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COST OF LIVING EXERCISE Budgeting. Job or Career? Ask yourself questions.  Have you thought about where you want to be 5 or 10 years from now?  What.

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Presentation on theme: "COST OF LIVING EXERCISE Budgeting. Job or Career? Ask yourself questions.  Have you thought about where you want to be 5 or 10 years from now?  What."— Presentation transcript:

1 COST OF LIVING EXERCISE Budgeting

2 Job or Career? Ask yourself questions.  Have you thought about where you want to be 5 or 10 years from now?  What kind of lifestyle do you want?  Where do you want to work? Small office? International corporation?  Where do you want to live? Big city, small town or rural area?  Do you want to travel?  You will make one choice that will determine all of these things for you – your job.

3 Job or Career? What is the difference between a job and a career?  A job is one place of employment and can be found anywhere.  A career is a chosen occupation that typically requires advanced education.

4 Job or Career What is the difference between a job and a career?  What are some examples of jobs? Careers?  Are there differences in the amount of education?  Do you have to go to college to have a career?  Is there a difference in salary?

5 Job or Career? Examples  Which of these is a job and which is the beginning of a career?  You graduate from high school and begin to work full-time at a fast-food restaurant.  You go to college and discover you love business and graduate with a degree in accounting.  You begin working at a medium-sized accounting firm and study for the CPA exam.

6 Cost of Living/Budgeting Exercise

7 Cost of living/budgeting Let’s talk about money.  You now know the difference between a job and a career.  Which one do you think is likely to pay more?  Why do you think this is important?

8 Cost of living/budgeting Let’s pretend.  For an example, let’s pretend you have graduated high school and went to work full-time in a fast food restaurant. You want to live on your own. Let’s figure out if you make enough money.

9 Cost of living/budgeting How much do you need?  What is the minimum wage? $7.25/hour  How many hours is full-time? 40 hours per week  Multiply $7.25 by 40 hours per week to see what you would earn in one week from the fast- food job. $290.00/week  Now multiply that amount by four weeks in the month. $1,160.00/monthly

10 Cost of living/budgeting How much do you need?  Not bad, but do you get to keep all that money?  Taxes have to be paid on our earnings. We will be generous today and only take out $100 for taxes. How much does that leave? $ /monthly  Now that you have made your money, let’s figure out how to spend it.

11 Cost of living/budgeting Expenses  Where will you need to spend your money every month?  Place to live  Car  Gasoline  Electricity  Food  Telephone  Insurance  Clothes  Entertainment

12 Cost of living/budgeting Housing  What kind of home will you live in? Apartment, a regular house or a mansion?  Let’s look at homes first.

13 Cost of living/budgeting Houses  How much do you think a three bedroom home in a safe neighborhood costs per month?  The average cost for a three-bedroom home in Texas is $1,250/month. Do you make enough?

14 Cost of living/budgeting Apartments  How much is the rent for an average two-bedroom apartment in a big city like Dallas?  You can easily pay $800-$1000 per month. Do you make enough?

15 Cost of living/budgeting Car  What type of car would you like to drive?

16 Cost of living/budgeting How much is left?  You don’t have much left over from your fast-food salary, do you?  We haven’t even begun to talk about electricity, telephone, insurance, clothes, much less your entertainment expenses.  It is expensive to live on your own, isn’t it?  It is hard to buy everything you want when you’re working on minimum wage.

17 Cost of living/budgeting College  Going to college will give you a chance at a career that will provide you with a good salary and security.  A possible career option is accounting. A career in accounting offers you things a job cannot give you – like a good salary, opportunities for advancement, respect, and the ability to make a difference in your community.


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