Game of Life: My Personal Financial Plan September 21, 2018September 21, 2018 Game of Life: My Personal Financial Plan

September 21, 2018 Overview You will be creating a website outlining your personal financial goals by exploring various career pathways, housing opportunities, car loans, colleges, investments, and more! The entire project will be due in December. This project is worth 10% of your final grade. Each part will have specific deadlines. You must write in complete sentences.

September 21, 2018 Parts to the Project Bio Page (Name, class, information about you, and a picture) Part 1: Finding a Job Part 2: Paying Taxes Part 3: Creating a Budget Part 4: Create a Savings Plan Part 5: Credit Cards Part 6: Car Loans Part 7: Mortgages Part 8: Reflection

September 21, 2018 Part 1: Finding a JOB Step 1: After completing the career research worksheet, choose two careers you are interested. Step 2: Go to www.indeed.com or another site, find a job for the career you chose. Step 3: Type your results on your site and attach your future resume. Step 4: Extra Credit: Research two colleges (www.moneycnn.com) that offer your program and find how much you would owe on a student loan (www.bankrate.com).

Part 2: Pay Taxes Step 1: Learn how to fill out a tax form. September 21, 2018 Part 2: Pay Taxes Step 1: Learn how to fill out a tax form. Step 2: Fill out a tax form based on the income of the job you found at www.indeed.com. Pretend that you received your W2 and did not pay any taxes throughout the year. Step 3: Submit for a grade. Step 4: Add a new page to your website and attach your tax form. Also, using complete sentences, tell me about your taxable income and taxes due.

Part 3: Create a Budget Fill in the provided Excel budget. September 21, 2018 Part 3: Create a Budget Fill in the provided Excel budget. You are going to do a planned budget by using the recommended maximum guideline amount based on your net income Plug in the personal choice categories, and assume that you don’t have any credit cards. Adjust your categories to make your balance 0. You may decrease food if you don’t think you’ll spend the maximum amount. At this point you might want to consider getting a roommate. If so, you can cut your utilities, internet, and housing in half.

Part 4: Create a Savings Plan—getting what I want! September 21, 2018 Part 4: Create a Savings Plan—getting what I want! Go online and find three different financial institutions (at least one of them needs to be a credit union). Fill in the provided chart. Based on your research, choose one financial institution where you would like to open a savings and checking account. On your website, type your choice, findings from the chart, and why you chose that bank.

Part 5: Credit Cards & More—understanding the fine print! September 21, 2018 Part 5: Credit Cards & More—understanding the fine print! Go online and find three different credit cards. They must be from three different banks. Fill in the provided chart. Based on your research, choose one credit card. Type up a response essay to your findings from your research on your site. Submit the chart.

Part 6: Getting a car loan September 21, 2018 Part 6: Getting a car loan Research three cars at www.edmunds.com Choose three cars that you can afford based on your yearly income (monthly payment should not exceed 10% of monthly net income) Fill in the provided charts Choose a car to buy and calculate the monthly payment for a 48 and 60 month loan Type your results on your “Game of Life” site Include a picture of your car

September 21, 2018 Part 7: Buying a house Research three potential houses to buy within your budget (no more than 2.5 times your net income) Fill in the provided chart Research a 30 year and 15 year mortgage Choose a house and mortgage based on what you can afford (monthly payment should not exceed 25% of your net income) Create a page on your Game of Life site Include all of your Dream House’s features and a picture

Part 8: Reflection Reflection…answer these questions: September 21, 2018 Part 8: Reflection Reflection…answer these questions: What did you learn from this project? How will this project help you in the future? What would you change?