The document provides financial information for Joe Teresi and Christian Scott who earn $60,000 and $55,000 annually respectively. It summarizes their estimated taxes, housing costs, healthcare costs, transportation costs, food/other expenses, utilities, savings, and remaining disposable income. For Joe, his remaining income after costs is $1,722.63, while Christian's is lower at $139.41 due to his slightly lower starting salary. The document outlines the key line items and costs considered in each of their annual budgets.
This document summarizes the annual incomes, expenses, and budgets for Ashley Geo and Jocelyn Wong, who are moving in together in Miami, Florida. It outlines their individual incomes, savings amounts, healthcare and transportation costs, shared living expenses including rent, utilities, and food, and individual discretionary expenses. Overall budgets are calculated for each person with their remaining income after necessities. Sources are cited at the end.
Zach and Eddie analyze the costs of living in Indianapolis, Indiana. Zach provides details on housing costs for a 2 bedroom, 2 bath apartment for $1,000 per month plus utilities. Annual housing and utility costs would be around $15,134 or $7,567 per person. Eddie outlines healthcare options that would cost between $1,062.60 and $1,309.08 annually. Both estimate annual costs of around $12,000 in taxes, $11,300 for food and supplies, $720 for transportation, and savings of 20% of income, leaving Eddie with around $968 remaining and Zach with around $74 remaining at the end of the first year.
Adrian is an ESPN reporter earning $250,000 annually. His monthly take home pay is $15,072.92. His yearly budget totals $49,058.66. Housing is his largest expense at $12,285 per year, which includes $12,000 in rent. Transportation is $420 covering his car payment, gas, and insurance. Personal expenses are $528.66. Retirement and college savings are budgeted at $35,500. This personal budget outlines Adrian's income, expenses, and savings goals to financially plan for his future lifestyle and retirement.
This document provides cost of living analyses for two individuals, Kayla Moore and Monica Sagowitz, living in Trenton, New Jersey. It details their incomes, taxes, housing costs, utilities, transportation, healthcare, food, and other expenses. For Kayla with an initial income of $40,000, expenses totaled $31,357, leaving $7,643 remaining. For Monica with an initial income of $55,000, expenses totaled $40,310.50, leaving $14,256.47 remaining. The document also includes an analysis section reflecting on the complexity of living independently and all the associated costs.
Devin and Pierce analyze their potential costs of living in Des Moines, Iowa after graduating from college. Devin would work as a business analyst making $50,000 annually, while Pierce would work for the Department of Homeland Security with a $50,000 salary. After taxes, their annual incomes would be around $33,937. They estimate renting a two-bedroom apartment for $1650 per month together. Factoring in additional expenses like food, utilities, transportation and healthcare, each would have around $11,600 remaining annually for savings. The analysis provides insight into their budgets and expenses of establishing independent lives in Des Moines.
The budget is based on a married couple with a total monthly income of $8,860. Housing and maintenance accounts for 34% of the budget or $3,012.40. Transportation accounts for 22% or $1,949.20. Food and dining out accounts for 15% or $1,329. Housing, transportation, and food make up the largest portions of the budget.
This document provides an overview and agenda for an estate planning seminar in Tennessee that discusses recent changes to Tennessee's tax laws that make it more favorable for trusts and estate planning. Topics covered include the current federal and Tennessee estate, inheritance, and gift tax structures; portability of the federal estate tax exemption between spouses; income tax planning considerations; probate avoidance techniques using revocable trusts; and various types of trusts for creditor protection planning.
The document summarizes the costs of living for two individuals, Adrian Kwak and Kelly Lee, in Trenton, NJ. It outlines their incomes, savings, housing costs including rent and utilities, food, furniture, healthcare, transportation, and extracurricular activities. After accounting for all expenses, Adrian has $8,487.16 remaining and Kelly has $5,147.16 remaining each year. The document also includes brief analyses from each individual on what they learned from the budgeting exercise.
This document summarizes the annual incomes, expenses, and budgets for Ashley Geo and Jocelyn Wong, who are moving in together in Miami, Florida. It outlines their individual incomes, savings amounts, healthcare and transportation costs, shared living expenses including rent, utilities, and food, and individual discretionary expenses. Overall budgets are calculated for each person with their remaining income after necessities. Sources are cited at the end.
