State the profession that you intend or would like to pursue and where you would like to live. Explain something about why you selected your chosen profession and desired location. Research
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Requirements: Answering questions
MGF 1107 PROJECT #03 – BUDGET
Objective: This project is intended to give you practice with calculating income from investments and predicting monetary needs based on future and current expenditures. You will identify professions and locations that appeal to you so that you may begin thinking about what may affect future decisions.
Make the following assumption: You will graduate this Spring and get your preferred job immediately upon graduation. Be sure to show all calculations when asked.
State the profession that you intend or would like to pursue and where you would like to live. Explain something about why you selected your chosen profession and desired location.
Research potential starting salaries and possible house prices for your choices in your desired location and provide them. Include your citations for the values and any assumptions that you are making about your choices.
Research what the state and federal income taxes are for the state in which you want to live. Keep in mind that not all states have a state income tax. Based on your research, what will your salary be after taxes? Show calculations.
Lets assume that housing prices will remain relatively stable and you plan to pay 20% for a down payment for your chosen house from Step 2. Assuming that you take out a 30-year mortgage with an APR of 5% on the balance, what will your monthly mortgage payments be? Show calculations on a separate sheet.
If you put away $100 a month from after graduation until retirement (age 65) in an investment account with an APR of 3.5% how much will you have to retire on? Show calculations. Show calculations on a separate sheet.
Recreate the table on page 2 (showing monthly amounts) and calculate your monthly budget and cash flow based on the salary you found in Step 2. You can add or eliminate as needed.
What is your net cash flow each month? Show your calculations.
If your monthly cash flow is negative, explain what adjustments would make sense for you to make in your lifestyle in order to meet your monthly goals. Make sure your response is realistic.
What are your thoughts on your chosen profession and chosen location? Do you feel that your goals are reasonable and possible?
What are your thoughts on the retirement amount you calculated in Step 5? Do you feel that it will be enough to put away $100 a month?
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