Justin Barnes Financial Project
Welcome to my Financial Literacy Project!
Occupation And Career
When I attend college, I am going to major in Physics and Minor in Engineering so I could pursue a Physicists Career. The Average pay for anyone with a major in Physics gets roughly ~ 117,300. I plan to work in a lab such as GenapSys or join a Aerospace Engineering company. I will end up paying 18,392.55 more interest after a 2 year deferment which adds up to a total of $218,448.55 .
College And Tuition
I am going to apply for MIT (Massachusetts Institute of Technology), And the tuition with financial benefits is $13,066, So the total tuition to obtain a 8 year PhD is $209,056.00.
Amount - $209,056.00
Interest Rate - 4.6%
Time - 25 Years
Monthly Payment - 1,173.90
Address: 11588 Olen Dr Justin, TX 76247
Loan Terms: Loan Amount - 43,000
Interest Rate - 3.250%
Time - 20 Years
Monthly Payment - 200.12
Total interest over life of loan: 24,369.94
Vehicle - 2004 Dodge Ram 2500 Truck 4x4 Quad Cab
I am going to buy a 2004 Dodge Ram Truck because it is a very reliable car for its money and provides enough MPG for traveling.
Loan Terms : Loan Amount - 18,995
Interest Rate - 4%
Time - 5 Years
Monthly Payment: 349.82
Total interest over life of the loan : 1,994.31
What I Learned
What was your biggest learning experience throughout this project? Why?
I learned that even though we may want the best cars and houses, We can’t always get the best things on the market.
What adjustments did you have to make throughout the project to stay within budget and why?
I had to adjust my loans so I could fit them into my 10,000 a month budget. I had to adjust them or else I would never make money.
How does this compare your initial ideas of beginning adulthood?
I wanted to be a millionaire but then I realized just how much money you have to make a year so you could. With my job it would take 10 years of never paying anything so could reach that goal.