High School Math Teacher – Cobb County AND Part-time Tutor Annual Starting Salary - $42,427.00 -Tutoring income $8,320 - Teaching income $34,427 Pre-Tax.

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Presentation transcript:

High School Math Teacher – Cobb County AND Part-time Tutor Annual Starting Salary - $42, Tutoring income $8,320 - Teaching income $34,427 Pre-Tax Monthly Salary: $3, Less: Taxes at 28.8% ($3, *.288) = $1, Take home Salary: $2,517.33

4-year cost: $ 74, Less: Armed Forces Scholarship: $8,000 Total loan- $ $66, Loans: Direct Subsidized Plus Loan AmountTimeInterest RateCompounded $27,00010 yrs (120 months) 4.66%monthly AmountTimeInterest RateCompounded $39, years (300 months) 4.292%monthly Federal Loan Payment: $ Plus Loan Payment: $ Total loan payments: First 10 years: Last 15 years: $230.36

2011 Honda Civic Cost of car: $10,570 Monthly Payment: $ Lending Bank: Bank of America AmountTimeInterest RateCompounded $10,5705 years (60 months) 2.49%monthly

Home: Address Should include the following: Pictures Description Pricing information: Price you paid Future value price Terms of loan (# of years, interest rate, bank) Monthly payments

Investments: Must include the following: Investment company Type of investment Interest percentage How often does it compound Amount of monthly deposit/payment or is it a one-time lump sum?

Credit Card expenses: Type of Credit Card Outstanding balance Annual Interest rate Monthly payment amount How long will it take you to pay off?

Household Expenses: yours may look different according to your expenses Monthly CostHow/Where you determined cost Cell phone Internet Cable Water Gas Electricity Car Insurance Renters Insurance Health Insurance Food Entertainment Savings Total

Total Monthly Expenses Repayment of Education Loans: $ Car payment: $ Apartment Rent: Household Expenses: $1, Total monthly Expenses: $2,189.31

What’s Left? Post – Tax Salary: $2, Monthly Expenses: (2,189.31) Remaining income: $328.02

Summary…. What did you gain? $2, What would you change? What did you learn as a result….what didn’t you know about “life” before starting this project What would you apply in real life?