Copy of Lucas Dubois - Cost of Life on 2022-11-29 09_10_52
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School
Smithfield-selma High *
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Course
101
Subject
Finance
Date
Nov 24, 2024
Type
Pages
3
Uploaded by DukeDanger9183
Cost of Life
After completing the
Career
One
Pager
, use the information you gained about you salary and help
figure out what it will cost for your living expenses.
Career
1.
What is
Monthly Salary
: 34379
2.
What is your
Yearly Salary (Monthly Salary x 12=)
: 412550
Calculate
your
taxes
(
https://smartasset.com/taxes/paycheck-calculator
)
1.
What is your
Monthly Taxes
: 12972
2.
What is your
Yearly Taxes (Monthly Taxes x 12=)
: 155664
Totals
1.
How much will you make a year after taxes: (
Yearly Salary
-
Yearly Income Taxes=
) 256886
2.
How much will you make a month after taxes: (
Monthly Salary
-
Monthly Income Taxes=
) 21407
Budgeting
What expenses will you need to consider when creating a budget for yourself? List all of the items you
may need to consider.
1.
Food
2.
Car
3.
Mortgage
4.
Emergency Fund
5.
Household maintenance
6.
Subscriptions
7.
Guests
8.
Travel Expenses
9.
Prescriptions
10.Pet care
11. Entertainment
12.Holiday gifts
What is the 50/30/20 rule?
50 Essentials
30 Needs
20 Wants
Rent/
Mortgage
Payment
What is the difference between rent and mortgage?
A mortgage is a type of loan that's used to purchase real property such as your house or condominium,
whereas rent is a payment made to the property owner for a right to occupy the place.
Your rent/mortgage payment should not be more than 30-35% of your gross (total) income.
Go to
zillow.com
and research houses in the area that you would like to live in. Find a home that falls
within the 30-35% of your gross (total) income and meets your needs and wants.
1.
Total cost of house: 799,900
2.
20% Down Payment: 159,980
3.
Monthly payment with 20% down payment: 4,422
4.
10% Down Payment: 79,990
5.
Monthly Payment with 10% down payment: 5,253
Describe your house below…
4,000 Square foot house in boone with 4 bedrooms and 5 bathrooms its in the middle of the woods and
has a path out back to the creek
What other costs will you have to consider when you purchase a house?
Property tax, HOA fees, insurance, home maintenance, repairs and utilities
Car
Payment
What is the difference between leasing and owning a car?
Leasing a car means that you basically rent it for a specific and limited time period. Buying a car means
you own it outright and build equity in the vehicle with monthly payments
Your car payment should be no more than 10% of your gross (total) income.
Go to
carmax.com
and find a car that falls within the 10% range of your gross (total) income and meets
your needs and wants.
1.
Total cost of vehicle: 104,998
2.
Taxes and fees: 3,650
3.
Down payment: 5,000
4.
Monthly payment: 3,344
Describe your car below
....
2021 Chevrolet Corvette Stingray 3LT red and sleek updated with all the most recent technologies with
only 5k miles
What other costs do you have to consider when buying a car?
Car insurance, gas, maintenance, licensing fees, state taxes, vehicle depreciation
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