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Personal Finance Final

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James Saat

on 18 June 2013

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Transcript of Personal Finance Final

James Saat
Reasons for Choosing a Job in San Francisco:
A big city usually means more opportunities
This job was one of a few I found that required only a BS
Lots of stuff going on in San Francisco
Job & Salary



The Blueberry
Transportation & Insurance
Final Portfolio
College & Loans
Money Management
Budgeting & Investing
BS in Biology with a focus on genetics
Reasons for attending KU:
Has a degree in the genetics field
Close to Kansas City and Topeka
Lots of activities
Close to family
Nice campus
Total 4 year cost: $102,356.85
This job is for a Research Associate position in South San Francisco. Duties include verifying and validating product design and performance during the product development cycle, preparing samples for analysis of DNA sequencers instruments, and operating and maintaining DNA sequencer instruments. The starting salary will be $42,500.
Short & Long-term Goals
Short term: Obtain financial aid
S: Apply for and receive scholarships and grants
M: Try to obtain at least $900 to pay for the estimated cost of books
A: Use websites such as fastwebs.com to search and apply for scholarships
R: It is realistic to get at least $900 because most scholarships are a minimum of $500. That would only be two scholarships I would need to obtain.
T: I plan to apply for scholarship through the months of May and June and be on the lookout for scholarship opportunities that arise while I am at KU
Long term: Rent an Apartment
S: Get a roomate(s) and rent a moderately-priced apartment
M: I would have to save about $350 for the down payment and $500 each month for rent
A: Try to rent apartments geared towards college students that typically aare available at lower prices
R: If I get a job, saving $500 a month is realistic because I shouldn't have any other major expenses to worry about
T: I should start saving money in freshman year, and start looking for apartments in the spring of sophomore year with my future roommates
Regular Savings Account Advantages
Can transfer money between Bank of America savings and checking accounts
Low minimum deposit
Mobile Banking
Keep the Change Savings Program
Advantage with Tiered Interest Checking
Earns interest
No fee for teller transactions
No fee for cashier's checks or money orders
Debit card included
Why I chose this bank:
I chose to use Bank of America for both my savings and checking accounts because they work well together, and had better benefits than the other banks that were available to me. Being based in San Francisco, I couldn't use any of the local banks we looked at.
I chose the Barclaycard Ring as my credit card because it is a unique credit card that benefits the local community and gives the owner more control
Low, 8% APR
No balance transfer fees
No annual fees
Card owners vote on card benefits
Giveback program donates money to the community
Freedom to change/alter the property
Can rent or sell property for property
Usually owned properties are larger than rented properties
Pride of ownership
Income tax deductions for property tax and mortgage interest
Lower monthly costs than owning
Amenities (gym, pool, etc.)
Easier to move in and move out
Landlord's responsibility to maintain property (barring any major damage)
Lower time and energy commitment to maintaining or improving the property than owning
House on Chestnut Street on sale for $130,000
Being sold out of foreclosure
1 full bath
1,272 square feet
Water view property
Monthly payment (30-year mortgage + property tax + homeowners insurance): $457.77 + 173.33 + $21.67 =
Apartment in Daly City up for rent at $1,100 a month
Near public transit and freeways
Cable TV provided
Swimming pool
The monthly cost for renting (rent + renters insurance): $1,100.00 + $16.50 = $1,116.50
Housing Decision
After careful consideration, I have chosen to buy
Normally I would rent because renting is typically cheaper than owning. However, owning would save me $463.73 a month. Owning gives me the freedom to do whatever I want to my property. Though I won't have a free pool or gym at my disposal, there is water near the house on Chestnut Street and I could jog the streets of San Francisco for exercise. Owning also gives me the opportunity to profit by renting out rooms or selling it later. Potential disadvantages to owning over buying are maintaining the property and having a harder time moving
(2013 Toyota Yaris)
If I had to choose, I would buy a 2013 Yaris instead of a 2010 model. This is because the monthly cost of the 2013 model would only be around $53 more
Leasing would be a better option for me than buying. This is because leasing would save me about $58.28 a month over buying. My lease would be for 27 months, and the monthly payment would be $248.43. The monthly insurance would be $83.83, making the total monthly cost $332.26.
Most of my budget will be committed to paying off debts and mandatory expenses. These include college loans, the mortgage, insurance, utilities, transportation, and food. Entertainment & recreation would be the first budget item I would cut down on if I am in a bind, with clothing being second. I will start out putting $92 a month into a retirement savings account, but I would want to increase that as soon as I can.
With the $184.13 I have leftover each month, I would be comfortable investing about $100 of it in a mutual fund. I trust that professionals will be able to properly invest my money and get a decent return. Later on I will expand my investment portfolio, investing in CDs, blue chip stocks, and bonds. I really do not want to invest that much in high-risk options because, I don't want to lose my money. All of my investing will be done with a comfortable retirement in mind.
This project prepared me for managing my own finances when I am living by myself. I learned that money gets used pretty quickly, and it is easy to fall into debt. It is important to have defined goals so that you can organize your spending in accordance to your goals.

There isn't too much I would change, except for my college choice. I would have chosen a cheaper college, probably Rutgers.
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