Jeff+Whitley

=Picture Practice= =Budget Table=

(Note: You can only view the spreadsheet here. You must enter data from your actual Google Doc spreadsheet.) media type="custom" key="11994175" align="left"

=Getting a Job=

= = = = = = =Taxes=


 * ~ Name of Tax ||~  ||~ Calculation of tax for the year (provide a complete formula for each tax's calculation) ||~   ||~ **Dollar amount of tax** ||~   ||~   ||~   ||
 * < **Social Security** ||  ||<   ||   || 3224 ||<   ||
 * < **Medicare** ||<  ||<   ||   || 754 ||
 * < **Federal income tax** ||<  ||<   ||   || 6844 ||
 * < **PA income tax** ||<  ||<   ||   || 1596 ||
 * <  ||<   ||> **Total for //year//:** ||   || 12418 ||
 * ||  || **Total for //each month//:** ||   || 1034 ||

= = =Retirement Savings= Your responses here:
 * ||= **Dollar amount or rate** * ||
 * **__//Gross//__ //__monthly__// income -** || $4,333 ||
 * **Retirement savings rate (as a percentage)** || 7% ||
 * **Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month).** * || 303.31 ||
 * **Calculate how much money you will have at retirement at age 70 if you invest your budgeted amount at __ 6% __ yield. Use the compound interest spreadsheet calculator to do this. Assume your starting age is 22. You will need to calculate your annual contribution (principal) by multiplying your monthly retirement savings (above) by 12.** || $1,053,102 ||
 * **Calculate how much money you will have at retirement at age 70 if you invest your budgeted amount at __8%__ yield. Use the compound interest spreadsheet calculator to do this. Assume your starting age is 22. You will need to calculate your annual contribution (principal) by multiplying your monthly retirement savings (above) by 12.** || $2,084,723 ||
 * **Respond to these questions in a few well written sentences:**
 * **Why did you select the retirement savings rate that you did?**
 * **What are the opportunity costs for your choice?** *
 * **Why did you select the retirement savings rate that you did?**
 * **What are the opportunity costs for your choice?** *
 * I would like to save more money in the long run
 * All the money i could be spending on take out, i save instead ||

=Housing=
 * Issue || Answers/responses: ||
 * Maximum rent (take home pay * 30%) * || $989.70 ||  ||
 * Monthly rent for your apartment/house: || $675.00 ||  ||
 * Location || 200 Ross Road King of Prussia, PA 19406 ||  ||
 * Amenities (i.e. number of bedrooms, baths, and size in square feet) || studio, 1 bathroom, 250sqft ||  ||
 * Selling features (What makes this a great apartment?) || Close to home ||  ||
 * Possible downsides || that it's small ||  ||
 * Parking || ample parking ||  ||
 * Included utilities || heat, hot/cold water, trash, sewer ||  ||   ||
 * Security deposit requirement || $35 application fee ||  ||
 * on pets? ||  ||   ||
 * Length of lease || 6, 9, or 12 + months ||

=Transportation=



=Insurance=
 * **Expense** || **Calculation** || **Dollar cost** ||
 * **Payment** || (From the Cars.com online calculator) || 142 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || 125 ||
 * **Gas** || 1000/15= || 200 ||
 * || **Monthly total** || 467 ||

(to be entered on budget spreadsheet): || 350.42 ||
 * ~  ||~ [[image:Screen Shot 2013-01-22 at 8.05.33 AM.png]] ||~   ||
 * = **Total Insurance Costs for Car, Rental, and Health Insurances ** ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Car Insurance: monthly premium (website quote divided by six months): ||> 230 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Renter's Insurance monthly premium: || 20.42 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Health Insurance monthly premium: || $100 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">**Total** monthly cost for insurance premiums
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">**Total** monthly cost for insurance premiums
 * Utilities **
 * Utilities **
 * Utilities **

=Communications=
 * **Utility** || **Calculation** || **Monthly Dollar Cost** ||
 * **Electric** || Online calculator (PDF uploaded to wiki) || $50.64 ||
 * **Water** || $25 per month (if not included in rent) || $included ||
 * **Sewer** || $25 per month (if not included in rent) || $included ||
 * **Trash removal** || $15 per month (if not included in rent) || $included ||
 * || **Monthly total:** || 50.64 ||
 * **Service** || **Stand alone or bundled with another?** || **Cost** ||
 * **Cell** ||  || $30.00 ||
 * **TV** ||  || $29.95 ||
 * **Land line** ||  ||
 * **Internet** ||  ||
 * || **Total monthly cost:** || $59.95 ||

Worksheet
 * Food and Household Items **

$500 for fun stuff to do with friends
 * Miscellaneous **

=Questionnaire and Video=
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Is your budget balanced? <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Yes my budget is balanced and i still come out with extra money in the end
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">If not, by what amount are you over budget? What could you do to balance your budget?
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">If your budget is balanced, what else would you expect to do with the money that is not budgeted to be spent? Would you increase your spending anywhere? <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">I would either invest more for retirement or put some more money into my truck
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Is this project a realistic simulation of what it would be like plan a monthly budget? What part of it do you think was //**most**// realistic? In what ways is this simulation **//un//**realistic? (How could it be improved?) <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Yes. The most realistic part would be the food shopping.
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">What has this project taught you about living in "the real world"? <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">That you have to think about how you spend your money and you can't go and waste it all on stuff that is not worth it in the long run.