Financial Literacy Project

By Cole Blankenship

Occupation


  • Occupation: Agricultural Engineer
  • Annual Income: 97,040
  • Degree: Bachelor
  • Monthly Income: 8086.67



My occupation is Agricultural Engineer. I chose this career because naviance showed careers with my interests, and it came up with agriculture and S.T.E.M (Science, Technology, Engineering, and math) so I combined the two.

College Attending

  • College: University of Oklahoma
  • Tuition Per Semester: 10,107.5
  • Total tuition to obtain degree: 80,860
  • School loan terms:
- Balance: 80,860

- Time: 20 years

- Payment: $515.94 a month

  • Addition Interest for two year deferment: 12,382.56
  • School loan payment after deferment: 93,242.56

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Place of Residency

7630 Willow Ridge Dr (Northlake TX 76247)


  • Loan Terms
-Payment: $287,000


-Rate: 4.5%

-time: 30 years


  • Monthly Payment: $1454.19
  • Interest over time: $236,509.40
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Transportation

Vehicle: 1970 Chevrolet Chevelle

  • Terms of the loan
-Time: 4 years

-Rate: 3%

-Payment: $22,995

  • Monthly Payment: 508.98
  • Total Interest Over The Life Of The Loan: 1436.04

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Reflection

1) What was your biggest learning experience throughout this project? Why?


I learned about the careers that are in my interests and the colleges that teach that career.

I also learned that getting the right job/house/car/college is a lot more difficult than it seems.

And I learned how to stay in budget and what house/car to get to stay out of debt.


2) What adjustments did you have to make throughout the project to stay within budget and why?



I had to change the state I work in. Because Texas average wage doubles Oklahoma’s, so I had to change my house and car to fit the area of my work. And I had to change the amount of years I pay off my house from 10 to 30 because I would be in debt if I didn’t.


3) How does this compare your initial ideas of beginning adulthood?


There mostly the same, but my place of work is different. Also I found a different type of engineering to fit my interests more. Agricultural Engineering had a better fit for me since it involved being outdoors sometimes, and it fit my basic interest more than all of the other careers I thought of before as a kid.