Ms.

Brown
Video Production
Life Lessons: My Future Financial Plan

Instructions: On your own, I want you to research all of the following categories and fill in the
answers in this sheet as you find them. Pick a city where you might want to live (anywhere in
the world) and research the following things within that city. Consider the difference between
what you need and what you want.

Advanced: Research a second and/or third city where you might also consider living. Youll see
that the cost of living is about the same, or it might be less expensive than your first choice.
Even look into how expensive it is to eat in local restaurants; for example, Boston dinners run
$25/plate while Providence dinners run $16/plate.

Turning in: Print this final document & put in your materials binder. Also, save a PDF and
upload the document to your blog. Title the post: My Future Financial Plan

CITY NAME:
STATE / COUNTRY:

HOUSING
DO YOU WANT TO LIVE DOWNTOWN OR SUBURBS? Downtown Boston
WHY DO YOU WANT TO LIVE HERE? Closer to where my job will be
FIND TWO PLACES TO CURRENTLY LISTED USING ZILLOW.COM
FIND A 1-BEDROOM APARTMENT
ADDRESS: 6 Ridgemont St # BOSTON, Boston, MA 02134
MONTHLY RENT: $1000
FIND A 2-3 BEDROOM HOUSE
ADDRESS: 12 Centre Ave # B, Boston, MA 02124
PURCHASE PRICE: $499,000
DO YOU WANT RENTERS INSURANCE? FIND A QUOTE: $22
TOTAL HOUSING COSTS: $172

HOUSING UTILITIES
GAS: 60
ELECTRICITY: 46
WATER/SEWER: 20
TRASH: free
INTERNET/CABLE: 20
TOTAL UTILITIES COSTS: $146

TRANSPORTATION
READ THIS ARTICLE ABOUT COSTS OF OWNING A CAR!
DO YOU NEED A CAR OR CAN YOU RIDE THE BUS/TRAIN? Train
Ms. Brown
Video Production
WHAT KIND OF CAR WOULD YOU LIKE TO DRIVE?
NEW OR USED: Used
MAKE: Nissan
MODEL: Sentra
YEAR: 2001
PURCHASE PRICE: 1,800
MONTHLY PAYMENT: n/a
CAR INSURANCE
GENERATE A QUICK QUOTE WITH PROGRESSIVE.
WHAT IS YOUR MONTHLY QUOTE? 163.59
WHAT IS YOUR ANNUAL PAID IN FULL QUOTE? 1963.08
GAS EACH WEEK / MONTH?
WHAT IS THE ESTIMATED MILES PER GALLON FOR YOU CAR? 27
city 35 high way
HOW MANY GALLONS OF GAS DOES YOUR TANK HOLD? 13.2 gal
ASSUME THE AVERAGE COST OF GAS IS: $2.60 (2017)
HOW MUCH WILL IT COST TO FILL UP YOUR TANK EACH TIME?
$34.32
EXCISE TAX
MA HAS A FIXED RATE OF $25 PER $1000 VALUE OF CAR;
EXAMPLE: $15,000 (CAR) = $375/YEAR
MAINTINANCE
SEE ARTICLE ABOVE
SAFE ESTIMATE IS BETWEEN $800 - 1200/YEAR
TOTAL TRANSPORTATION COSTS EACH MONTH: $232.23

HEALTH
HEALTHCARE.GOV RESOURCES FOR PEOPLE UNDER AGE 30
NOTE: YOU ARE REQUIRED TO HAVE HEALTH INSURANCE; VISION AND
DETAIL ARE OPTIONAL. YOU MUST PAY A TAX (2.5% OF ANNUAL INCOME)
PENALTY EACH YEAR IF NOT COVERED.
WILL YOU BE ABLE TO STAY ON YOUR PARENTS PLAN UNTIL AGE 26?
Yes
REMEMBER THAT VOTING MATTERS! VOTE TO SAVE THIS!
HEALTH INSURANCE COST: $50
CALCULATE YOUR POSSIBLE MONTHLY AND ANNUAL PREMIUM
$25/MONTHLY $300 /ANNUAL
VISION INSURANCE COST (OPTIONAL):
DENTAL INSURANCE COST (OPTIONAL):
TOTAL HEALTHCARE COSTS: $350

RETIREMENT PLAN
Ms. Brown
Video Production
WHAT AGE DO YOU WISH TO RETIRE? 70
HOW MANY YEARS WILL YOU NEED TO SUPPORT YOURSELF? 50
HOW MUCH MONEY WILL YOU NEED WHEN YOU RETIRE? 300,000
HOW TO SAVE MONEY FOR RETIREMENT:
IRA (INDIVIDUAL RETIREMENT ACCOUNT)
PENSION
HOW MUCH WILL YOU NEED TO SAVE EACH MONTH?
IT IS SAFE TO ASSUME YOULL NEED 70-90% OF YOUR ANNUAL
PAYCHECK IN RETIREMENT;
EXAMPLE: YOU MAKE $80,000/ANNUAL NOW; YOULL NEED
AT LEAST $56,000/ANNUAL IN RETIREMENT.
RETIREMENT SAVINGS GOAL: $5,634 BY AGE 67
HOW MUCH DO YOU NEED TO SAVE A MONTH TO MEET THIS GOAL?
%10 of my monthly salary

KIDS
RESOURCE: For a middle income family (before tax $61,530 to $106,540), a
child adds an average $14,970 in annual expenses to the bottom line. And, to
raise that kid born in 2013 to age 18 will cost on average $245,340 in totalup
1.8% from last year. (August 18, 2014)
HOW MANY KIDS DO YOU WANT TO HAVE? 2
HOW MUCH WILL EACH KID COST PER YEAR? $233,610
CONSIDER:
HOW MANY KIDS YOU WANT ______ X ANNUAL COST _____
= $467,220 TOTAL ANNUAL COST FOR KIDS

CAREER
WHAT DO YOU WANT TO DO FOR WORK?
JOB TITLE: Technical Operator
SHORT JOB DESCRIPTION: Control technologies in new room
HOW MUCH MONEY WILL YOU MAKE DOING THIS JOB IN THE
CITY YOUVE CHOSEN? 63,000 a year
PROJECTED ANNUAL INCOME (FROM ABOVE SITE): 63,000
ARE THERE ANY OTHER CITIES WHERE YOU COULD MAKE
MORE MONEY?
CITIES:
HOW MUCH MONEY?
WHAT TRAINING DO YOU NEED TO DO THIS JOB?
COLLEGE?
HOW MANY YEARS WILL THIS TAKE? 4
HOW MUCH MONEY WILL THIS COST? 200,000
TECHNICAL SCHOOL?
HOW MANY YEARS WILL THIS TAKE?
Ms. Brown
Video Production
HOW MUCH MONEY WILL THIS COST?
ON-THE-JOB TRAINING?
HOW MANY YEARS WILL THIS TAKE? JOURNEYMAN?
DO YOU NEED TO TAKE ANY CERTIFICATION TESTS?
WILL YOU BE ABLE TO SUPPORT YOUR LIFESTYLE WITH THIS CAREER?
yes
DO YOU NEED TO ADJUST YOUR PLAN? IF SO, HOW? No

TOTAL 1750.23