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Personal Finance

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Hannah Lelah

on 25 January 2013

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Transcript of Personal Finance

Transportation & Insurance 2013 2009 2010 2011 2012 0 + - = 9 8 7 1 2 3 4 5 6 c Budgeting 10 expenses in my monthly budget: Investments: Outlining a plan to meet my financial goals:
I would like to be able to have a smaller amount of savings, because it takes up more than 10% of my budget plan. In order to achieve this goal all I would have to do is decrease the amount of money I am holding in my account.
Saving and investment strategies:
Time bound-have a specific time to get the money
Realistic-Ill take a certain amount of money every month and set it aside
Measurable-I will need a certain amount of money in order to get something I'd like
My savings and investment plans will help me meet my goals because it will let me have extra money in the end to use for whatever I would like to use it for. College/Loans Messiah College-
Year Tuition Room and Board Total
Year 1 29,460 8,760 38,220
Year 2 30,933 8,760 39,693
Year 3 32,479.65 8,760 41,239.65
Year 4 34,103.63 8,760 42,863.63

(80%) Total: $162,016.28 Total Repayment: 207,099.71 Jobs and Salary Advertising, Promotional, and Marketing Manager Banking
Checking Account: Goals Short Term: every month try to use less and less of one of my expenses such as savings, in order to make room for other expenses or just to save money.

Long Term: invest in more stocks that will dramatically increase the amount of money i get. Housing: Rent or Own? Rent Final Portfolio Reflections Aside from the outline objectives, I learned a tremendous amount from working on and completing this portfolio. I learned that once all of my expenses come together it will be very hard to then balance all of them. The most beneficial thing I learned is about making checks, deposits, and managing/keeping track of the money I spend. I feel this was most beneficial because once I get a job, which will be soon I will need to know how to do those things. Some thing I learned about myself as a learner is that I am really interested in absolutely everything we learned. When started this class I honestly didn't think I'd love it and be as interested as much as I did.
Now looking back on my financial decisions that i made there are things that I would have done differently. I would decrease the amount of money I'm holding in my savings account. Therefore, I do overspend on that category. Also, I could not use as much money for clothes every month. I am still keeping my financial plans though in hope of accomplishing them
Final Project Credit Cards College, Careers & Income College, Carreers, & Income Job Position: developing pricing strategies for products to be marketed, balancing the goals of a firm with customer satisfaction is one of them. They also meet with clients to provide marketing and technical advice. Working with department heard or staff to discuss topics such as contracts, and selection of advertising media is another position they play.

Location: Blairstown
Starting Salary: $57,750
One reason I choose Blairstown is because it is fairly close to where I would like to live when I buy a house, and in New Jersey. Also because the township is the kind of township I’m growing up with your now, and lastly because there is close local schools and supermarkets. ABC Company
Employee Hannah Lelah SSN XXX-XX-XXXXX
Check # 1002 Check Amount $1,753.47

