United States. Larese Stephan, Martha. ...a family finance simulation. Funded by a grant from Take Charge America, Inc. to the University of Arizona

Similar documents
United States. Johnson Lars. ...a family finance simulation. Funded by a grant from Take Charge America, Inc. to the University of Arizona

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

PERSONAL FINANCIAL SURVEY

Transition Planning Case Study

2002 JUMP$TART QUESTIONNAIRE. (Mean score = Scores are in bold type. *Indicates correct answer Percentages in red are the totals for Wisconsin)

Please provide us with the following information: If you need more space use pg. 4 or add a page. Date of Birth: SSN: Date of Birth:

Overview: This is an activity to help students gain a better understanding of Financial Literacy

City of Edmonton Population Change by Age,

BASIC CERTIFICATION STUDY GUIDE Tax Year 2018

CHILDREN EXEMPTIONS, CREDITS AND INCOME SHIFTING TECHNIQUES

BASIC CERTIFICATION STUDY GUIDE Tax Year 2018

Virginia registered voters age 50+ support expanding Medicaid in the state.

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. Contributions. Other Benefits

CHECK ONE BOX: NEW HIRE/ NEW ENROLLEE CHANGING COVERAGE COVERAGE EFFECTIVE DATE: Employee Information ADDRESS: HOME PHONE ( ) -

2) Knowledge of individual income taxes is crucial to sound financial planning. Answer: TRUE Diff: 1 Question Status: Previous edition

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

TABLE OF CONTENTS. Financial Wisdom 3

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean. Population Entire MSA

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

SDs from Regional Peer Group Mean. SDs from Size Peer Group Mean

Name: Block: Date: MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

2017 Basic Certification Study and Reference Guide

Noncustodial Parent Information

YOUNG ARTIST SUMMER PROGRAM FINANCIAL ASSISTANCE APPLICATION FOR CCAR CROSS-BORDER SUMMER SCHOLARSHIP 2018

CHILDREN EXEMPTIONS, CREDITS AND INCOME SHIFTING TECHNIQUES

NEBRASKA RURAL POLL. A Research Report. Earning a Living in Nonmetropolitan Nebraska Nebraska Rural Poll Results

Membership Application

PROPOSED SHOPPING CENTER

MOTT COMMUNITY COLLEGE. ADMINISTRATIVE SUPPORT EMPLOYEES BENEFITS SUMMARY January 2018

Virginia registered voters age 50+ are more likely to vote for a candidate who prohibits lenders from charging interest rates above 36 percent.

Opening a Checking Account

Basic Course Scenarios and Test Questions

Heartland Monitor Poll XXI

REPORT MAY A Snapshot of Airbnb s Senior Host Community in the Toronto Area

Challenge. If you have any questions on the book or on planning your retirement please contact the author Marc Bautis.

About Your Benefits 1

Dear Beneficiary: We at MetLife are sorry for your loss. To help you through what can be a very difficult, emotional, and confusing time, we created

How Working Affects SSA Benefits. Presented by MRS

Healthcare Flexible Spending Account (FSA)

About Your Benefits 1

Checking Account and Debit Card Simulation

BOWDOIN COLLEGE FLEXIBLE BENEFITS PLAN HEALTH CARE REIMBURSEMENT PLAN DEPENDENT CARE REIMBURSEMENT PLAN SUMMARY PLAN DESCRIPTIONS

Decorah Small Business Revolving Loan Fund Application

Take control of your future. The time is. now

Application for Medical Assistance for the Elderly and Persons with Disabilities

What s New That Affects You? A Snapshot of Tax Law for Your Return

Codebook: Weighted Frequencies from Main Survey (using WEIGHT2 for the entire sample)

GETTING THE MOST OUT OF YOUR LIFE INSURANCE

WILL QUESTIONNAIRE. Section 1: Your details. Client 1 Client 2. Your title: Your full name (include middle names): Have you ever used any other names?

FAMILY ASSETS FOR INDEPENDENCE IN MINNESOTA (FAIM) FAIM New Participant Application Form AGENCY USE ONLY : Agency Name:

Managing Your Finances

DO NOT LEAVE ANY PART BLANK, WRITE NO or NA (Not Applicable) Head of Household Last Name First Name Middle Initial

CENTER FOR APPLIED RURAL INNOVATION

Iowa State University Flexible Spending Accounts Summary Plan Document

CHAPTER 2 SOLUTIONS END OF CHAPTER MATERIAL

Request to Stop or Reduce Offset of Social Security Benefits

SUMMARY PLAN DESCRIPTION

New Employer Checklist

1040 Department of the Treasury Internal Revenue Service (99)

Social Security: With You Through Life s Journey. Produced at U.S. taxpayer expense

How to Get a Better Life With a ABLE Savings Account. Want to save a lot of money & not loose your benefits?

