Welcome to Life

 

Project Overview:

You will practice planning for the costs of major life circumstances.

 

Directions:

1.   Using all available resources, answer the following questions for each provided scenario below.

 

2.   Include a list of sources utilized throughout the project as a separate sheet, if necessary.

 

3.   Once completed, turn in your project according to your instructor’s directions.

 

Scenarios:

1.   Opening an Account:

Suppose you have just graduated from high school and are headed to a new town. Your parents gave you $15,000 to start your new journey. What type of accounts will you open, and how much will you put into them? You must create a budget explaining how you plan to allocate your money. Describe your plans and budget below and explain your decisions.

 

 

 

 

 

 

 

 

2.   Buying a Car:

Suppose you live in Dallas, Texas, and your 16-year-old daughter needs a car. You have set aside $15,000 for the purchase. The car must be bought within the Dallas area, have 60,000 miles or less and be no older than a 2012 model. Locate this type of car for your daughter.

1.   Website address of car found:

 

 

2.   Cost of car:

 

 

3.   Make of car:

 

 

4.   Year model:

 

 

5.   Picture of the car, if available:

 

 

 

3.   College Cost:

Suppose you live in San Francisco, California, and your 18-year-old son is about to go to college. You need to find a college for him to attend, and your budget for paying for college is $8,000 per semester. Your son wants to attend a college which is close to home. Locate a potential college for your son to attend.

1.   Website address of the college selected for your son:

 

 

2.   Name of college:

 

 

3.   Cost per semester:

 

 

4.   Location of college:

 

 

 

4.   Family Vacation:

Suppose you live in Santa Fe, New Mexico. You have a family of four: you, your spouse, one teenage daughter and one teenage son. The family wants to plan a summer vacation, and the budget for the vacation is $6,500. Plan your trip.

1.   Website address(es) of vacation location, transportation, lodging and more:

 

 

2.   Place of vacation:

 

 

3.   Length of vacation:

 

 

4.   Method of transportation:

 

 

5.   Cost of transportation:

 

 

6.   Cost of meals:

 

 

7.   Cost of lodging:

 

 

8.   What activities will the family do?

 

 

9.   How much will the activities cost?

 

 

10.  Total cost of vacation:

 

 

 

5.   Buying a Home:

Suppose you have just accepted a job in Salem, Oregon which will require you to move there, and you want to buy a home in the Salem area. The budget for the home will be $250,000. The house must have three bedrooms and two bathrooms. Find a home for yourself.

1.   Website address of home:

 

 

2.   Cost of home:

 

 

3.   Location of home:

 

 

4.   Picture(s) of home:

 

 

 

6.   Having a Baby:

Suppose you have a baby on the way, and you need to know the cost of having a baby in a hospital near your home. You will also need to purchase all the items needed to care for a baby. Figure out what the baby’s birth and first year will cost you. Use some type of cost calculator and a few retail store websites to calculate the total cost of the needed baby items. An example of a cost calculator can be found here: http://www.babycenter.com/baby-cost-calculator

1.   Website address of hospital:    

 

 

2.   Cost of having a baby at the hospital:         

 

 

3.   Website address(es) of baby item stores:

 

 

4.   Ongoing costs:

 

 

5.   One-time costs:

 

 

6.   Total cost of baby’s first year:

 

 

 

7.   Personal Goals:

Suppose you are graduating from college. Research the potential salary in your area of study on the internet and determine your short-term and long-term financial goals.

1.   Salary you will earn in the first year:

 

 

2.   Short-term financial goals:

 

 

3.   Salary you will earn in five years:

 

 

4.   Long-term financial goals:

 

 

 

8.   Family Financial Plan:

Suppose you are about to be married, and you know having a detailed family financial plan is important. Research the answers to the questions below:

1.   Family’s main source(s) of income:

 

 

2.   Will your family have a single income or dual income?

 

 

3.   Advantages and disadvantages of single income:

 

 

4.   Advantages and disadvantages of dual incomes:

 

 

5.   Family’s possible investments:

 

 

6.   Ideas for managing money in the family:

 

 

7.   Work with a partner once your plan is complete. Take turns assuming the role of a financial planner. Analyze your partner’s financial plan and provide suggestions on how your partner might improve the plan to provide increased financial stability. Summarize your suggestions below:

 

 

 

 

 

 

Rubric

Description	Possible Points	Your Score
Research & Organization: ·        Proper research was conducted to complete the assignment ·        Sources were cited appropriately based on instructions provided ·        Information was presented in a logical, organized manner	40
Concept & Understanding: ·        Understanding of the concept is clearly evident ·        Effective strategies were used to achieve the end product ·        Logical thinking was utilized to arrive at the conclusion	35
Production/Effort: ·        Class time provided for the project was used efficiently ·        Time and effort are evident in the execution of the end product	25
Total Points	100