Life After College – How do I Fare? You are to respond to the following prompts related to your completion of the spreadsheet: “Life After College – How do I Fare?†1. How did you determine your annual salary after you graduate for the Annual Income and Taxes spreadsheet? What sources did you use, and did you look at various career options, and use multiple annual salary assumptions? 2.

When completing the Projected Budget spreadsheet, what challenges did you face? Was is difficult or easy to “pay yourself first†with savings for your 401K or additional savings? Why was it difficult or easy? 3. If you have student loans, were you surprised at the monthly debt service payment shown on the Monthly Student Loan Payment spreadsheet?

Why were you either surprised or not surprised by the monthly debt service payment? 4. When reviewing the Savings and Investment Growth spreadsheet, how did you perceive the growth of your monthly savings for retirement? Do you think the amount you save will be enough for you during retirement and why do you think that way? 5.

How many iterations did you perform on the Life After College – How do I Fare? assignment? What was the reason for doing the iterations? What did you learn about your financial planning process? Assignment Summary Life After College - How do I Fare? This is an exercise for you to evaluate your budget after you graduate college, incorporating your projected income, expenses, student loan repayments, taxes, and savings and investments.

You are only to input items that are in RED. In order to complete the Life After College exercise, you will be evaluating the following items after you graduate: 1 - Projected annual salary (Sheet: Annual Income and Taxes) 2 - Taxes on your projected annual salary (Sheet: Annual Income and Taxes) 3 - Projected Budget (Sheet: Projected Budget) 4 - Calculate your monthly student loan payment (and theses calculations will be incorporated in your budget) (Sheet: Monthly Student Loan Payment) 5 - Determine the amount of savings (and how will you save: i.e. 401K traditional or Roth or after tax investments) (Sheet: Projected Budget) 6 - Calculate the growth of your investments over time assuming an asset allocation mix of investments (Sheet: Savings and Investment Growth) Summary of Results (no inputs as these are claculated form your inputs in the other worksheets) Net Monthly Income $ 2,189.21 Projected Budget Excess/(Deficit) $ 479.21 Monthly Student Loan Payments $ - 0 Monthly Savings Total $ - 0 Future Value of Investment Portfolio at Retirement $ - 0 Annual Income and Taxes Annual Income and Taxes Calculation Instructions: Input your projected annual salary after you graduate (all other numbers are calculations) Annual Salary $ 50,000.00 RED INPUT!!!

Assumptions: Income Tax Assumptions 2019 Federal Income Tax Table for Unmarried Individuals 2019 New Jersey Income Tax Table for Unmarried Individuals Tax Rate Unmarried Individuals, Taxable income over Tax Rate Unmarried Individuals, Taxable income over 10% $ - .40% $ - % $ 9,700.00 $ 3,573.00 1.75% $ 20,000.00 $ 262.% $ 39,475.00 $ 9,839.50 3.50% $ 35,000.00 $ 175.% $ 84,200.00 $ 18,366.00 5.33% $ 40,000.00 $ 1,865.% $ 160,725.00 $ 13,880.00 6.37% $ 75,000.00 $ 27,072.% $ 204,100.00 $ 107,170.00 8.97% $ 500,000.% $ 510,300. Itemized Deduction $ 12,200.00 Output (Calculations) Comments Gross Income $ 50,000.00 Taken from input above Adjustments to Income 401K or IRA Contribution $ - 0 Taken from Budget Worksheet Medical from company $ (2,400.00) Taken from Budget Worksheet Total Adjustments to Gross Income $ (2,400.00) Adjusted Gross Income $ 47,600.00 Standard Deduction $ (12,200.00) Assuming standard deduction Taxable income $ 35,400.00 Taxes Income Tax Federal $ (4,054.00) Calculated from table above; based on taxable income Income Tax State $ (1,250.50) Calculated from table above; based on gross income Social Security $ (3,100..2% of Salary; Taxable wage base of 132,900 for 2019 Medicare Tax $ (725..45% of Salary Total Taxes $ (9,129.50) Total Annual Income After Taxes $ 26,270.50 Net Monthly Income Used for Budget Purposes $ 2,189.21 Monthly Student Loan Payment Monthly Student Loan Payment This spreadsheet will help you calculate the monthly payments for your student loans Instructions: Enter the Amount Borrowed, Annual interest rate and number of years to payoff loan for each loan you have taken for college.

