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Cost of living exercise

Cost of living exercise. Budgeting. Job or Career?. Ask yourself questions. Have you thought about where you want to be 5 or 10 years from now? What kind of lifestyle do you want? Where do you want to work? Small office? International corporation?

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Cost of living exercise

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  1. Cost of living exercise Budgeting

  2. Job or Career? Ask yourself questions. • Have you thought about where you want to be 5 or 10 years from now? • What kind of lifestyle do you want? • Where do you want to work? Small office? International corporation? • Where do you want to live? Big city, small town or rural area? • Do you want to travel? • You will make one choice that will determine all of these things for you – your job.

  3. Job or Career? What is the difference between a job and a career? • A job is one place of employment and can be found anywhere. • A career is a chosen occupation that typically requires advanced education.

  4. Job or Career What is the difference between a job and a career? • What are some examples of jobs? Careers? • Are there differences in the amount of education? • Do you have to go to college to have a career? • Is there a difference in salary?

  5. Job or Career? Examples • Which of these is a job and which is the beginning of a career? • You graduate from high school and begin to work full-time at a fast-food restaurant. • You go to college and discover you love business and graduate with a degree in accounting. • You begin working at a medium-sized accounting firm and study for the CPA exam.

  6. Cost of Living/Budgeting Exercise

  7. Cost of living/budgeting Let’s talk about money. • You now know the difference between a job and a career. • Which one do you think is likely to pay more? • Why do you think this is important?

  8. Cost of living/budgeting Let’s pretend. • For an example, let’s pretend you have graduated high school and went to work full-time in a fast food restaurant. You want to live on your own. Let’s figure out if you make enough money.

  9. Cost of living/budgeting How much do you need? • What is the minimum wage? • $7.25/hour • How many hours is full-time? • 40 hours per week • Multiply $7.25 by 40 hours per week to see what you would earn in one week from the fast-food job. • $290.00/week • Now multiply that amount by four weeks in the month. • $1,160.00/monthly

  10. Cost of living/budgeting How much do you need? • Not bad, but do you get to keep all that money? • Taxes have to be paid on our earnings. We will be generous today and only take out $100 for taxes. How much does that leave? • $1060.00.00/monthly • Now that you have made your money, let’s figure out how to spend it.

  11. Cost of living/budgeting Expenses • Where will you need to spend your money every month? • Place to live • Car • Gasoline • Electricity • Food • Telephone • Insurance • Clothes • Entertainment

  12. Cost of living/budgeting Housing • What kind of home will you live in? Apartment, a regular house or a mansion? • Let’s look at homes first.

  13. Cost of living/budgeting Houses • How much do you think a three bedroom home in a safe neighborhood costs per month? • The average cost for a three-bedroom home in Texas is $1,250/month. Do you make enough?

  14. Cost of living/budgeting Apartments • How much is the rent for an average two-bedroom apartment in a big city like Dallas? • You can easily pay $800-$1000 per month. Do you make enough?

  15. Cost of living/budgeting Car • What type of car would you like to drive?

  16. Cost of living/budgeting How much is left? • You don’t have much left over from your fast-food salary, do you? • We haven’t even begun to talk about electricity, telephone, insurance, clothes, much less your entertainment expenses. • It is expensive to live on your own, isn’t it? • It is hard to buy everything you want when you’re working on minimum wage.

  17. Cost of living/budgeting College • Going to college will give you a chance at a career that will provide you with a good salary and security. • A possible career option is accounting. A career in accounting offers you things a job cannot give you – like a good salary, opportunities for advancement, respect, and the ability to make a difference in your community.

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