Personal Financial Literacy Portfolio Assignment

By Madysen Buckley, 1st

 Profession Comparison
Profession 1:
1. What is the Title of the profession?
a. Police Officer
2. What is the median salary for the profession?
a. $32,080
3. What entry level education required for the profession?
a. High School diploma
4. Is there any on the job training required?
a. Moderate-term, on-the-job training
5. What is the Job outlook for the next ten years?
a. -3%
6. What does the profession do?
a. Answer emergency/non emergency calls
7. What is the work environment consist of?
a. Local government, 8-12 hour shifts
8. List one similar job to the profession.
a. Firefighter
Profession 2:
1. What is the title of the profession?
a. Political Scientist
2. What is the Median Salary for the profession?
a. $114,290
3. What is the entry level education required for the profession?
a. Masters Degree
4. Is there any on-the-job training required?
a. None
5. What is the job outlook for the next ten years?
a. -2%
6. What does the profession do?
a. Political Scientists study the origin, development, and operation of political
systems. They research political ideas and analyze governments, policies, political
trends, and related issues.
7. What does the work environment consist of?
a. Political Scientists usually work full time in an office. They may work overtime to
finish reports and meet deadlines
8. List one similar job to the profession.
a. Economists
 My Monthly Budget Calculator (Part 1)

Name_Madysen
Buckley______________________________________________________________________Date______5/6/17_____
__________
Profession_Police Officer_______________________________ My monthly
income_____________________$2,673_______________________
Today you will need to pay for a months worth of necessities on your established income.
Remember, you need to provide the very best possible for your family of four. As you
search through the websites, make sure you are finding accurate information.

Housing:
Use the following website: www.apartments.com to find an apartment that has all of the
necessary requirements:
~2 bedrooms/2 bathrooms ~Raleigh Vicinity ~Pets Allowed
(Make sure the rent increases as the size of the apartment increases)
Name of the Apartment Complex North Oaks Landing
Monthly Rent: $1,125
Why did you choose this The apartment allowed pets, it was located in a good area, has a
apartment? (Floor plan?, Pets?, pool, workout room, and grassy area for dog and kids to play in
Pool?, Location?)
Cell Phone
You must find a cell phone plan for your family. It must be a Family Plan and include at
least 1000 minutes. Use the website www. Verizon.com
Name of Plan Unlimited
# of Minutes Unlimited
Monthly Fee $180
Cable/Satellite/Internet
Your family needs access to the internet. Find a package that includes cable AND the
internet. Make sure that you record the correct amount. (Look for package deals!)
Website & Instructions: www.timewarnercable.com (Select the Order tab. Use the address
of your apartment to find the pricing)
Cable/Satellite Price $29.99
Internet Price $29.99
Total $29.99
Electricity: $100 per month
Food
You will need to buy a months worth of groceries for your family. Make sure that you
provide a balanced and healthy diet! (The entire chart must be filled)
Website: www.lowesfood.com
Breakfast Item Price Meat (or Substitute) Price
Eggs $2.50 Turkey Bacon $1.99
Cereal $5.00 Turkey $7.99
Poptarts $3.99 Chicken $1.98
Cream Cheese $3.99 Beef $2.99
Fruits/Veggies Price Beverages Price
Lemons $0.69 White Milk $2.89
Strawberries $3.49 Orange Juice $2.50
Blueberries $4.99 Tea $3.49
bananas $0.28 Gingerale $1.79
Bread Brice Cleaning Supplies Price
Baguette $1.99 Windex $4.29
Buns $2.29 Clorox Wipes $5.69
Wheat Bread $2.79 Dish Soap $1.49
Bagels $3.99 Dishwashing Detergent $1.49
Water/Utilities (Sewage/Trash): $100
Final Monthly Budget
Total Income $2,673
Expense 1-Rent $1,125
Expense 2-Electricity $100
Expense 3-Cell Phone $180
Expense 4-Internet/Cable $29.99
Expense 5-Food $74.57
Expense 6-Water/Utilities $100
Total Expenditures $1,609.56
Total Savings/Debt $1,063.44
(Make sure that your expenses do not exceed your income!)
Additional Expense for higher paying job: Car Payment
Use the website www.carmax.com to find a car with payments that you can afford for your
highest paying profession. To figure out your payment, follow these steps:
1. Select a Car
2. Select Estimate monthly payment under the CarMax No-Haggle price.
3. Enter a Finance Rate of 5% (This is the amount of interest you will pay each month)
4. Select Calculate (The payment cannot exceed your budget)

Make/Model of Car: 2013 Chevrolet Equinox LS

Monthly Payment: $271

My Monthly Budget Calculator (Part 2)

Name_Madysen
Buckley______________________________________________________________________Date______5/6/17_____
__________
Profession_Political Scientist_______________________________ My monthly
income_____________________$9,524______________________
Today you will need to pay for a months worth of necessities on your established income.
Remember, you need to provide the very best possible for your family of four. As you
search through the websites, make sure you are finding accurate information.

