Financial Literacy Project

By: Desiree Griffin

College

I am attending UCLA for their great medical program in hopes of becoming a great Surgeon. Since I'm trying to become a surgeon I'm planning to get my Doctorate Degree. My annual income for my job is $209,870. My tuition per semester is $13,641 so there for my tuition for my whole 8 years of college is $218,256. I chose a 20 year payment loan for a two year deferment. The amount of money that I have to pay every month is $1,392.60. My interest rate for my college is 4.6% and the total interest paid for the loan is $218,256.

House

My job has given me the opportunity to live on 3604 Westwood Blvd Apt 101. Its a two bedroom two bathroom condo in a friendly neighborhood. This house was originally set at the price of $565,000 but I chose a 20 year payment loan for a two year deferment on my house. This then made my monthly pay $3,204.66. My interest rate for my house was 3.25% and the total amount of interest paid for my loan is $204,117.45.

Car

The money that I had left over allowed me to be able to buy a car, so I bought a 2015 BMW M6 Convertible. This car was originally set at the price of $115,994 but I once again chose a 20 year payment loan for a two year deferment on my car. This then made my monthly pay on my car $2,567.45. The interest rate on my car was 3% which all led up to the total amount of interest paid at the end of the 20 years of my loan which was $7,243.56.
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Reflections

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


The biggest learning experience for me was learning how to calculate my budget for adulthood with percentages. I learned that its going to be time consuming but an easy task to complete with the right amount of preparation. You have many of bills that you have to pay and it all has to add up to a certain amount or else you will be in debt.


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


The adjustments that I had to make during this project was finding a new house and car to fit my budget. When I did my calculations I went over my budget for my house and my car payment so in order to fix this I had to compromise with the price of my house and car to find the right amount that was still in my budget with money left over.


How does this compare your initial ideas of beginning adulthood?


It is going to take time to find all of the right things for me in adulthood. I'm going to have to find the right college, house, and car that fits all in my budget. Adulthood will be a time consuming project but with the right calculations I will be able to figure out my budget for a life time.