Zach and Eddie analyze the costs of living in Indianapolis, Indiana. Zach provides details on housing costs for a 2 bedroom, 2 bath apartment for $1,000 per month plus utilities. Annual housing and utility costs would be around $15,134 or $7,567 per person. Eddie outlines healthcare options that would cost between $1,062.60 and $1,309.08 annually. Both estimate annual costs of around $12,000 in taxes, $11,300 for food and supplies, $720 for transportation, and savings of 20% of income, leaving Eddie with around $968 remaining and Zach with around $74 remaining at the end of the first year.
Adrian is an ESPN reporter earning $250,000 annually. His monthly take home pay is $15,072.92. His yearly budget totals $49,058.66. Housing is his largest expense at $12,285 per year, which includes $12,000 in rent. Transportation is $420 covering his car payment, gas, and insurance. Personal expenses are $528.66. Retirement and college savings are budgeted at $35,500. This personal budget outlines Adrian's income, expenses, and savings goals to financially plan for his future lifestyle and retirement.
This document provides cost of living analyses for two individuals, Kayla Moore and Monica Sagowitz, living in Trenton, New Jersey. It details their incomes, taxes, housing costs, utilities, transportation, healthcare, food, and other expenses. For Kayla with an initial income of $40,000, expenses totaled $31,357, leaving $7,643 remaining. For Monica with an initial income of $55,000, expenses totaled $40,310.50, leaving $14,256.47 remaining. The document also includes an analysis section reflecting on the complexity of living independently and all the associated costs.
Devin and Pierce analyze their potential costs of living in Des Moines, Iowa after graduating from college. Devin would work as a business analyst making $50,000 annually, while Pierce would work for the Department of Homeland Security with a $50,000 salary. After taxes, their annual incomes would be around $33,937. They estimate renting a two-bedroom apartment for $1650 per month together. Factoring in additional expenses like food, utilities, transportation and healthcare, each would have around $11,600 remaining annually for savings. The analysis provides insight into their budgets and expenses of establishing independent lives in Des Moines.
The budget is based on a married couple with a total monthly income of $8,860. Housing and maintenance accounts for 34% of the budget or $3,012.40. Transportation accounts for 22% or $1,949.20. Food and dining out accounts for 15% or $1,329. Housing, transportation, and food make up the largest portions of the budget.
This document provides an overview and agenda for an estate planning seminar in Tennessee that discusses recent changes to Tennessee's tax laws that make it more favorable for trusts and estate planning. Topics covered include the current federal and Tennessee estate, inheritance, and gift tax structures; portability of the federal estate tax exemption between spouses; income tax planning considerations; probate avoidance techniques using revocable trusts; and various types of trusts for creditor protection planning.
The document summarizes the costs of living for two individuals, Adrian Kwak and Kelly Lee, in Trenton, NJ. It outlines their incomes, savings, housing costs including rent and utilities, food, furniture, healthcare, transportation, and extracurricular activities. After accounting for all expenses, Adrian has $8,487.16 remaining and Kelly has $5,147.16 remaining each year. The document also includes brief analyses from each individual on what they learned from the budgeting exercise.
Kansas is facing budget challenges as the state population growth has slowed, private sector jobs were lost while public sector grew, total state debt is over $15 billion, and spending is exceeding revenues. The largest portions of the state budget are spent on K-12 education at 52.4% and human services at 23.6%. Key factors increasing spending are rising human services caseloads, pension payments, special education costs, and corrections costs. The legislature will need to address the budget gap through the veto session in April or a potential special session.
Cost of living_in_miami,_florida_(1)[1]11hsiehalice
This document summarizes the estimated annual costs of living for two individuals, Alice Hsieh and Shannon Cheng, living in Miami, Florida. It outlines their incomes, savings, housing costs, healthcare costs, transportation costs, utilities, food costs, and extracurricular activity costs. After accounting for all expenses, both individuals are left with approximately $926 remaining annually.
This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
The document discusses offering dental insurance to the city's 500 retirees and their dependents through the city's current dental insurance provider, Delta Dental. It provides 3 scenarios for premium costs: 1) retirees pay the full increased cost; 2) the city absorbs the full increased cost; 3) employees and retirees pay the increased cost but the city absorbs the cost for adding 500 new participants. The city council is being asked to decide whether to offer retiree dental coverage and which premium scenario to use. Coverage would begin January 1st if approved.