Housing:
Use the following website: www.apartments.com to find an apartment that has all of the
necessary requirements:
~2 bedrooms/2 bathrooms ~Raleigh Vicinity ~Pets Allowed
(Make sure the rent increases as the size of the apartment increases)
Name of the Apartment Complex Cenerview at Crossroads
Monthly Rent: $1,556
Why did you choose this The apartment allowed pets, it was located in a good area, and has
apartment? (Floor plan?, Pets?, a pool.
Pool?, Location?)
Cell Phone
You must find a cell phone plan for your family. It must be a Family Plan and include at
least 1000 minutes. Use the website www. Verizon.com
Name of Plan Unlimited
# of Minutes Unlimited
Monthly Fee $180
Cable/Satellite/Internet
Your family needs access to the internet. Find a package that includes cable AND the
internet. Make sure that you record the correct amount. (Look for package deals!)
Website & Instructions: www.timewarnercable.com (Select the Order tab. Use the address
of your apartment to find the pricing)
Cable/Satellite Price $29.99
Internet Price $29.99
Total $29.99
Electricity: $100 per month
Food
You will need to buy a months worth of groceries for your family. Make sure that you
provide a balanced and healthy diet! (The entire chart must be filled)
Website: www.lowesfood.com

Breakfast Item Price Meat (or Substitute) Price

Eggs $2.50 Turkey Bacon $1.99
Cereal $5.00 Turkey $7.99
Poptarts $3.99 Chicken $1.98
Cream Cheese $3.99 Beef $2.99
Fruits/Veggies Price Beverages Price
Lemons $0.69 White Milk $2.89
Strawberries $3.49 Orange Juice $2.50
Blueberries $4.99 Tea $3.49
bananas $0.28 Gingerale $1.79
Bread Brice Cleaning Supplies Price
Baguette $1.99 Windex $4.29
Buns $2.29 Clorox Wipes $5.69
Wheat Bread $2.79 Dish Soap $1.49
Bagels $3.99 Dishwashing Detergent $1.49
Water/Utilities (Sewage/Trash): $100
Final Monthly Budget
Total Income $9,524
Expense 1-Rent $1,556
Expense 2-Electricity $100
Expense 3-Cell Phone $180
Expense 4-Intenet/Cable $29.99
Expense 5-Food $74.57
Expense 6-Water/Utilities $100
Total Expenditures $2,040.56
Total Savings/Debt $7,483.44
(Make sure that your expenses do not exceed your income!)
Additional Expense for higher paying job: Car Payment
Use the website www.carmax.com to find a car with payments that you can afford for your
highest paying profession. To figure out your payment, follow these steps:
1. Select a Car
2. Select Estimate monthly payment under the CarMax No-Haggle price.
3. Enter a Finance Rate of 5% (This is the amount of interest you will pay each month)
4. Select Calculate (The payment cannot exceed your budget)
Make/Model of Car: 2011 Mitsubishi Outlander Sport SE
Monthly Payment: $244
 College Loan and Car Debt

Cost: $13,873
Down Payment: $2,000
Why I Chose this car: Because my monthly budget left me with a little less than
$10,000, I decided I could afford a better car with more luxury features. This car
is personally more appealing to my interests and with my budget I could afford to
spend above average payments on things such as a nice car.

Debt Monthly Payments

Car Loan $13,873 $232

College Dept $37,000 $146

If I spread out my payments over the average amount of years it takes to pay off
college debt (21 years), i am able to pay a small sum every month of $146. This
allows me to still keep a large amount of spending money for other necessities
for the month. Because my profession brings in an above average salary, my
monthly budget is therefore above average, leaving more room for expenses to
be taken care of quickly compared to the average american.
 Mortgage and Credit Card Debt

Cost: $249,900
Interest: 3.805%
Why I Chose This House: This house is large enough for my family to live in and
provides a good neighborhood, a backyard, and a spacious living space.
Insurance Necessary: $800/year

Debt Monthly Payment

House Mortgage $249,900 $950/month

Debt Monthly Payment

Credit Card $1000 $166/month

The mortgage payment impacted my monthly budget by taking out the largest
chunk of money so far. The credit card debt didnt really impact my budget
drastically because I calculated my debt and i could easily pay off the credit card
debt within six months if I really wanted to spread out the payments.
 Savings and Investments

Savings/investments: Monthly Payments:

Savings account $/mo

IRA $/mo

Investments $/mo

I chose Citibank because of how reliable it presented itself with not any recognisable
controversies such as Wells Fargo. I also thought that Citi gave lots of options as to
what I could choose when planning my savings account for retirement. If I began putting
away around $1,000 every month toward my retirement at age 55, I would be able to
comfortably retire. If I were to retire at age 65 my savings would definitely increase and
hold me at an above comfortable level for my post retirement life. In retirement, I would
not necessarily need another source of income to keep my money steady, but if I were
to find another source of Income it could possibly be from a vacation home I would rent
out to those visiting that location.
 Final Thoughts/Reflection Addendum
In doing this project I learned what a possible future outlook would look like for
me if I were to follow my path toward a job I see myself doing. This project allowed me
to look at all the different kind of expenses i would have to work with as well as the
budgeting I would have to work on in the future. Im actually very happy I got to do this
project because it can better prepare me for a part of my life which is quickly coming as
I am one year away from graduating from high School and moving onto college. As a
college student i will have to look at these expenses and budgets and will ultimately be
doing exactly what this project entails. With many hidden variable and fixed costs within
my monthly budget, I can see that there are a lot more fixed costs that impact my
monthly spendings. Because my monthly income is above the average American
monthly income, my spendings leave me with lots of wiggle room to spend my money. I
am still able to spend a decent amount on unnecessary items and events. Although I
still have lost of leftover spending money, the hidden variables and fixed costs still did
put a decent sized dent within my monthly budget. Costs such as life insurance, taxes,
and many more did take large amounts of my income out of my monthly budget.