My Material Life

Introduction: In the decades following World War II, Americans grew accustomed to the highest standard of living
in the world. Each generation seemed destined to acquire greater material wealth than the previous generation. An
economic recession certainly scared 1970’s Americans, but the economy rebounded in the middle 1980’s, and
climbed to even greater heights in the 1990’s. However, the trend of greater and greater wealth that began in the
1950's was brought to an end with the 2008 recession. For the first time since WWII, young Americans cannot
expect to achieve greater wealth than their parents.

Assignment: Working alone, you will need to create a digital “portfolio” of your future economic self. Following
the steps listed below will ensure that you complete each step of the project and that you assemble your portfolio in
Make sure that your completed project includes a
the proper order.

response to each step in the order that they appear below. Many
of the steps can be completed with a simple search on the internet. Your first page should list each of the items
below, including the answers.

1. My job is ___________________.
2. The amount of education required for my job is _____________________.
3. This is my house (Use zillow.com, and include a screen shot with the purchase price).
4. The city/town I live in is_________________.
5. I have ______ children.
6. This is my car (include a screen shot with the purchase price).
7. My car’s fuel economy average is _________ mpg.
8. Each day I commute _______ miles (use the state average and multiply by 2).
9. Each month I drive a total of _________ miles (figure 22 work days per month).
10. Each month I consume _______ gallons of gas (base this on your monthly commute +100 miles).
11. Each month my family consumes _______ gallons of gas (double your gas consumption).
12. Select a tv/internet package (include a screen shot of your selection including price).
13. Select a cell phone package (count on two phones. Include a screen shot of your selection including price).
14. The starting salary for my job is $______________________(you must use payscale.com/For You/Career
Research. Use the median salary if your job requires a four year degree or less. Use the starting salary if your
job requires more than four years of college. Include a screen shot of the scale).
15. My spouse’s income (figure 75% of your income) is $____________________.
16. My take home income is $_____________ per month (for tax purposes, multiply your annual income by .75
then divide by 12).
17. My spouse’s take home income is $________________ per month (for tax purposes, multiply their annual
income by .75 then divide by 12).
18. My family’s take home income is $_________________ per month.
19. My mortgage is $___________ per month (use zillow.com mortgage calculator. Figure zero downpayment, 5%
interest, and 30 year payment. Include a screen shot of the pie chart and dollar amount).
20. My property taxes are $_________ per month (search "average annual property taxes" for your county, find
the % for your county, multiply by the home price, and then divide by 12).
21. My car loan is $_______ per month (use a simple loan calculator; 5% interest for 60 months).
22. My spouse’s car loan is $________ per month (figure purchase price is 75% of your car).
23. Each month my family spends $________ on gas (multiply your family’s gas consumption by $3.75).
24. Each month my family spends $_______ on car insurance (figure $50 per car per month).
25. Each month my family spends $ _______ on childcare (for one child, find the state average for an infant. For
each additional child, add $150/mo. for after school care).
26. Each month my family spends $ _______ on insurance for my children (figure $200 per child).
27. Each month my family spends $ ________ on college loan repayment (find the average for your profession,
6.8% interest rate for 10 years. Then, multiply by 2).
28. Each month my family spends $ ________ on tv/internet.
29. Each month my family spends $ ________ on cell phones.
30. Each month my family spends $ ________ on the water bill (use a state average).
31. Each month my family spends $ ________ on electricity and gas (use a state average).
32. Each month my family spends $ ________ on food (use a state average based on your family size).
33. What is the total of lines 19-32?
34. Subtract line 33 from line 18. If it is a positive number then you have money leftover. If it is a negative
number then you will need to make changes to be able to afford your lifestyle.