CH 7 How to do Make a Budget

Ch 7 Math Project

Overview: I want to become a surgeon so this is a map of how i will achieve my goal. I plan to go to Stanford University as a Pre-med student. I will take advantage of the financial aid offered there which will cover all of my expenses. After 4 years of undergraduate school, I will go to UCSF for medical school which is another 4 years. They also have financial aid which could pay for all of my tuition and I qualify for this because I had the disadvantage of coming from a poor background. During my graduate schooling, i will be living with my parents to save money. I will also be taking a part time job as a bank teller. It pays $10/hour. After graduate school, I will move to Los Angeles to begin my residency program at Kaiser Permanente L.A medical center which is another 4 years. The job pays $50,719 per year. In L.A, I will buy a house and a car to use as transportation. I will stick with this job for the next 4 years.

Career: General Surgeon

Schooling:

Undergraduate School: Stanford University

· Tuition: $38,700/year

· Room and Board: $11,876/year

· Campus Health Service Fees: $501/year

· Personal: $2,385/year

· Books and Supplies: $1,485/year

· Total per Year: $54,947

· Total For 4 Years: $219,788

· My parents make less than $60,000 so I qualify for Stanford

Universit

y’s financial aid, so I won’t have to pay for tuition, room and board, or other expenses (http://news.stanford.edu/news/2008/february20/finaid-022008.html)

Graduate School: UCSF School of Medicine

· Tuition: $30, 481/year

· Total for 4 years: $121,924

· Plan to live with my parents at this time

-Not required to pay for:

-Utilities

-Groceries

-Rent

· Scholarships:

-Scholarship for Disadvantaged

Students offers full funding and I think I qualify because I had a disadvantage by growing up poor. (https://finaid.ucsf.edu/application-process/types-financial-aid)

· Job While in School (For Both Undergraduate and Medical School): Bank Teller

-1040 Hours per Year

-$10 per Hour

-Total per Month: 800

-Total per Year: $10,400

Job after Schooling:

· Surgery Medical Program At Kaiser Permanente LA Medical Center

(http://residency.kp.org/scal/residency/surgery/benefit.html)

-Salary: $50,719

- Dental: Fully Covered

-Medical/ Vision: $30

-Retirement Plan: 401K

My House:

· Mortgage: $1,511

· Property Tax: $5,420

Transportation:

· Car: 2008 Ford Mustang GT Coupe

-Insurance: $200

-Misc: $200

-Payments: $360.75

-Registration: $200

-Gas: $57.02 (to fill up the tank)

-$104.2 per Month

Income
Monthly Gross Earnings
Subtract 28% for average withholdings
Monthly net income
Expenses
Housing		Grocery Items
Utilities		Savings
Medical Insurance		Clothing
Student Loans		Other Credit
Misc. Expenses		Entertainment
Transportation Expenses		Child Care
		Monthly expenses
		Annual expenses
Results
Monthly net income		Monthly discretionary income
Subtract monthly expenses		Annual discretionary income

Initial Deposit	$
Monthly Savings	$
Interest Rate
Number of Years
Future Value	$
Interest Earned	$

Summary: The purpose of this project was to map out our future. My map was the map of how I would become a general surgeon. I now realize there are a lot of steps to get to my goal but this project has also shown me that it is possible because I had to research how I would get there. It has also taught me things I never knew about such as grants and the amount of schooling it takes to become a surgeon.