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Professional Simulation
Scenario You have graduated college and find your first professional, salaried position in the Houston area. You must plan your new financial life and housing arrangements from advertised pricing. All costs must be justified. docement sources by category on "Sources" sheet.
Instruction

1. Locate a professional job posting stating responsibilities, salary, and benefits offered;

2. Locate a housing advertisement indicating the cost of a home;

3. Determine monthly expenditures for living in the Houston area, identifing the sources listed below.

Requirements

Create a spreadsheet to include a bi-weekly breakdown of salary and expenses

Account for all expenses

Calculate monthly and annual expenses using appropriate formulas

Calculate the end of year savings totals

Calculate the end of year investment totals

Calculate the end of year net worth

Living Expenses

Mortgage must be calculated using a 7.25% interest rate, 30 year note, include $350 annual taxes
Home maintenance/repairs lawn, insurance, warranties, pool
Food Groceries and restaurant visits itemized separately
Utilities water, electricity, gas, telephone; 8% quarterly increase
Furniture furnish every room
Appliances NEW!
Electronics TV, cameras, video equipment, DVD player, musical instruments/equipment
   
Personal Expenses 
Supplies toiletries, cleaning
Services hair, nails, spa, memberships, cellular phones
Clothing purchase and cleaning
   
Financial Instruments
Debt payments credit cards, personal loans; 8% quarterly increase
Savings
Investments monthly contributions with intial $250 deposit with a 7% return; 12% increase in monthly contributions
Insurance Health and transportation
Religious contributions  
Retirement Savings annual $2500 contribution
   
Training
Costs quarterly expense
Supplies books, supplies, project materials
Miscellaneous organization affiliations
   
Additional Expenses
Professional Advisors attorney fees, accountant fees
 
Transportation payments, gas, maintenance, repairs
Travel
Entertainment/Hobbies movies, CDs, DVDs, concerts, museums, theatre, sporting events
   
Miscellaneous Expenses Internet connection charges, special occassions, holidays, gifts

Begin Professional Simulation