The document analyzes the living costs for three individuals - Eric, Nishad, and Chris - living in Boston, MA. It outlines their incomes, taxes, savings, housing costs, utilities, transportation, health insurance, food, and other expenses. After accounting for all necessities, the small amounts remaining - between $116.77-$316.77 - illustrate that a $40,000 salary in Boston is just enough to cover basic costs with a little left over for discretionary expenses or savings. The analysis concludes that the costs of living reveal salaries that seem substantial are actually barely enough to live decently in an expensive city like Boston.
This document summarizes a presentation by Bertison-George, LLC given at a PIOGA Winter Meeting on February 24-25, 2015. It reviews Pennsylvania's historic development of its oil and gas industry and severance tax. Numbers are provided on impact fees collected in Pennsylvania, Ohio, and West Virginia from 2012-2014. Variables like production, commodity prices, and number of wells drilled that affect tax revenues are discussed. Questions are posed for Governor Wolf regarding the proposed increase in Pennsylvania's severance tax, including how revenues will be allocated and whether impacts to conventional production and companies relocating were fully considered.
The document is a monthly budget for November that details $2,682.67 in total income from wages and bonuses. Total budgeted expenses for the month are $2,569 including $450 for mortgage/rent, $150 for electricity, and $150 for homeowner's insurance, leaving a monthly balance of $113.67.
Understanding the Food System: How it Works and When it Doesn'tAnne Anderson
Presentation by Robyn Krock of Valley Vision (Sacramento, CA) on the basics of the farm to market to consumer food systems and what needs to be fixed to allow better distribution of healthful food to everyone.
This document outlines a budget for November with total income of $2,682.67 and total expenses of $2,199. It lists categories of expenses such as home, bills, transportation, health, and personal and the amount budgeted for each category. The monthly balance shows expenses exceeding income by $2,199.
This document provides a budget summary for November. Total income is listed as $2,682.67 while total expenses are budgeted at $2,649, leaving a monthly balance of $33.67. Major expenses include $450 for mortgage/rent, $250 for student loans, $300 for car payments, and $150 each for homeowner's and health insurance.
The monthly budget for November shows total income of $2,682.67 from wages and bonuses. Total planned expenses for the month are $2,682.67, including $670 for bills, $450 for mortgage/rent, and $150 each for electricity and homeowner's insurance. This results in a balanced budget with no additional funds for the month.
Estate and tax planning ideas for 2012 v4-post-final (2)Roger Royse
This document summarizes the key tax implications of estate planning, gifts, and inheritances for U.S. citizens and residents. It discusses estate, gift, and generation-skipping transfer tax rates and exemptions from 2010 to 2013. It also reviews annual gift and estate tax exclusions, the marital deduction, qualified domestic trusts, and reporting requirements for foreign financial assets.
Creating a budget is Part 2 of the 6-part Money Matters class, created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
This document provides a cost of living analysis for two individuals, Anisha and Ellen, living in St. Louis, Missouri. It summarizes their annual incomes, taxes, savings, housing costs, utilities, transportation, food, and other living expenses. By the end of the analysis, Anisha is left with $8,803 in remaining income while Ellen has $18,288 remaining. The document also lists sources cited.
This document provides a cost of living analysis for two individuals, Anisha and Ellen, living in St. Louis, Missouri. It summarizes their annual incomes, savings, housing costs, utilities, food, transportation, healthcare costs, and discretionary expenses. By the end of the analysis, Anisha is left with $8,803 in remaining income while Ellen has $18,288 remaining.
This document provides a cost of living analysis for two individuals, Anisha and Ellen, living in St. Louis, Missouri. It summarizes their annual incomes, taxes, savings, housing costs, utilities, transportation, food, and other living expenses. By the end of the analysis, Anisha is left with $8,803 in remaining income while Ellen has $18,288 remaining. The document also lists sources cited.
The document outlines the costs of living in Detroit, Michigan for two individuals, Christopher Wong and Michelle Chan. It details their incomes, savings amounts, housing costs for a shared property, healthcare and transportation expenses, utility costs, food and furniture budgets, and extracurricular spending. In the end, Christopher Wong has $50.94 remaining while Michelle Chan has a larger remaining amount of $5,331.62 due to differences in their salaries, savings proportions, and individual spending habits.
