You should have completed the first three parts of this assignment already. If you have a grade of “Progressing:

You should have completed the first three parts of this assignment already. If you have
a grade of “Progressing: Please Revise” on any of those parts and you get it correct
here, I will update the grade there as well to “Accomplished.”
Part 1
Envision where you want to be 5 to 10 years into the future. What career are you
working towards and as a result, what job do you hope to have in 5-10 years?
Research the job you hope to have and the salary you expect to earn on an ANNUAL
basis. Consider the following questions when doing your research: Where will you be
living? Does this make a difference on the salary?
In your write-up, tell the job you hope to have, where you will be living, the annual salary
you expect to earn, and the resources you used to answer these questions. For the
resources, these can be website links or appropriately cited reports or documents.
Part 2
Now that you have the annual salary for your career in 5 to 10 years with a general idea
of where you want to live, let’s think about buying a condominium, townhouse, or house.
Use online resources to find a condominium, townhouse, or house that is currently for
sale in the area you want to live that you would be interested in purchasing. Be sure it is
something you will be able to afford with your annual salary and is something you like.
Cite the online resource as well as the date you went on the cite and write down the
price of the house. Determine a down payment you think you could pay (remember you
are not paying this now, but in 5 to 10 years).
Use online resources to determine a mortgage rate for a 30-year mortgage. Cite the
online resource and the date you went on the cite.
Given the price of the house, the down payment, and the mortgage rate use the formula
to calculate the monthly payments.
Part 3
Using the tax table and the annual salary you determined in Part 1, determine how
much you will pay in taxes per year (annually). Then use this information to find your
monthly take-home pay.
Part 4
Put together a monthly budget that includes any fixed expenses you expect to have in
these 5 to 10 years. This will include your mortgage; groceries (food); any utilities
(water, gas & electric, trash), cell phone plan; insurance (health, auto, home – health
may be included in your salary); car payment (if you plan to buy a new car); and any
other expenses you expect each month. I recommend using a nice table or Excel
spreadsheet to do this. For each expense, give the amount as well as the percent of
your total monthly budget this is.
What are your variable expenses? What percent of your monthly budget is this?
Explain how you will invest some of these variable expenses. Imagine (for now) this will
be done monthly. Approximately how much will you invest and what percent of your
monthly budget is this?