If you do not have 5 loans, only put in the information for each loan; RED INPUT!!! Loan #1 Inputs Amount Borrowed $ - 0 Annual Interest Rate 0.00% Number of year to payoff loan 0 Calculated monthly payment

Life After College How Do I Fareyou Are To Respond To The Following

Life After College – How do I Fare? You are to respond to the following prompts related to your completion of the spreadsheet: “Life After College – How do I Fare?†1. How did you determine your annual salary after you graduate for the Annual Income and Taxes spreadsheet? What sources did you use, and did you look at various career options, and use multiple annual salary assumptions? 2.

When completing the Projected Budget spreadsheet, what challenges did you face? Was is difficult or easy to “pay yourself first†with savings for your 401K or additional savings? Why was it difficult or easy? 3. If you have student loans, were you surprised at the monthly debt service payment shown on the Monthly Student Loan Payment spreadsheet?

Why were you either surprised or not surprised by the monthly debt service payment? 4. When reviewing the Savings and Investment Growth spreadsheet, how did you perceive the growth of your monthly savings for retirement? Do you think the amount you save will be enough for you during retirement and why do you think that way? 5.

How many iterations did you perform on the Life After College – How do I Fare? assignment? What was the reason for doing the iterations? What did you learn about your financial planning process? Assignment Summary Life After College - How do I Fare? This is an exercise for you to evaluate your budget after you graduate college, incorporating your projected income, expenses, student loan repayments, taxes, and savings and investments.

You are only to input items that are in RED. In order to complete the Life After College exercise, you will be evaluating the following items after you graduate: 1 - Projected annual salary (Sheet: Annual Income and Taxes) 2 - Taxes on your projected annual salary (Sheet: Annual Income and Taxes) 3 - Projected Budget (Sheet: Projected Budget) 4 - Calculate your monthly student loan payment (and theses calculations will be incorporated in your budget) (Sheet: Monthly Student Loan Payment) 5 - Determine the amount of savings (and how will you save: i.e. 401K traditional or Roth or after tax investments) (Sheet: Projected Budget) 6 - Calculate the growth of your investments over time assuming an asset allocation mix of investments (Sheet: Savings and Investment Growth) Summary of Results (no inputs as these are claculated form your inputs in the other worksheets) Net Monthly Income $ 2,189.21 Projected Budget Excess/(Deficit) $ 479.21 Monthly Student Loan Payments $ - 0 Monthly Savings Total $ - 0 Future Value of Investment Portfolio at Retirement $ - 0 Annual Income and Taxes Annual Income and Taxes Calculation Instructions: Input your projected annual salary after you graduate (all other numbers are calculations) Annual Salary $ 50,000.00 RED INPUT!!!

