PORTFOLIO PART 2



PORTFOLIO PART 1: INVESTIGATING CAREER CHOICES

• Choose a career that you are interested in pursuing.

• Write a brief description that includes the location and salary that you may choose WHEN YOU START YOUR CAREER. You will use this information for other parts of your portfolio. Choose something you think you will like AND something realistic. Use your own words – do not cut and paste. The more detail, the better.

|CAREER/PROFESSION: |

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|EDUCATION REQUIRED: |

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|WHAT A PERSON IN THIS CAREER DOES ON A DAY-TO-DAY BASIS: |

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|ESTIMATED STARTING SALARY: (yearly; convert if given weekly or monthly) |

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|I found this information @ |

|JOB MARKET: (poor availability of jobs…. good availability… excellent availability) |

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|DETAILS OF A SPECIFIC JOB THAT IS AVAILABLE: |

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|Job Title: |

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|Salary: |

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|Location: |

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|I found this job listing @ … |

|(specific web site or other source) |

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PORTFOLIO PART 2: CONSIDERING YOUR EXPENSES

• Create a detailed list of the expenses you think you will have WHEN YOU START YOUR CAREER.

• Consider what you will NEED (living space, transportation, clothing, food, etc…) as well as things you may WANT (internet, phone, entertainment, etc…).

• Estimate how much money you will spend on each of these items per month.

|MONTHLY “NEEDS” |Estimated Cost |Explain what each item refers to, giving details of why it’s important and/or why you put the amount|

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(on the next page are Monthly “Wants”)

|MONTHLY “WANTS” |Estimated Cost |Explain what each item refers to, including why you want it and how you estimated its cost. |

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PORTFOLIO PART 3: WANTS vs. NEEDS

• Once you have decided where you would like to work WHEN YOU START YOUR CAREER, you must find a place to live.

• You will most likely have more than one option of accommodations to choose from.

• Create a list of features you think you will NEED and a list of features you think you will WANT to have. These will help you select the right accommodation for you.

• Provide explanations. Be complete and thorough.

|FEATURE |Requir|Desira|Undesi|Does |Explanation |

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|Utilities included | | | | | |

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|Major appliances included | | | | | |

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|Laundry on site | | | | | |

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|Air conditioning | | | | | |

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|Pets allowed | | | | | |

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|Parking spot | | | | | |

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|Underground parking | | | | | |

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|Bicycle parking | | | | | |

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|Close to shopping | | | | | |

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|Close to park/trails | | | | | |

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|Close to schools | | | | | |

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|Close to public transit | | | | | |

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|Close to work | | | | | |

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|Close to gym | | | | | |

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|Close to grocery store | | | | | |

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|Close to city center | | | | | |

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|Pool | | | | | |

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|Recycling | | | | | |

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|Garden | | | | | |

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|Exercise room | | | | | |

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|Storage | | | | | |

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|In a quiet area | | | | | |

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|Elevator to get to door | | | | | |

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|Spare bedroom | | | | | |

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|2+ bathrooms | | | | | |

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|More than one level (stairs) | | | | | |

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|Basement | | | | | |

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|Other: | | | | | |

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|Other: | | | | | |

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PORTFOLIO PART 4: RENTING

Part A: Rent Maximum

Go online and find out how much you can afford for renting. You can search for your own website, or try:





Use your website, and cut and paste a picture of your rent maximum here:

Part B: Rental Properties

• Research possible rental properties in the area where you will be working. Keep in mind the list of needs/wants you made in PART 3 of your portfolio.

• Select 4 properties for rent that meet your needs. Fill in the chart below. Other costs could be condo fees, parking, etc. DO NOT cut and paste – you must type/write your own description. Your advantages plus disadvantages should total at least 10 for each property.

|Address (#, street, city) & Link to Online Ad |Description |Advantages |Disadvantages |

| |Monthly Rent: | | |

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|Link: | | | |

| |Monthly Rent: | | |

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|Link: | | | |

| |Monthly Rent: | | |

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| |Monthly Rent: | | |

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Decide which rental property would best meet your needs and wants. Write a brief explanation of your choice.

#1 CHOICE:

EXPLANATION:

PORTFOLIO PART 5: BUYING

Part A: Buying Maximum

Go online and find out how much you can afford for buying a home. You can search for your own website, or try:



Assume your property taxes are $200 a month, or $2400 a year.

Use your website, and cut and paste a picture of your maximum mortgage here:

Part B: Home Selections

• Research possible properties for sale in the area where you will be working. Keep in mind the list of needs you made in PART 3 of your portfolio.