The document outlines the costs of living in Detroit, Michigan for two individuals, Christopher Wong and Michelle Chan. It details their incomes, savings amounts, housing costs for a shared property, healthcare and transportation expenses, utility costs, food and furniture budgets, and extracurricular spending. In the end, Christopher Wong has $50.94 remaining while Michelle Chan has a larger remaining amount of $5,331.62 due to differences in their salaries, savings proportions, and individual spending habits.
A zoo keeper in Seattle earns an initial income of $50,000 per year. After taxes and savings, the zoo keeper has $31,825 remaining to cover housing, utilities, transportation, food, and other living expenses. The zoo keeper rents a 500 square foot studio for $9,240 annually and has health insurance that costs $744 per year. Additional expenses include a car lease and gas that total to $5,388 annually. After paying for utilities, food, and extracurricular activities, the zoo keeper has $265 remaining at the end of the year.
Swathi Narayanan and Elizabeth Yang have a total household income of $80,000. After accounting for taxes, health insurance, rent, food, transportation, utilities, and fun expenses, their remaining disposable income is $27,407.18. This leaves each person with $1,141.97 per month or $13,703.59 per year in disposable income to put towards savings.
This document summarizes the typical costs of living for two medical residents, Michelle and Hye Hyun, living in Charleston, South Carolina. It details their incomes, savings, housing costs, utilities, transportation, healthcare, food, and extracurricular costs. After accounting for all expenses, Michelle has $3,869 remaining and Hye Hyun has $975 remaining at the end of each year. Housing, food, and transportation represent the largest portion of their living expenses. The document provides sources for cost estimates.
This document summarizes the monthly budgets for two roommates, Michael and Daniel, who live together in Chicago. It outlines their individual incomes, taxes, rent costs for their apartment, transportation expenses, utilities, health insurance, food costs, entertainment budgets, and savings. By the end, it calculates that Michael will have $18.02 left over each month after expenses while Daniel will have $17.37 remaining. It also includes brief reflections from each roommate on their budgets and finances.
Kansas is facing budget challenges as the state population growth has slowed, private sector jobs were lost while public sector grew, total state debt is over $15 billion, and spending is exceeding revenues. The largest portions of the state budget are spent on K-12 education at 52.4% and human services at 23.6%. Key factors increasing spending are rising human services caseloads, pension payments, special education costs, and corrections costs. The legislature will need to address the budget gap through the veto session in April or a potential special session.
Cost of living_in_miami,_florida_(1)[1]11hsiehalice
This document summarizes the estimated annual costs of living for two individuals, Alice Hsieh and Shannon Cheng, living in Miami, Florida. It outlines their incomes, savings, housing costs, healthcare costs, transportation costs, utilities, food costs, and extracurricular activity costs. After accounting for all expenses, both individuals are left with approximately $926 remaining annually.
This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
The document discusses offering dental insurance to the city's 500 retirees and their dependents through the city's current dental insurance provider, Delta Dental. It provides 3 scenarios for premium costs: 1) retirees pay the full increased cost; 2) the city absorbs the full increased cost; 3) employees and retirees pay the increased cost but the city absorbs the cost for adding 500 new participants. The city council is being asked to decide whether to offer retiree dental coverage and which premium scenario to use. Coverage would begin January 1st if approved.
The document analyzes the living costs for three individuals - Eric, Nishad, and Chris - living in Boston, MA. It outlines their incomes, taxes, savings, housing costs, utilities, transportation, health insurance, food, and other expenses. After accounting for all necessities, the small amounts remaining - between $116.77-$316.77 - illustrate that a $40,000 salary in Boston is just enough to cover basic costs with a little left over for discretionary expenses or savings. The analysis concludes that the costs of living reveal salaries that seem substantial are actually barely enough to live decently in an expensive city like Boston.
This document summarizes a presentation by Bertison-George, LLC given at a PIOGA Winter Meeting on February 24-25, 2015. It reviews Pennsylvania's historic development of its oil and gas industry and severance tax. Numbers are provided on impact fees collected in Pennsylvania, Ohio, and West Virginia from 2012-2014. Variables like production, commodity prices, and number of wells drilled that affect tax revenues are discussed. Questions are posed for Governor Wolf regarding the proposed increase in Pennsylvania's severance tax, including how revenues will be allocated and whether impacts to conventional production and companies relocating were fully considered.
