Budgeting Ms. Palmer, LVPHS. Monthly Income (HS diploma) Let’s assume you get a job that pays $10/hour right out of high school. If you worked 40 hours.

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Presentation transcript:

Budgeting Ms. Palmer, LVPHS

Monthly Income (HS diploma) Let’s assume you get a job that pays $10/hour right out of high school. If you worked 40 hours per week, how much would you make in a typical week? How much would you make in a month? (4 weeks per month) Answer: $1600 What would your annual earning be? Answer: $19200

Monthly Income (right out of college) Would you like to be a graphic designer, financial analyst, copywriter, or public relations assistant? How much do you think they would typically make in an entry level position (annual salary)? Weekly: Monthly: $3, Annually: $46,000

Taxes.. a guarantee in life! Types of taxes: Federal Income Tax State Income Tax Sales Tax Property Tax Capital Gains Tax, Death Tax

Federal Tax Rate Taxable Income:You Pay: Calculate your federal income tax!

State Income Tax Calculate your state income tax!

Where would you live? Rent a room? Rent an apartment? Buy a house? Rent a room? Rent an apartment? Buy a house? One bedroom: $1246-$1431

Do your research! Buy a condo?$600 Room for rent West end of Corona, close to freeways One roommate, 28 year old female $175,000 for 756 square feet Treeline Dr #208 Corona, CA 92879

What other living expenses will you have? Electricity Gas Cable? Hulu? Netflix? Cell phone Internet Trash Water Food Transportation? Insurance? Healthcare Clothes Entertainment Student loans Retirement? Investments? Savings? Vacation fund?

You must plan! Create a budget:

New Car vs. Used Car What is the best choice for you? 2016 Honda Civic: $18,640 starting msrp Honda Civic LX - $9,290 in Yorba Linda 83,000 miles