Although the house is a $150,000 asset, the person really owns only $60,000 of the value of the house. However, if she still owes $90,000 to the bank on the house, then her house is also a liability of $90,000. If a person’s house is worth $150,000 then she has an asset of $150,000. A liability is money owed, like a mortgage. An asset is something owned, like a house. To do this, look at all assets and liabilities. Now that you have an idea what a budget might look like, it’s time to look at the overall financial situation. Estimate the average hourly wage that Victoria’s parents need to make, working\ 40 hours per week, to meet basic needs.She also has five members in her family: her father, mother, and two sisters aged 5 and 15. Mary has a friend, Victoria, who lives in San Antonio, a larger town south of San Marcos. Estimate the average hourly wage that Mary’s parents need to make, working 40 hours per week, to meet basic needs.Create a family budget, and estimate the minimum household budget to meet her family’s basic needs.She lives in San Marcos, a small town in central Texas. Mary’s family includes her father, mother, and two brothers aged 9 and 12. The family expenses also depend on several variables, like the number and age of the children, whether they need to go to day care, educational expenses if they are in school, and extracurricular expenses if they play music or sports. For example, if the person lives in a small city, the rent might be less than in a larger city. When a person makes up a budget, the expenses will depend on the local situation. However, we would still need to estimate Sally's federal and state income taxes and see how much she would need to save to pay her income taxes. Sally's income is a little bit more than her monthly expenses.For example, the percentage of expenses for clothes is 100/2650 = 0.0377, which is about 3.8%
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