Semester project Personal Finance

Developing a sound financial life

Economic BioGraphy - Future Career Duties and Responsibilities Necessary Training/Schooling Expected Salary

College Financing Cost of Degree – be specific on how it was calculated (school, tuition, room/board, # years, etc.)

Monthly Costs - Budget Groceries $0 Dining out Other Subtotals FOOD Projected Cost Groceries $0 Dining out Other Subtotals PROJECTED MONTHLY INCOME 8150   HOUSING Projected Cost Mortgage or rent $2,000 Phone $10 Electricity $100 Gas $80 Water and sewer $50 Cable $0 Waste removal $40 Maintenance or repairs Supplies $30 Other Subtotals $2,360 PROJECTED MONTHLY INCOME 8000   HOUSING Projected Cost Mortgage or rent $2,000 Phone $10 Electricity $20 Gas Water and sewer $50 Cable $0 Waste removal $30 Maintenance or repairs Supplies Other Subtotals $2,210 PROJECTED MONTHLY INCOME $   HOUSING Projected Cost Mortgage or rent $0 Phone Electricity Gas Water and sewer Cable Waste removal Maintenance or repairs Supplies Total Insurances Subtotals ENTERTAINMENT Projected Cost Video/DVD $0 CDs Movies Concerts Sporting events Live theater Other Subtotals TRANSPORTATION Projected Cost Vehicle payment $0 Bus/taxi fare Insurance Licensing Fuel Maintenance Other Subtotals LOANS Projected Cost Personal $0 Student Credit card Other Subtotals SAVINGS OR INVESTMENTS Projected Cost Retirement account $0 Investment account Other   Subtotals PERSONAL Projected Cost Food $0 Medical Grooming Clothing Health club Laundry and Dry Cleaning Other Subtotals GIFTS AND DONATIONS Projected Cost Charity 1 $0 Charity 2 Charity 3 Subtotals TOTAL PROJECTED EXPENSES $8,000 TOTAL PROJECTED INCOME 8000 TOTAL DIFFERENCE $0 TOTAL PROJECTED EXPENSES $0 TOTAL PROJECTED INCOME 80 TOTAL DIFFERENCE In each of the boxes, explain how you arrived at the expenses you did. Include any relevant websites you used for your research

Future budget explanations/Savings Plan Housing-apt on your own? with roommates?? Buy a house? Transportation-buy a car? Use the bus? Ride a bike? Food-eating out or preparing your own? Gifts and Donations-do you plan to budget giving to others? What if money gets tight? Savings and Investments-how much and how do you plan to make it happen Loans-student loan? Auto loan? Credit cards? Entertainment-what kinds will you budget for? What can you do for cheap?

W-4 Form - Filled in

W-4 Form 2nd half – Filled In Don’t include your SSN

W-2 form – Filled in as though from Employer Don’t include your SSN

Finance term 1-donating Define donating Is it something you will budget for? Why or why not.

Finance term 2-Net income Define net income What does this mean to you? Was it a new term?

Finance term 3-Budget Define budget What did you learn regarding this word and its usefulness or lack thereof? How will you go about creating one?

Understanding Credit

credit cards Find 2 credit cards that you feel are the best options out there for you (rewards, flyer miles, cash back, interest rates, etc.) Insert a table comparing at LEAST 5 categories (interest rate, annual fees, late fees, rewards, etc.) Which of these would you choose and why OR do you even plan on getting one at all because of what you have learned?

payday loans What did you learn about payday loans? When is this an option for obtaining money? Explain.

My credit score Research how credit scores are calculated and give an estimate of yours currently. What things did you consider when figuring out your score?

Financing a car Year, make, model of first car. Price, down payment (if making one), sales tax, total purchase price. Offer 1-monthly payment with interest rate and which institution Offer 2 Offer 3 Which offer you would choose and why

Financing a house Estimated price of first house Offer 1-interest rate/term and institution Offer 2 Offer 3 Which offer you would choose and why

Bank or CU NAME What bank or credit union would you choose? Explain why (mortgage, auto rates, savings rates, etc.)

Creditor Define creditor and explain the different types (personal, real).

Good Debt Define good debt and explain what types of good debt you will have in your life and why it is considered "good".

Identity Theft Define Identity Theft How can it be prevented and what steps will you take to protect your identity? What do you need to do if your identity is stolen?

Spending money

Monthly expenses, Fixed Define fixed expenses List all future fixed expenses and their estimated amounts

Monthly Expenses, Flexible Define flexible expenses List all future flexible expenses and their estimated amounts

3 short term debt items Define short term debt List three long term debts and explain why they are STDs Explain how you plan to handle short term debts

3 long term debt items Define long term debt List three long term debts and explain why they are LTDs Explain how you plan to handle long term debts

Savings plan Insert budget from previous slide and state your monthly savings

Savings plan Explain your long-term savings plan considering all aspects (Roth, 401k, IRA, savings account, stocks, etc.) and ultimate goal.

Budget expanded Explain what your monthly income will be spent on or why some bills may be very low (i.e. cable =$8 because you will only have netflix) This may take more than 1 slide

Spending term-financial emergency Define financial emergency What did you learn regarding this word and how will you account for it?

Spending term-savings Define savings What did you learn regarding this word and its usefulness or lack thereof? How did it change the way you think of money?

Spending term-fixed variable expenses Define FVE Give some examples and how you can lower these expenses

Banking and insurance

account(s) I will have-Kind here Specify what kind of account you will have and why. Advantages, disadvantages, how much you will keep in there and why that amount. (Should fill most of the page) One account per page—you should have at least 2 but do not go over 5

3 Insurances-Health, life, house Health Insurance- estimate what your risk level is and with that, research premiums, coverages, deductibles for health insurance. State all of the above and what company you would go with and why. Home Insurance-research what this covers, find a company you feel comfortable with and explain why Life Insurance-should be fairly similar to health insurance

Banking and insurance term-Credit Union Define credit union and explain its similarities and differences to a bank. Is this the type of institute you plan on using, why or why not?

Banking and insurance term-internet banking Define internet banking and explain its pros and cons Is this something you plan on using, why or why not?

Banking and insurance term-Warranty Define warranty and explain its pros and cons given different situations if necessary Do you see this as something useful in your future, why or why not?

Investing Money

Investing Terms-Mutual Fund Define Mutual Fund. Describe the pros and cons of having one.

Investing terms-bonds Define Bond. Describe the pros and cons.

Investing terms-stocks Define stocks. What are the pros and cons? On another slide, include what you learned from the Stock Market Game and if that had an impact on whether you will or will not get involved in stocks in the future.

Earnings What kind of earnings (interest) do you hope to make on your savings? Explain the Rule of 72

Retirement planning Explain each of the following: Social security, 401k, Roth IRA, and Traditional IRA. Include some general information and the pros and cons of each, and which one(s) you plan to use in the future. Do not put more than 2 on one slide.

Money set aside Given your occupation, what do you plan to save every month and what is your ultimate goal by doing so? What kind of investments (mutual funds, bonds, stocks, etc.) do you plan on making and why? What is your retirement plan (how much to have saved, by what age and what you will do to get there)?

summary What is your savings plan (amount saved per month and ultimate goal by doing so)? What is your retirement plan (how much to have saved, by what age and what you will do to get there)? Where do you plan to be financially (net worth) at 20 years old? 35? 55?

feedback What did you like most about the Personal Finance course? What could improve this course for future classes?