2010 Issue

28 way to better balance their home and career. This is an activity that my spouse and I performed together which has proven extremely valuable. Though each situation differs, this activity may assist you in your own search for equilibrium: 1. Take an evening with your spouse and briefly talk about your lifelong goals. Start at the end and work your way to the present. This will help you define your priorities and to see the “big picture” of life. Don’t be afraid to commit these goals to a timeline. Although life is unpredictable, having structured goals encourages endurance through difficult times. 2. Make a list of major events, circumstances, and resources that will be necessary to achieve those goals. Be sure to include the basics such as your family, hobbies and pastimes, physical and emotional desires, etc. This will help you quantify the requirements for each of your desires. Analyze the timelines necessary to acquire these items. For example, if you desire to further your education, map out the time you estimate your degree will take; or if your goal is financial, map out a savings plan that will help you reach that goal. 3. With your spouse, prioritize your list in a way that you both can agree on what is most important in your future. While this may be especially difficult, being able to agree on the values and goals you set will make a roadmap and compass you can rely upon throughout the future. Commit yourselves to being flexible. Keep your priorities in mind as your circumstances change and alter your formula as necessary. 4. Examine your current situation and discuss the following questions: 5. Are you on track to achieve your goals? If not, then where do adjustments need to be made? 6. Are you living according to the priorities you set? Oftentimes our short-term desires mask the life-long goals that we have set for ourselves. Repeatedly ask yourself this question and let your final destination drive the daily decisions you are forced to make. 7. Have the courage to make changes. A successfully balanced life should be defined personally based on your beliefs, goals, and priorities. Engineers understand that there are two sides of an equation, but we often forget to define the outcome before we dive into discovering the formula. If A+B-C = “a successful, balanced life”, begin by defining “a successful, balanced life” and then decipher the remaining variables in the equation. Your time investment will prove profitable, as your ability to feel successfully balanced is an incalculable reward. JeremiahJonesisaseniormemberofIEEEservingontheexecutivecommitteeforthelocalsection. HeisanofficerforthelocalComputerSocietyandworksastheLeadTechnologistforaVinciMedia, LC (AVMC.ob ). He may be contacted at jeremiah@computer.org . Assumptions: Period of operation – 20 years Annual cost of operations for first three years ( 1st to 3rd ) - $ 631,850 Annual cost of operations for next seven years ( 4th to 10th) - $ 566,242 Annual cost of operations for next ten years ( 11th to 20th) - $ 504,633 No further treatment is required at the end of 20 years Discount rate would be applicable if advance contribution is made. On a simple letter of credit, discount rate will not be applicable as the issuer simply promises to pay rather than transferring funds to the beneficiary. One can use the formula over and over again, or setup a table in Microsoft Excel to look at multiple scenarios. For above assump- tions, the results are shown below: Discount Rate, per cent Annual Inflation rate, per cent Year O&M Cost/year Period 0.0% 3.0% 4.0% 5.0% 2011 631,850 3 3.0% 8,465,345 11,232,741 12,399,429 13,717,056 2014 566,242 7 3.5% 8,143,623 10,754,608 11,852,869 13,091,836 2021 504,633 10 4.0% 7,841,495 10,307,062 11,341,797 12,507,790 2030 4.5% 7,557,526 9,887,795 10,863,513 11,961,760 5.0% 7,290,400 9,494,695 10,415,544 11,450,853 In the given example, a letter of credit in the amount of $ 11.5 mil- lion, using 5 percent discount and inflation rates, will be adequate to assure financial responsibility. The amount varies inversely with the discount rate and directly with the inflation rate. Mr. Bhayani, alumnus of Universities of Bombay, India, and Rhode Island, a board certified environmental engineer, and a registered professional engineer, is affiliated with the Utah Division of Water Quality. CAREER AND FAMILY — continued from page 27 FINANCIAL ASSURANCE — continued from page 26