Introduction
You are now a young adult ready to take on the world. Math concepts often seem unrelated to the real world when practiced in isolation. This simulation will integrate economic principles, introduce basic ideas of consumer education, and review all math operations.
Task
****Get out a sheet of paper. You are going to record information for each step on this paper.****
Label each section on your paper.
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Step One: Career & Income Choose a career and research the average salary of those working in this profession. Look for an average amount. Use the following sites to guide your research: http://www.glassdoor.com/index.htm AND Define the following (use Google): Gross Salary: Net Salary: Tax: |
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Step Two: Housing Find a house for sale. Note the address on your sheet of paper. Write the listing price. Run the Mortgage calculator- Consider how much of a down payment you'd be able to afford. Look up the property taxes of the house: |
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Step 3: Transportation Find and research a car Consider new vs. used. What are the pros and cons of each? Write these down on your paper. Example: New car- Pros: Cons: Used car- Pros: Cons: How much can you afford? Read http://www.bankrate.com/finance/auto/how-much-can-you-afford.aspx |
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Step 4: Education Find a program for what you want to do at PTEC or other. Step 5: Miscellaneous Find the cost of each of the following: Phone? Internet? College? Medical insurance? Car Insurance? Taxes? Home owners insurance? Renters insurance? Clothing? Food? Pets? What other bills may you have? Research and add these to your budget. Use google. An estimate on the insurance is fine. Do not give your social security number to a website, or any personal information for the purpose of this webquest. You can search for "average". |
Evaluation
Add up all of your expenses. You may use a calculator. How much money is left at the end of the month?
What about emergencies?
Do you have anything left to save for a rainy day?
How might you negate some of these expenses?
Write a summary of your insight into the world of budgeting.
Conclusion
Create a summary with the following information, specific to the career you chose:
- Why you chose this specific career?
- Important elements of this career.
- Interesting information that you discovered about this career.