independent living

INDEPENDENT LIVING

F I NA L P

R O J EC T

FUTURE CAREERI want to be a podiatrist (a foot doctor) -- According to www.bls.gov, the lowest

10% in this career earned about $50,150 annually.

-- Education: The main degree you need to be a podiatrist is a

Doctor of Podiatric Medicine (DPM) degree. This takes 4 years to get, after getting a bachelors degree. You also need at least 3

years of undergraduate education. Specific courses helpful for this field include intense courses in biology, physics , and chemistry.

FUTURE CAREER -- Things I can do now to help achieve being a podiatrist include taking

high school AP courses in biology, physics, and chemistry. I can also improve on critical-thinking skills and detailed oriented skills, because these are skills podiatrist’s use daily when working. It could also be helpful to shadow a podiatrist now, to gain experience of being a podiatrist

-- If I chose this profession, my net salary (if I got the lowest 10%) would be $45,135, with the 10% of taxes taken off of gross salary.

-- If I divide $45,135 by 12, I get my monthly payment which would be $3761.25

-- Sources: Bureau of Labor Statistics, U.S. Department of Labor,

Occupational Outlook Handbook, 2012-13 Edition, Podiatrists

BANKING ACCOUNT -- After I get a set job, the banking account I would open is the

Active Interest Checking account at Busey bank. -- Some things that attract me to this account is:

-- You earn interest monthly based on money in account

-- No monthly fee -- Busey ATM use is unlimited, with no fee

-- Would it be logical to open this in high school? -- No, It would not. You have to have a $750

minimum balance to avoid a fee, which can be hard for high school students, since they are not earning as much money. Also, if they can’t keep the minimum balance, there would be no point in opening this account because you would not be able to earn interest.

CREDIT CARD -- Based on my career as a podiatrist in the future, I see myself as a

convenience credit card user. I feel that with my somewhat high paying job in the future, I will be able to pay of all my bills in full, and that I can get rewards for it.

-- Since I am a convenience credit card user, I would choose the Capital One Cash Rewards Card.

-- Benefits: -- 50% cash bonus annually -- No annual fee -- Low APR rate -- No over-the-credit limit fee

-- Would it be a good card for me now? -- No it would not, because you need excellent credit to even apply for it, and that can take lots of time to get, and you need to have a stable job, which is not likely to have in high school.

APARTMENT -- I want to live in Champaign-Urbana when I get older. I would want to live

here because lots of my family live close to Champaign-Urbana, and there are big hospitals, like Provena and Carle to work in (when I become a podiatrist).

-- The actual apartment I might live in is Capstone Quarters Apartments, in Champaign.

-- I feel this is a good match for me because it has a somewhat fancy inside living space, a pool, theater, a fitness center, and it is close to campus, so I can shop there.

APARTMENTMonthly Rent:

-- To rent a 2 bedroom, 2 bath room at Capstone Quarters, the monthly rent is around $550.

-- I don’t think I would have a roommate because the cost of the monthly rent is a lot lower than a third of my monthly income, so I can easily afford it without having to have a roommate pay half the rent. Also, I would prefer living alone than with a friend/roommate, so I could be more independent.

CAR -- After I get a steady job as a podiatrist, I would want to buy a

Lexus ES 300h. The sticker price on this car is about $39,250.

-- When I live on my own, I feel this car will be ideal for me. I like that its not too big on the outside, but it’s spacious on the inside, so I can park it easily. Also, I will be able to put my things (for my job, or apartment) inside its very spacious trunk. Also, it is very comfortable, and it can go into Eco Mode, which can save me gas and lots of money.

CARWhat would be the monthly cost of this car?

39250*.10=3925 Sticker Price times interest

3925+39205= $43175 Actual cost of car 12*5=60 # of payments in 5

years 43175/60= $719.583 Amount to pay monthly over

5 years

BUDGETFixed expensesCar Payment $719.583

Rent $550Car insurance $200Electric + Water bill $150Insurance $125Cell Phone Bill $100

Total Fixed: $1844.583

BUDGETFlexible ExpensesEntertainment $150Food $150Gasoline $160Personal Care $70Miscellaneous $60Clothing $70

Total Flexible: $660

BUDGETTotal Fixed + Total Flexible = 1844.583 +660 = $2504.583 Total Income – Total Expenses = Cash Surplus3761.25 – 2504.583 = $1256.667What should I do with my Cash Surplus?

-- Put 10% of it in your savings, and put some in your college loan

So .10 *3761.25 = $376.125I will put $600 dollars for my college loan, since it requires a

doctorateTotal Cash Surplus: $3761.25 -- $2504.583 -- $376.125 -- $600

= $280.542

ENDIndependent Living Final Project

2013