Topic: Financial Literacy
In this financial literacy assignment, you will research the starting salary as a licensed RN with your credentials in the area you hope to reside after graduation. Then you will create a budget based on your projected income. Finally, you will reflect on and summarize your research and budget calculations in a short essay. An example of this project is available in the Unit 10 Module.
Part 1: Provide an overview of research including location of job, job title, and salary information. To research your starting salary, consider using the information provided at Salary.com and Payscale.com. Local government hospitals may also publish this information on their websites. If you plan on staying at your current location and job, be sure to indicate this information in your reflection. After you have found your potential salary, set up your monthly budget using only 2/3 income to account for taxes and other deductions (called your net salary). For example, if you anticipate making $45,000/year, then 2/3 times 45,000 = 30,000. $30,000 / 12 = $2500 and that is what you want to use for setting up monthly budget. Provide this information in your overview.
Part 2: Table of expenses and graphical representation. When creating your budget, be sure to consider the following categories:
• Housing and living expenses (Rent/Mortgage, utilities, maintenance, etc.)
• Student loan payments
• Childcare (if applicable)
• Credit Card or other debt
• Car loans
• Continuous medical expenses
• Emergency savings
• Retirement savings
• Long term goal savings (i.e.: buying a home, new car, education, etc.)
• Discretionary spending (Eating out, entertainment, etc.)
Be sure to note the net amount (Income minus Expense) so you can see your balance each month in your table of expenses You will display this table in your results, as well a graphical representation of your budget using a circle chart, bar graph, or other relevant display. The table and graphical representation MUST BE copied into your Word document. There should be only one submission. It is not necessary to submit your Excel file. Be sure to have all tables and graphs titled and categories labeled appropriately.
Part 3: Reflection. Your essay should summarize your findings of your salary research and discuss the implications of your budget. Essay should be a minimum of 200 words. Be sure to put references in APA format. Academic Writer is the recommended guide for formatting resources. The following information should be included in your essay:
• Why did you pick this location and job?
• Were you surprised by your expected salary and income after taxes were deducted? Why or why not?
• What were some challenges in creating your budget? What surprised you?
• Were you able to set up an emergency/savings fund? Why or why not? How can you prepare for unexpected expenses?
• How can you apply these budgeting tools to your current situation?
Part 4: References. Be sure to put references in APA format. Academic Writer is the recommended guide for formatting resources. There should be a minimum of two references.
Financial Literacy Project
• After doing some research and using the website glassdoor.com I decided I would go with the job title of RN Clinical Nurse Specialist in Orthopedics. I chose this particular job title because I have always been an athletic individual and have always had an interest in how the body works at this level. I would like to eventually work with some type of major sports team as a head RN for their players to help assess and treat injuries.
• The average yearly salary for this job title in Miami, Florida is $82,717.
• My income after taxes is $55,145.00
• My monthly income after deducting taxes came out to be $4,595.00
• Monthly Budget: $4,595.00
• Monthly Income minus Monthly Expenses: $4,595-$2,135= $2,460.00
• $2,460.00 is left in my account after deducting my monthly expenses.
Annual Salary Before Deduction: $82,717.00
Annual Salary After Deduction: $55,145.00
Monthly Salary: $4,595.00
Monthly Income minus Monthly Expenses: $4,595-$2,135= $2,460.00
Expense Category Amount per Month
Student Loan Payments $100.00
Transportation (Gas) $100.00
Child Care $0.00
Credit Card $0.00
Car Insurance $80.00
Health Insurance $100.00
Emergency Savings $50.00
Retirement Savings $50.00
Long Term Savings $50.00
Discretionary Spending $100.00
The average salary for this position is $82,717 per year before additional expenses such as taxes and living expenses. My monthly budget for this assignment is based off of my future plans to eventually move to Florida (unsure exactly where) and become an Orthopedic RN. I picked this location because I would like to be closer to family. I was surprised at how much of my income went to taxes. I would have thought that less would be deducted.
One of the obvious challenges in creating this budget is that I’m not exactly sure how much everything will cost. My monthly budget could either increase or decrease at any time depending on where I live and my overall circumstances in life. For this budget I only planned out a monthly budget for myself, this doesn’t include a future spouse or kids so that will definitely affect the budgeting. Based off the calculations I included, I still had a lot of money left at the end of the month. I could probably increase the amount of money that goes into retirement, long term savings and discretionary spending. In present day, I struggle to pay both my bills and still have enough to add to savings. My hope is that once I become an RN, I can save for more long term savings and be able to budget my money more easily and with less stress.
Part Four: References
Apartments.com. (n.d.). Retrieved from https://www.apartments.com/miami-fl/under-1100/?bb=rysyt6jstG9pn6v5D
Draghici, A. (2018). What are apartment utilities and how much will they cost me? Retrieved from https://www.rentcafe.com/blog/apartment-search-2/money/additional-costs-renters-utility-breakdown/
RN clinical Nurse Specialist (n.d) Salaries in Miami-Fort Lauderdale, FL area. Retrieved from https://www.glassdoor.com/Salaries/miami-orthopedic-nurse-rn-salary-SRCH_IL.0,5_IM558_KO6,25.htm
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