Research Assignment: Will I Be Able to Afford My Future?
Research Assignment: Will I Be Able to Afford My Future?
Research Assignment: Will I Be Able to Afford My Future?Objective: To give students a clearer understanding of expenses and standard of living after graduating from a four-year institution. Students gather data based on their interests, career choices, etc. to determine what it will take to afford their desired standard of living.Directions: Research these 4 components of your future: your education, your job, your housing, and your luxuries. In order to complete this assignment successfully, you have to pretend like you have just graduated. Now you are actually looking for that job, apartment, etc. A little bit of make-believe and honesty about what you want will make this a successful project. The questions below are to guide your research—you will want to branch out and tailor each section to your own particular lifestyle.Some number crunching will be necessary—so have a calculator handy.1) EducationWhat is the cost of your tuition?How do you/will you pay for it?How do loans/scholarships/grants factor in?If applicable, what will you owe after you receive your diploma?If you want to pursue a Master’s degree or do post-baccalaureate work, what will be the additional cost?Resource: Visit the necessary campus websites. They post all of their tuitions. Also look closer at your FAFSA, if applicable.2) JobWhat is the average salary of a person in your field?What is the salary of a person in your field who works in your community?Can you find a job that you can apply for?What are the requirements?What is the posted salary?Remember, different states and cities pay different rates. Experience, degrees, and GPA can also affect your salary.Resource: use this nifty calculator to find out salaries for different career paths: http://www.jobsearchintelligence.com/NACE/salary-calculator-intro/Also use any job search site of your liking.You can also talk to someone you know with the job you want and see if they are willing to give you some information. It’s okay to talk about money if you ask permission to discuss a person’s salary and experience.3) HousingTo rent or to buy? You’ll have to move out of mom and dad’s eventually if you haven’t already, and the dorms won’t let you stay after you graduate. Find your dream pad.How much will it cost to rent an apartment?Does that include utilities?Will you need to have roommates?In which city is it located?Is it walking distance from the beach? Or near a freeway?Resource: Start with Craigslist. Surf the listings and find your dream apartment.http://losangeles.craigslist.org/So you think you want to own a home. Where? How many bedrooms? How much money do you have saved up for a down payment? Research homes in the community of your choice and find out how much they are going for.Resource: http://www.zillow.com/ and http://www.trulia.com/CA/Los_Angeles/ are both great places to begin. You can tailor your search to fit exactly what you are looking for.4) LuxuriesYou want an iPhone. With that iPhone comes a bill. When the family kicks you off the family plan how much will it cost you to have your own phone? Then of course there is the gym membership you want. Can you find one that doesn’t break the bank each month? How about going to dinner on weekends with friends? What will that cost you monthly, or are you having water with your meal instead of soda? And of course there is shopping. Whether you’re a fashionista or a tech freak, those new items are going to cost you.Put together a few luxuries and calculate the monthly cost.
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