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?(At Home) My Future Life Project Name:Background: You know what one of the coolest things about being an adult is? Financial independence. You know what one of the most stressful things about being an adult is? Financial independence. In this project you will map out your future life and the financial responsibilities that will come with it.This includes:Finding a job, calculating educational costs and after-tax incomeFinding a home, calculating mortgage payments and creating a virtual tour of your neighborhoodFinding a car, calculating financing options and insurance paymentsMapping out all monthly expenses to ensure a balanced budgetExploring investments with leftover income and planning for retirementChapter 1 – My JobThe first thing to do for your future adult life is to find a job. This will provide the monetary income you will need to support yourself and your family. Things you should keep in mind when settling on a job:How much does it pay?Will I be happy doing the job?Does this job allow me to have the life I want?Are there jobs available where I want to live?What are the education requirements and how much will it cost?How much will I be paying in income taxes each month and how much will that leave me with?Part 1: Pick a job – Keeping the above bullets in mind, conduct some research and find a job you’d like to have in an area you’d like to live. Some helpful job finding databases are the Government of Canada’s Job Bank and other provincial government websites. Job Selected:Location:Hourly Wage ($):Annual Salary ($):Description of availability in your area:Educational Requirements:Training/Licensing Requirements:Part 2: Determine education requirements, cost and monthly payment for student loans. Every job requires a particular level of education, training and/or licensing to ensure you are qualified and prepared to manage the job. The cost of education varies based on the job and the academic institution you attend, and for a lot of people this is a significant financial burden in adult life. Conduct research to determine the academic cost of your job:What is the expected level of education for your job? For example: No degree, High School Degree, Special College Program, 4-year college degree, Master's degree, Doctorate degree, etc.Select a school(s)/program(s) to attend to achieve that desired level of education: What is the average total cost for a person in that school & program?What other training or licensing requirements will you need and how much will it cost?What is the total combined education & training costs? Use the student loan calculator to determine how much you will have to pay each month once out of school to repay the student loans you take out to afford your education. If not specified, use a 10 year loan term and 6% interest rate. Part 3: Determine your income tax rate and after-tax income. Both the provincial government and national government will tax the income you make from your job. Income tax rates depend on the province you live and how much money you make. Use the EY 2020 Personal Tax calculator to calculate how much federal and provincial income tax you will pay, and how much money you will have leftover each month to spend. Province:Taxable Income (Job’s Annual Salary) ($):Average Tax Rate:Tax Payed ($):After Tax Income ($): After-Tax Monthly Income ($):*Once you complete all three parts you are done for this week. Next week you will pick a house to buy and determine how much you will be paying each month in mortgage payments. ................
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