UTA Arlington Math 1301 Project

1. Paragraph 1: Background
According to the U.S. Bureau of Labor Statistics (2022), the average annual salary for
high school graduates with no further education in Honolulu, Hawaii, is approximately
$31,000. The geographical region of Honolulu presents a unique blend of opportunities
and challenges, particularly in terms of the cost of living which is significantly higher
than the national average.
I am pursuing higher education for several reasons. First, higher education expands my
knowledge base and skillset, positioning me to contribute more significantly in my
chosen field. It opens up more job opportunities and career paths that are not
accessible to those with only a high school diploma. Second, the potential for increased
earnings is an attractive aspect of higher education. Data consistently shows that
individuals with college degrees earn significantly more over their lifetime compared to
high school graduates. Lastly, higher education provides a platform for personal growth
and development. It nurtures critical thinking skills, promotes self-confidence, and
encourages lifelong learning – all of which are vital in today's rapidly evolving society.
Reference:
U.S. Bureau of Labor Statistics. (2022). Occupational Employment and Wage Statistics.
Retrieved from https://www.bls.gov/oes/current/oes_hi.htm.
Paragraph 2: Future Employment Plans
Upon graduation, I plan to secure a position as a Neonatal Intensive Care Unit (NICU)
nurse at Kapiolani Medical Center in Honolulu, Hawaii. The prospect of being a NICU
nurse particularly interests me due to my inherent love for working with babies. It
provides an opportunity to not only assist newborns in their critical early stages of life
but also provide support to their families during this challenging time.
To become a NICU nurse, the requirement typically includes a Bachelor's Degree in
Nursing, followed by a 6-month specialized training in neonatal nursing (National
Association of Neonatal Nurses, 2022).
Paragraph 3: Salary Comparison
In terms of remuneration, a significant difference exists between the average salary of a
high-school graduate and a NICU nurse in Honolulu. As previously mentioned, high
school graduates earn approximately $31,000 annually. Conversely, based on the data
available on Payscale (2023), the starting salary for a NICU nurse in Honolulu, Hawaii, is
approximately $60,000 annually. This illustrates a substantial increase in potential
earnings, almost double that of a high-school graduate.
This considerable wage gap highlights the value of higher education and specialized
training, underscoring the benefits of my career choice, not just in terms of personal
satisfaction, but also financial stability.

2. References:
National Association of Neonatal Nurses. (2022). How to Become a Neonatal Nurse.
Retrieved from https://nann.org/professional-development/how-to-become-a-
neonatal-nurse.
Payscale. (2023). Average Neonatal Intensive Care Unit (NICU) Registered Nurse Salary
in Honolulu, Hawaii. Retrieved from
https://www.payscale.com/research/US/Job=Neonatal_Intensive_Care_Unit_(NICU)_Re
gistered_Nurse/Hourly_Rate/Honolulu.
(Note: Please verify the links provided for the most recent data as they may have
changed since my last training data cut-off in September 2021.)
Paragraph 4: Developing a Budget
Effective budgeting is crucial for financial stability and growth. It helps one understand
their income and expenditures, enabling wise financial decisions. Information sourced
from Investopedia (2023), Nerdwallet (2023), and The Balance (2023) emphasize the
importance of creating a realistic budget, tracking expenses, and regularly reviewing the
budget. They suggest starting by understanding one's income and fixed expenses like
rent, utilities, and insurance. Discretionary expenses like entertainment and vacations
should be factored next. After mapping out all expenses, the remaining income should
be allocated for savings, ideally for an emergency fund, retirement, and long-term goals.
As a starting NICU nurse with a salary of approximately $60,000 annually in Honolulu,
Hawaii, I've estimated my monthly expenses based on the local cost of living. Here are
the estimates:
My Budget
Starting Salary
Salary: $60,000 (Annual), $5,000 (Monthly)
Payroll Deductions
Federal Tax & State Tax: $12,000 (Annual), $1,000 (Monthly) [Source: SmartAsset 2023]
Medicare and Social Security: $4,590 (Annual), $382.50 (Monthly) [Source: SSA 2023]
Health Insurance: $3,600 (Annual), $300 (Monthly) [Source: Kaiser Family Foundation
2023]
Total Payroll Deductions: $20,190 (Annual), $1,682.50 (Monthly)
Take-Home Pay
Take-Home Pay: $39,810 (Annual), $3,317.50 (Monthly)
Necessary & Discretionary Expenses
Rent: $21,600 (Annual), $1,800 (Monthly) [Source: RentCafe 2023]
Food: $3,600 (Annual), $300 (Monthly) [Source: Numbeo 2023]
Electricity: $1,800 (Annual), $150 (Monthly) [Source: Hawaiian Electric 2023]

3. Phone: $1,200 (Annual), $100 (Monthly) [Source: Verizon 2023]
Transportation expenses: $2,400 (Annual), $200 (Monthly) [Source: GasBuddy 2023]
Internet: $720 (Annual), $60 (Monthly) [Source: Spectrum 2023]
Clothing: $1,200 (Annual), $100 (Monthly)
Entertainment: $1,200 (Annual), $100 (Monthly)
Vacation: $1,200 (Annual), $100 (Monthly)
Total Expenses: $34,920 (Annual), $2,910 (Monthly)
Savings
Emergency Fund: $1,188 (Annual), $99 (Monthly)
Retirement: $3,000 (Annual), $250 (Monthly)
House Down Payment: $702 (Annual), $58.50 (Monthly)
Total Savings: $4,890 (Annual), $407.50 (Monthly)
Summary
Total of Expenses and Savings: $39,810 (Annual), $3,317.50 (Monthly)
Take-Home Pay: $39,810 (Annual), $3,317.50 (Monthly)
Difference: $0
References:
Investopedia. (2023). How to Create a Budget. Retrieved from
https://www.investopedia.com/creating-a-budget-4680120
Nerdwallet. (2023). How to Budget Your Money. Retrieved from
https://www.nerdwallet.com/blog/finance/how-to-build-a-budget/
The Balance. (2023). How to Make a Budget in 7 Simple Steps. Retrieved from
https://www.thebalance.com/how-to