The document is a monthly budget for November that details $2,682.67 in total income from wages and bonuses. Total budgeted expenses for the month are $2,569 including $450 for mortgage/rent, $150 for electricity, and $150 for homeowner's insurance, leaving a monthly balance of $113.67.
Understanding the Food System: How it Works and When it Doesn'tAnne Anderson
Presentation by Robyn Krock of Valley Vision (Sacramento, CA) on the basics of the farm to market to consumer food systems and what needs to be fixed to allow better distribution of healthful food to everyone.
This document outlines a budget for November with total income of $2,682.67 and total expenses of $2,199. It lists categories of expenses such as home, bills, transportation, health, and personal and the amount budgeted for each category. The monthly balance shows expenses exceeding income by $2,199.
This document provides a budget summary for November. Total income is listed as $2,682.67 while total expenses are budgeted at $2,649, leaving a monthly balance of $33.67. Major expenses include $450 for mortgage/rent, $250 for student loans, $300 for car payments, and $150 each for homeowner's and health insurance.
The monthly budget for November shows total income of $2,682.67 from wages and bonuses. Total planned expenses for the month are $2,682.67, including $670 for bills, $450 for mortgage/rent, and $150 each for electricity and homeowner's insurance. This results in a balanced budget with no additional funds for the month.
Estate and tax planning ideas for 2012 v4-post-final (2)Roger Royse
This document summarizes the key tax implications of estate planning, gifts, and inheritances for U.S. citizens and residents. It discusses estate, gift, and generation-skipping transfer tax rates and exemptions from 2010 to 2013. It also reviews annual gift and estate tax exclusions, the marital deduction, qualified domestic trusts, and reporting requirements for foreign financial assets.
Creating a budget is Part 2 of the 6-part Money Matters class, created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
This document provides a cost of living analysis for two individuals, Anisha and Ellen, living in St. Louis, Missouri. It summarizes their annual incomes, taxes, savings, housing costs, utilities, transportation, food, and other living expenses. By the end of the analysis, Anisha is left with $8,803 in remaining income while Ellen has $18,288 remaining. The document also lists sources cited.
This document provides a cost of living analysis for two individuals, Anisha and Ellen, living in St. Louis, Missouri. It summarizes their annual incomes, savings, housing costs, utilities, food, transportation, healthcare costs, and discretionary expenses. By the end of the analysis, Anisha is left with $8,803 in remaining income while Ellen has $18,288 remaining.
This document provides a cost of living analysis for two individuals, Anisha and Ellen, living in St. Louis, Missouri. It summarizes their annual incomes, taxes, savings, housing costs, utilities, transportation, food, and other living expenses. By the end of the analysis, Anisha is left with $8,803 in remaining income while Ellen has $18,288 remaining. The document also lists sources cited.
The document outlines the costs of living in Detroit, Michigan for two individuals, Christopher Wong and Michelle Chan. It details their incomes, savings amounts, housing costs for a shared property, healthcare and transportation expenses, utility costs, food and furniture budgets, and extracurricular spending. In the end, Christopher Wong has $50.94 remaining while Michelle Chan has a larger remaining amount of $5,331.62 due to differences in their salaries, savings proportions, and individual spending habits.
The document outlines the costs of living in Detroit, Michigan for two individuals, Christopher Wong and Michelle Chan. It details their incomes, savings amounts, housing costs for a shared property, healthcare and transportation expenses, utility costs, food and furniture budgets, and extracurricular spending. In the end, Christopher Wong has $50.94 remaining while Michelle Chan has a larger remaining amount of $5,331.62 due to differences in their salaries, savings proportions, and individual spending habits.
A zoo keeper in Seattle earns an initial income of $50,000 per year. After taxes and savings, the zoo keeper has $31,825 remaining to cover housing, utilities, transportation, food, and other living expenses. The zoo keeper rents a 500 square foot studio for $9,240 annually and has health insurance that costs $744 per year. Additional expenses include a car lease and gas that total to $5,388 annually. After paying for utilities, food, and extracurricular activities, the zoo keeper has $265 remaining at the end of the year.
