My Financial Goals:
1: I will get a job or earn money around my home and save money for college while still in high school
2: I will go to college and get a doctoral degree in Biochemistry or with a subject working with animals
3: I will save money for emergencies
4: I will save money for retirement once I have enough money to do so
5: I will buy a house
What it will take to get there:
Costs:
College Savings: $1,000-50,000
College: $123,500-181,500
Emergency Savings: $1,000-$5,000
Retirement Savings: 5-10% of paycheck each month
House Savings: $300,000
When I know that I won't have a hard time handling a job and going to school at the same time, I will get a job and start to put most of the money into a savings account for college. To get into college, I will send in applications for the colleges that I would like to go to and once I get accepted, I will work towards a doctoral degree in Biochemistry or if not that, than the major I want to go into at that time. Once the whole money issue for college is solved or at least calmed down, I will attempt to fit a job back into my schedule if I'm able to do school and a job and save money for any emergencies that could happen. If I have enough money at this time to do this, my next goal would be to save money for retirement (about 5-10% of paycheck) into a retirement plan that gains interest on interest. After I graduate from college and I get settled a bit more with money, I will save up for a small house and upgrade slowly from there.
1: I will get a job or earn money around my home and save money for college while still in high school
2: I will go to college and get a doctoral degree in Biochemistry or with a subject working with animals
3: I will save money for emergencies
4: I will save money for retirement once I have enough money to do so
5: I will buy a house
What it will take to get there:
Costs:
College Savings: $1,000-50,000
College: $123,500-181,500
Emergency Savings: $1,000-$5,000
Retirement Savings: 5-10% of paycheck each month
House Savings: $300,000
When I know that I won't have a hard time handling a job and going to school at the same time, I will get a job and start to put most of the money into a savings account for college. To get into college, I will send in applications for the colleges that I would like to go to and once I get accepted, I will work towards a doctoral degree in Biochemistry or if not that, than the major I want to go into at that time. Once the whole money issue for college is solved or at least calmed down, I will attempt to fit a job back into my schedule if I'm able to do school and a job and save money for any emergencies that could happen. If I have enough money at this time to do this, my next goal would be to save money for retirement (about 5-10% of paycheck) into a retirement plan that gains interest on interest. After I graduate from college and I get settled a bit more with money, I will save up for a small house and upgrade slowly from there.
Insurance Scenarios regarding Insurance:
A. If I could not work because I was injured or ill, the amount of money I would need for items I use every day today would be a lot. The list of items that I use everyday would be:
Weekly Cost Monthly Cost Yearly Cost
Clothes: 25 100 1200
Food: 37.50 150 1800
Body Care: 7.50 30 360
Medications: 10 40 480
Phone: 38.75 155 1860
Internet: 50 200 2400
Paper: 2.50 10 120
Gas: 15 60 720
Shelter: 250 1000 12000
Electricity: 37.50 150 1800
Car Loan: 115 460 5520
Water: 37.50 150 1800
Glasses: 5 20 160
School Supplies: 2.50 10 240
Books: 25 100 1200
Movies: 10 40 480
Netflix: 2.50 10 120
Orchestra Tour: 22.50 90 1080
Class Fees: 18.75 75 900
Cat Food: 7.5 30 360
Cat Litter: 4.5 18 216
Cat Hairball Medicine: 3 12 144
Insurance Fees: 150 600 7200
Contacts: 2.50 10 120
Contact Care: 3 12 144
Batteries: 2.50 10 120
B: Jenna pays $950 total because with each accident, she pays $450 and since she had two accidents, she paid $950. The insurance covers the rest which is the damage total of the accidents subtracting what Jenna pays. The insurance pays $7,750.
C: If when I'm older and I have a spouse, children, and parents that rely on me to take care of them, I would want life insurance just in case I die unexpectedly. What I would want to make sure of is that I have a will, and money that will go to my dependents. The money would have to cover the dept, educational funds, transitional funds, dependents expenses, cleanup funds, and retirement income. In order to make sure that these would happen, I would make sure that I have life insurance, have money in savings and retirement accounts, a will that will say where everything will go, and money for any extra costs.
A. If I could not work because I was injured or ill, the amount of money I would need for items I use every day today would be a lot. The list of items that I use everyday would be:
Weekly Cost Monthly Cost Yearly Cost
Clothes: 25 100 1200
Food: 37.50 150 1800
Body Care: 7.50 30 360
Medications: 10 40 480
Phone: 38.75 155 1860
Internet: 50 200 2400
Paper: 2.50 10 120
Gas: 15 60 720
Shelter: 250 1000 12000
Electricity: 37.50 150 1800
Car Loan: 115 460 5520
Water: 37.50 150 1800
Glasses: 5 20 160
School Supplies: 2.50 10 240
Books: 25 100 1200
Movies: 10 40 480
Netflix: 2.50 10 120
Orchestra Tour: 22.50 90 1080
Class Fees: 18.75 75 900
Cat Food: 7.5 30 360
Cat Litter: 4.5 18 216
Cat Hairball Medicine: 3 12 144
Insurance Fees: 150 600 7200
Contacts: 2.50 10 120
Contact Care: 3 12 144
Batteries: 2.50 10 120
B: Jenna pays $950 total because with each accident, she pays $450 and since she had two accidents, she paid $950. The insurance covers the rest which is the damage total of the accidents subtracting what Jenna pays. The insurance pays $7,750.
C: If when I'm older and I have a spouse, children, and parents that rely on me to take care of them, I would want life insurance just in case I die unexpectedly. What I would want to make sure of is that I have a will, and money that will go to my dependents. The money would have to cover the dept, educational funds, transitional funds, dependents expenses, cleanup funds, and retirement income. In order to make sure that these would happen, I would make sure that I have life insurance, have money in savings and retirement accounts, a will that will say where everything will go, and money for any extra costs.
A: A stock is the capital raised by a company through the selling of stocks. A bond is when someone gives a company money just in case the company starts loosing profit, so the company holds the money and it gains interest. Stocks are better long-term than bonds are because stocks are riskier than bonds because bonds have the same interest rate most of the time where stocks go up and down.
B. The Time-Value of Money is that money is worth more presently than it will be worth in the future. Diversification is when you reduce non-systematic risk by investing in assets. Asset Allocation is an investment strategy that balances risk verses rewards by adjusting the percent of each asset.
D: I interviewed my mom about her retirement plan. Her retirement plan only started a month ago and she signed up for a 401 K plan from her employer who will match whatever she puts into the plan. How she is going to start contributing towards it is by contributing 2% of her gross income per pay period (2 times a month). If she had the choice to go back when she was young again she said that she would choose to invest years ago, about 15 years ago, instead of waiting so long to start doing so. She would also want to retire at 65 years old. Retirement accounts are the option to save money or put away money into investments until you get the amount of money you want or need so that you can retire.
B. The Time-Value of Money is that money is worth more presently than it will be worth in the future. Diversification is when you reduce non-systematic risk by investing in assets. Asset Allocation is an investment strategy that balances risk verses rewards by adjusting the percent of each asset.
D: I interviewed my mom about her retirement plan. Her retirement plan only started a month ago and she signed up for a 401 K plan from her employer who will match whatever she puts into the plan. How she is going to start contributing towards it is by contributing 2% of her gross income per pay period (2 times a month). If she had the choice to go back when she was young again she said that she would choose to invest years ago, about 15 years ago, instead of waiting so long to start doing so. She would also want to retire at 65 years old. Retirement accounts are the option to save money or put away money into investments until you get the amount of money you want or need so that you can retire.