Personal Finance Project #1

Choosing Your Future Career

Careers, they are so many and I have been thinking a lot about this, it is so hard
to adjust to just one but in my top three they are, automotive engineering, I’ve been
fascinated about cars since my childhood and this is something that has been
always in my head, I know this career it is not just about cars but I find it so
interesting, then I thought about civil engineering, I know this looks like the career
named above but it changes it interest angle to planning, designing, and
overseeing construction, and last but not least, business, I find this career very
interesting because it is so global and so functional in a lot of ways in our lives, not
just on your work but in your personal life too.

Now, I already feel more passionate about automotive engineering this means I
´ll probably need some skills like Inductive reasoning, deductive reasoning, oral
and written comprehension so as problem sensitivity, and clearly a Bachelor's
degree. For civil engineering I need all the above named skills, plus, near vision
and a Bachelor´s Degree. And for Business I need strong communication skills,
analytical, critical and logic thinking, problem solving and as all above, a Bachelor's
degree.

However, if I need to choose one I´ll clearly choose automotive engineering, as

I said before, this is something I am passionate and curious about since I was little,
I want to see what this world is about and how far I can make it be being an
automotive engineer, I would love to work in General Motors if I have the chance,
this is probably my favorite automotive company, I have known people who has
worked there and their experience made me want more to work there. I think this
work in work-life balance would be a normal part time job that would let me enjoy
other aspects in my life so as my family and friends, that is very important to me
since I am raised like that, family is priority always. Probably this is not the easiest
career but it is definitely the one I want for my post-high school life, it would worth
the effort, time, money and no doubt the nights without sleep because I will be
doing what makes me happy and what I´ve always dreamed of. I don’t think I will
change of opinion later, I am sure about my decision, this is where I want to be and
when you do what you love, it will always make you happy.

In Kissimmee the highest salary for mechanical engineering is $69.000, the

median salary is $35.220 and the lowest salary is $24.610. I personally think the
projected growth for my career will increase, this career has to do with technology
and this will never disappear, it has been said that here to five years it will be a
total of 940 employments in Florida, it is not bad, as I said, this is a career that is
so functional in our generation that I think it won’t fail and less disappear.

Calculations:

Low Starting Salary for Your Career in Your Area (gross): $24,610

Multiply Salary by 0.75 to Find Net (other 25% to taxes): $18,457.50

Divide Net Salary (above) by 12 (to get monthly salary): $1,538.125

Personal Finance Project #2

Family Budgeting Interview

In my home, my dad has been the maintainer or provider always, this is since I
can remember, I can´t explain why, I think it is because my dad wants to and it
makes him happy, I imagine it fulfills him making all of us happy. Now, talking
about bills, my dad has less than the average, I think it is because we are from a
different culture in this aspect, I think he has like three and only for our cars.

As I was saying, my family is not that big, we are four, we love spending time
together and that is something my dad looked for when choosing his work, my dad
is the only one that contributes to the total household income. Despite this, I don’t
think raising a child is no joke or no easy in any way and less in the monetary,
maybe you need 800$ or 1000$ monthly.

Although, after I interviewed my dad some of my thoughts changed and I

realized how hard my dad works every day to make my mom and I happy, he is so
organized and I definitely have to learn more about that from him. For sure, the
best advice my dad has given to me is to have a list of my budget and my goals in
a month, as I said, being organized helps a lot with your finances and achieving
your goals more easily so as saving money every month to avoid being in a hurry
in any kind of emergency.

It seems to me that my dad has made a wonderful job with my family finances,
he has approached so many of his personal and our family goals by his own and
with his amazing organized way, I definitely want to keep learning from him and
want to keep my family economically save just as he does every day with us.

Apart from all that I have been explaining, I cannot hide I am a little scared of
the day that I will have to start doing all that he does by my own, that is something
that I believe most of the teenagers are scared of but, thanks to my dad I have
learned so much that I hope that when the day arrives I will be ready to keep my
life on track in every way and economically stable and organized. It is clear that
this fear comes from being kind of a daddy´s son always, I have worked for some
times but I don’t produce an income in my house, that is all my dad so this is
clearly the reason of my fear to independency.

On the whole, talking to my dad about all this was so great and so fulfilling for
me, it was a time for just us and despite it was not so long I enjoyed it a lot, in so
little I realized and learned a lot about so many different things, he is an example
for me and he will always be, I admire him a lot.
Personal Finance Project #3

Housing Budget

First of all, I think while I work in my first career it should be something low
budget so I can try to save as much money as possible, so I think I would be living
in an small condo, maybe with roomies even, the location would be absolutely
near my family so maybe Orlando or Kissimmee, Florida state.

As I said before, the location I choose is just because I am a very family guy, I
love spending time with my family and that is clearly a factor that defines all or
most of my decisions. Orlando cost of living is 104.1 so it is above the US average
that is 100, this does not means that is the most expensive city, I have several
years living here and by the example of my dad, I know I can, I am sure I can.

