Personal Financial Literacy Portfolio Assessment

Natalie Williams
4th Period
Personal Financial Literacy Portfolio Project Name ​Natalie Williams
Part I: Profession/Education Comparison

Directions: ​Throughout the remainder of this course you will be preparing for your future which includes
consideration of future career plans and education. During the first part of your personal financial literacy
portfolio project you must conduct research to obtain the required information related to an assigned career ​and
your chosen career path. These plans include an education plan for both professions. Please read the
requirements below carefully and make the time to conduct an in depth research of these two professions.

You must submit a career and education plan for two professions. Your plans for each of the professions must
include the following…

Career Plan #1

1. What are your career plans?

a. Title of Profession/Job
b. What type of job is it? How much interaction with others?
c. Degrees/Education required for entry level position
d. Starting salary
e. Typical starting benefits offered
f. Specific geographic locations or potential location you would like to settle in
g. Opportunities for advancement/promotion
h. Typical working hours
i. How will this profession impact your current and future financial plans/planning?

2. What are your educational plans?

a. At least two schools that offer your program
b. Locations of your chosen schools
c. Size of the school for both of your chosen schools
d. Reason for selecting the two schools you chose
e. Admission requirement for both of your chosen schools
f. Average SAT/ACT and GPA for incoming students for both of your chosen schools
g. Acceptance rate for both of your chosen schools
h. Program requirements for both of your chosen schools
i. Cost of attendance annually (to include tuition, fees, books, room and board) for both of your
chosen schools
 Part I
abc: Pediatric Dentist
abc: Veterinarian
What are your career plans?
What type of job is it? How much interaction with others?
i. My job would involve a lot of social interaction with my patients , their pets, and my co-workers.
I would have to be very social in order to get along with my patients and co-workers and willing to work
with all kinds of animals in order for me to be successful.
ii. a lot of social interaction with patients and parents, have to be organized, not scared by blood,
gets along well with kids
Degrees/Education required for entry level position
i. In order to get an entry level job as a veterinarian I would need a doctoral or professional
degree.
ii. Bachelor's Degree, Dental Admissions Test, Dental School, Pediatric Dental Residency, National
Licensing, Pediatric Dentist License, Voluntary ABPD Licensing
Starting salary
i. $65,000
ii. $170,000
Typical starting benefits offered
i. Starting veterinarians have excellent medicaid, dental and vision coverage, 2-4 weeks of paid
vacation, and paid sick leave as their benefits.
ii. Full Time Dentist Benefits Package include Base Salary plus Bonuses, Medical Insurance, Dental
Plan, Life Insurance, Vision Insurance, Long Term Disability, Section 125 - Flexible Spending Account,
401K, Paid Holidays, Paid Time Off, Reimbursement of CE, Liability Insurance, Fees and Licensure
Specific geographic locations or potential location you would like to settle in
i. I would prefer to be a veterinarian in North Carolina because North Carolina is known as the 5th
best state for veterinarians.
ii. New York: $243,000
Opportunities for advancement/promotion
i. There are not many opportunities to promote but based on their specialization determines the
pay of a veterinarian. An animal care veterinarian gets paid the most with $105,000.
ii. advance through the amount of practices you own, and the amount of patients you are able to
serve
Typical working hours
i. Starting veterinarians work 50 or more hours per week.
ii. 36 hours per week
How will this profession impact your current and future financial plans/planning?
i. This career would not impact my current financial or future plans besides the profession,
because the pay and work hours are relatively the same.
ii. It will impact my current and future financial plans positively. I would receive a lot of money
and benefits for working without working as much as an average full time worker.

