Planned Occupation and Desired Living Arrangements Report Assignment

Answer full Part A and B and every section included in each part. Detailed information Well developed A. Research your planned occupation and desired living arrangements: Income 1) Write down your desired occupation title, career level, and location. • 2) Marketing Managers Write down your annual income and what that equates to monthly according to Don’t forget to subtract State and Federal taxes, Social Security, and Medicare (for the purpose of this assignment, simply use 14% (if you want to get fancy, you can actually research what tax bracket you would be in)., Expenses 1) Find an example house (or rental) within your budget using,, or Your monthly payment, including your taxes and property insurance, should be no more than 30% of your monthly take home pay. Write down the cost of the house and what that equates to monthly. Write down a brief description of your desired home (Address, Square feet, bedrooms, bathrooms). Use the calculators on the websites; however, don’t forget to account for any down payment (the websites default to include 20% down). Also don’t forget to add in the cost of insurance and property taxes (Escrow). For the purpose of this assignment, you may simply use what the website estimates or tack on $250 for your Escrow. Again you can get fancy and research more closely what your insurance and taxes would be if you would like (actual taxes and insurance can range from less than $100 a month to $1000s depending on the cost of the house and the location). If you are not putting at least 20% down or using a VA loan, tack on another $50 for private mortgage insurance (PMI) 2) Write down a brief description of your desired mode of transportation. Again make sure that it is within the budget. If you plan to use public transit, what are the costs/fees? Is your vehicle paid off, or will it be? Awesome, make a note of it in the assignment. Write down the cost of the mode of transportation and what that equates to for a monthly payment. B. Based off of the information from “Step A,” using a chart, create a 1 month budget and include all incomes and expenses. 1) Write out your Income(s). 2) Write out your projected Nondiscretionary Expenses (bills): mortgage/rent, transportation, insurance, cell phone, etc. 3) Write out your projected Discretionary Expenses: groceries, eating out, vacations, personal insurance, personal care, car care/maintenance, etc. 4) Make sure to include your plan to invest for retirement, save for a rainy day, and save for necessities and fun. 5) Write down what you have left over (should be basically “0”).

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