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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.

Published byEric Shields Modified over 9 years ago

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Presentation on theme: "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."— Presentation transcript:

1 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 Monthly Salary: $3,535.58 Less: Taxes at 28.8% ($3,535.58 *.288) = $1,018.25 Take home Salary: $2,517.33

2 4-year cost: $ 74,721.60 Less: Armed Forces Scholarship: $8,000 Total loan- $ $66, 721.60 Loans: Direct Subsidized Plus Loan AmountTimeInterest RateCompounded $27,00010 yrs (120 months) 4.66%monthly AmountTimeInterest RateCompounded $39,721.6025 years (300 months) 4.292%monthly Federal Loan Payment: $281.91 Plus Loan Payment: $230.36 Total loan payments: First 10 years: 512.27 Last 15 years: $230.36

3 2011 Honda Civic Cost of car: $10,570 Monthly Payment: $187.54 Lending Bank: Bank of America AmountTimeInterest RateCompounded $10,5705 years (60 months) 2.49%monthly

4 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

5 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?

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

7 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

8 Total Monthly Expenses Repayment of Education Loans: $ 512.27 Car payment: $ 187.54 Apartment Rent: 339.50 Household Expenses: $1,150.00 Total monthly Expenses: $2,189.31

9 What’s Left? Post – Tax Salary: $2,517.33 Monthly Expenses: (2,189.31) Remaining income: $328.02

10 Summary…. What did you gain? $2,517.33 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?

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