1. What is a Budget? A list of planned expenses and revenues In a personal or family budget all sources of income (inflows) are identified and expenses (outflows) are planned with the intent of matching outflows to inflows (making ends meet).incomeexpenses

2. Why is a Budget important? A budget is the first and most important step towards maximizing the power of your money. Just about everything. A carpenter would never start work on a new house without a blueprint. An aerospace firm would never begin construction on a new rocket booster without a detailed set of design specifications. Yet many of us find ourselves in the circumstance of getting out on our own and making, spending, and investing money without a plan to guide us.

3. Revenue Income

4. Expenses Non-negotiable –Rent/Maintenance –Electricity –Water/Sewage/Trash Pick-up –Food –Dry Goods (i.e., shampoo, toothpaste, etc.) –Gasoline –Insurance –Car note (?) –Phone (Cell or Home) –Savings »Total non-negotiable expenses

5. Expenses Negotiable –Internet/ Cable –Shopping –Eating Out –Personal Hygiene (hair cut, nails, ect.) –Cell phone (if you have home phone) –Entertainment »Total for negotiable expenses

6. Does it add up? Revenue Expenses Total

7. Is it worth it? Does going to college really pay off? –An average high school graduate makes $30,400 a year –An average person with some college makes $36,800 –An average person with an associate’s degree (2 year college degree) makes $38,200 –A person with a college degree makes, on average, $52,200 Data from: http://www.earnmydegree.com/online-education/learning-center/education-value.html

8. Is it worth it? If you go to college you make, on average, $21,800 more a year If you retire at age 65, you would have made and only had a high school diploma, $1,428,800 If you start working at age 18 and retire at age 65 and had a college degree, you make $2,192,400 Over your lifetime, that is a difference of $763,600

9. A New Teacher’s Salary: $40,000 Net Income: Monthly: 3333.33 Semi-Monthly :1666.66 Weekly: 416.00 Create A Weekly Budget w/Expenses

10. 6 Figure Incomes http://money.cnn.com/2005/11/21/pf/sixfig s_fifteen_organizer/index.htm