LIFE GAME ACTIVITY Budget Unit Personal Finance Coach
LIFE GAME ACTIVITY Budget Unit Personal Finance Coach Guttmann
Your Job � High School Graduate � $880. 00/month � ($5. 50/hour) Associates Degree (2 year) � $1440. 00/month � Bachelor’s Degree (4 year) � $2000. 00/month � ($9. 00/hour) ($12. 00/hour) Ph. D. � $4000. 00/month ($25. 00/hour)
Taxes, Taxes � Deduct the following monthly for each job: � High School Grad = -$246. 00/month Associates Degree = -$403. 00/month Bachelors Degree = -$560. 00/month Ph. D. = -$1120. 00/month � � �
Net Income To figure your “Net Income” (take home pay) Gross Income - Taxes = Net Income Calculate your Net Income and write down
Rent � Where are you going to live? Place Thrifty � Efficiency (1 room) � 1 Bedroom � 2 Story Condo � Live with Parents (help with expenses) $300 $350 $450 $500 $100 Expensive $600 $750 $1200 $1400 $200
Utilities � Living alone � Efficiency / 1 Bedroom � 2 Bedroom / Condo $100/month $150/month
Car - Transportation � � � � Car Mo. Payment Maint. /Gas Sweet (BMW) $976 (War) +$100 Nice (Infinity) $732 (War) +$100 Good (Mustang) $610 (War) +$100 OK (Chevy) $488 (War) +$100 Decent (Honda) $366 (War) +$100 Basic (Toyota) $244 (War) +$100 Used $122 + $60 +$100
Auto Insurance � Must have (legal requirement) � If living at home and you drive their car � $166. 67/month � (on parent’s policy) If you have your own car � $333. 33/month
Health Insurance (Optional) � If you are going to have health insurance: � High School grad & Associates Degree � NO partial benefits � $100. 00/month � Bachelors Degree & Ph. D. � Partial Benefits � $40. 00/month
Phone/Cable (Optional) � Phone � Home Phone (with Long Distance) � Cell Phone � +$35. 00 +$50. 00 Cable � Basic � Premium � Pay-per-view +$40. 00 +$60. 00 +$90. 00
Food � Eating at home (all meals/month) Eat well $300 Eat moderately $200 Eat thrifty $150 � Eating out Dinners Lunch Breakfast + $30 (alone) each + $10 +$5
“Extra” Expenses � Clothes � Stylin’ +$200/month � Looking sharp +$100 � Bargain Basement +$20 � Entertainment � Per � “night out” +$50 Vacation � From “Road Trip” ($50/month) – “B&B” ($500/mo. )
And the total is… � Now, total your expenses � Subtract your “Total Expenses” from your “Net Income” to get your “Total Cash Flow” � How many had money left over at the end of the month? ? ? � How many thought about “Paying Yourself First”?
- Slides: 13