Assumptions: Income Tax Assumptions 2019 Federal Income Tax Table for Unmarried Individuals 2019 New Jersey Income Tax Table for Unmarried Individuals Tax Rate Unmarried Individuals, Taxable income over Tax Rate Unmarried Individuals, Taxable income over 10% $ - .40% $ - % $ 9,700.00 $ 3,573.00 1.75% $ 20,000.00 $ 262.% $ 39,475.00 $ 9,839.50 3.50% $ 35,000.00 $ 175.% $ 84,200.00 $ 18,366.00 5.33% $ 40,000.00 $ 1,865.% $ 160,725.00 $ 13,880.00 6.37% $ 75,000.00 $ 27,072.% $ 204,100.00 $ 107,170.00 8.97% $ 500,000.% $ 510,300. Itemized Deduction $ 12,200.00 Output (Calculations) Comments Gross Income $ 50,000.00 Taken from input above Adjustments to Income 401K or IRA Contribution $ - 0 Taken from Budget Worksheet Medical from company $ (2,400.00) Taken from Budget Worksheet Total Adjustments to Gross Income $ (2,400.00) Adjusted Gross Income $ 47,600.00 Standard Deduction $ (12,200.00) Assuming standard deduction Taxable income $ 35,400.00 Taxes Income Tax Federal $ (4,054.00) Calculated from table above; based on taxable income Income Tax State $ (1,250.50) Calculated from table above; based on gross income Social Security $ (3,100..2% of Salary; Taxable wage base of 132,900 for 2019 Medicare Tax $ (725..45% of Salary Total Taxes $ (9,129.50) Total Annual Income After Taxes $ 26,270.50 Net Monthly Income Used for Budget Purposes $ 2,189.21 Monthly Student Loan Payment Monthly Student Loan Payment This spreadsheet will help you calculate the monthly payments for your student loans Instructions: Enter the Amount Borrowed, Annual interest rate and number of years to payoff loan for each loan you have taken for college.

If you do not have 5 loans, only put in the information for each loan; RED INPUT!!! Loan #1 Inputs Amount Borrowed $ - 0 Annual Interest Rate 0.00% Number of year to payoff loan 0 Calculated monthly payment $0.00 Loan #2 Inputs Amount Borrowed $ - 0 Annual Interest Rate 0.00% Number of year to payoff loan 0 Calculated monthly payment $0.00 Loan #3 Inputs Amount Borrowed $ - 0 Annual Interest Rate 0.00% Number of year to payoff loan 0 Calculated monthly payment $0.00 Loan #4 Inputs Amount Borrowed $ - 0 Annual Interest Rate 0.00% Number of year to payoff loan 0 Calculated monthly payment $0.00 Loan #5 Inputs Amount Borrowed $ - 0 Annual Interest Rate 0.00% Number of year to payoff loan 0 Calculated monthly payment $0.00 TOTAL LOAN MONTHLY PAYMENTS $0.00 Projected Budget Projected Budget Instructions: Choose from the drop down menus that are in RED Net Monthly Income After 401K and other retiement and Medical Expenses * $ 2,189.21 RED INPUT!!!

Budget Category Budget Item % of Net Monthly Income or Cost per Month Use Drop Downs Comments about choosing from the drop down menus Housing Rent $800 $800 for having a roommate; $1,600 for no roommate; 1,750 in NYC having a roommate; $3,500 in NYC no roommate $800 Utilities (gas, electric and water) $125 $125 with a roommate and $250 for no roommate $125 Internet $50 $50 = Normal Speed, $100 = High Speed $50 Total Housing $ 975.00 Transportation Car Payment $200 $200 = Civic, $350 = Rav 4, $500 = BMW; $0 - No car needed $200 Gasoline $60 $60 = 8,000 miles per year; $90 = 12,000 miles per year; $120 = 16,000 miles per year; $0 - No car needed $60 Insurance $170 $170 for Civic or Rav 4; $250 for BMW; $0 for no car $170 Maintenance $25 $300 per year ($25/month) of you have a car and $0 for no car $25 Total Transportation $ 455 Savings 401(K) or other retirement 0% Enter the percentage of Gross monthly pay you wish to save (not included in Net Monthly Income Budget (Pre-Tax) * $0 Additional Savings 0% Enter the percentage of Gross monthly pay you wish to save $0 Total Savings $0 Student Loan Payment Calculated Taken from Monthly Student Loan Payment Spreadsheet $0 Other Expenses Health Insurance $200 $200 per month for HMO type plan, $400 for PPO Plan, $0 if under parents plan as a student (graduate school) (not included in Net Monthly Income Budget (Pre-Tax) * $200 Food $200 $200 per month for eating in; $300 for eating in and out 2 timers per week; $400 for eating in and out 4 timers per week $200 Vacation $0 Your choice = $100, $200, $300, 0 (for no fun!) $0 Entertainment (movies, dining out, etc.) $0 Your choice = $50, $100, $150, $200, 0 (for no fun!) $0 Clothing $0 Your choice = $50, $100, $150, $200, 250, 300, 0 (good luck!) $0 Cell Phone $30 $30 limited data, $50 unlimited data, $80 unlimited data and always getting the latest upgrade $30 Charitable Contributions $0 $5, $10, $25, $50, $0 (Charity starts at home!!!) $0 Personal Care (i.e.

