Semester Project: Personal Finance
There are 5 parts to this project
For this project you will have the option of creating a brochure, slide show presentation(I prefer slide show), or written report including all necessary information. It is best to be creative and try to be as original as possible. However, it is important that you do not focus on having the prettiest graphics; having the best content will get you the higher grade.
Semester Project: Personal Finance: Part 1
Developing a Sound Financial Life
Using the Bureau of Labor Statistics Career and Education website, pick your future career. (Career of Choice: Registered Nurse Working in Myrtle Beach, SC) Describe your job, necessary training, schooling, and expected salary.
Then, using the information found in the above exercise, use the budget worksheet from Unit 1 to create a budget based on your career and income choices. So, if you are planning to make $2,000 a month as a teacher, then you would obviously not plan to put $3,000 aside each month for savings. The more realistic the budget is, the better your project will be.
Additionally, using an internet search engine, find a blank W-2 and W-4 form from the IRS website. Complete these forms as you would if you had interviewed and earned the job in the career field you chose. Try to be as accurate as possible.
At the end of this section, pick 3 finance terms you wanted to learn more about, look up their meanings, and write a paragraph on each.
Semester Project: Personal Finance: Part 2
For this section, you first need to create a credit score for yourself. Pick a reasonable number and explain how you chose that number. Using that credit score, pick 2 items (car, house, boat, vacation house, etc) that you are planning to finance while you are working in your chosen career. Based on the credit score you provided and what you learned about credit, evaluate 3 different finance offers for each item (6 total offers). You can view credit offers or enter the search words “finance offers” into an internet search engine. Decide which offer is the best for each item and explain which company you chose to finance your 2 items. How much will you pay over the course of the loan? What options did you have to consider when financing? Be sure to explain your answers thoroughly.
At the end of this section, pick 3 credit terms you wanted to learn more about, look up their meanings, and write a paragraph on each.
Semester Project: Personal Finance: Part 3
For this part of the project, pick 10 expenses you will have each month based on your chosen career and life path. Explain if those expenses are fixed or flexible.
Next, explain 3 items that you feel can be categorized as short term debt and 3 items that can be categorized as long term debt. Explain how you plan to pay off each of these items.
Finally, create a savings plan to ensure that you will have enough money to meet financial goals later in life. What do you plan to do with your income each month? Expand on the budget you created in Part I. Now is the time to really decide what is important to spend money on. Points will be deducted for not including basic expenses.
At the end of this section, pick 3 spending terms you wanted to learn more about, look up their meanings, and write a paragraph on each.
Semester Project: Personal Finance: Part 4
Banking & Insurance
Using the information you provided in previous parts of this project, pick 2 types of accounts you plan to put your money into. Why did you pick these type of accounts? Explain.
Next, discuss 3 types of insurance you feel that you will need while working in your chosen career. Which types of insurance did you pick? What type of insurance policy will you purchase? Based on your occupation, are you considered a high or low risk? Remember, whatever type of insurance you choose, you must include the type of policy you would purchase. You cannot just say “I want to buy health insurance.”
At the end of this section, pick 3 insurance terms you wanted to learn more about, look up their meanings, and write a paragraph on each.
Semester Project: Personal Finance: Part 5
Based on your career path and future income, list how much money you plan to set aside each paycheck for savings. Using that amount, determine how much money you plan to put aside for investments. Choose 2 types of investments you would put money towards. Why did you pick those investments? Explain. How much do you plan to earn with those investments? (Hint: Use the Rule of 72).
Finally, explain how you will prepare for retirement. Will you have a 401(k) or 403(b)? (This is where your career choice comes in.) What type of IRA will you invest in? How do you plan to use your Social Security? At what age will you start to collect? Why? Explain.
At the end of this section, pick 3 investing terms you wanted to learn more about, look up their meanings, and write a paragraph on each.
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