In my plans, traveling is a very important factor, but this would start when I am
more stable, specifically in my economics. It is a priority but no more than my
economic stability. All these plans are in vacations clearly, but I would love to travel
to Europe one day or maybe go back to my beloved Venezuela. Besides that, I
would probably travel to the beach often but trying to maintain the expenses low.

In my beginnings I don’t think it is the best idea to buy right away, I think I will
rent, I am very open to roommates obviously I will be very careful with who I live
with, and then wait a little until my economics are more stable so I can start
thinking of buying a place for my own.

So now talking about my housing options, first I would think about an apartment
with 3 rooms so I can split rent with roomies, this would be costing 1000$ to 1200$
monthly so 350$ to 400$ each one, and this apartment location would be in
Orlando as my plan said.

For second option is an apartment again but in Kissimmee, with 3 rooms as the
other but the cost is a little less, it would be 900$ to 1100$ monthly so 300$ to
360$ each one, this living style is my preference and I think I can make it.
 Third option is a bedroom, this is the last that I would actually prefer, from what I
have been looking this is even more expensive than renting an apartment, a single
bedroom it is 400$ to 500$ monthly or even more and some of themes don’t have
personal bathrooms, I thinks it is not necessary.

Last but not least option is my parents’ house, I know they won’t be mad if I live
there for a while, meantime I would be making more money so I can leave as soon
as possible, there would be no rent so the income is bigger.

So my favorite option is definitely the first one, this kind of apartments are
affordable and more with two roomies helping with rent, the difference between
Orlando and Kissimmee is so small and I genuinely prefer Orlando, this is where
my collage is and I would love to keep my life there, the homeowner´s insurance
would be 15$ per moth so 5$ each roomie, I love so much his option I thinks is the
best one yet.
 Personal Finance Project #4

MEAL TUESDA
MONDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY
Y
Arepa with Sandwich
Arepa with Sandwich with Arepa with
Cereal tomatoes with ham, Cereal
BREAK butter and ham, cheese butter and
with milk. and cheese and with milk.
FAST cheese. and butter. cheese.
1.20$ cheese. butter. 1.20$
0.36$ 1.18$ 0.36$
0.50$ 1.18$
Chicken
Chicken
breast
breast with Beef stripes Pasta with
with salt, Beef stripes
Pasta with salt, rice with tortillas, Tomato
rice and a with tortillas, Pasta with
Tomato and and a cream and Basil
salad with cream cheese, Tomato and
Basil Pasta salad with cheese, Pasta
LUNCH lettuce tomatoes. Basil Pasta
Sauce. Coke lettuce and tomatoes. Sauce.
and green tea as Sauce.
as drink. tomatoes. green tea as Coke as
tomatoes. drink. 0.66$
1.37$ Lemonade drink. drink.
Lemonade 2.97$
as drink. 2.97$ 1.37$
as drink.
3.48$
3.48$
Sandwich Arepa
Arepa with
Cereal with Cereal with with ham, Eat out Eat out with with butter
butter and
DINNER milk. milk. cheese and with 7,5 as 7,5 as and
cheese.
1.20$ 1.20$ butter. max amout amout cheese
0.36$
1.18$ 0.36$
Food Budget

- Breakfast: the total in a week is 5.98$ monthly= 23.92$

- Lunch: the total in a week is 16.3$ monthly= 65.2$
- Dinner: the total in a week is 20,48$ monthly= 81.92$

So, my monthly budget for food is 170.82$

Personal Finance Project #5

Transportation Budget

Transportation, that is something that thanks to my parents is pretty solved, I

already have a car, that makes a lot of things easier but in the same way I have
more responsibilities like gas, maintenance or insurance so here are some monthly
transportation expenses:

Car Insurance: $150

Gas: $200

Oil changes: $30

Maintenance: $20

So, my monthly budget for transportation is $400.

Personal Finance Project #6

Utilities, Insurance, Health, & Bills Budget

After talking to my parents I conclude this list of monthly utilities expenses:

Phone: $60

Security: $70

Electric: $110

Water: $80

Trash: $0

So, my monthly budget for utilities is $320.

Personal Finance Project #7

Clothing, Entertainment & Shopping Budget

When talking about clothes I am not so picky or even in love with, I don’t usually
spend money in this, I think I am okay with my closet situation, so I think I´ll be
spending like $10 to $15 monthly on this just for a shirt to an special occasion
maybe.

My favorite way to entertain myself is playing on my play station or listening to

spotify a lot, these two are pretty cheap, I usually play games that I already bought
and music with an student membership is $5 monthly, beside that traveling is
something that I love but usually don’t do, or I do it when I know I can talking in an
economic way. Traveling is even going to some road trip with my girlfriend, low
budget but having an amazing time and that is my kind of plans, I would spend like
$200 including gas, and that is low budget, keeping it tied, not everyone at my age
can do that by themselves with their jobs, it is not that simple, that is why I don’t
think that would be so much in my plans for starts. All that said I think I´ll be
spending $10 to $15 on entertainment monthly, including maybe a movie night and
my precious spotify.

In my house it has to have clearly toilet paper, shampoo, soap, deodorant,

paper towels, cleaning supplies, plastic bags and toothpaste, all which would be
like $15 monthly.

