You will randomly choose an occupation and will need to find the median income for the occupation in this locale which will serve as your gross pay. Based on the information you gather regarding your income you must set up a household budget. You cannot go bankrupt. You must be realistic in your budgeting. If you make lots of money you must spend lots of money. All work will be organized with dividers for sections in a three ring binder. Here are your options:1.Single-you complete the assignment alone. Additional Requirements: Occupation: You will need to search career sites (Monster.com, Indeed.com, Dice.com, Simplyhired.com, and USA.gov) to find a job description for your occupation. Include the median salary, education needed and location of your job. Your home selection must allow you to commute to your job.Home:Each student will be required to have a single-family home. You may purchase or rent. If you purchase a home the homes value must be 2 to 3 times your gross salary. In the purchase process you can assume that you will pay 20% down and get a loan for the remainder of the cost of your home. You then find an interest rate you can afford from a site such as Quicken Loans or Lending Tree. If you rent, your rental payment should be between 15 to 20 percent of your net income.Car:Each student must purchase a car of some sort. You will do research on the type of car you want. You can go physically to look at the car or search the internet. You will then need to get a loan on the car, produce an amortization schedule and purchase car insurance.Insurance:You will need insurance on your house, car, life, and health. You many have life and health insurance through your job. Just make sure you indicate this in your write-up.Tasks to include:Comparison grocery shopping:You must choose two grocery stores and compare your family shopping.
Banking:Select a local bank and collect a schedule of fees for services and types of accounts they offer. Include your selection of bank and what appealed to you about the bank.Credit:Gather at least two blank credit applications from merchants. Do Not complete online applications. Compare grace periods, interest rates, etc. and choose one explaining why you chose that particular application.Budget items to be completed:To be done in a spreadsheet-include calculations. The following items MUST be in your budget:Gross and net payHousing: mortgage, utilities (gas, water, electricity, garbage collection, sewage, phone, cable, internet) property taxes and insuranceTransportation: car payment, gas, maintenance, car insuranceFood: groceries, lunches at work, eating outClothing: new purchases and/or dry cleaningMedical: dental, health, and lifePersonal: entertainment and recreationSavings: retirementMiscellaneous: itemizeAt the end of the project each person must include a write up about your expectations before you began and what you discovered as you researched your budget
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