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Ryan Brown CS 255 4/23/03

Your Money, Where Does it Go? . Ryan Brown CS 255 4/23/03. Your Objective. You will identify sources of income, distinguish between fixed and variable expenses, distinguish between needs and wants, and develop a personal budget. Don’t let opportunities pass you by!.

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Ryan Brown CS 255 4/23/03

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  1. Your Money, Where Does it Go? Ryan Brown CS 255 4/23/03

  2. Your Objective You will identify sources of income, distinguish between fixed and variable expenses, distinguish between needs and wants, and develop a personal budget.

  3. Don’t let opportunities pass you by! Read the Volume 2 Number 3 edition of *Click banner to read* Learn about opportunity cost, money diaries, and some spending choices.

  4. Using a Sample Budget • Rank the budget items in order of importance • Determine whether each item is a "want" or a "need." • Figure out • what percentage of the total income each item represents • determine whether there is a relationship between the importance of an item and the percentage of the budget it represents.

  5. Sonny Cruz, a full-time tour guide, has an annual salary of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like: __________________________________________ Sample Budget

  6. Comparison Discuss Rank in order of importance Determine whether each item is a "want" or a "need." what percentage of the total income each item represents

  7. Order of importance (may vary)

  8. Complete a Personal Budget Go ahead and fill out your personal budget form. http://www.nice.emich.edu/childw.html or download it here. Personal Budget Form

  9. Using Your Personal Budget _____ • Rank the budget items in order of importance • Determine whether each item is a "want" or a "need." • Figure out • what percentage of the total income each item represents • determine whether there is a relationship between the importance of an item and the percentage of the budget it represents.

  10. Ready for a Reality Check ? Imagine how you want to live once you're on your own.Want to know what jobs you need to support your lifestyle? Find out here! Quiz yourself @http://www.jumpstart.org/realitycheck

  11. Go Play a Game! Moneyopolis Use what you learned on this game. Moneyopolis centers around a financial planning game based on the five-step process: assessment, goal setting, strategy setting, implementation, review/adjust. The game incorporates a "virtual city“ in which you move through various financial planning centers, managing money and working toward defined goals.

  12. You are ready! You are now able to manage you own money because you can rank items by importance and determine if it is a "want" or a "need" item. Wise decisions will then be made. Your Money, Where Does it Go? Now You Will Know!

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