Mr. Raymond Financial Future

Choosing a Career “Choose a job you love, and you will never have to work a day in your life.” (Confucius)

Choosing a Career CNBC 10 best jobs for the future: App developer Computer systems analyst Nurse practitioner Physical therapist Health services manager Physician assistant Dental hygienist Market research analyst Personal financial adviser Speech language pathologist

Choosing a Career The 10 best jobs for the future: App developer Computer systems analyst Nurse practitioner Physical therapist Health services manager Physician assistant Dental hygienist Market research analyst Personal financial adviser Speech language pathologist

Choosing a Career The 10 best jobs for the future: App developer Computer systems analyst Nurse practitioner Physical therapist Health services manager Physician assistant Dental hygienist Market research analyst Personal financial adviser Speech language pathologist

Choosing a Career The 10 best jobs for the future: App developer Computer systems analyst Nurse practitioner Physical therapist Health services manager Physician assistant Dental hygienist Market research analyst Personal financial adviser Speech language pathologist

Choosing a Career The 10 best jobs for the future: App developer Computer systems analyst Nurse practitioner Physical therapist Health services manager Physician assistant Dental hygienist Market research analyst Personal financial adviser Speech language pathologist

Choosing a Career The 10 best jobs for the future: App developer Computer systems analyst Nurse practitioner Physical therapist Health services manager Physician assistant Dental hygienist Market research analyst Personal financial adviser Speech language pathologist

Choosing a Career

Best college majors https://www.kiplinger.com/slideshow/college/T012-S001-best-college-majors-for-your-career-2017-2018/index.html https://www.thepennyhoarder.com/life/best-college-majors/

My Financial Future Project You will create a PowerPoint in which you create a yearly budget for the “future you.” We are using “average” or median salaries and expenses. Because we live in an expensive city and therefore salaries will probably be higher I will allow you to increase your yearly median salary by $10,000 This project is based on the future you between the ages of 30 & 40. Yes one day you will hopefully get paid more and will be able to afford more. Remember the average starting salary for recent college grads who are lucky enough to find “real” jobs is $47,000 – you’ve got to pay your dues.

My Financial Future Project You will create a PowerPoint in which you create a yearly budget for the “future you.” We are using “average” or median salaries and expenses. Because we live in an expensive city and therefore salaries will probably be higher I will allow you to increase your yearly median salary by $10,000 This project is based on the future you between the ages of 30 & 40. Yes one day you will hopefully get paid more and will be able to afford more. Remember the average starting salary for recent college grads who are lucky enough to find “real” jobs is $47,000 – you’ve got to pay your dues.

My Financial Future Project Google career average salary If I find discrepancies there will be a deduction

Slide I Career: _______________________ Median Salary: _________________________ Salary: _________________ x %: Income Taxes ___________________ Salary: ______________ - Taxes:______________ = Spendable Income: ____________ Divide by 12: Monthly budget _____________

Housing – Slide 2 Financial planners suggest 30 to 25% of “take home pay” (post tax) for housing (Note you can rent!) Includes: mortgage, taxes, homeowners insurance, condo fees Costs will be split if married Ex: if your monthly budget is 10,000 and you are married you can afford $5,000 if single you can afford $2,500 Considerations: location, # of children, willingness to commute, preferences Find a house on Zillow, or Realtor.com – will break down mortgage payments, taxes, & fees

Housing – Slide 2 House/Condo address Monthly mortgage or rent ________________ Taxes __________________ Additional Fees ______________________ Homeowners insurance __________________ Furniture & upkeep ___________________ Total monthly homeowners expense Pictures of your home

Food & Clothing Food: Americans spend more than 6% of their annual income on food every year. Family of four between $712 to $1,106 per month on groceries. Average 2 person family on “moderate budget” $554. Divide in half if married. Clothing: Forbes – average family spends $1,700 on clothing per year. According to CreditDonkey.com between $161 & 200 per month. Figure out your total number of kids & come up with a monthly budget which can be divided in half if married

“Beauty includes haircuts, shampoos, toothcare, soaps, etc. Health & Beauty The average family spends $385 on healthcare including insurance premiums, co-pays, and out of pocket expenses. Can divide cost in half if married. “Beauty includes haircuts, shampoos, toothcare, soaps, etc. Slide Three: Food & Clothing monthly__________________ Health & Beauty monthly ___________________ Monthly total plus pictures

Utilities – Slide 4 Electricity: Condo/Apartment - $85, House - $150, Mansion - $300 Water: Condo/Apartment - $15, House - $25, Mansion - $40 Phone: $150 Internet / Cable: $120 Netflix: $25 Prices many vary so feel free to do your own research you can divide cost in half if married – come up with total per month

Automobile – Slide 5 Choose your automobile – look up total cost & lease cost – you can only afford a car based on your left over budget. You won’t share a car with your spouse so this is all on you! Car insurance: When you chose your car look up insurance rates Gas: $100 to $300 depending on commute Some people think it’s better to lease a car than purchase. Speak to your parents.

Entertainment / Vacations Vacations: Prices can range drastically. Choose one or two vacations for you and (or) your family. Pick destination and price out airfare, hotel, meals, etc. Take your total amount and divide it by 12 for your average monthly cost. Divide in half if you are married. Are you a homebody or do you like to go out? On average Americans spend 5% of total income on dining out. Other expenses: movies $20 per person per movie, concerts, shows, nightclubs? (hopefully not at your age)

Entertainment / Vacations Slide 7: Vacation(s) – details (location, airfare, hotel, car rental, etc.) Price Pictures Entertainment – details (dining out, movies, concerts, etc.)

Childcare – Slide 8 According to a recent government report parents can expect to spend $250,000 to raise a kid today (Huffington Post 2016) Birthday parties ($300 per kid), gifts ($935), children’s sports programs (extra $671 per year in equipment & fees), babysitters/childcare (10% of household income – Money Magazine 2016), etc. List breakdowns & total price Slide 7 Vacation: details plus total expense divided by 12 Entertainment: details plus total expense divided by 12

Electronics – Slide 9 Electronics: Average family spends $1,200 on electronics per year Families with teens spend an additional $500 per year (CNET 2017) Choose electronics that you and your family currently use and price them out (televisions, cell phones, laptops, game consoles, DVRs, etc.) List prices on your slide of the costs of electronics that you and your family would like to purchase.

Appliances / Furniture – Slide 10 Average family spends around $4,420 on appliances, furniture, landscaping etc. Price out appliances: refrigerator, oven, air conditioner (central air?), washer & dryer, dishwasher. List prices and look at average lifespan.

Yearly Total Plus Savings Slide 11: Tally up monthly totals on one slide to give you your yearly spending. Subtract from your post tax spending budget and you will get your savings (if you have any)… If you’ve gone over you will have to make some deductions (maybe you can’t afford that Porsche after all )