Margaret+Spell

=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="23110604" 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** ||  ||< .062 x $54,019 ||   || $3349.17 ||<   ||
 * < **Medicare** ||<  ||< .0145 x $54,019 ||   || $783.27 ||
 * < **Federal income tax** ||<  ||<   ||   || $9,694 ||
 * < **PA income tax** ||<  ||< .0307 x $54,019 ||   || $1658.38 ||
 * <  ||<   ||> **Total for //year//:** ||   || 15,484.82 ||
 * ||  || **Total for //each month//:** ||   || $1290.40 ||

= = =Retirement Savings= Your responses here: ||
 * ||= **Dollar amount or rate** * ||
 * **__//Gross//__ //__monthly__// income -** || $4,502 ||
 * **Retirement savings rate (as a percentage)** || 10% ||
 * **Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month).** * || $450.20 ||
 * **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.** || $1,562,414 ||
 * **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.** || $3,092,959 ||
 * **Respond to these questions in a few well written sentences:**
 * **Why did you select the retirement savings rate that you did? I don't mind working part time, it will give me something to do, but it also won't be full time so I'll be able to handle it in my old age.**
 * **What are the opportunity costs for your choice?** I will have to still work because I didn't put enough money into my retirement, but I can spend more money on whatever that would've went into retirement.
 * **Why did you select the retirement savings rate that you did? I don't mind working part time, it will give me something to do, but it also won't be full time so I'll be able to handle it in my old age.**
 * **What are the opportunity costs for your choice?** I will have to still work because I didn't put enough money into my retirement, but I can spend more money on whatever that would've went into retirement.

=Housing= 1 bathroom 756 x 769 sqft ||  ||
 * Issue || Answers/responses: ||
 * Maximum rent (take home pay * 30%) * || $963.30 ||  ||
 * Monthly rent for your apartment/house: || $719 ||  ||
 * Location || Laguna Beach, CA ||  ||
 * Amenities (i.e. number of bedrooms, baths, and size in square feet) || 1 bedroom
 * Selling features (What makes this a great apartment?) || pet friendly, gym center, pool, spa, hot tub, AC, furnished available, dishwasher, microwave, washer/dryer, refrigerator storage, view ||  ||
 * Possible downsides || no ||  ||
 * Parking || covered parking ||  ||
 * Included utilities || Water, Electric ,Heat ||  ||   ||
 * Security deposit requirement || yes, $200 ||  ||
 * Restrictions on pets? || None ||  ||
 * Length of lease || 1 year ||

=Transportation= ==
 * **Expense** || **Calculation** || **$2,975** ||
 * **Payment** || (From the Cars.com online calculator) || $123.47 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || $175 ||
 * **Gas** ||  || $103.44 ||
 * || **Monthly total** || $401.91 ||

=Insurance=

Car Insurance: monthly premium (website quote divided by six months): 182 Renter's Insurance monthly premium: 21 <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;">(to be entered on budget spreadsheet):
 * <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px;">Total Insurance Costs for Car, Rental, and Health Insurances **

303


 * Utilities **

= = =Communications=
 * **Service** || **Stand alone or bundled with another?** || **Cost** ||
 * **Cell** || Bundle ||  ||
 * **Land line** || Bundle ||  ||
 * **TV** || Bundle ||
 * **Internet** || Bundle ||
 * || **Total monthly cost:** || 89.99 ||
 * Food and Household Items **

$200
 * Miscellaneous **

=Questionnaire and Video= <span style="display: block; font-family: arial,helvetica,sans-serif; font-size: 13px;">
 * <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Is your budget balanced? <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Yes, my budget is balanced.
 * <span style="color: #000000; 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="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">My budget is balanced.
 * <span style="color: #000000; 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="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">I would save it in case there was some sort of emergency that I would need extra money for. I would not increase my spending anywhere.
 * <span style="color: #000000; 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="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">I think that this is a realistic simulation of what it would be like to plan a monthly budget. The most realistic part was where we used actual car dealership, and insurance websites because they are real and not just for this project. This could be improved by basing on this for our life after school rather than completely fictional.
 * <span style="color: #000000; 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="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">That there are many expenses that you must plan out or you will be in a lot of trouble!