<p>Expenses include tuition, and I did assume that graduate school started directly after undergrad. For that matter, I assumed undergrad started right after high school.</p>
<p>The net effects of a delay on wealth would be ambiguous, depending on how long of a delay and how much they were being paid. I didn’t find a safe way to make these assumptions and so didn’t bother.</p>
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<p>What happened to taxes in your little discussion? The 401K might be tax deferred, but the rest of your income isn’t.</p>
<p>EDIT: Sorry I missed that. I was looking for the word “Tax” and didn’t see it, but the subtraction does seem to be there.</p>