Name: Max Zadlo

Date: 11/16/2016
Class Period: 7

1. Strive to save 10% of your net income. Rent/Mortgage should be no more than 28% of net
income. Your car payment, insurance and gas should be no more than 28%.
2. Calculate what % of net income the following represent: Savings, Fixed, Variable, and
Discretionary, and TOTAL Expenses
Income or Expense
INCOME

Estimated Amount
% of Net Income
$86,110

Gross Monthly Income

$7,176

25% Taxes
NET INCOME

$1,794
$5,382 100 %

EXPENSES
Total Savings

$538 10 %

Fixed Expenses
Rent

$850 15.7 %

Car Payment
$1,476 27.42 %
Car Insurance

$50 0.92 %

Cell phone

$110 2.04 %

Student Loan (what is the going rate of interes

Total Fixed Expenses

$288 5.34 %
51.42 %

Variable Expenses
Electricity or Gas

Gasoline
Groceries

$70 1.3 %

$166 3.08 %
$294 5.46 %

Car Maintenance

$30 0.55 %

Car Repairs
Laundry/Dry Cleaning
Total Variable Expenses

$75 1.39 %
$8 0.14 %
11.92 %

Discretionary Expenses
Books, Magazines, I-Tunes, Apps
Personal Grooming
Clothes
Charitable Contributions
Gifts
Health Club Membership
Eating Out
Movies and Videos
Sports
Concerts and Plays
Vacations
Cable/Internet Access
Pets
Total Discretionary Expenses
TOTAL EXPENSES

$200 3.71 %
$250 4.64 %
$75 2.39 %
$150 2.78 %
$15 0.0278 %
$150 2.78 %
$50 0.929 %
$89 1.65 %
$479 20.66 %

NET INCOME
TOTAL EXPENSES
BUDGET SURPLUS OR DEFICIT

$5,382 100 %
$5,059
$323 surplus

94%

go to http://stats.bls.gov/search/ooh.asp?ct=OOH (Occupational Outlook Handbook)

and search for a career; look up beginning salary
Multiply beginning salary by .25 to find out monthly taxes withheld from each
paycheck
subtract taxes from gross income to find net income

You must save 10% of your net income

Rent should be no more than 28% of net income; www.rent.com,

www.apartments.com, check to see if utilities are included
www.autotrader.com, www.cars.com, Assume you put 10% down payment;
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full (assume 5
yr/Interest Rate: A-4% B-6% C-8% D-10% F-20%)
Car payment, insurance and gas should be no more than 28% of net income;
estimate $300 biannually for insurance
Find a provider and get a plan that fits your budget. Click on the link to find your
planCell Phone Plans
http://mappingyourfuture.org/paying/standardcalculator.htm

Average for a single adolescent.

look up the average cost per gallon and estimate how far you will be driving on a
monthly basis (miles); may depend on where you plan to live and where you plan to
work
Average for a single adolescent.
What is the cost of an oil change?

Buy a set of tires for your car.

Average for a single adolescent.

AT&T

http://www.finaid.org/calculat

Must choose eight (8) of the following

Sports Illustrated, GQ, People,
Find out how much it cost to get your hair done or cut
Gap, Aerostposle, American Eagle, Champs, Etc
Church tithes usually 10%, United Way,
Birthdays, Anniversary, Weddings, graduations
Ballys, LifeFitness, Xsport, L.A. Fitness
McDonalds, Burger King, Pizza Hut, White Castles, Applebees, Outback, etc
Blockbuster, Netflix, Movie Theater, On Demand
Club Sports, softball team, flag football, basketball league, etc
Great America, Wisconsin Dells, Florida, Cancun, etc
Comcast, Direct TV, Dish Network, Verizon Wireless & etc.
How much is that going to cost you?

Copy net income to here

Add up Savings, Fixed Expenses, Variable Expenses, and Discretionary Expenses
Subtract Total Expenses from Net Income

Interest Rate: A-4% B-6% C-8% D-10% F-20%

rLseS<>@#&%Lotus Exige*$@&@#>?!

Verizon

Cell Plans

http://www.finaid.org/calculators/loanpayments.phtml

Name: Max Zadlo

Date:November 25th, 2016
Class Period: 7

1. What profession did you choose for yourself?

Business Managment
2. List 3 types of taxes withheld from your paycheck.

3. Explain the difference between gross income and net income. Were you surprised at your net
income?
Gross income is how much money you made total and net income is how much money you made after
taxes. I was very surprised to see how much less my net income was form groos income
4. What types of things are you saving for?
I could be saving for a surprise trip to the hospital or if my car breaks down, I am preparing for the worst.

5. What city are you living in? How many square feet? Why did you choose this place?
Iam in living in Chicago in a house that is 1680 sq ft. I choose this house because its close to the city and
many other things such as public transport and grocery stores.
6. What type of car did you buy? New or used? How much total? What safety features, fuel
economy, power and performance does the car have? What percentage of net income is car
payment, fuel, and insurance (less than 28%)?
I got a new Lotus Exige for $61,900. The lotus Lotus Exige has standard safety features plus a reinforced
frame and back up camera. all my car payments come in at greater than 30% of my net income.
7. Does your company provide medical benefits? Why do you think employees want companies to
provide
benefits?
My company
does provide medical benefits, employees want benefits because they can give you an
advantage in certain situations. For example medical benefits can help you when you find yourself going on
a surprise trip to the hospital.
8. Explain your cell phone plan. Carrier, rates, what is included?
I have a standard 2 gb a month plan with sprint. Unlimited talk and text.
9. How much is an oil change? How often do you need to change your oil?

Oil change every 10,000 miles or 5,000 miles in severe conditions and an oil change
can cost as low as $35 and as high as $200+

10. What company are you getting cable/internet access from? What package are you getting?
I am getting a monthly package from xfinity
11. What budget category (savings, fixed, variable, discretionary) was the largest? Were you
surprised by this?
My most expensive was fixed and I am not surprised that this is the most although I do find it scary that I
have to pay that much money every month.

12. Can you maintain a comfortable standard of living based on your estimated income level? If no,
what alternatives do you have?
I am able to afford every single expensive and still have a surplus of money so I can maintain a comfortable
standard of living. although I do believe if something bad were to happen such as a car crash my surplus
would not be able to help me out fully.

13. Did you end up with a budget surplus or a budget deficit?

Surplus

14. If you ended up with a deficit, what expense areas can you cut back in?

X
15. If you ended up with a surplus, what will you do with the extra money? Save? Spend?
I ended up with a surplus of $323 and I would save that money in order to prepare for something bad that
could happen in the future