John is twenty-three years of age and a recent college graduate. He has savings of approximately $5,000. He currently lives at home with his parents and younger siblings but plans to move out soon. John works for Best Buy in their retail management training program. The company offers a 401K plan but John did not enroll. John is currently working in the Best Buy store at 86th and Lexington Ave. on the Upper East side, but after he finishes training next year, he could be assigned to any store in the five boroughs including his present store (he will be allowed to make a request, but the company doesnt guarantee a location).

Lucky for John he does not have any debt. He attended CUNY and graduated without student loans, and while he has a credit card, he does not have any outstanding balance.1, 5

John earns a salary of $50,000 annually. He gets paid bi-weekly and in addition to taxes, his paycheck is reduced by $35 for a medical/insurance plan at Best Buy each pay period. To estimate Johns take-home pay after taxes but before the insurance deduction.

A one to two page writes up explaining your recommendations to John. Also, make note of any questions you asked John and how his answers guided your decisions (make these up of course). Your answer should base on specific data on where he should rent an apt., what the cost will be, and what he should allow for utilities (gas and electric), phone, food (groceries versus eating out), transportation, clothing, fitness, entertainment (cable?) and savings. Your team should decide which discretionary items you will include. Do not simply make up numbers, your figures should be reality-based (eg an apt. in x neighborhood costs $y, a phone plan with Sprint costs $x)