College Graduation
Transcript: Starting a Family Throw graduation party costing $20,000 Total amt. set aside for Alex's college budget: $110,000 Alex goes to Columbia University Conclusion Samantha and Charles can now focus on saving for retirement Have net worth of $3.5 million They move into new apartment costing them $38,340/yr. JP Morgan covers there joint health insurance and they pay $350/month. Couple takes out life insurance policy of $1.5 mill. At 32, Samantha has a baby boy named Alex Pays $3,000 out-of-pocket medical expenses Nanny for 2 years costing $15,000/yr. Nursery School Cost: $12,816/yr. (4 Years) Vacation Cost: $27,500 Alex's Graduation: Vacation Cost: $27,050 The Life of Samantha Jones Graduates Manhattanville College in May 2016 Accumulated debt of $25,000 Hired as junior financial analyst upon graduation with starting salary of about $45,000 Rent: $0 In year 3, she got a promotion and salary was raised to about $65,000 The Final Years... College Graduation Cont'd: Samantha moves out into Manhattan after two years of living at home to Carnegie Park Rent: $19,170 /yr. At 28: Boyfriend Charlie Big pops the question! Wedding Cost: $53,600 Honeymoon Cost: $24,750 Daily living expenses DOUBLED Bought Mercedes 550 Coupe for $121,675 Took out 5-yr. car loan pmts. of $2,425/month This year was one year they were in DEBT Student loans paid off in year 10 Bought beach house in Hamptons which doubles mortgage payments 15 year mortgage Increased college fund to $10,000 in year 21 In year 23, family went to Greece to visit Charles' family Cost: $17,050 In year 26, Charles and Samantha buy Alex Acura TLX for 16th birthday present 5 year loan of $6,645/year They buy house for $1.2 mill. in White Plains, NY Down Payment: $200,000 Yearly Mortgage Pmts.: $116,844 Buy Lexus RX 450hAWD for $48,360 Charles get promotion & now makes $450,000 and in same year start college fund for Alex Trade in Mercedes for BMW 5 with yearly pmts. of $15,732 Ungrateful SOB (Son of Big) ASPEN: Being Independent Disney World 30 Year Balance Sheet Alex gets into a car accident a year later driving at night to Stop&Shop Parents have to pool savings to cover costs Medical Costs: $20,000 Other Party: $50,000 Lawyer Fee: $25,000 Alex gets off with community service