Educational Plans:
At least two schools that offer your program
i. north carolina state university, duke university
ii. unc chapel hill, howard university
Locations of your chosen schools
 i. raleigh(nc state) and durham (duke)
ii. chapel hill, washington d.c.
Size of the school for both of your chosen schools
i. total undergraduate enrollment of 23,847 (nc state), total undergraduate enrollment of
6,609(duke)
ii. total undergraduate enrollment of 18,523(unc chapel hill), total undergraduate enrollment of
5,899(howard university)
Reason for selecting the two schools you chose
i. they are both local and in state, decent sports
ii. i love to watch the sports at unc chapel hill, i love washington d.c. and the culture of the school
Average SAT/ACT and GPA for incoming students for both of your chosen schools
i. nc state: 3.72, 29(act score), 1300 (sat average), duke: 4.17, 1540(sat score), 34(act score)
ii.​ ​howard university: 3.33(average gpa), 1190(average sat), 24(average act), unc chapel hill:
4.63(average gpa), 1370(average sat), 29(average act)
Acceptance rate for both of your chosen schools
i. 43.7% (nc state), 13%(duke)
ii. howard:49%, unc chapel hill: 30%
Program requirements for both of your chosen schools
i. -nc state program requirements: Animal Nutrition 3 semester hours,
Biochemistry 3 or 4 semester hours, Biology with lab** 4 semester hours,
General Chemistry with labs 8 semester hours, Organic Chemistry with labs 8 semester hours, English
Composition / Writing / Communications 6 semester hours, Genetics 3 or 4 semester hours,
Humanities/Social Studies*** 6 semester hours, Microbiology with lab 4 semester hours, Physics with
labs 8 semester hours, Statistics 3 semester hours -duke program requirements: 2 semesters of biology
with lab, 2 semesters of inorganic chemistry with lab, 2 semesters of organic chemistry with lab, 1
semester of biochemistry, 2 semesters of physics with lab (physics at Duke requires calculus I), 2
semesters of English or English composition (AP Credits not acceptable), 1 semester of statistics and/or 1
semester of calculus
ii. howard: Anatomy 4 credits, College Chemistry 4 credits, Microbiology 4 credits, Physiology 4
credits, College English I 3 credits, College English II 3 credits, Introduction to Psychology 3 credit,
Introduction to Sociology 3 credits, Principles of Speech 3 credits

Cost of attendance annually (to include tuition, fees, books, room and board) for both of your
chosen schools
i. $23,700(nc state), $53,744 (duke)
ii. $26,511(howard), $25,407 (unc chapel hill)

Comparing the two career plans and education plans, I would prefer to pursue the career of being
a pediatric dentist. In order to get both careers it requires the same amount of schooling and knowledge.
On a personal level, I am more interested in dentistry compared to studies with animals. The income of a
pediatric dentist is also a lot higher than a veterinarian. I also like the colleges and universities that
provide good dental programs more than the colleges that offer good veterinary programs. Overall both
careers seem to have the same requirements but a career with pediatric dentistry seems to have more
benefits.
 Part II: My Monthly Budget Calculator

Name ​Natalie Williams Date ​5/17/2018

Profession ​Pediatric Dentist​ My monthly income: ​$16,083. 33

Today you will need to pay for a month’s worth of necessities on your established income. Remember,
you need to provide the very best possible for your family of four. As you search through the websites,
make sure you are finding accurate information.

Housing:
Use the following website: www.apartments.com to find an apartment that has all of the necessary
requirements:
~2 bedrooms/2 bathrooms ~Raleigh Vicinity ~Pets Allowed
(Make sure the rent increases as the size of the apartment increases)

Name of the Apartment Complex Meridian at Sutton Square

Monthly Rent:
Why did you choose this
apartment? (Floor plan?, Pets?,
Pool?, Location?)
$1,399 - 1,645
I chose this apartment because I loved the location and the floor
plan of it. The floor plan was very open and easy to decorate, it
also looked very family friendly. The location of the apartment
was in an urban area, which is something that I would enjoy a lot.

Cell Phone
You must find a cell phone plan for your family. It must be a Family Plan and include at least 1000
minutes. Use the website www. Verizon.com

Name of Plan gounlimited @ Verizon

# of Minutes Unlimited
Monthly Fee $291.64

Cable/Satellite/Internet
Your family needs access to the internet. Find a package that includes cable AND the internet. Make sure
that you record the correct amount. (Look for package deals!)

