Higher Education Affordability and Math behind Civil Rights Issues
Power, Privilige, and the Purse
Financial Plan sectionFor the first part of this project each student researched their ideal college and profession and proceeded to make a financial plan based around that. We calculated what our financial aid would be, the living costs for the first year after college, student debt, and how we would invest our money moving forward in life. Here is the overview and final collection of my plan.
My Personal Financial Plan
by: Santiago Vega-Albela Osorio I. OVERVIEW:
A. College: College and Major:
Financial Aid Estimates:
Estimated Monthly Payment for College Loans:
B. Career:
Desired Career:
Starting Job in Career:
Estimated Annual Taxes:
Net Income:
Mathematical Model for Progressive Tax Table
5,156.25+ 0.25*(x-37,450), $37,451-$90,750 18,481.25+0.28*(x-90,750), $90,751-$189,300 46,075.25+ 0.33*(x-189,300), $189,301-$411,500 119,401.25+0.35*(x-411,500), $411,501-$413,200 119,996.25+0.396*(x-413,200), $413,201+ C. Savings and Investment Plan
SHORT TERM (“Spending Bucket”) Short Term Goals: (What do you want to save for in the next 6 months to 2 years and why?)
Short Term Investments: This money will be sent to the my cars company to pay off the rest of the initial payment. MID-TERM (“Savings Bucket”) Mid-Term Goals: (What do you want to save for in the next 3-20 years and why? This might include a down payment for a home, weddings, or college savings for your future children.) My mid-term goal is buying a house because of it’s ability to provide income by renting it out, providing a home for my future family and giving me a location to be able to preside. Estimated Monthly Mid-Term Investment Amount: 5,500 Mid Term Investments: (Where will you put this money and why?) This money would begin to be invested monthly as payment multiple years after I am out of school and have found a steady job. I would put a lot of the money leading up to it in a savings account and begin to give payments to the mortgage. Calculations- Future Value (FV): $835,000 Interest Rate (r): 0 Number of Months Saving (n): 156 Monthly Contributions (C): $5,500 Mathematical Model- LONG TERM (“Investment Bucket”)
Retirement Goals: (How much do you want to have when you retire and why?) Desired Wealth (Savings and Investments) Amount at Retirement: $2,500,000 Desired Age of Retirement: 80 Number of Years Working: 60 Estimated Monthly Long Term Investment Amount: $603.0564476 Long Term Investments: (Where will you put this money and why?) This money would go into my 401K account so I have a set amount of money at my disposal at the time of retirement. Calculations- Future Value (FV): $2,283,890.002 Interest Rate (r): 0.005 Number of Months Saving (n): 600 Monthly Contributions (C): $603.0564476 Mathematical Model- II. REFLECTION
InfographicFor the second part of this component we created an infographic showcasing information from our position papers. Mine shows some of the statistical data surrounding Hispanic students SAT scores and College acceptance.
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