Budget Project Example

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Myles Hodge
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1 Economics (Personal Finance) Resource; page 1 Budget Project Example Part 1 Orthodontist Careers in dentistry are extremely rewarding. Orthodontists are not only the part of the largest group of dentists, but they also are some of the most highly-paid individuals out there. Orthodontists have more work to do then the average dentist. They mostly straighten teeth by using brace, retainers, and other oral appliances. Orthodontists also examine x-rays, first broken teeth, and instruct patients on how to brush properly and choose a healthy diet to prevent cavities. In some cases, orthodontists use a variety of tools in order to perform these tasks. Some examples of these tools include drills, oral mirrors, probes, forceps, and x-ray machines. they usually wear masks, safety glasses, and latex gloves to protect the patient from infection and themselves from other health issues. Most orthodontists work hours per week. Many continue working part-time far after the average retirement age, There is a lot of education needed to become an orthodontist. Dental schools require their students to have at least two years of college before entering dental school, although many students receive their bachelor's degree before entering dental school. Dental school is usually four years long. Some dental students work for dentists or orthodontists to understand how the office runs and the day-to-day expectation before opening their own practice. There are many qualities that an orthodontist should possess. They should have a good memory, great manual skills, and excellent judgment. They also should be good with people and possess great communication skills. In high school, students should take courses in chemistry, health, mathematics, physics, and biology if they are at all interested in this type of career. When choosing a career, orthodontics is one of the best fields to pick. It is rewarding in so many different ways and is sure to lead you down a successful pathway in life. Part 2 Monthly Income: $1, Monthly Federal Income Tax: $4, (33%) Monthly State Income Tax: $ Monthly FICA Tax: $ Total Monthly Taxes: $6, Monthly Disposable Income: $7, Part 3 Amount in Savings: $ Part 4 Interest: $1.62 (2.5%) Total Amount in Savings: $780.78

2 Economics (Personal Finance) Resource; page 2 Part 5 Total Monthly Income: $13, Disposable Income: $7, Interest Earned: $1.62 per month Monthly Taxes: Federal Income Tax: $4, State Income Tax: $ FICA Tax: $1, Total Monthly Taxes: $6, Amount Saved Per Month: $ Total in Savings After Interest: $ Total Expenses: $6, Part 6 Car Payment: $1, Car Insurance: Mortgage Payment: $3, Electricity: $98.00 Clothing: Gasoline: $ Car Repairs/Oil Changes: $5.00 Home Owner's Insurance: $ Food: $ Gas/Heat: $ Entertainment (Total): $ Phone Bill: $ Part 7 Runner's World Magazine: $1.67 Shoes: $ Cable TV: $19.99 Part 8 See attached advertisements and bills

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18 Economics (Personal Finance) Resource; page 18 Part 9 Final presentation of project Part 10 By doing this budget project, I learned a lot on how a budget works and how to maintain a balanced budget. I did not realize some expenses were so pricey, especially mortgage payments, with most of them being well over $ I was most surprised by the amount of money taken out for taxes. My original income before taxes was $13, and after taxes was $7, That almost half of my income taken away! I was fortunate to have a job with a high-paying salary, so I was not down to the past penny of my income and I could purchase luxurious items. I can see how difficult it would be for a person or family to have a low monthly income. It is a lot easier for more wealthy people to maintain a balanced budget as compared to those with low monthly incomes. I would have been a lot wiser with my money if I had a lower salary. If I had a greater salary, I would have kept my budget pretty much the same, but I would have bought more clothing, a greater-priced home and maybe purchased a vacation. After doing this project, I can now see how important it is for people to create a budget. If the family even spent $ over the budgeted price of a certain object, they could sacrifice dinner and heat for the whole next month or until they can pay back bills when they receive their next paycheck. I really learned a lot from this project and I enjoyed what I learned. When I am older and have a career and a family to support, I will never think twice about whether or not to have a budget. It is clear to me that making a budget will prevent debt and help me live the successful life I have always dreamed of.

EDUCATION FORM. Where do you plan to go? List all that apply - community college / four year institution and graduate school if applicable

EDUCATION FORM. Where do you plan to go? List all that apply - community college / four year institution and graduate school if applicable Do you plan to attend college? EDUCATION FORM Where do you plan to go? List all that apply - community college / four year institution and graduate school if applicable Based on 2017 fees, how much will