Richard+Jimenez

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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="11999337" align="left"

=Getting a Job=





= = =Taxes=

= = =Retirement Savings=
 * ~ Name of Tax ||~  ||~ Calculation of tax for the year (provide a complete formula for each tax's calculation) ||~   ||~ **Dollar amount of tax** ||~   ||~   ||~   ||
 * < **Social Security** ||  ||< 26,696*.062 ||   || 1655.152 ||<   ||
 * < **Medicare** ||<  ||< .0145 ||   || 3870.92 ||
 * < **Federal income tax** ||<  ||< 26,696-9,350 17346 2,181 ||   || 2,181 ||
 * < **PA income tax** ||<  ||< .03 ||   || 800.88 ||
 * <  ||<   ||> **Total for //year//:** ||   || 8,507.952 ||
 * ||  || **Total for //each month//:** || 708.996 ||

Your responses here: I wanted to save enough money to get a good future for my retirement so I chose a reasonable amount to save.
 * = **Dollar amount or rate** * ||
 * **__//Gross//__ //__monthly__// income - $2,224** ||  ||
 * **Retirement savings rate (as a percentage) 20%** ||  ||
 * **Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month). $444** ||  ||
 * **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.** $1,448,994 ||  ||
 * **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.** $2,820,338 ||  ||
 * **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** will have less money to spend on food and clothing but it will be worth it in the future when I need a lot of cash for any reason. * ||

=Housing= 
 * Issue || Answers/responses: ||
 * Maximum rent (take home pay * 30%) * || $700 ||  ||
 * Monthly rent for your apartment/house: || $600 ||  ||
 * Location || Philadelphia PA 19128 ||  ||
 * Amenities (i.e. number of bedrooms, baths, and size in square feet) || 1 bedroom 1 bathroom ||  ||
 * Selling features (What makes this a great apartment?) || This apartment would be a good size for me and decent enough rent. ||  ||
 * Possible downsides || Its a little off ways from my work and family ||  ||
 * Parking || A place for me and a guest to park ||  ||
 * Included utilities || Ceiling fan, Air conditioning, wall to wall carpeting ||  ||   ||
 * Security deposit requirement || $300 ||  ||
 * Restrictions on pets? || Pets are allowed ||  ||
 * Length of lease || 12 months ||



=Transportation=


 * **Expense** || **Calculation** || **Dollar cost** ||
 * **Payment** || (From the Cars.com online calculator) || $10,450 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || $75 ||
 * **Gas** || 17 mpg || $176 ||
 * || **Monthly total** I chose this 2001 acura MDX for 10,450 its pretty high but I couldn't find a good price range on the cars. || $251 ||

=Insurance= I went to look for the best car insurance

Car Insurance: monthly premium (website quote divided by six months): 2,893 a month <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Renter's Insurance monthly premium: $15.83 <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 **




 * Utilities **

=Communications=
 * **Utility** || **Calculation** || **Monthly Dollar Cost** ||
 * **Electric** || Online calculator (PDF uploaded to wiki) || $ 68.24 ||
 * **Water** || $25 per month (if not included in rent) || $ 25 ||
 * **Sewer** || $25 per month (if not included in rent) || $ 25 ||
 * **Trash removal** || $15 per month (if not included in rent) || $ 15 ||
 * || **Monthly total:** || $133.24 ||
 * Service Verizon**
 * Stand alone or bundled with another? Bundled**
 * Cost 89.99**
 * No cell phone**

**Total monthly cost:**


 * Food and Household Items **


 * Miscellaneous **

150 dollars a month for student loans

I have calculated eating out under my food costs

I plan to have cheap fun like watch DVDs and not spend a lot on other things

=Questionnaire and Video=
 * <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;">No I went over the amount and ended up into the negative numbers.
 * <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;">I could get cheeper insurance and a cheeper car. I would also like to lower my rent when I start to rent an apartment
 * <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 put all my extra money into savings
 * <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 thought there were several good aspects about this project but also several flaws. I thought that the realistic parts of this final were good such as the insurances and car shopping but the google docs and multiple websites got very confusing and made some of this project really bad.
 * <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;">Its not going to be cheap.