The spending maze Try - Activities BBC British Council 2004

Mt. Shasta Security Deposit Assistance Program

Salary Reduction Contributions Enrollment Form

TIME VALUE OF MONEY. (Difficulty: E = Easy, M = Medium, and T = Tough) Multiple Choice: Conceptual. Easy:

1 of 14 8/10/ :45 PM

United Way Worldwide: MyFreeTaxes Survey November 18-23, Report Date: January 28, 2016

inheritance options the flexible approach to inheritance tax planning

BENEFIT ELIGIBILITY. (Effective July 1, 2017)

Introduction to Estate and Gift Taxes

FATHER FRANCIS T. DIETZ, S.J. SCHOLARSHIP APPLICATION FORM Grades 7 & 8 (Gesu Junior High) Grades 9-12 (Area Catholic High Schools)

Transcription:

Life In... United States Larese Stephan, Martha...a family finance simulation Funded by a grant from Take Charge America, Inc. to the University of Arizona Family Economics & Financial Education - September 2004 - Life in...united States Simulation - Larese - Notebook Cover and Profile Page 1

The Larese Family Life In... Race/Gender/Age Marital Status White Male, Age 54 Divorced Personal Profile Children Martha -Female, Age 25 Occupation Carpenter Residence Metropolitan Area 250,000 to 1 Million Educational Level Less than 9th grade Background Information Stephan emigrated from Austria. In his homeland, it was common for children to stop attending public school at age 14 and go to a trade school. Stephan went to trade school but had to withdraw to work on the family farm. His older brother was currently in trade school, and the family did not have the finances to have both sons in school and hire someone to help on the farm. While on the farm, Stephan learned much about construction, agriculture, plants, and house maintenance. Stephan loved the mountain village he was raised in, but longed for something more. When Stephan s brother returned from trade school, he and Stephan worked on the farm together. Stephan then began to make plans to move to the United States, and finally, when he was 25 years old, he headed to America to find a new life. Prior to leaving Austria, Stephan made contact with his cousin, Peter, who had been in the United States for a number of years. Peter owned a construction company and told Stephan if he ever made it to the United States he could have a job. Peter hired Stephan as a laborer on the construction site and invited Stephan to stay with he and his family until he found a place to live on his own. Shortly after finding a place to live, Stephan met a beautiful young woman named Rachel. They were married when Stephan was 27 years old and had their daughter, Martha, two years later. When Martha was nearing the end of high school, Rachel and Stephan began to fight often about finances, future goals, and what life would be like after Martha headed to college. Unfortunately, the couple could not come to an agreement about these topics and during Martha s freshman year of college, they divorced. Martha, was saddened by the divorce, but finished college and is now working in a graphic design firm. Using student loans to pay for school, Martha now has debt to repay; Stephan sends her $75.00 monthly to help pay the loans. While working for his cousin, Stephan learned many skills and moved from laborer to carpenter. Now, he no longer works with Peter, but instead is a very knowledgeable carpenter for another company. As a result of the divorce, Rachel owns the family home and Stephan owns a piece of property he and Rachel had purchased. Stephan spends $90.00 monthly on property taxes for his property and saves $200.00 monthly to build a house on it one day. Currently, Stephan rents a home to live in. Stephan also saves money for skiing. Although the ski season is only half the year, Stephan saves $100.00 monthly for a ski ticket and equipment....a family finance simulation Family Economics & Financial Education - September 2004 - Life in...united States Simulation - Larese - Notebook Cover and Profile Page 2

Stephan Larese Life In... Job Information Job Awarded Carpenter Employer Wood & Nails Inc. Annual Wages U.S. Wages $36,920 Benefits & Retirement Health Insurance Medical - $342.60 per month $500 deductible Dental - $16.00 per month Vision - $3.05per month Covered 75% by employer Includes self only Pay $90.41 per month Retirement Package 401K - Pay $215.37 per month...a family finance simulation Family Economics & Financial Education - September 2004 - Life in...united States Simulation - Larese - Notebook Cover and Profile Page 3

W OOD & NAILS, INC Job Opening C ARPENTER SEND RESUME TO: George Yalt 58 Hammering Ln. Any City, USA 76543 Carpenters cut, fit, and assemble wood and other materials for the construction of various structures. They remodel homes, perform a variety of installation and maintenance work, and assist in moving or installing machinery. Carpenters also set concrete forms, erect scaffolding, and do finish work. Family Economics & Financial Education - September 2004 - Life in...united States Simulation - Larese - Notebook Cover and Profile Page 4

Wood & Nails, Inc. 58 Hammering Ln. Any City, USA 76543 Date March 5, 2004 1234 Pay To The Order Of: Stephan Larese $2,108.85 Two thousand one hundred eight and 85/100 Dollars National Bank 5832 Main Street Any City, USA 98765-4321 Memo February Paycheck 0123456789 : 0987654321 : 1234 Wood & Nails, Inc. Authorized Signature Wood & Nails, Inc. Pay Period 2/1/2004-2/29/2004 Employee Larese, Stephan SSN 999-88-4444 Check # 1234 Check Amount $2,108.85 Employee Address 2110 House St. Any City, USA 76543 Pay Type Gross Pay Year-to-date Deductions Current Year-to-date Gross Pay Regular $3,076.67 $6,153.33 Federal Withholding State Withholding Social Security Medicare 401 K Medical Additional Withholding $319.00 $107.68 $190.75 $44.61 $215.37 $90.41 $0.00 $638.00 $215.36 $381.50 $89.22 $430.74 $180.82 $0.00 Totals $967.82 $1,935.64 Family Economics & Financial Education - September 2004 - Life in...united States Simulation - Larese - Notebook Cover and Profile Page 5

2% 2% 5% 5% Average Expenditures $35,000-$49,999 Annual Gross Income *The percentages should be used as a guideline to determine expenses on the spending plan. 2% 4% 8% 10% 6% Food at Home 8% Food Away from Home 6% Housing 30% Apparel and Services 5% Transportation 21% Health Care 5% Entertainment 5% 30% Education/Reading 2% Contributions 2% Personal Insurance, Pensions, & Social Security 10% Personal Care 2% 21% Other 4% 5% Family Economics & Financial Education - September 2004 - Life in...united States Simulation - Larese - Notebook Cover and Profile Page 6