Wednesday, April 27, 2011

CH 7 How to do Mapping Your Future

Go to

The goal of this project to prepare us for the Chapter 8 Project (Make a Retirement Plan) 

Savings calculator— See how valuable saving can be

Figure out how much you will have every month left over for savings and retirement investments by FIRST making your budget. On the blog, please post the your final budget after you have do all the research below. Please include a summary of your research under each item below.

Budget calculator — Helps you develop a saving and spending plan

Notes:  (** Requires a note from parent)
             You do not have a child

Choose a career
1. Click on Middle/HS students.  Go to Explore careers
2. Once you pick a career, decide where you will live so you can determine the salary for your state.
To do: Print the chart for salary. Your actual starting salary will be in the bottom 10%.

Choose a College and Pay for it!
Go to Determine how you'll pay for college
1. Pick the college you will go to.
2. Go to the college's website to figure out the tuition for four years.
Include room, board and textbooks in your calculations.
3. Figure our how you will pay for it. You can pay for it in the following ways.
    a. Parents savings**
    b. Job Summer or while you are attending college. Please include:
        i. your hourly wage
        ii. total number of hours worked
        iii. total amount or $$ towards your 4 year tuition
    c. Scholarships (include the link, why you qualify, and how much money you got)
    d. Financial Aid: Grants (please explain which ones and how you are eligible)
    e. Financial Aid:  Loans
           Figure how much you can afford to borrow using the  Student loan debt/salary wizard
To Do: Write down all of the information from above.

Student Loan Payments
Once you know how much you owe, figure out your student loan payments.
Use the Student loan repayment calculator

Find a Job
1. Find a place to work by looking for actual jobs in the state you chose.
2. Research salary and benefits
To Do: Copy the following items:
            a. Annual salary
            b. Health Benefits (medical, dental, vision)
            c. Retirement plan (401k) or pension

Find a Place to live (No. You cannot live with your parents)
1. Apartment - go to
2. House - go to (include mortgage and property taxes)
To Do: Copy down rent OR mortgage and property taxes

How will you get to work every day.
To Do: Write down a realistic plan for getting to and from work and how much it will cost.

Car (optional)
If you have a car you must budget for the following each month.
1. payments
2. gas
3. insurance/ registration
4. misc: parking, car maintenance, etc.
To do: Write down all the information from above and figure out your monthly transportation expense.

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