Financial Literacy Project
Colleges, Degrees, and Jobs
The first thing that I need to do to start my future, is college. The college I plan on going to is the University of Texas, Dallas in Richardson, TX. It's tuition for each semester is $5,333 and the total tuition to obtain the degree I want (Law, Public Safety, Corrections and Security, a Masters) would be $42,664. To pay it off, I chose to make the loan term 30 years so I'll be able to pay it ALL off. The interest rate would be 4.6% as well.
The job I chose for my future is a lawyer, and each year I'd gain about $138,070, in this area. For each month it'd be about $11,505.83. Which is just enough for me to get a start in life.
Buying a House and Car
After I get a job and get out of college, I'll likely need a house and ride!
I chose a house that would support myself and if I chose, a small family of my own. It's loan terms is 30 years, and the monthly payment would be $745 after I buy it ($199,900). The total interest over the life of the loan would be $17,537. For the house we had to choose a bank for mortgage, between EECU or the Bank of America. I chose EECU which has an interest rate 3.79% and the 30 years.
The car I chose was a used Chevy that has 153,627 mileage. The cost to buy it is $3,900, while the monthly payment is about $87. The terms of the loan is $4,143 and the total interest over the life of the loan is $519.98. We had to choose another bank, between EECU (again) and DATCU. I chose DATCU, it's interest rate and monthly loan was larger (3% and 60 years).
Mortgage Payment||Fixed Amount||$745
Car Payment||Fixed Amount||$87
Student Loan Payment||Fixed Amount||$1,003.84
The money I would have leftover is around $5366.81
Reflection Over The Project
What was your biggest learning experience throughout this project? Why?
It’s not that easy to find something you want that’ll fit in your budget. That includes finding a house, car, job, and college.
What adjustments did you have to make throughout the project to stay within budget and why?
I had to change the college and job I wanted, so I could be happy and get a good paycheck.
How does this compare your initial ideas of beginning adulthood?
It’s pretty my future plans now, although that could change considering it is most likely that the car and house I chose isn’t going to be for sale ten years later!