| EXERCISE 2 |
| Film Producer |
| Starting Salary: $66,599 |
| Location: Atlanta, GA |
| Average Film/TV Producer Salary. (n.d.). Retrieved July 19, 2019, from https://www.payscale.com/research/US/Job=Film/TV_Producer/Salary |
| Income Taxes Breakdown |
| | Tax Type | Marginal Tax Rate | Effective Tax Rate | Taxes |
| | Federal | 25.00% | 11.94% | $7,951 |
| | FICA | 7.65% | 7.65% | $5,095 |
| | State | 6.00% | 5.06% | $3,368 |
| | Local | 0.00% | 0.00% | $0 |
| | Total Income Taxes | | 24.65% | $16,414 |
| | Income After Taxes | | | $50,185 |
| Federal Income Tax Plus FICA : $13,046 |
| Monthly income: $4,182.08 | Monthly Expenses |
| | Rent | $1,778 |
| | Food | $500 |
| Apartment in Atlanta | Internet | $90 |
| | Gas | $300 |
| $1,778 / mo | Utilities | $150 |
| | Health Insurance (estimated) | $440 |
| 1 bed | Car Insurance | $125 |
| 1 bath | Spending | $200 |
| 783 sqft | Cell Phone | $80 |
| Downpayment: $355.60 | Savings | $519.08 |
| Zillow, Inc., & Zillow, Inc. (n.d.). Ayla Apartment Rentals - Atlanta, GA. Retrieved July 19, 2019, from https://www.zillow.com/b/ayla-atlanta-ga-65XDqb/ |
| Future Condo After Apartment (Atlanta) |
| Condo Price $332,900 |
| Zillow, Inc. (n.d.). 587 Virginia Ave NE APT 806, Atlanta, GA 30306. Retrieved July 20, 2019, from https://www.zillow.com/homedetails/587-Virginia-Ave-NE-APT-806-Atlanta-GA-30306/2087910320_zpid/ |
| | 30 Year Fixed | | 15 Year Fixed |
| | Down Payment 20% | $66,850 | Down Payment 20% | $66,850 |
| | RATE | 3.25% | RATE | 3.13% |
| | APR | 3.42% | APR | 3.15% |
| | MO. PAYMENT | $1,184 | MO. PAYMENT | $1,855 |
| | CREDIT | $639 | LENDER FEES | $466 |
| Zillow, Inc. (n.d.). Get Customized Loan Quotes From Zillow. Retrieved July 20, 2019, from https://www.zillow.com/mortgage-rates/quotes/?auto=true&loantype=purchase&zip=26201&value=332900&cscore=720-739&va=true&type=SingleFamilyHome&use=Primary&down=60000#request=ZR-QHQBSYKW |
| 11 Years (at the very least) To Save For A Down Payment | Monthly Expenses | 15 Year Fixed |
| Savings A Month: $519.08 | Monthly Payment | $1,855 |
| $519.08 x 12= $6,228.96 | Food | $500 |
| | Internet | $90 |
| Savings A Year: $6,228.96 | Gas | $300 |
| $6,228.96 x 12= 68,518.56 | Utilities | $200 |
| Fees depend on loan. For this instance, I chose a 15 year fixed loan. So, the extra fee, in addition to the down payment, would be $466. | Health Insurance (estimated) | $440 |
| | Car Insurance | $125 |
| *RESULTS VARY DEPENDING IF SALARY CHANGES* | Spending | $200 |
| Salary, in this instance, would probably be higher after this amount of time. | Cell Phone | $80 |
| | HOA | $250.00 |
| | Savings | $100 |
| | Spending | $42.08 |