Reality 101 ppt
- 1. Reality 101Careers and Future Budgets
- 2. Career Choices *Underlined jobs require more than 4-year degree
- 3. Reality 101 Student SheetKEEP IN MIND THAT ALL OF THESE SITUATIONS ARE FOR EDUATIONAL PURPOSES ONLY, AND ARE NOT REAL!!!Complete name, job, and monthly gross salaryIf the DAY of your birth date is even, you are single; if it is odd, you are married. Then, include your spouse’s hypothetical name, job, and monthly gross salary, if applicable.Pick your children and name them, if applicable.Pick a pet and name it/them, if applicable.
- 4. IncomeCalculate your net income using the following percentages:Federal Withholding Tax - 9% of grossSubtract 0.5% from the 9% for each dependent FICA - 6.2% of grossMedical - 1.45% of grossFIND TOTAL NET INCOME
- 5. ExpensesPAY YOURSELF FIRST – P.Y.F.Deduct 10% of net monthly salary HOUSINGwww.classifieds.flatoday.comSomething to think about … first AND last month to move in?STUDENT LOANS (spouses too)2-year college, deduct $50/month4-year college, deduct $150/monthMaster’s degree, deduct $200/monthDoctorate/law degree, deduct $300/monthMedical degree, deduct $600/monthResearch www.collegeview.com to decrease need for college loans.
- 6. Expenses continued…FOOD$75/week per adult$50/week per childCLOTHING$50/month per adult & childCHILD CAREper weekInfant (6 weeks-12 mo) $150Toddler (12-24 mo) $1402 year old $1203 to 4 year old $110Before/After school $ 75Family Discount - 10% off per additional child
- 7. Expenses continued…UTILITIES – Electricity, gas, & waterOne-bedroom apartment $150Two-bedroom apartment $175Three-bedroom apartment $200TRANSPORTATION (used-one per adult)09 Hummer $50008 Nissan Pathfinder $40098 Infiniti $45005 Toyota Corolla $42002 VW Jetta $32504 Dodge Quad Cab $30001 Buick LeSabre $250
- 8. And more expenses…GAS$100 per monthAUTO INSURANCE (6-month policy)Single male $800Single female $700Married couple $865HEALTH INSURANCEFamily policy $300Individual $ 80
- 9. Last of expenses…CABLE/INTERNET (optional)Basic $22Standard $63Internet only $50Premium $100Premium w/internet $160CELL PHONEAverage plan $40 per phoneLIFE HAPPENS CARDSPick two cards
- 10. Time to totalAre you in the black or red?Do you need to supplement your income?If you are married only one of you can get a second job, unless you have no children. You may not work more than 20 hours at your second job!Phone call center $15/hrAdult Ed Teacher $21/hrSales $7/hrRestaurant Server $15/hr
- 11. Net WorthNet Monthly Income = Income – LiabilitiesClass discussion