Swathi Narayanan and Elizabeth Yang have a total household income of $80,000. After accounting for taxes, health insurance, rent, food, transportation, utilities, and fun expenses, their remaining disposable income is $27,407.18. This leaves each person with $1,141.97 per month or $13,703.59 per year in disposable income to put towards savings.
This document summarizes the typical costs of living for two medical residents, Michelle and Hye Hyun, living in Charleston, South Carolina. It details their incomes, savings, housing costs, utilities, transportation, healthcare, food, and extracurricular costs. After accounting for all expenses, Michelle has $3,869 remaining and Hye Hyun has $975 remaining at the end of each year. Housing, food, and transportation represent the largest portion of their living expenses. The document provides sources for cost estimates.
This document summarizes the monthly budgets for two roommates, Michael and Daniel, who live together in Chicago. It outlines their individual incomes, taxes, rent costs for their apartment, transportation expenses, utilities, health insurance, food costs, entertainment budgets, and savings. By the end, it calculates that Michael will have $18.02 left over each month after expenses while Daniel will have $17.37 remaining. It also includes brief reflections from each roommate on their budgets and finances.
This document provides information about the cost of living in Minneapolis, Minnesota for two individuals, Sophia and Tao. It details their incomes, taxes, healthcare costs, housing expenses including rent and utilities, transportation, food costs, and discretionary spending. For Sophia, her annual savings after expenses is $21,825 while Tao saves $13,263.70 per year living in Minneapolis.
The document provides details on the cost of living in Minneapolis for two individuals, Sophia and Tao, including their incomes, taxes, healthcare costs, housing expenses, utility bills, transportation, food costs, and extracurricular activities. It calculates their annual expenses and savings. Sophia has a higher income of $41,907 after taxes and expenses, allowing savings of $20,985. Tao has a lower income of $29,665 after taxes and expenses, allowing savings of $12,713.
The document provides details on the cost of living in Minneapolis for two individuals, Sophia and Tao, including their incomes, taxes, healthcare costs, housing expenses, utility bills, transportation, food costs, and extracurricular activities. It calculates their annual budgets and savings. Sophia has a higher income of $41,907 after taxes and expenses, allowing savings of $20,985. Tao has a lower income of $29,665 after taxes and expenses, allowing savings of $12,713.
The document summarizes the costs of living for two individuals, Adrian Kwak and Kelly Lee, in Trenton, NJ. It outlines their incomes, savings, housing costs including rent and utilities, food, furniture, healthcare, transportation, and extracurricular activities. After accounting for all expenses, Adrian has $8,487.16 remaining and Kelly has $5,147.16 remaining each year. The document also includes brief analyses from each individual on what they learned from the budgeting exercise.
The document summarizes the costs of living for two individuals, Adrian Kwak and Kelly Lee, in Trenton, NJ. It outlines their incomes, savings, housing costs including rent and utilities, food, furniture, healthcare, transportation, and extracurricular activities. After accounting for all expenses, Adrian has $8,487.16 remaining and Kelly has $5,147.16 remaining each year. The document also includes brief analyses from each individual on what they learned from the budgeting exercise.
The document summarizes the costs of living for two individuals, Adrian Kwak and Kelly Lee, in Trenton, NJ. It outlines their incomes, savings, housing costs including rent and utilities, food, furniture, healthcare, transportation, and extracurricular activities. After accounting for all expenses, Adrian has $8,487.16 remaining and Kelly has $5,147.16 remaining each year. The document also includes brief analyses from each individual on what they learned from the budgeting exercise.
The document compares the costs of living in Boston and San Diego for someone making $48,000 per year. In Boston, total annual costs are approximately $53,384 including housing that is $1,030 per month, while in San Diego total costs are approximately $54,721 with housing that is $910 per month but higher transportation and food costs. Both locations have similar taxes, savings amounts, student loan payments, and healthcare costs. Overall, the costs of living in Boston versus San Diego for this individual are comparable.
Retirement Planning- Case studyPart 1A) SMART Goal Setting.docxronak56
Retirement Planning- Case study
Part 1
A) SMART Goal Setting
Specific
What: They should to achieve debt freedom and save enough money before age 65. They supposed to decrease his daily expense to save more money, to pay off the current loan and some credit debts. Then they need to start RESPs for their children.
Why: Their Net cash flow was negative, it means they have more expense than income. They must find a way to solve these problem, even through they have 308879.63 net worth, but it is useless. They have too many loan and mortgage need to repayment.
