The Future of Jack

1. Economic Biography and

Career Choice
I plan to attend Hartwick College in
the fall of 2016 to pursue a degree
in Nursing.

Hartwick is only a few hours from my

home in Buffalo, NY and is a good
choice for what I want in a school: it
has the major I want, it is the right
size, and they are providing me
financial aid.
2. College Financing:
At Hartwick Colllege, a year of college costs $45,786
Tuition&Fees- $33,876
Room and Board- $11,510
Miscellaneous- $1,400 ($700 for books, $300 for travel and $400 for
personal)
I received a scholarship from the school for $28,000 a
year. I also received a Federal Pell Grant that made
my total gift aid $33,786
I will have to pay $12,000 a year
(Because 45786 33786 = $12,000)
If I attend for four years it will cost me $44,000
3. Job/Occupation
Average starting salary: $55,000 (in residency)

Job Outlook: The US Bureau of Labor Statistics

says Overall employment of nurse anesthetists,
nurse midwives, and nurse practitioners is
projected to grow 31 percent from 2016 to
2026, much faster than the average for all
occupations, because
3. In Albany, I would apply for
a job as a physician at
either Albany Medical
Center, St. Peters Hospital
or Albany Memorial
Hospital.
3. Home
I would live in a Woodlake Apartment on 51
Woodlake Rd, Albany, NY 12203
It would cost me $1050 monthly
There is 1 Bed, 1 Bath
It includes:
- high speed internet, A/C, bathtub/shower, dishwasher,
kitchen, oven, stove, refrigerator, freezer, carpeting, vinyl
flooring, walk-in closets, washer/dryer, heating, fireplace,
garbage disposal, microwave, ceramic tile flooring, dining
area
- There is a swimming pool, fitness center, tennis court,
basketball court, BBQ grill, clubhouse, multi-use trails
5. Because physicians make a starting salary of
$55,000 per year, the GROSS monthly salary would be
$4583.33 BEFORE taxes and deductions.
(55,000 / 12 = 4583.33)

If we assume taxes and deductions take away 30% of

your income, then my NET monthly income is $3208.
(0.70*4583 = 3208).
Monthly Budget
6. How to Spend and Save
Experts say to follow the 50/20/30 rule
50% of my income should be reserved for essentials
(housing & food)
30% should go towards lifestyle choices (going out, TV,
etc.)
20% should go towards my financial priorities which
includes debt payments, retirement contributions
and savings.
The 20% would be split up paying of my student loan
debt and emergency savings first, then comes
retirement and other savings goals is usually last.
20% of $55,000 (my starting salary as a nurse) is $11,000
7. I would choose the Discover Card --
Cashback Match with No Annual Fee Card.
All three of the cards I compared did not have an
annual fee. However, the Discover card had:
- low interest (APR is 11.24%- 23.24% depending on your
credit score)
- Air travel rewards, which is nice because I like to travel
zero percent, balance transfer, cash back and was good
for gas.
- It has a cash back rate of 1.0%. And as a new card
member, Discover will automatically match all of the cash
back I earn at the end of my first year.
7.
Why Credit Cards Can Be Dangerous
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How to Use Credit Card Responsibly

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8. Definition and Details about Credit Scores
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- Definition:
- What is a Low, Medium and High Score?

How to Build and Maintain a Good Credit Score

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 9. Predatory Loans
Type of Loan Typical What it is and How it Works Specific Risks
APR
Payday Loans

Title Loans

Subprime
Auto Loans
 9. Loans to Avoid
The example loan I will avoid is a Payday Loan. The
payday loan I researched was a 2-week loan from
Cash America, with bi-weekly interest rate of 17.7%.
If I were to take out a $300 payday loan to help pay
my bills, heres owe much I would owe (depending
on how much time I take to pay it back.
Time to pay back Amount Due
2 weeks $353.10
4 weeks $415.60
1 year $1380
 9. Predatory Loan to Avoid
As the table shows, even if I pay back the loan on
time in 2 weeks, I will still have to pay back $353,
which is much more than I took out the loan for. If I
cant pay it back until 4 weeks later (which is very
possible), then I have to pay back up to $415. So
even if I am responsible and pay back this loan soon
after taking it out, I will still lose a lot of money (either
$53 or $115 according to my examples). If I take even
longer, this loan will put me under a big financial
burden that will limit me from doing what I want to do
with my money for several years.
This course was very beneficial for me and my future. I
learned a lot of valuable information that will allow me
to make the best choices for myself. I learned how to
create goals for myself and achieve them.
I determined my values and learned the first steps in
managing my money. I know now how to save and
invest my money that will benefit me the most.
During the course, I learned about credit and debit. I
learned about loans which will help me with going to
college or when I want to buy a house or car. I also
learned which loans to avoid!! The lessons taught me
about being smart with a credit card and what a credit
report is.
 The course also taught me about choosing a career that
is right for me. It taught me about employee benefits and a
salary. I learned about saving for retirement and I know that
the early I start saving the better off I will be. I have learned
how to break my income up and what money I should
spend where. When I buy and I house or car I understand
how to make big payments intelligently. I know that I need
to pay off more than the minimum every month, if I can, to
keep the interest as low as possible. I have learned about
different banks and what they offer. I also learned about
insurance and how to protect my items. The course taught
me about a will and how to take care of my assets.
Everything I have learned will make my future easier. I will
be happier because I will make less mistakes with my
personal finances. I can use what I have learned to help
family and friends with their personal finances as well. It is
very nice to learn about something that will benefit me in
the real world.