Website & Instructions​: ​www.timewarnercable.com​ (Select the “Order” tab. Use the address of your
apartment to find the pricing)

Cable/Satellite Price $66.98

Internet Price $29.99
Total $96.97

Electricity​: $100 per month

Food

You will need to buy a month’s worth of groceries for your family. Make sure that you provide a balanced
and healthy diet! (The entire chart must be filled)
Website​: ​www.lowesfood.com

Breakfast Item Price Meat (or Substitute) Price

Grits $1.45 Bacon $7.99
Hash Browns $1.69 Sausage $3.49
Biscuits $1.69 Salmon $10.99
Waffles $2.75 Ham $10.99
Fruits/Veggies Price Beverages Price
Mangoes $3.92 Water $1.88
Green Beans $5.00 Minute Maid $3.38
Oranges $4.99 Orange Juice $2.99
Strawberries $2.99 Grapefruit Juice $3.99
Bread Brice Cleaning Supplies Price
Lowes Food Old Fashion $1.69 409 $3.59
Nature’s Own Honey Wheat $3.49 Windex $4.29
Lowe’s Food Sandwich Bread $1.85 Mr. Clean $3.29
Sara Lee Honey Wheat $3.19 Comet $0.59

Water/Utilities (Sewage/Trash): $100

Final Monthly Budget

Total Income $16,083. 33

Expense 1-Rent $1,399
Expense 2-Electricity $100
Expense 3-Cell Phone $291.64
Expense 4-Intenet/Cable $96.97
Expense 5-Food $90.47
Expense 6-Water/Utilities $100
Total Expenditures $2,078.08
Total Savings/Debt $14,005.25

(Make sure that your expenses do not exceed your income!)

Name ​Natalie Williams Date ​5/17/2018

Profession ​Veterinarian​ My monthly income: ​$8,380

Today you will need to pay for a month’s worth of necessities on your established income. Remember,
you need to provide the very best possible for your family of four. As you search through the websites,
make sure you are finding accurate information.

Housing:
Use the following website: www.apartments.com to find an apartment that has all of the necessary
requirements:
~2 bedrooms/2 bathrooms ~Raleigh Vicinity ~Pets Allowed
(Make sure the rent increases as the size of the apartment increases)

Name of the Apartment Complex Luxury Apartments at Foxwood

Monthly Rent:
Why did you choose this
apartment? (Floor plan?, Pets?,
Pool?, Location?)
$1,278 - 1,470
I chose this apartment because of the features it had compared to
other apartments. This apartment complex provided good
security, a pool, and a gym. These are all features that I would love
to take advantage of in the future.

Cell Phone
You must find a cell phone plan for your family. It must be a Family Plan and include at least 1000
minutes. Use the website www. Verizon.com

Name of Plan gounlimited @ Verizon

# of Minutes Unlimited
Monthly Fee $291.64

Cable/Satellite/Internet
Your family needs access to the internet. Find a package that includes cable AND the internet. Make sure
that you record the correct amount. (Look for package deals!)

Website & Instructions​: ​www.timewarnercable.com​ (Select the “Order” tab. Use the address of your
apartment to find the pricing)

Cable/Satellite Price $66.98

Internet Price $29.99
Total $96.97

Electricity​: $100 per month

Food

You will need to buy a month’s worth of groceries for your family. Make sure that you provide a balanced
and healthy diet! (The entire chart must be filled)
Website​: ​www.lowesfood.com

Breakfast Item Price Meat (or Substitute) Price

Grits $1.45 Bacon $7.99
Hash Browns $1.69 Sausage $3.49
Biscuits $1.69 Salmon $10.99
Waffles $2.75 Ham $10.99
Fruits/Veggies Price Beverages Price
Mangoes $3.92 Water $1.88
Green Beans $5.00 Minute Maid $3.38
Oranges $4.99 Orange Juice $2.99
Strawberries $2.99 Grapefruit Juice $3.99
Bread Brice Cleaning Supplies Price
Lowes Food Old Fashion $1.69 409 $3.59
Nature’s Own Honey Wheat $3.49 Windex $4.29
Lowe’s Food Sandwich Bread $1.85 Mr. Clean $3.29
Sara Lee Honey Wheat $3.19 Comet $0.59