Hair) $25 $25, $50, $75, $100, $125, $150, $175, $200, 0 (Watch out!!!) $25 Other $25 $25, $50, $75, $100, $125, $150, $175, $200, 0 (What am I missing?) $25 Total Other Expenses $280 Total Expenses $ 1,710.00 Net Monthly Excess (Deficit) MAKE SURE YOU ACCOUNTED FOR ALL EXPENSES AND MAYBE ADD MORE TO SAVINGS $ 479.21 Savings & Investment Growth Savings and Investment Growth This spreadsheet will review your savings in both your 401K and other Savings to calculate the growth till retirement. Monthly 401K or retirement savings $0 <---------- Taken from Projected Budget Worksheet Additional monthly savings $0 <---------- Taken from Projected Budget Worksheet Total Monthly Savings $0 Instructions: Choose and Investment Portfolio Related to your Risk Tolerance and Number of Years Till Retirement RED INPUT!!!

DROP DOWN Choose your Portfolio: Conservative Estimated Annual Investment Return 5.89% Enter how many years till retirment 40 Future Value of Monthly Savings $0.00 RUBRIC Life After College – How do I Fare? Criteria Beginning Developing Accomplished Exemplary Score Completed the Life After College – How do I Fair? spreadsheet Completed two or less aspects of the workbook .5 Completed all aspects but two spreadsheets 1 Completed all aspects but one spreadsheet 1.5 Completed all aspects of the workbook 2 How did you determine your annual salary after you graduate for the Annual Income and Taxes spreadsheet? What sources did you use, and did you look at various career options, and use multiple annual salary assumptions?

Did not answer the prompt and gave no details .375 Answered some questions in the prompt and did not give specific details .75 Answered all questions posed in the prompt but did not give specific details 1.125 Answered all questions posed in the prompt fully and gave specific details 1.5 When completing the Projected Budget spreadsheet, what challenges did you face? Was is difficult or easy to “pay yourself first†with savings for your 401K or additional savings? Why was it difficult or easy? Did not answer the prompt and gave no details .375 Answered some questions in the prompt and did not give specific details .75 Answered all questions posed in the prompt but did not give specific details 1.125 Answered all questions posed in the prompt fully and gave specific details 1.5 If you have student loans, were you surprised at the monthly debt service payment shown on the Monthly Student Loan Payment spreadsheet?

Why were you either surprised or not surprised by the monthly debt service payment? Did not answer the prompt and gave no details .375 Answered some questions in the prompt and did not give specific details .75 Answered all questions posed in the prompt but did not give specific details 1.125 Answered all questions posed in the prompt fully and gave specific details 1.5 When reviewing the Savings and Investment Growth spreadsheet, how did you perceive the growth of your monthly savings for retirement? Do you think the amount you save will be enough for you during retirement and why do you think that way? Did not answer the prompt and gave no details .375 Answered some questions in the prompt and did not give specific details .75 Answered all questions posed in the prompt but did not give specific details 1.125 Answered all questions posed in the prompt fully and gave specific details 1.5 How many iterations did you perform on the Life After College – How do I Fair? assignment?

What was the reason for doing the iterations? What did you learn about your financial planning process? Did not answer the prompt and gave no details .5 Answered some questions in the prompt and did not give specific details 1 Answered all questions posed in the prompt but did not give specific details 1.5 Answered all questions posed in the prompt fully and gave specific details 2 Final Score (maximum of 11)