Reality 101Careers and Future

Budgets

Career Choices *Underlined jobs require more than 4-year degree

< 4 Years of College

Annual Starting Salary

4+ Years of College

Annual Starting Salary

Sales Clerk $15,725 Accountant $29,660

Child Care Worker $19,219 Teacher $35,000

Receptionist $19,947 FIT Instructor $35,000

Hotel Reservation Clerk

$20, 488 Programmer $37,000

Bank Teller $20,634 Insurance Underwriter

$38,272

Customer Service Rep

$21,216 Mechanical Engineer

$45,000

Cook $21,360 Financial Advisor $60,000

Vet Tech $21,362 CAD Engineer $65,000

Truck Driver $21,653 Nurse Midwife $67,500

Bookkeeper $23,109 Dentist $68,312

Mechanic $25,272 Electrical Engineer $70,000

Concrete Finisher $26,457 Pilot $71,489

Secretary $28,538 Pharmacist $89,440

Police Officer $37,247 Doctor $120,000

Reality 101 Student SheetKEEP IN MIND THAT ALL OF THESE SITUATIONS ARE FOR

EDUATIONAL PURPOSES ONLY, AND ARE NOT REAL!!!

Complete name, job, and monthly gross salary

If the DAY of your birth date is even, you are single; if it is odd, you are married. Then, include your spouse’s hypothetical name, job, and monthly gross salary, if applicable.

Pick your children and name them, if applicable.

Pick a pet and name it/them, if applicable.

IncomeCalculate your net income using the following

percentages:

Federal Withholding Tax - 9% of gross Subtract 0.5% from the 9% for each dependent

FICA - 6.2% of grossMedical - 1.45% of gross

FIND TOTAL NET INCOME

ExpensesPAY YOURSELF FIRST – P.Y.F.

Deduct 10% of net monthly salary

HOUSINGwww.classifieds.flatoday.com Something to think about … first AND last month to move in?

STUDENT LOANS (spouses too)2-year college, deduct $50/month4-year college, deduct $150/monthMaster’s degree, deduct $200/monthDoctorate/law degree, deduct $300/monthMedical degree, deduct $600/month

Research www.collegeview.com to decrease need for college loans.

Expenses continued…FOOD

$75/week per adult$50/week per child

CLOTHING$50/month per adult & child

CHILD CARE per weekInfant (6 weeks-12 mo) $150Toddler (12-24 mo) $1402 year old $1203 to 4 year old $110Before/After school $ 75

Family Discount - 10% off per additional child

Expenses continued…UTILITIES – Electricity, gas, & water

One-bedroom apartment $150Two-bedroom apartment $175Three-bedroom apartment $200

TRANSPORTATION (used-one per adult)09 Hummer $50008 Nissan Pathfinder $40098 Infiniti $45005 Toyota Corolla $42002 VW Jetta $32504 Dodge Quad Cab $30001 Buick LeSabre $250

And more expenses…GAS

$100 per month

AUTO INSURANCE (6-month policy)Single male $800Single female $700Married couple $865

HEALTH INSURANCEFamily policy $300Individual $ 80

Last of expenses…CABLE/INTERNET (optional)

Basic $22Standard $63Internet only $50Premium $100Premium w/internet $160

CELL PHONEAverage plan $40 per phone

LIFE HAPPENS CARDSPick two cards

Time to totalAre you in the black or red?

Do you need to supplement your income? If you are married only one of you can get a second

job, unless you have no children. You may not work more than 20 hours at your second job! Phone call center $15/hr Adult Ed Teacher $21/hr Sales $7/hr Restaurant Server $15/hr

Net WorthNet Monthly Income = Income – Liabilities

Class discussion