Task:
1.) Open the spending plan attached below and estimate what you expect to be your monthly take-home pay and living expenses when you graduate from college and live on your own in a city where you wish to live. Do not overthink this part of the assignment. There is no wrong or right answer.
2.) After estimating your future monthly income and living expenses, open the Actual Spending Plan tab and conduct market research best to represent your future monthly take-home pay and expenses. Include the link or resource you used to estimate these amounts in the “Source of Value” column on the Excel sheet. Some expenses will not have a source; however, estimating something like rent should.
Additional guidance:
a.) When estimating your monthly take-home pay, click on the link below, enter your degree, divide the early career salary number by 12, and multiply that number by .70 (i.e., Degree -Accounting; Early Salary – $49,700; Monthly Gross pay – $4,142 ($49,700 /12); Monthly take-home pay – $2,899. You would input the $2,899 number in the income section of the second tab.
https://www.payscale.com/college-salary-report/most-meaningful-majors
b.) If you desire to live in Los Angeles, research the rent and utilities in the area you want to live in. You can do this electronically or call the apartment complex.
c.) When calculating your future student loan monthly payment on a 10-year standard repayment plan, estimate how much college debt you will have taken out by the end of your college career. Once you have that number, multiply it by .01 (i.e., Student loan debt is $25,000; Estimated monthly student loan payment is $250 (25,000 *.01) a month.)
3.) When you have completed part two of the assignment, schedule a time to speak with your parent(s) or guardian about your findings. During this meeting, seek their insights and input about the values you researched. You may tweak your numbers based on this conversation. Once you’ve covered your findings, ask your parent(s) or guardian the following question: What financial advice would you like to give me that you wish someone had given you when you were my age?
4.) Write a two to three-page reflection paper on what you learned by engaging in this process. Below you will find some writing prompts that you can use. Please feel free to make this as personal as you would like.
a.) Were your gut assumptions in alignment with your research? Why or why not?
b.) Is this the first time you have had a meaningful conversation about money with your parent(s) or guardian? How did it go? What did you learn?
c.) How did your findings change how you think about your financial decisions? How might you change your financial habits moving forward?
Alpharetta Georgia is the location, I have attached the excel sheet needed for the information
The degree is a Biology major which has a monthly take home of 3121
there is no student debt and a lot of the stuff that is 0 on the file is because I am fortunate enough for my parents to pay for it as well as gift money for rent and other stuff monthly
the financial advice they gave me was to save more than spend but if there is ever a time where i feel lost about finances then to come to the parents which is them and ask for help
it is the first time having meaningful conversations with my parents about finances
The research that went into this made me think about how i needed to save a lot of money rather than spend because it is a tight budget in my eyes.
the rest you can just fill in to fit 2 pages
Task: 1.) Open the spending plan attached below and estimate what you expect to
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