Water/Utilities (Sewage/Trash): $100

Final Monthly Budget

Total Income $8,380

Expense 1-Rent $1,278
Expense 2-Electricity $100
Expense 3-Cell Phone $291.64
Expense 4-Intenet/Cable $96.97
Expense 5-Food $90.47
Expense 6-Water/Utilities $100
Total Expenditures $1,957.08
Total Savings/Debt $6,422.92

(Make sure that your expenses do not exceed your income!)

 Part III: Taxes and Insurance Spreadsheet

Money Cash Flow Spreadsheet Monthly Income: $16,083. 33

Category Item
Housing

Rent $1,399

Utilities
Electricity $100
Water/utilities/sewage/gas $100

Food
Groceries $90.47

Insurance
Life Insurance $26.74
Health Insurance $300

Taxes
Social Security Tax $612.25
State Income tax $847
Federal Income Tax $3,587
Medicare/Medicaid $187.50

Personal/Plan
Phone Plan $291.64
Internet/Cable $96.97

Monthly Expenses: $7,638.07

Monthly Savings: $8,445.26
 Part IV: College Loan And Car Debt
2016 Honda Accord Sport

$21,998
Down Payment: $3,000
I chose this car because my parents have had Hondas in the past and they have proven to be the
most efficient car. They do not cost a lot when filling up with gas and they are able to last a long time
without multiple mechanical errors. Hondas are also safe and do not have cost a lot of money. Compared
to other cars, the cost of maintaining a Honda is less than other cars.

Money Cash Flow Spreadsheet Monthly Income: $16,083. 33

Category Item
Housing

Rent $1,399

Utilities
Electricity $100
Water/utilities/sewage/gas $100

Food
Groceries $90.47

Insurance
Life Insurance $26.74
Health Insurance $300

Taxes
Social Security Tax $612.25
State Income tax $847
 Federal Income Tax $3,587
Medicare/Medicaid $187.50

Personal/Plan
Phone Plan $291.64
Internet/Cable $96.97

Car

Car Payment $316.63

Car Insurance $83

College
Monthly
Payment $256.94

Monthly Expenses: $11,294.64

Monthly Savings: $4,788.69
 Part V: Mortgage and Credit Card Debt

The house I chose cost $280,000. I thought the price of this house was very reasonable considering
the big size, old age, and the nice location. The necessary insurance to own this house would be
homeowner’s insurance, and this insurance would help to protect my house during natural disasters and
break-ins. The difference between the spreadsheets I created and the first budget calculator that I made
was that the spreadsheets seemed to be a lot more realistic. The budget calculator seemed to be a goal of
how I wanted to financially maintain my money and the spreadsheets seemed like the process that would
actually occur when trying to pursue my goal. The impact of the mortgage payment on my budget was not
negative considering that my mortgage cost less than my rent. I would prefer my mortgage budget rather
than the budget with my rent. I have realized that in order to pay off my mortgage and my credit card
debt there are opportunity costs. I will most likely have to reduce my money spent on luxuries, such as
fancy groceries. My credit card debt did not impact my budget greatly because I do make a decent amount
of money and an extra $1,000 spent of credit card debt did not impact it negatively that much. I chose the
Wells Fargo credit card, because compared to the other credit cards the Wells Fargo credit card would
benefit more long-term. The interest rate of Wells Fargo ranges from 3-5% and there are options to pay
for this card that require no annual fees.

