Montana. Thompson. ...a family finance simulation. Life In... George, Martha, Laura, Lynn, Andrew

Transcription

1 Life In... Montana Thompson George, Martha, Laura, Lynn, Andrew...a family finance simulation Funded by a grant from Take Charge America, Inc. to Montana State University. Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 1

2 The Thompson Family Life In... Gender/Age Marital Status George- Male, Age 42 Martha- Female, Age 38 Married for 16 years Personal Profile Children Andrew- Male, Age 15 Twins: Lynn & Laura- Females, Age 11 Residence 8273 Lewis & Clark Culbertson, Montana Occupation George- Electrical Engineering Technician Martha- Teacher Educational Level George- Associate Degree Martha- Bachelor Degree Background Information George and Martha grew up together in Eastern Montana. They moved away for college, stayed together, and were married before settling in Culbertson. George spent 2 years in college to earn his Associate s Degree as an electrical technician. He has worked for Tech Electric for 20 years. Martha received her Bachelor s Degree in four years. After they were married, they had three children. Martha stayed home until the kids started school. Then she took a Family & Consumer Sciences teaching position and has been teaching for 6 years. Martha has $ taken out of each paycheck for her 401K. They invest $200 each month into a mutual fund. They also put $200 each month into their savings account. The Thompson s live about 20 miles from Culbertson in a home they are making mortgage payments on and they own one car. They just bought a new car for Martha and are making payments on it. Martha is very busy with work, but finds time to work on remodeling and landscaping their home, which costs $275 per month. George is a hunter and saves money to support his hobby, about $75 per month. Martha must also spend $25 per month on professional dues for teaching. The Thompson s are trying to save money monthly for their children s college education. They save $75 per month for each child. Andrew is in high school and participates in extra-curricular activities. He needs $50 per month to pay for those expenses. Laura & Lynn take piano lessons. $50 per month for each girl covers the lesson costs and any materials. The family has 2 family pets. It costs $28 per month for the cat and $56 per month for the dog. A few months ago, the Thompson s learned Laura has diabetes. Now, they must budget at least $100 per month for her medical supplies that is not covered by insurance. They also need to budget for the cost of raising all 3 children....a family finance simulation Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 2

3 George Thompson Life In... Job Information Job Awarded Electrical Engineering Technician Employer Tech Electric Annual Wages U.S. Wages $39,390 Montana Wages $39,080 Benefits & Retirement Health Insurance None Retirement Package None...a family finance simulation Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 3

4 Martha Thompson Life In... Job Information Job Awarded Family and Consumer Sciences Teacher Employer Culbertson High School Annual Wages U.S. Wages $41,710 Montana Wages $30,730 Benefits & Retirement Health Insurance Medical $329 per month $400 deductible Dental $36 per month Vision $1.67 per month Covered 50% by employer Includes self only Pay $ per month Retirement Package 401 K Pay $ per month...a family finance simulation Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 4

5 T ECH ELECTRIC Job Opening Electrical Engineer Technician SEND RESUME TO: Charles Wire 222 East Highway Culbertson, Montana Responsibilities include applying electrical and electronic theory and related knowledge under the direction of engineering staff to design, build, repair, calibrate, and modify electrical components, circuitry, controls, and machinery for subsequent evaluation and use by engineering staff in making engineering design decisions. Associate Degree Required. Culbertson High School Job Opening Family & Consumer Sciences Teacher SEND RESUME TO: Ginny Martin 423 First Ave West Culbertson, MT Responsibilities include teaching and instructing a Family & Consumer Sciences curriculum at the secondary level. May include advisor position for the FCCLA (Family, Career, & Community Leaders of America) organization. A Bachelors Degree in Family & Consumer Sciences Education and current certification is required. Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 5

6 Tech Electric 222 East Highway Culbertson, MT Date March 5, Pay To The Order Of: George Thompson $2, Two thousand six hundred seventy-four 06/100 Dollars National Bank 5832 Main Street Any City, USA Memo February Paycheck : : 1234 Tech Electric Authorized Signature Tech Electric Pay Period 2/1/2004-2/29/2004 Employee Thompson, George SSN Employee Address 8273 Lewis and Clark Culbertson, MT Pay Type Gross Pay Year-to-date Gross Pay Check # 1234 Check Amount $2, Deductions Current Year-to-date Regular $3, $6, Federal Withholding State Withholding Social Security Medicare Medical 401 K $ $ $ $47.22 $0.00 $0.00 $ $ $ $94.44 $0.00 $0.00 Totals $ $1, Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 6

7 Culbertson High School 423 First Ave West Culbertson, MT Date March 5, Pay To The Order Of: Martha Thompson $1, One Thousand Six Hundred Seventy-four 63/100 Dollars National Bank 5832 Main Street Any City, USA Memo February Paycheck : : 1234 Culbertson High School Authorized Signature Culbertson High School Pay Period 2/1/2004-2/29/2004 Employee Thompson, Martha SSN Employee Address 8273 Lewis and Clark Culbertson, MT Pay Type Gross Pay Year-to-date Gross Pay Check # 1234 Check Amount $1, Deductions Current Year-to-date Regular $2, $5, Federal Withholding State Withholding Social Security Medicare Medical 401 K $ $ $ $37.13 $ $ $ $ $ $74.26 $ $ Totals $ $1, Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 7

8 3% 2% 5% 5% Average Expenditures $50,000-$69,999 Annual Gross Income *The percentages should be used as a guideline to determine expenses on the spending plan. 2% 4% 8% 12% 6% Food at Home 8% Food Away from Home 6% Housing 30% Apparel and Services 5% Transportation 20% Health Care 5% Entertainment 5% 28% Education/Reading 2% Contributions 3% Personal Insurance, Pensions, & Social Security 12% Personal Care 2% Other 4% 20% 5% Family Economics & Financial Education - December Life in...montana Simulation - Thompson -Notebook Cover and Profile Page 8