• Select 4 properties for sale that meet your needs. Fill in the chart below. (You may also include the listings.) Other costs include property tax, parking, etc. DO NOT cut and paste – you must type/write your own description. Your advantages plus disadvantages should total at least 10 for each property.

• For each home, use an online calculator for your monthly payment. Find your own, or try:





|Address (#, street, city) & Link to Online Ad |Description |Advantages |Disadvantages |

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| |Monthly Payment: | | |

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Decide which purchase property would best meet your needs and wants. Write a brief explanation of your choice.

#1 CHOICE:

EXPLANATION:

PORTFOLIO PART 6: RENTING OR BUYING?

• Now you must decide whether you will rent the property selected in Portfolio Part 4 or buy the property in Portfolio Part 5. Use all the information you have gathered in your portfolio to help you decide.

• Provide a detailed explanation for choice. BE SURE TO REFER TO YOUR WANTS AND NEEDS CREATED IN PORTFOLIO PART 3.

|SPECIFIC PROPERTY SELECTED |

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|CLEAR & DETAILED EXPLANATIONS FOR THIS CHOICE |

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|1st paragraph: Detailed explanation of why you chose renting or buying. |

|2nd paragraph: How the property meets your wants and needs as listed in Portfolio Part 3 |

|3rd paragraph: Highlight (again) the advantages of this property, including the advantages it has over the properties you did not choose |

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PORTFOLIO PART 7: MONTHLY PERSONAL BUDGET

Use ALL your information so far (yearly salary, wants and needs, cost of your housing) to create a monthly budget for yourself.

Show your calculations for your NET MONTHLY INCOME:

|GROSS Yearly Income: |

| - CPP Yearly: |

| - EI Yearly: |

| - Income Tax Year: |

| = NET Yearly Income: |

| = NET MONTHLY INCOME: |

In column 3 (“My targets”), calculate your target ranges by multiplying the percentages times your net monthly income.

In column 4 (“My estimated monthly expenses”), make an initial estimate of what you’ll need within each range. Add up the total and check to see if it is above or below your monthly net income. It should *NOT* match.

In column 5 (“Over, under or just right”), compare your estimates to your target ranges – in your column 4 estimate, were you over the range, under the range, or just right inside it? State “over”, “under”, or “right”.

In column 6 (“FINAL TARGET MONTHLY”), adjust your estimates to create a final balanced budget that equals your net monthly income that you calculated above. Check your total to make sure you are right – your final total should match your net monthly income to within one dollar!

|Expense Category |Portion of monthly net income |My targets |My estimated |Over, under or |FINAL TARGET MONTHLY |

| |(%) | |monthly expenses |just right? |BUDGET (with adjustments)|

|Housing and Utilities |Between 27% – 33% | | | | |

|Food and Clothing |Between 20% – 26% | | | | |

|Health & Personal Care |Between 3% – 5% | | | | |

|Transportation |Between 12% – 14% | | | | |

|Recreation & Education |Between 6% – 8% | | | | |

|Savings |Between 6% – 10% | | | | |

|Miscellaneous |Between 12% – 18% | | | | |

|CHECK TOTAL | | | | | |

Explain the choices you made above. Be specific! (What did you give up? What was essential?

Now complete your monthly budget. Be specific. Each category from the previous table should be broken down into further pieces, but still add up to the same total. For example, housing and utilities may be budgeted at $1220. In the budget below, break it down into mortgage payments $900, heat $60, hydro $60 and property taxes $200. For savings, be sure to specify if it is TFSA or RRSP. For all other categories, try to create your own subcategories. For example, transportation may include oil changes, car payments, gas, and much more – but make sure it still adds up to what you budgeted above. Show as much detail as you can below:

Monthly Budget

|INCOME |

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|Total Monthly Income | |

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|EXPENSES |

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|Total Monthly Expenses | |

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|INCOME – EXPENSES | |

Thorough explanations of each item you introduced:

PORTFOLIO PART 8: REVISED MONTHLY PERSONAL BUDGET

You should now have a monthly personal budget from Portfolio Part 7. Now, choose a scenario that affects your budget – one that allows interesting choices and decisions. State your scenario below:

Use your scenario(s) to revise your monthly budget. Be specific. SHOW ALL OF YOUR CALCULATIONS ON THE BACK OF THIS PAGE. YOU MUST ALSO JUSTIFY ANY CHANGES THAT YOU MAKE TO YOUR BUDGET.

Monthly Budget

|INCOME |

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|Total Monthly Income | |

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|EXPENSES |

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|Total Monthly Expenses | |

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|INCOME – EXPENSES | |

Thorough explanations of each item you introduced:

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