Thursday, May 5, 2011

Ch.7 Budget Plan

For my chapter 7 project, I am asked to choose a career and I chose to be Management Analyst in California. My annual wage will be $45,600. I will go to UCLA , majoring in business and the cost for 4 years of tuition is a total of $110,486. My summer job will be working at AMC theater by Emery ville and my hourly wage will be $7.50. The total numbers of hours I will work is 42 hours so the total amount of money I will get by the end of the summer will be $630. I will put
$500 dollars into my college tuition fund. The financial aid i have applied for will be FAFSA, low income $20,000.*I asked my sister and she got this amount 4 years ago, so I assume I will get more than the initial amount. Federal Supplemental Educational Opportunity Grant (SEOG), low income $4000 per every academic year = $16,000. National Science and Mathematics Access to Retain Talent (SMART) Grant, low income $4,000 for third and fourth academic year = $8,000. Parent savings: $30,000 **family gave me consent Total: $75,000. The scholarships I have applied for will be Frito-Lay Minority Business Scholarship - $2,000 renewable 3 years = $6,000. I am indeed interested in a career in sales management. I will demonstrate leadership in extracurricular activities. Jefferson Pilot Business Fellows - $2,000 renewable 4 years - $8,000. I will have interest on nonprofit organizations to work my way up into developing entrepreneurship. Keith Alan Copeland Memorial Business Scholarship - $2,500 renewable. My GPA is above 3.0 and I will attend many college of business activities.Tom and Marye Kate Aldridge Business Scholarship - $5,000. My GPA is above 3.0 and I will participate in many campus activities.Total of all scholarships: $14,000$75000 + $14000 = $89,000. I will need at least $26,000 in loans to finish paying for college, so I decided to get a student loan from Wells Fargo. With that loan, I calculated whether or not will i be able to pay it off without going into debt and my salary will be able to cover it within 120 payments maximum. My career will take place at Synnex Corporation, it is located at 44201 Nobel Drive Fremont, CA 94538. My annual salary there will be $66,807. This company is giving us a very healthy benefit. Medical Insurance, Dental Insurance, Vision Flexible, Spending Accounts, 401(k) Plan, Employee Stock Purchase Program, Income Protection, Emergency Travel Program, Employee Assistance Program, Vacation, sick and holiday pay, Nationwide Health Club Membership, Discount Program, Tuition Reimbursement Program, Employee Referral Program, Employee Product Purchase Plan, Pet Insurance. All of these benefits will be covered and the only cost will be $100 a month every paycheck. I chose my house to be close by my workplace. Trinity Way Apartments 39655 Trinity Way, Fremont, CA 94538 Model A 1 room, 1 bath. Utilities included: Gas, Water, Trash pickup. Rent price: $1095. As for transportation, I will be driving there and back from work. It is a 24 minute drive total. 12 minute going, 12 minute coming back. My car will be a 2007 gray Toyota corolla. It has 60,000 miles on it already so it will require frequent maintenance. For payments, my registration fee will be $175 and my car insurance will be Triple A. The cost of car insurance will be $750 for the annual price. The price of gas should be estimated to 60$ every month because the distance to my house and job inst far. As for maintenance, like smog check and engine check, I will have a discounted price, because my close cousin owns a car shop. So my total transportation expense $122 every month, it will be less if you subtract the cost of maintenance.

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