Chapter 4 - What Costs This Lifestyle?

Covered in class: Tuesday April 8th, 2014

Starting Chapter 4

Part 1: Budgeting

Task -- Complete Chapter 4 online financial workbook on my10yearplan.com up to pg. 93
 
Instructions:

• Be sure to project your answers according to how you would like your life to look in the future age you choose (as prompted in workbook). Do not answer according to the career you think you'll be working in, answer based on what YOU WANT in your future lifestyle.
• Don’t be afraid to fantasize a little!

TERMS TO KNOW

—Cooperative apartment

A co-op apartment building is owned by a not-for-profit corporation. People can buy shares of the corporation, which entitles them the right to live in a specific unit of the building and a vote in matters concerning the cooperative as a whole

—Government housing

Government-provided housing at low rent: housing managed by the government and provided at a relatively low rent as a form of public assistance

—Housing

You should spend about 1/3 (33%) of your paycheck on housing

—Sundries

Small, miscellaneous items of little value (things you buy at CVS or convenience store when you don’t go to grocery store

—Savings

You should save about  20% of each paycheck 

HOMEWORK:  Complete workbook up to page 93 for class on 4/10.