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Personal Finance Project


Nolan Twardy

on 2 October 2012

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Transcript of Personal Finance Project

Nolan Twardy
3rd Hour ADV Global Economics
Budget Project For this project I picked a job as an Airline Pilot. I picked this profession because I am very interested in flying aircraft, and how the airline business works. I am also interested because I currently fly small planes monthly, and would love to do it as a job. To get this job, a bachelors is encouraged, but most pilots take lessons, or join the U.S.A.F. I do think this profession will be in high demand, due to retiring pilots and not enough people interested in aviation My Career For my car, I chose a green 2003 Ford Mustang convertible. I chose this vehicle because I've always liked any model Ford Convertible. My Car I purchased a house very, very close to Detroit Metropolitan Airport. This will make it very easy to get to work everyday. Though as an airline pilot, I will not be spending much time here. My House As an airline pilot, many meals will be eaten away from home, but I made a budget based on being home all of the time. Groceries As people in the 21st Century (including myself), it seems impossible to be without TV, Phone, Internet, and a Cell Phone readily available at all times. Because of this, 1/2 of the utilities I am purchasing are technology based. Utilities My life in financial perspective:
Major Airline Pilot My Salary: $36,283
My Salary after taxes: $27,212.25
My monthly income (before taxes): $3023.58
My weekly income (before taxes): $697.95 Price: $11,998
Built: 2003
Monthly payment @ 5yr/6% loan: $216.49
Located: Cincinnati, OH
Condition: Used, about 60,000 miles
Gas Mileage: 17 MPG City/27 MPG Hwy Price: $24,900
Monthly Payment $154.42
(30 yr/5% interest/1% property tax)
Bedrooms/Bathrooms: 3/2
Sq. Ft.- 936
Year Built: 1991 Monday- Cereal, A chicken sandwich, Doritos and Mac and cheese. ($13.55/day, $54.20/wk)

Tuesday- Scrambled Eggs, Ramen Noodles, Doritos and Spaghettios. ($3.70/day, $14.80/wk)

Wednesday- Toaster Strudel, Raviolios, Doritos, and McDonalds. ($8.55/day, $34.20/wk)

Thursday- Cinnamon Toast, Grilled Cheese, Doritos and Hot Dogs ($7.00/day, $28.00/wk)

Friday- Fried Egg Sandwich, Chicken Sandwich, Hot Cheetos, and Thai Food. ($13.49/day, $53.96/wk)

Saturday- PB and J Sandwich, Leftovers (Thai Food), Hot Cheetos, and a Hot and Ready Pizza. ($10.49/day, $41.96/wk)

Sunday- Cereal, Jimmy Johns, Pringles, and Leftovers (Pizza) ($11.49/day, $45.96/wk)

Extras: Deodorant, Shampoo, Soap, Mouthwash, and Toothpaste= $ 20.53

TOTAL MONTHLY GROCERY BILL= $293.61 Gas, Water, and electricity- $300/Month

AT&T U-Verse (Phone, Internet, Cable)- $89/Month

TOTAL SPENT: $389.00 Unfortunately, being an airline pilot, it does not give me a whole ton of free time to do things that I would like to do. But if I did have some free time, I would make sure to get to some of my favorite sports team's home games. I would also have to pay off my student loans and my cell phone bill with my extra money. Miscellaneous About $50 for each Tigers, Red Wings, and Lions ticket I buy.

About 3 times a year to each= $150.00 X3 = $450.00

Student Loans- ($30,000 loan at 3.25%/20 years) =$195.04

Cellphone-$20.00/month (2 yr contract with AT&T) Due to my daredevil mentality when behind the wheel, my stupidity led me to inherit a $100 speeding ticket from the men in blue. To take care of this issue, I would have to take money out of my Misc. category. I would have to give up going to a Tigers game for my mistake. That would definitely want to make my save more money in case of a situation like that. My Chance Card All in all, this was a great project.

First, my standard of living will be lowered when I move will be lowered. My parents support has allowed me to not pay any bills, or buy the groceries. When I move out, I will have to live off of my own income, and not theirs. Second, I did not have to give up much when balancing my budget! I stayed on the safe side and ended up saving a whole ton of extra money. Third, the opportunity cost of moving out is not being able to have moms home-cooked meals, the most important thing. Jokes aside, the opportunity cost of moving out would be not having utilities and other things payed for already. Fourth, In real life, the budget would not be the same as in this project. Things do not always go as planned, and you have to prepare for the financial curveballs every once and a while. Lastly, this project taught me that I don't want to grow up anymore, no matter how many times I said I wanted to be older as a young kid. But everyone has to, and they have to be prepared for financial decisions and situations when they get older, or they will be in a horrible situation. It has also taught me that money is very scarce, and you have to use it very, very carefully. To sum, I will always remember this project, and I will apply these concepts to real world as I get older. Reflection My Monthly Budget Housing- $680.31
Misc.-$408.18 Budget (Monthly):
$2267.69 My Total Savings Housing- $680.31
Misc.-$408.18 Spent (Monthly):
$1619.06 Housing- $154.92
Misc.-$365.04 TOTAL SAVED: $648.63 www.att.com
Google Maps
www.studentloan.com References
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