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Finance Lifestyle Project

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by

Emily Disney

on 18 December 2013

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Transcript of Finance Lifestyle Project

Finance Lifestyle Project

Oncologist:

An Oncologist is a type of doctor who specializes in the study and treatment of cancer.
Car and House:
Nissan Xterra: $27,943
College:
Conclusion:
This unit has taught me more than just how to plug numbers into and equation. Finances are a part of everyday life once a person graduates high school. This project served as a reality check. The cost of living, let alone college, was much more than I had expected. However, after apply this unit to real world situation I have learned the importance of spending your money wisely. Both budgeting and saving money at a young age are methods to help secure a financially stable future. Also, this project has taught me the importance of going to college. Although it cost a lot of money to go to college, in the long run your salary will reflect your hard work. Lastly, this assignment has made me appreciate the hard work my parents put into their own budget. They have saved their money wisely and are good financial role models. I will carry the lessons I have learned in this unit with me for the rest of my life. I know that sounds really cheesy but being smart with your money is a life skill.
Budget and Expenses:
Age 26:
$172,690 (starting gross salary)
X .941 (Obama Care will cause -5.1% decrease in Doctor pay)
= $162,501.29 (starting salary with new Obama Care)
-$18,193.75 (tax bracket cut)
=$144,307.54
-$52,668.93 (excess over $89,350 is taxed at 28% for tax bracket)
= $91,638.61 (is my annual net salary)
/ 12 (amount per month)
= $7,636.55 (monthly starting income)
Emily Disney
Mr. Parr
PreAP Precal 1st
14 December 2013

College Fund Records:
In order to pay off my 3 years of medical school at Baylor College of Medicine, I must apply for a Federal Unsubsidized Stafford Loan. I can barrow up to $138,000 at a 5.41% set interest rate. I will only need to get $128,885 to cover my schooling.
To pay off my student loans in 10 years, I will need to make a monthly payment of $1393.00.
My Expenses at Baylor College of Medicine:
3 Year Program

In Dade County Florida, located by Miami, there are no state income taxes. However, with the new Obama Care health care coverage, a doctor's salary is effected and reduced. Also there is a high demand for Oncologist in this region. With the technogly avaivable during this time period, a cure for cancer must be on the horizion.
I am interested in becoming an Oncologist because I have witness the calamity cancer can bring to family. My goal is not only find a cure for this disease but to preform the necessary care to those who need it most. I am a sociable and optimistic person. With these traits, I can
instal hope into the hearts of those who have been given cancer. Also my people skills will come to play when i interact with my various patients. I also can met deadlines and have proven to be responsible with thru my grades and volunteer work. At school my electives have included both Principal of Health Science and Anatomy. These science courses will help guide me towards my career goals. Also I hope to be excepted into the clinical program at Boyd my senior year. These science courses will help guide me towards my career goals. The best feeling is knowing that you did a good deed for someone. Honestly, all I want to do in life is to help those in need. But between a social worker and an Oncologist, one salary may be alittle higher than the other.
Suburb of Kendall: $280,000
House Payment Plan:
The bank has a 2.34% interest rate for 30 years.
Car Payment Plans:
Car price: $27,943
Car price with 6.25% tax: $29,689.44
Bank loan interest rate: 2.34%

Age 31:
$241,639 (medium gross salary)
X .941 (Obama Care will cause -5.1% decrease in Doctor pay)
= $227,382.30 (medium salary with new Obama Care)
-$45,353.75 (tax bracket cut)
=$182,028.55
-$27,491.64 (excess over $186,350 is taxed at 33% for tax bracket)
= $154,536.911 (is my annual net salary)
/ 12 (amount per month)
= $12,878.08 (monthly medium income)
Age: 36
$315,637 (average established gross salary)
X .941 (Obama Care will cause -5.1% decrease in Doctor pay)
= $297,014.42 (established salary with new Obama Care)
-$45,353.75 (tax bracket cut)
=$251,660.67
-$74,145.16 (excess over $186,350 is taxed at 33% for tax bracket)
= $177,515.51 (is my annual net salary)
/ 12 (amount per month)
= $14,792.96 (monthly established income)
3Years
4Years
5Years
Because I am not tight on finances, I can afford to pay off my car in 3 years. This option is the best since I will not not have to pay as much interest to the bank over time.
Retirement:
I have found that it is more beneficial to start saving for retirement at an early age. If you start saving when you leave college than you can pay less money each month in comparison to waiting until your forties and having to pay over a thousand dollars each month. The final comparison above allows me to have 1.5 million dollars by the age of 65.
Start Saving at 40:
Start Saving at 25:
Parents will pay $301.65 a month
Full transcript