxes
• Housing
• Transportation
• Living
• Entertainment
• Retirement

Use the following assumptions about earning and inflation:

• Salary: $80,000/year
• Annual Pay Increase: 4%
• Annual Inflation: 2%

Identify major purchases made in the next 20 years (house, car, etc.) along with major lifestyle changes (marriage, kids, etc.). Make sure that your financial plan incorporates major purchases and lifestyle changes.