This document provides information to help students simulate career choices, monthly expenses, and budgets as part of a "Reality 101" class. It lists various job options and their monthly salaries. It then outlines how to calculate monthly net income and expenses related to housing, student loans, food, clothing, transportation, utilities, insurance, and more. Lastly, it discusses totaling expenses, determining if supplemental income is needed, and potential part-time job options.

1. Reality 101 Careers and Future Budgets

2. Career Choices *Underlined jobs require more than 4-year degree

3. Reality 101 Student Sheet KEEP IN MIND THAT ALL OF THESE SITUATIONS ARE FOR EDUATIONAL PURPOSES ONLY, AND ARE NOT REAL!!! Complete name, job, and monthly gross salary If the DAY of your birth date is even, you are single; if it is odd, you are married. Then, include your spouse’s hypothetical name, job, and monthly gross salary, if applicable. Pick your children and name them, if applicable. Pick a pet and name it/them, if applicable.

4. Income Calculate your net income using the following percentages: Federal Withholding Tax - 9% of gross Subtract 0.5% from the 9% for each dependent FICA - 6.2% of gross Medical - 1.45% of gross FIND TOTAL NET INCOME

5. Expenses PAY YOURSELF FIRST – P.Y.F. Deduct 10% of net monthly salary HOUSING www.classifieds.flatoday.com Something to think about … first AND last month to move in? STUDENT LOANS (spouses too) 2-year college, deduct $50/month 4-year college, deduct $150/month Master’s degree, deduct $200/month Doctorate/law degree, deduct $300/month Medical degree, deduct $600/month Research www.collegeview.com to decrease need for college loans.

6. Expenses continued… FOOD $75/week per adult $50/week per child CLOTHING $50/month per adult & child CHILD CAREper week Infant (6 weeks-12 mo) $150 Toddler (12-24 mo) $140 2 year old $120 3 to 4 year old $110 Before/After school $ 75 Family Discount - 10% off per additional child

7. Expenses continued… UTILITIES – Electricity, gas, & water One-bedroom apartment $150 Two-bedroom apartment $175 Three-bedroom apartment $200 TRANSPORTATION (used-one per adult) 09 Hummer $500 08 Nissan Pathfinder $400 98 Infiniti $450 05 Toyota Corolla $420 02 VW Jetta $325 04 Dodge Quad Cab $300 01 Buick LeSabre $250

8. And more expenses… GAS $100 per month AUTO INSURANCE (6-month policy) Single male $800 Single female $700 Married couple $865 HEALTH INSURANCE Family policy $300 Individual $ 80

9. Last of expenses… CABLE/INTERNET (optional) Basic $22 Standard $63 Internet only $50 Premium $100 Premium w/internet $160 CELL PHONE Average plan $40 per phone LIFE HAPPENS CARDS Pick two cards

10. Time to total Are you in the black or red? Do you need to supplement your income? If you are married only one of you can get a second job, unless you have no children. You may not work more than 20 hours at your second job! Phone call center $15/hr Adult Ed Teacher $21/hr Sales $7/hr Restaurant Server $15/hr

11. Net Worth Net Monthly Income = Income – Liabilities Class discussion