Money Cash Flow Spreadsheet Monthly Income: $16,083. 33

Category Item
Housing
 Mortgage $972

Utilities
Electricity $100
Water/utilities/sewage/gas $100

Food
Groceries $90.47

Insurance
Life Insurance $26.74
Health Insurance $300

Taxes
Social Security Tax $612.25
State Income tax $847
Federal Income Tax $3,587
Medicare/Medicaid $187.50

Personal/Plan
Phone Plan $291.64
Internet/Cable $96.97

Car

Car Payment $316.63

Car Insurance $83

College
Monthly
Payment $256.94

Credit Card
Credit Card
Debt $1,000

Monthly Expenses: $8,867.64

Monthly Savings: $7,215.69
 Part VI: Savings and Investments
I chose the Wells Fargo bank because in the previous part I had already made plans to obtain a credit
card through the Wells Fargo bank and I would prefer that all of my finances are in a central location. In
my retirement plan I had a fixed monthly amount of $2,000 that I incorporated into my budget. I chose
this amount because I made enough money to be able to stash this amount away and because I felt that
saving $2,000 a month would help me obtain my goal retirement savings the fastest. Essentially, I am
saving for a great retirement where I am able to travel the world and provide for the generation that
comes after me. I want to be able to provide myself with certain luxuries so I can enjoy my time while
working. In order to retire comfortably at age 55 and 65 I would need to invest around $2,000 in the
stock market so I could obtain a decent amount of money that could provide for me while I am not
working. I could rely on the income of husband’s retirement and my money that was invested in the stock
market as well while I am retired and unable to work.

Money Cash Flow Spreadsheet Monthly Income: $16,083. 33

Category Item
Housing

Mortgage $972

Utilities
Electricity $100
Water/utilities/sewage/gas $100

Food
Groceries $90.47

Insurance
Life Insurance $26.74
Health Insurance $300

Taxes
Social Security Tax $612.25
State Income tax $847
Federal Income Tax $3,587
Medicare/Medicaid $187.50

Personal/Plan
Phone Plan $291.64
Internet/Cable $96.97
Car

Car Payment $316.63

Car Insurance $83

College
Monthly
Payment $256.94

Credit Card
Credit Card
Debt $1,000

Savings
Stock
Investments $2,000
Individual
Retirement
Account $2,000
Personal
Savings $2,000

Monthly Expenses: $14,867.64

Monthly Savings: $1,215.69
 Part VII: Final Thoughts

From this project I have learned that maintaining a healthy financial life is very difficult. In order

to buy all of you necessities and luxuries you have to precisely plan and control yourself in order to

maintain a decent budget. I also learned that in order to make it possible for a person to buy all of their

needed and desired items they need to dedicate a lot of work into developing a great profession. In my

case, I was financially able to save more money, and spend more money on luxuries because I made a

very high wage compared to other people who may not have been as educated as me. After doing this

project, I was very surprised at how much money is taken away from people’s income for taxes. Before

this project I had always heard people complain about how much they were taxed but I have never knew

that they were taxed that much. I have also learned after this project a lot more terminology and financial

concepts that I had never knew before. I now know what an IRA is, and Individual Retirement Account,

and I know a lot more about interest on certain objects. I also learned more information about debt and

the amount of time that it takes to pay off debt. A lot of the debt that I have to repay including my

mortgage, credit card debt, and student loan debt, would take more than 5 years to pay off. I also learned

from this project that although I had put a lot of preparation into developing my career, I also have to put

a lot of preparation into saving money for retirement. In the future I will need to have a lot of money to

provide for myself and my family when I am too old to work. I will need to make sure that my retirement

savings allow me to be able to buy my necessities and luxuries. With my occupation, I do make a lot of

money but I was not able to spend as much money on luxuries like I thought I could. I used a lot of my

money in order to buy necessities that I felt had good quality, and I put also half my monthly money into

the stock market and my savings account so I would continue to have more money in the future. I also

learned how expensive certain things are that I take for advantage. I learned that a cell phone bill cost a

lot more than the utility bill, this is something that I never had known this before this project. I have to

also incorporate more funds in the reality.