Employee Address
876 Main Street
Whitehouse Station
NJ, 08889

Pay Period: January 2, 2012 – January 17, 2012

Gross Pay $2,406.25
Deductions Current Year-to-date
Federal Income Tax $413.66 $413.66
State Income Tax $48.13 $48.13
Social Security/FICA $101.06 $101.06
Medicare $34.89 $34.89
SUI/DIS $15.04 $15.04
Medical $40 $40
TOTAL DEDUCTIONS $652.78 Marketing Manager Career Title Annual Starting Salary $57,750 College Careers, & Income Money Management Deposit checks with mobile phones Bank of America:
Savings Account: Can transfer money from your savings account to your checking account Money Management rate, and one of the lowest APR for purchase compared to the other eight credit cards. This card also offers me no annual fee, and no penalty APR.
This card will be used for anything because I get 1% cash back on everywhere, 2% cash back on groceries, and 3% cash back on gas. This card will offer me no introductory My Credit card that I will bee opening is the
NEA Mastercard Cash Rewards. Five Advantages of.... Own Low move-in costs Location choices (may be close to work or school) Fewer responsibilities Less maintenance and repair work Fixed monthly expenses Pride of ownership Improvement of buyer’s credit rating More room and storage Stable mortgage payments Feel more comfortable and have more privacy Renting- monthly payment:$1,450 Owning-
After graduating college the best option for me to choose for living is in a rented house. Considering the fact that I will still need to pay off my college payments and all of the other essential items and purchases needed for me. There are many advantages to renting a house and the most obvious is that it will help me with saving money. Another advantage is that there is much less work in maintenance, such as the lawn or fixing appliances. One of the last advantages is when the lease is up, you can just move. Moving from place to place allows people have new experiences with neighbors’, surroundings, and you will never get bored of the same old house. On the other hand there are disadvantages in renting a house. There are limits or even sometimes no ability to personalize your living quarters, so whatever style house you have you keep. The other two disadvantages are there is no tax advantage to renting (your landlord gets any and all tax breaks that are available), and you will never gain equality no matter what happens with the value of the house. Money Management Housing: Rent or Own?
Homeowners & Renters Insurance Once I get a full-time job, or when I have a family then I will be able to buy my own home. Owning my own home will impact my monthly budget greatly. My budget will be so much more in cost rather than renting a home, and it will take several more months or years to pay off the mortgage. Homeowners & Renters Insurance Typically less expensive than home ownership Money Management Transportation & Insurance Money Management When I purchase my first car it will be a used Honda, DX Sedan 4D. Buying would be a more cost-effective option because once you pay off the auto loan, the car is essentially free, and the longer i have it, the more i will save. Unlike leasing were you have to make car payments your whole life. Car make, model, year
Selling Price
Used: $9,980
Down Payment
(10% of selling price)
Used: $998
Amount of Loan
(Selling price – down payment)
Used: $8,982
Rate & Term
Used: APR 3.17% 3 Years
Monthly Payment
Used: $261.88
Total Interest Over Life of Loan
USed: $445.71
Total Cost of Loan
Used: $9,427.68 Money Management Savings:$ 950 Car payment: $261.88 Student loan: $1150.55
Car Insurance:$58.22 Food: $175 Clothing:$15.00 Health (doctors appointments, medicine, health products):$30.00 Emergency Money: $25.00 how much money your making a month Rent:$1,450 Renters insurance:$ 21.75 A degree that I am thinking about being obtained is marketing. Five reasons that I picked this institution are because I love working with money, and finances and Messiah offers a great program for that. Also, there are several great churches that I would be able to attend. Plus, they have amazing, understanding teachers that are really willing to help you in any needs, and offer extra time for assignments depending on the situation. Thirdly, different devotional clubs can be taken, and fourthly there are many small job openings such as teaching, or working on campus in the cafeterias or library. Lastly, Messiah College has great schools teams, such as basketball that i van try out for. The term that will be most appropriate for this for my situation when I am out of collage is a 20 year loan. Changing the term will not only have me have a lower payment per month, but my interest will be more too. Advantages and reasoning for choosing accounts Overdraft protection 2 – Transfer funds automatically from a linked savings account or credit card if your checking account is overdrawn Free online banking Free mobile and text banking Free automatic phone banking 0.01% APR Free direct deposit
Expenses/utilities included in the rent: Clothes Dryer, Clothes Washer, Dishwasher, Disposal, Electric Garage Door, Laundry Hookup, Microwave, Oven Electric, Oven-Sc, Refrigerator
Rental unit:
3 Bed Lot size:5/663 sq ft Lot
3 Bath Year built: 2007
House Size: 1,504 sq ft Two stories County: Lehigh Type: End of Row
Yes car garage(s) Area: Upper Macungie
Attached parking 2 stories
Cooling features: Ceiling Fan, Central Ac 1 total half bath
2 total full bath(s) School District: Parkland
Lot size is less than 1/2 acre Parking features: Built In
Approximately 0.13 acre(s) Subdivision: Pond's Crossing 525 Kemmerer Lane Upper Macungie Twp, PA 18104
Description of house:
Beds:4 Bed Year Built:2001
Baths:4 Bath House Size:4,344 Sq Ft
Lot Size:0.37 Acres 108 E Elm Ave Hanover, PA 17331 price of property: $325,00
Advantages of the property include: Three garages, Fiber glass shingles www.realtor.com Money Management Once I graduate from college I will be renting my house. Advantages for renting are Other expenses may be included in rent payment such as electricity, water, sewer, and/or garbage May be able to save for other wants or needs if renting a less expensive apartment some disadvantages are When leaving a property, no equity is returned as it would be if selling a home. May lose rental if the property is sold. No tax deductions Owning:
Calculate the down payment
(assume 20% of purchase price):
$65,000
Calculate the MONTHLY mortgage
(30-yr @ 4.25%) and (15-yr @3.6%)
30-yr: 1279.04
15-yr: 1871.49
Calculate the MONTHLY estimated property tax (1.6% of the purchase price ÷ 12 months):
$433.33
Calculate the MONTHLY estimated homeowners insurance (.2% of the purchase price ÷ 12 months)
$54.17
Total MONTHLY housing payment (mortgage, taxes & insurance):
30-yr: $ 1,766.54
15-yr: $ 2,358.99 Renting:
Monthly rent:
$1,450
Calculate the MONTHLY estimated
renters insurance (1.5% of the monthly
rent):
$21.75 Insurance:
$9,980x7% = $698.60
$698.60./. 12= $58.22 $1,753.47x2=$3,506.94
3,506.94
- 3,937.40
-$430.46 750.00
261.88
1150.55
58.22
175.00
1,450
15.00
30.00
21.75
25.00 All of these expenses will impact my monthly budget by giving me less money once everything is paid off, and impacts my job and lifestyle because money will now be limited with all of the expenses added on. Money Management www.realtor.com $3,937.40
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