Where: They should focus on house mortgage first, because that $300000 mortgage with interest rate is 4.75%.
Who: their children. When they do this financial planning, their kids is inherently involved in.
Which: They have some constraints which is that they need to pay education for kids, they have economic pressure, so saving money is hard thing for them.
Measurable:
They want to save $2000 per month to pay off their mortgage $1897.57 monthly.
Achievable:
We suggest saving money from Entertainment and Transportation.
· Yearly expense
Travel $120, Activities $360, Alcohol $120 totally is $600
We also can decrease expense form car insurance, Colin and Jill can use one car and suspend the car insurance saving $1440 yearly.
They already saving $2040 for one year.
Realistic:
That is realistic because they can easily to save money form their income, they need to know how to budgeting their money, especially they already have two kids.
Time-Limited:
They will save money form their daily life for $2040 for one year, their yearly mortgage is $1897.57*12= $22770.84, they need to saving 10 years money to pay off one year mortgage.
B) Cash Flow Statement & Net Worth Statement
According to the expense statement for retirement planning, I estimate the expense after Colin and Jill retirement is $28546.68. It means they need income after tax is same amount.
Electricity/water: When they are after 65 year old, they should sleep so early that compare with before. That’s why their electricity usage rate is going down. Change $150 to $100 per month
Internet: they don’t use internet after 65 years old, because they always watching TV or reading book, no time to use internet. Change $100 to $50 per month
Groceries: it will change some because they want to be health, and will buy many nourishment and fruits,and more milk. Not changed.
Eat-out: eat-out cost will be decrease, they usually cook at home. Change $100 to $50 per month
Colin&Jill car insurance: They don’t need two cars for driving, so they can just drive one car with one car insurance, so the cost will be decrease. Decrease $110 per month
Gas fee: gas cost also decrease because two cars in stead of one car.
Medical: Colin has high blood pressure, his medicines cost will increase.
Travel: Colin and Jill like to long-distance travel every month,so that’s why travel cost is increased. Change $50 to $ ...
The document compares the annual budgets and living expenses of Annie and David who live in St. Louis, Missouri. It outlines their incomes, taxes, savings, housing costs at an apartment in downtown St. Louis, healthcare, transportation, utilities, food, and extracurricular spending. After accounting for all expenses, Annie and David each have approximately $1,000 remaining in their annual budgets.
This document provides budget information for two individuals, Joseph Chin and William Jiang, living in San Jose, California. It details their incomes, taxes, savings amounts, housing costs at an apartment in San Jose, utilities, transportation, healthcare, food, and extracurricular activity costs. For Joseph, who uses public transportation, has $2,531 remaining after accounting for all expenses. For William, who owns a car, has $1,051 remaining after accounting for expenses including car payments, insurance, gas, and golf fees. The document cites its sources and provides an analysis from each individual's perspective.
This document provides budget information for two individuals, Joseph Chin and William Jiang, living in San Jose, California. It details their incomes, taxes, savings amounts, housing costs at an apartment in San Jose, transportation expenses, healthcare costs, utilities, food budgets, and extracurricular activity costs. The document analyzes whether each individual's total estimated expenses exceed their disposable incomes and what remaining amounts they have left over at the end of the budget planning process.