I´m keeping my expenses low so I would get a haircut once a month and that is
$25 monthly.
Personal Finance Project #8

Debt Budget

The actual national debt is $27.39 trillions, I found that astonishing it is way
huger than I thought but in the same way I don’t kind it odd that is that big. The
credit card debt for the average American household is $5,700. Spending on credit
cards is an easy way to fall into debt, when you make minimum payment every
month your balance continues increase and the interest affects, that is when you
get trapped in cycles of credit card debts. Credit cards are a short term loan with a
certain amount that you can spend, then you pay back what you spent from
your credit limit to the credit card company. I don’t see them extremely
necessary but it can help you.

Credit scoring models take a close look at credit card activity when
determining your credit score, if you don’t use your credit card the good way
it can affect your credit score badly, they notice how you manage your credit
cards so they can see how you will manage other loans. Loan interests rate
is an amount charged to the borrower by the lender for the use of assets, I
think it is very important because that’s the way you protect the money you
are borrowing and you gain by doing that. The average American college
student graduate with is $25,921 or $6,480 for each year of a four-year
degree at a public university.

My thoughts about these statistics are that America and Americans in

general are full of debts and that is something I have always think of, I don’t
want to de drowned in debts my whole life and that is something I defiantly
hake to take care off.

In my future, as I said, I don’t see a lot of debts, thanks to my parents I

don’t have to ask for collage loans or a car one. I don’t think that debts are
one hundred percent necessary in my life, I am okay with a credit card and
that is enough to take care of. I defiantly will avoid credit card cycles by
being super conscious of how much I have each month to pay and to be put
in debt so I can pay it on time. I think my future spouse will be a person that
is just as organized as my in the financial way or maybe that’s what I hope, if
she have debts I am sure I can make her get better and change in that way.
Personal Finance Project #9

Investment, Charity, Gifts, & Savings Budget

The difference between stocks and bonds is easy. A stock is when you buy a
portion of a company, the more shares you buy the more of the company you own.
A bond is when you loan money to a company, they own you when you buy a bond
clearly with interests. Mutual Funds are a type of investment when a group of
people collect money to make a bigger investment in securities like stocks, bonds,
money market instruments, and other assets. I think other ways to make my money
work besides using a savings account is buying something that could increase its
value, like gold.

Right now I don’t think I will invert my money. I will save until a certain amount
until I think of start investing. I need to be economically secure before doing that. It
is the same reason for I will probably won’t do much charity at my beginnings,
maybe on Christmas I will give do charity but not giving money, instead I could
make food for homeless people just as my family does in Venezuela.

When talking about charities organizations three of my favorites are: American

Humane, they take care of animals all over the country even shelters. Scholarship
America, when teens can’t afford the steep costs of collage. And last, Mental
Health America, helps Americans understand, prevent, and treat mental health
issues. Now, being charity is important but are many other ways than giving
money, that is what I think. I feel it is important because all the good things you do,
the universe gives it back to you. As I said, there are some non-monetary ways
that I think of doing, being an altruistic person, working with charities organizations
and just giving my help to anyone who needs it.

Gifts are something that I usually think a lot about, monthly I think spending a
top of $50 to gifts and that is clearly to my family and my best friends.

Right now I already have a saving account on Bank of America, that is

something I have always been very careful about. I am planning on saving $150 to
$200 monthly. And towards retirement I will put 50 monthly that because it is a long
term account.
Personal Finance Project #10

Final Budget & Project Reflection

Along this incredible interesting assignment I feel like I have learned so much
about things that I thought weren’t so important. I am now more organized and
careful with my incomes, my accounts and even my credit card. The most valuable
assignment for me was #2B the family budgeting interview. I got to talk so much
with my mom and dad, I feel like they were so exciting for me to start taking care or
interest on this things, on our expenses, it was so nice because beside learning so
much I got to spend time with my family. The assignment that I struggled with the
most was #3 housing budget, I had to look for so much information that I didn’t
know a thing about, I had never look for that kind of things because I kind of feel
like I have a lot of time before that, I had to ask for help from my mom to know if
the things I were looking at were correct or in a good boundary.

When I get older I would love to have my financials just as organized as a

learned here, I have realized how important is to take core of your incomes and
outcomes, your expenses, taxes and the most important thing for me, credit cards
and cycles of credit cards debts. I definitely want my financial future to look stable,
don’t get in any trouble with debts and try to save as much money as I can to save
myself from any emergency and be able to give me some luxuries when I can. I
really loved this whole trip with this assignments.
 Annual Salary (After
Annual Salary (Gross) Total College Debt
Taxes)
24,610 18,457.50 0

Monthly Budget:
Monthly Salary 1,538
Housing 400
Groceries 90
Eating Out 25
Transportation 38
Utilities and Bills 250
Health Insurance 50
Clothing 30
Entertainment 25
Shopping and 50

Miscellaneous
Debt Payments 60
Investment 10
Charity/Gifts 20
Savings 490
Amount Remaining
0