Montly expenses are Rent: 900, Food: 1500, Clothing: 300, Entertainment: 200, Transportation: 400, Miscellaneous: 300

Total monthly expenses are 3600

Pleaselet me know if you need anything else.

Homework Assignment: Personal Financial Plan Build a personal financial plan using Excel, include the following assumptions .You are 23 years old and have just graduated from Gonzaga-the plan should include the next 42 years until retirement age at 65yo. Each row (going down the page) should be a year in your model and the columns (going across the page) should contain the following information and analysis: Your starting salary is $62,000 with annual growth in compensation of 6% including all promotions and pay increases until retirement You pay taxes on your income of 10% for the first 5 years, 15% for the next five years, and 30% for the rest of the plan. Include your monthly expenses in the plan: rent/home mortgage, food, clothing, entertainment, transportation, and miscellaneous costs. * * Inflation over the next 42 years will be 3% per year and will impact all of your costs including rent. Overly generous grandparents give you a car for college graduation which will last you 8 years. You remember from Mr. Pointer's Principles of Finance class that you should only pay cash for depreciating assets like cars so you buy your car out of your savings account for cash After 5 years renting an apartment, you choose to purchase a house. You finance the house with a 30 year fixed rate mortgage with monthly payments. Include annual home maintenance costs starting at 0.5% of the purchase price of the home and rising with inflation. Include a column showing the estimated value of your home and your remaining balance on your mortgage each year. Your mortgage interest rate will be 5% and the value of your home will increase at 3.5% per year Your employer offers a 401k plan. You smartly choose to contribute 3% of your salary (before taxes) to the plan while your employer contributes an additional 1.5% for you. Of course this means that the 3% is deducted from your annual living expenses, but you believe it will be wise to save for your retirement. This account is invested in stocks and enjoys a return of 7.5% for the entire 42 year period. Unfortunately, your savings account with your excess cash only pays 1% return. you retire and assume they generate a return of 7.5% per year If you invest savings in alternative investments assume that you can't sell these investments until * What do you estimate your net worth to be at retirement? Will this be enough