Collage of my Future

Step 1- Choose a Career

The first step in creating your collage is to determine the amount of your annual income.

• After you have chosen a career you are interested in pursuing. Find the average yearly salary for the career for the location you would like to live.
• Use this link to find salary data for your career and location https://www.payscale.com/research/US/Country=United_States/Salary
• Create a collage with this information to include in your presentation. Be sure to include the dollar amount as well as visuals for the position. 

Step 2- Calculate Living Expenses

First take your salary and multiply it by 50% to find out how much you have to spend per year. Once you have this amount, divide it by 12 to find out how much you have to spend per month. List these amounts in your collage.

• Find a place to buy or rent using www.zillow.com. Use the mortgage or rent estimate provided by the default settings through the site. Your mortgage/rent should be no more than 30% of your monthly living expenses budget. Include visuals.

For this project we are going to use the following assumptions:

• $300 as our average monthly amount for utilities
• $200 for food o $300 for insurance
• No visuals are necessary, however, you can list the amounts for each category

Determine your mode of transportation.

• If you are planning to drive a car, use www.cars.com to find a car.
• Use the default monthly payment amount given for the vehicle listed and make sure it does not go over your remaining budget amount.
• If you are using public transportation, you may use the average public transportation costs in the city where you live.

Include visuals

Include 5 things that you would like to have in your home. These should be realistic to your income, location, and type of housing.

Step 3-Personal Spending

Find the amount you can afford for personal spending per month by multiplying your monthly salary by 30%.

• Include at least 5 things that you would spend your income on for this category with visuals.

Step 4 – Financial Goal

You do not need to include visuals for this category, however, find what 20% of your monthly income is and include this amount on your collage.