2. General Information/1040 EZ
Gross Income $60,000.00 Gross Income $55,000.00
Federal Income Tax $8,850.00 Federal Income Tax $7,600.00
Social Security/ Medicare Tax Social Security/ Medicare Tax
$3,390.00 $3,657.50
New York City Tax $3,894.80 New York City Tax $3,430.05
New York State Tax $5,083.00 New York State Tax $5,713.50
Disposable Income $38,182.20 Disposable Income $34,598.95
http://www.slideshare.net/joet http://www.slideshare.net/csco
eresi/f1040ez tt3/1040ez-scott
3. Housing
450 Madison Ave.
New York City, NY 10022
1. 2 bedroom
2. 1 bath
3. 745 square feet
$1,705.00 per month
$1,705.00 x 12= $20,460.00
per year
4. Remaining Income
Joe Teresi Christian Scott
Disposable Income: Disposable Income:
$38,182.20 $34,598.98
Rent: $10,230.00 Rent: $10,230.00
Remaining Income: Remaining Income:
$27,952.20 $24,368.98
5. Healthcare
Empire Blue Health
New York Program
Standard program
without prescription drug:
$310.73/month
$310.73x12=
$3,728.76/year
6. Remaining Income
Joe Teresi Christian Scott
Disposable Income: Disposable Income:
$27,952.20 $24,368.98
Healthcare Cost: Healthcare Cost:
$3,728.76 $3,728.76
Remaining Income: Remaining Income:
$24,223.44 $20,640.22
7. Transportation
Because of the good public
transportation in New York City
neither of us will own a car
We will both be saving anywhere
from $5,000-$20,000 in car
expenses
We will be using an EasyPay
Express Metro Card to buy tickets
and pay for fares.
A subway fare is $2.25 per ride and
Express bus fare is $5.50 per ride.
Using the subway to work and back
will cost $4.50 a day, and on
weekends we will need money to
go wherever we need, about $5.00
$4.50x5=$22.5+$5x2=
$33.50/week
$33.50x52= $1742.00/year
8. Remaining Income
Joe Teresi Christian Scott
Disposable Income: Disposable Income:
$24,223.44 $20,640.22
Cost of Cost of
Transportation: Transportation:
$1742.00 $1742.00
Remaining Income: Remaining Income:
$22,481.44 $18,898.22
9. Food/Ect.
Amount spent on groceries
each week: $150.00
$75.00/week eating out of the
house
$150.00 per person/week
$150.00x52= $7,800/year
VIZIO E420VO 20’ 1080p
LCD HDTV, Black: $498.00
Furniture per person: $300.00
Apartment supplies: $200.00
10. Remaining Income
Joe Teresi Christian Scott
Disposable Income: Disposable Income:
$22,481.44 $18,898.22
Cost of Food/Etc: Cost of Food/Etc:
$8,849.00 $8,849.00
Remaining Income: Remaining Income:
$13,632.44 $10,049.22
11. Extracurricular
Christian Scott
1. $1,500.00 for clothes
2. $1,344.86 for a 15 month
membership to Crunch Gym
3. $500 for winter clothes
4. $2,000 for miscellaneous
items/travel
Joe Teresi
1. $1,500 for clothes
2. $1,344.86 for a 15 month
membership to Crunch Gym
3. $500 for winter clothes
4. $2,000 for miscellaneous
items/travel
12. Remaining income
Joe Teresi Christian Scott
Disposable Income- Disposable Income-
$13,632.44 $10,049.22
Cost of Extracurricular- Cost of Extracurricular-
$5,344.86 $5,344.86
Remaining Income- Remaining Income-
$8287.58 $4704.36
13. Savings
Open a high yield savings account with Ally Banks
1-1.00% APY
2-FDIC insured
3-No fees to open
Joe Teresi Christian Scott
Opening up an account Opening up an account
and depositing $5,000 and depositing $3,000
Earns $50.25 over a year Earns 30.15 per year
Deposits $416.67 a Has to deposit $250 a
month month
Income remaining after Income remaining after
savings savings
$3,287.58 $1,704.36
14. Utilities
(all cost shared except cell phone)
Water (shared cost)-$600
Electricity- $.139/kWh x
8,000kWh/year=$1,112
Gas- $.689/therm x 1,100
therm/year=$757.90
TV/Internet/Phone-$54.99/month
This bundle includes DirectTV, 210+
channels
High Speed Internet
Verizon Landline w/ wireless router
Verizon Cell Phone-$80 per month
+$200 for phone =$1,160 for first
year
15. Remaining Income
Joe Teresi Christian Scott
Disposable Income- Disposable Income-
$3,287.58 $1,704.36
Cost of Utilities- Cost of Utilities-
$1,564.95 $1,564.95
Remaining Remaining
Disposable Income- Disposable Income-
$1,722.63 $139.41
17. Works Cited
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"Crunch Gym Rates." Crunch Gym. Web. 8 June 2011. <www.crunch.com>.
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"Set Your Location." Cell Phones - Smartphones: Cell Phone Service, Accessories - Verizon Wireless. Web.
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"Verizon | Digital TV, Broadband Internet, and Phone Packages | FiOS Bundles." Verizon | Landing. Web.
08 June 2011. <http://www22.verizon.com/residential/bundles/#standard>.