How To Compute For Your Lifestyle Cost In The Coming Years

Planning for the future involves thinking about how much you need to spend in order to survive in the coming years. A new lifestyle calculator introduced has the ability to compute lifestyle costs in the next 50 years using the amount of money you spend today.

MarketWatch said the tool was introduced during the NFL's Personal Finance Camp for its players from April 4 to 7 in Florida. Former NFL Patrick Kerney was the speaker for the first session titled "Funding an Uncertain Lifespan."

Now a business development director, Kerney explained using the calculator that if a person now spends $50,000 a year, this could equate to around $700,000 in the next fifty years. The computation took into consideration the rate of inflation for the coming years which was set at the highest of 5.5 percent.

If the inflation rate is 3 percent, people could be spending around $300,000 in the next five decades while a 4.25 percent inflation rate is close to $500,000. With these numbers, Kerney warned NFL players that they should be wise in spending their hard-earned money, as per CNN.

"It's a lot of money, but when I talk to guys, I often say, you're only as wealthy as your lifestyle," added Kerney. The former player now the NFL's Vice President of Player Benefits and Legends Operations.

CNN said Kerney has always been known to be careful when it comes to spending. He is known in the league for driving an old Ford Bronco when he was still playing as a defensive end for the Seattle Seahawks.

It was explained that he learned how to take care of his money after seeing some friends from the University of Virginia lived after graduation. Kerney considered himself lucky that he ended up playing football but not all of his colleagues were as fortunate.