Finnacial Literacy Project
created by: Hannah O'bryant
Occupation: Video game animator
College attending: Art Institute of Dallas
tuition per semester is $732 at this college, and because I am getting a bachelors degree I will pay a total of $70,272 in tuition.
School loan terms
-$70,272 total tuition
-20 years loan payment
-4.6% rate for payment and deferment
-$448.38 per month
Additional interest for 2 year deferment: $10,761.12
School loan payment after deferment: $81,033,12
Adress: 2519 Wilma Street, Dallas, Texas
Loan terms
-$70,000
-20 year payment plan
-3.25% interest rate
Monthly payment: $397.04
Total interest over life of the loan: $73,096.92
Vehicle: 2007 Honda CR-V
Loan terms
-$5,273
-4 year loan payment
-3% interest
Monthly payment: $116.71
Total interest over life of the loan: $5,934.80
Budget
Monthly income: $6.162.50
Mortgage payment (fixed amount): $397.04
Car payment (fixed amount): $116.71
Student loan payment (fixed amount): $448.38
Utilities (8%): $493
Food (14%): $862.75
Insurance (4%): $246.50
Gas (5%): $308.13
Cell phone (6%): $369.75
Clothing (4%): $246.50
Entertainment (8%): $493
Savings (10%): $616.25
Reflection
What was your biggest learning experience throughout this project? Why?
At the beginning of this project I knew that I would end up learning something that I either didn't know or had the wring views on. I did in fact learn something new, I learned that having to buy my way into this world and keep my place would take a lot more than a couple stray dollar bills. I understand now that life's a lot more complicated than I seems, nobody lives here for free; everyone's got a price to pay.
What adjustments did you have to make throughout the project to stay within budget and why?
I had to make several changes to my car, house, and college because my desired job did not make me enough money to "go crazy". I originally had my dream car; a green mustang convertible, and my dream house; a two story white brick house with a balcony at the master bedroom. Now that I think about it, its obviously an over-shot dream for my 6 Thousand monthly salary, so I changed to an average one-story single family home and a used car.
How does this compare your initial ideas of beginning adulthood?
I definitely understand that I will have to go through a lot of things when I move out of my parent's house and live on my own, I used to think that I could just buy a house and a car and be on my way; I know now it takes a lot more to be able to sustain ,myself and a potential family. I applaud adults that have managed to get as far as they have in this struggling world and send encouragement to those still trying.