Tim+Martin

=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="23110556" 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*61,278 || 3,799.23 ||
 * < **Medicare** ||< .0145*61,278 || 888.53 ||
 * < **Federal income tax** ||<  || 11,494.00 ||
 * < **PA income tax** ||< .0307*61,278 || 1,881.23 ||
 * <  ||> **Total for //year//:** || 17,992.99 ||
 * || **Total for //each month//:** || 1,499.41 ||

= = =Retirement Savings=
 * ** Dollar amount or rate ** *  ||   ||
 * **//__ Gross __//**** //__monthly__// income - ** || 5,103.00 ||
 * ** Retirement savings rate (as a percentage) ** || 10% ||
 * ** Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month). ** * || 510.30 ||
 * ** 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. ** || $1,771,777 ||
 * ** 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. ** || $3,507,415 ||
 * ** 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? ** *

Your responses here:

1. 10% seem to be a perfect amount to save for later when I reach 70. Because the yield % of the amount of money is very high in my retirement

2. I putting a good chunk of money away that I could be using at any time but I don't ||

=Housing=

1 bathroom 675 sqft || Emergency Maintenance, High Speed Internet Access, Laundry Faculty ||
 * ssue || Answers/responses: ||
 * Maximum rent (take home pay * 30%) * || 5100 * .30 = 1530 ||
 * Monthly rent for your apartment/house: || $1050 ||
 * Location || King of Prussia, PA ||
 * Amenities (i.e. number of bedrooms, baths, and size in square feet) || 1 bedroom
 * Selling features (What makes this a great apartment?) || Pet friendly,
 * Possible downsides || None ||
 * Parking || Yes ||
 * Included utilities || Water, Cable, Electricity, Heating ||
 * Security deposit requirement || First - Last Month rent ||
 * Restrictions on pets? || Yes, Cats only allowed ||
 * Length of lease || 6 month, 12 month ||

=Transportation= =Insurance=
 * **Expense** || **Calculation** || **Dollar cost** ||
 * **Payment** || (From the Cars.com online calculator) || 253.03 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || 125 per month ||
 * **Gas** ||  || 124.98 ||
 * || **Monthly total** || 503.01 ||

(to be entered on budget spreadsheet): || $460.40 ||
 * = **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): ||> $340 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Renter's Insurance monthly premium: || $20.40 per month ||
 * > <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


 * Utilities **
 * **Utility** || **Calculation** || **Monthly Dollar Cost** ||
 * **Electric** || Online calculator (PDF uploaded to wiki) || $48.75 ||
 * **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:** || $48.75 ||

== =Communications=


 * **Service** || **Stand alone or bundled with another?** || **Cost** ||
 * **Cell** ||  || $70 ||
 * **Land line** || bundle || $89 ||
 * **TV** || bundle ||
 * **Internet** || bundle ||
 * || **Total monthly cost:** || $159 ||






 * Food and Household Items **




 * Miscellaneous **

Student Loans = $150 per month =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;">**Answer: It was close but still in the negatives** <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">
 * <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="font-family: Palatino Linotype,Book Antiqua,Palatino,serif;">A: What really threw off my balance is probably the amount I spent on food and maybe even my vehicle that I got. ** <span style="font-family: Palatino Linotype,Book Antiqua,Palatino,serif;">
 * <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="font-family: Palatino Linotype,Book Antiqua,Palatino,serif;">A: I was able to act like I was ready to settle down my life and make a nice simple budget. Of course all the materals and stuff I got in the simulation wasn't realistic even though it looked all cool. ** <span style="font-family: Palatino Linotype,Book Antiqua,Palatino,serif;">
 * <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;">**A: How to prepare for the outside world and how tough handling money can be even if you try your best not to go into the negatives with your balance**