Go to whelanclassroom.weebly.com and click on the Economics tab Next, download the Boot Camp Spreadsheet

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2 Go to whelanclassroom.weebly.com and click on the Economics tab Next, download the Boot Camp Spreadsheet you will use this to conquer your own personal budget based on your intended career and life choices As soon as you download the spreadsheet Save it to your H drive

3 Go to payscale.com/research and browse salaries for several jobs that you would find interesting For this exercise, you must use the lower end of the income level since we re assuming that you ll be earning an introductory income at first with chances to get raises down the road. Once you have found the career for you, write down the following in your Boot Camp Spreadsheet: 1) Your name 2) Your job title 3) Your starting income

4 Private University $100,000 State University in Michigan (MSU, U of M, Central, etc ) $50,000 Community College to State University $25,000 Community College (Associate s Degree) $10,000 On the spreadsheet 4) enter your school of choice 5) enter your loan amount 6) enter the amount in scholarships you plan to receive 7) how much money do you plan to make while in college? 8) how much will your parent/guardian(s) contribute for your college? 9) how many year loan will you be taking out 10, 15, 20, 30?

5 3 day vacation in Michigan $400 for one person, $550 for two 5 day vacation in Florida $1,200 for one person, $1,500 for two 10 day vacation in Europe $7,500 for one person, $11,000 for two Build your own? expedia.com travelocity.com kayak.com 10) Enter all chosen vacations into the boxes labeled Vacation. It is okay to leave any of the boxes blank.

6 Plan out an average week. How many meals will you be going out and how many will you be cooking from home? 11) How many meals will you go out to fast food? 12) How many meals per week will you eat out at restaurants?

7 The Raman Noodle Plan 2 The Basics 4 The Feast 6 13) Write down the plan number that fits your grocery plan

8 Will you buy a TV? Will you buy any video games? Will you buy a new phone? Will you buy a new tablet? Will you buy anything else that I haven t mentioned? 14) After researching prices, enter the amount of each item that you want to purchase in one of the boxes listed for Electronics.

9 Shop around online for internet prices I currently pay around $60 for internet and basic, local channels 15) put your monthly cost for internet and cable into the box

10 How many haircuts do you get per year? 16) Put that number in this box. How much does you typical haircut cost? 17) Put that amount in this box.

11 Number of Medications 18) Enter the number of medications that you take per month. How often do you get sick? 19) Enter the number of times that you get sick per year in this box.

12 How much do you spend on media? Will you have a streaming TV service? 20) If yes, enter the cost here. Will you have a streaming music service? 21) If yes, enter the cost here. How often will you go to the movies? 22) Estimate how much you would spend each month on going out to see movies. Add any other media expenses that you can think of here as well.

13 How many miles per week will you drive? To give you an idea I drive around 275 and my wife drives around ) Enter the number of miles you will drive per week. What is your car s highway MPG? A car is most efficient when it is driving 60ish on the highway. The formula is adjusted to include less efficient gas use as well. 24) Enter your best approximation of your car s highway MPG. The last part of this equation is the cost of gas. Let s assume that it will be $2.00/gallon. You can play around with how the price of gas would affect your monthly spending. 25) Enter $2.00 for the price of gasoline.

14 Estimate the amount of money that you will spend on average on clothes per month. 26) Enter this average monthly amount in the box.

15 Buy an old used car with cash or buy a newer car and pay monthly car payments? 27) If you have used car that you paid for in cash your car payment is $0, but if you bought a newer car with a loan put in $150/month for a car loan. 28) put in $25/month in this box to cover oil changes, and other basic maintenance. 29) put in $100/month to cover repairs that need to be done throughout the year. 30) put in the amount of money that you want to put away towards a new car when this one breaks down.

16 How many people do you give Christmas or other holiday presents to? 31) Put that number here. How many people do you give birthday presents to? 32) Put that number here. 33) Enter the average price of the gifts that you buy. How much do you plan to give to church or charity each month? 34) Put that amount here.

17 Driver s License Fee First Time - $25 Renewal - $18 Car Registration around $100 35) If you plan to drive, put your relevant drivers license fee into the box. 36) If you plan to drive, put your registration fee in the box.

18 Doctor, Dentist, Urgent Care, Emergency Room Let s say $700 The good news is that some medical expenses are tax deductible. 37) Place $700 in the box. Notice how the medical expenses affect your net spending.

19 Option 1 Don t buy any furniture. Furnish your apartment with hand-me downs, family furniture, and furniture you find on the curb. 38) If you choose this option put $0 in the box. Option 2 Get most of your furniture from family, but buy a few pieces to start out. Option 3 Buy all new furniture. For options 2 or 3, shop on artvan.com, homedepot.com or a similar site to find how much you would spend. 38) Enter the total cost of all furnishings into the box.

20 Shop Verizon, Sprint, T-Mobile, or a similar company to get a quote for your monthly phone bill. 39) Enter the monthly cost into the box.

21 For car insurance, since you will be a young driver your car insurance will be a little higher. We ll say your insurance is $1500/year Add $200 for each accident on your record. 40) Enter this amount in the box for annual car insurance.

22 If you want a 1.5 million dollar term life policy, pay $30/month. 41) If you elect to get term life insurance, put that amount in the box.

23 First decision buy or rent? You can search zillow.com or similar sites to try to find a rental amount. 42) If you choose to rent, enter the monthly cost in this box and skip to 49) If you want to buy, we have to figure out your mortgage payment.

24 We re going to say that you each have $5,000 saved up. Use zillow.com to find a house to buy. Use the zillow advanced mortgage calculator to calculate your mortgage payment. 43) Enter loan amount here (house cost-down payment) 44) Enter 15 or 30 for a 15 year or 30 year mortgage 45) Enter a current interest rate of around 4.55% 46) Enter around $81 in private mortgage insurance if you put down less than 20% for a down payment 47) Enter $700 in home owners insurance 48) Enter $6000 for East Lansing, $3000 for Lansing and $2,500 for Dansville

25 For an apartment, use $170/month For a small house use $270/month For a medium sized house use $350/month For a large house use $450/month 49) Enter the amount that fits your situation in this box.

26 Remember when Mr. Bourdon came in to talk about investing? Now is your chance to invest! 50) enter the monthly amount that you want to invest in a retirement account 51) enter the year you want to retire in this box For example, retiring in 50 years would put you at 2066