Pick up your worksheet from the period 6 basket!

Please summarize what you learned from our activity on the “cost of living” and its relationship to higher education. If you were absent yesterday, quietly and politely ask a table partner to fill you in.

Today’s Learning Goal

I will think critically about the benefits of higher education in correlation to the “Cost of Living” by checking my work and reflecting on applicable information.

Doing the Math:Doing the Math:Following along with the math calculations

presented and check the work on your worksheets.

1. Rent1. Rent

ApartmentAverage Monthly

Rent

Monthly Income Needed to Afford Rent

Annual Income Needed to Afford Rent

Studio/1Ba $956/mo $3,200/mo $38,000/year

1Bd/1Ba $1,218/mo $4,100/mo $49,000/year

2Bd/2Ba $1,607/mo $5,400/mo $64,000/year

http://lahd.lacity.org/

ApartmentFair Market Rent

(FMR)

Monthly Income Needed to Afford FMR w/o Assistance*

Annual Income Needed to Afford FMR w/o Assistance*

Studio $674/mo $2,250/mo $26,960/year

1Bd $807/mo $2,690/mo $32,280/year

2Bd $1,021/mo $3,400/mo $40,840/year

Section 8 "Fair Market Rents”:Section 8 "Fair Market Rents”:

Average Rents:Average Rents:

2. Utility Expenses2. Utility Expenseshttp://www.bls.gov/ro9/cpilosa_energy.htm

Utility Unit PriceEstimated Monthly

UseAverage Monthly

Cost

Electricity $0.20/kWh 304 kWh/month $60.80

Gas/Heat $1.20/therm 30.8 therm/month $36.96

Water $0.004/gallon 15,000 gallons/month $60.00

Cable/Internet N/A N/A $55.00-120.00

Cell Phone N/A N/A $45.00-100.00

Groceries  N/A $25-$75/Week $100.00-$300.00

Gasoline $3.95/gallon 20 gallons/month $79.00

2. Estimating How much you 2. Estimating How much you would spend on bills:would spend on bills:

Electricity $60.80

Gas/Heat $36.96

Water $60.00

Cable $100.00

Cell Phone $50.00

TOTAL: $307.76

4. Estimating Your Monthly 4. Estimating Your Monthly ExpensesExpenses

Rent $956.00

Bills $307.76

Groceries $200.00

Gasoline $79.00

TOTAL: $1542.76

Rent $1218.00

Bills $307.76

Groceries $200.00

Gasoline $79.00

TOTAL: $1804.76

5. 5. Calculate how much a person who Calculate how much a person who did not graduate from high school did not graduate from high school

makes per month:makes per month:

According to the graph, those age 25 or over working full-time with less than a high school diploma earn $444 per week.

There are 4 weeks in a month.

$444 x 4 = $1776

6. 6. Calculating how much more a Calculating how much more a person who graduates from high person who graduates from high

school makes per month.school makes per month.

According to the graph, those age 25 or over working full-time with high school diploma earn $626 per week.

There are 4 weeks in a month.

$626 x 4 = $2,504

$2,504 - $1,776 = $728 more per month

7. 7. Will a person who earns no higher Will a person who earns no higher than a high school diploma have than a high school diploma have enough to live the lifestyle they enough to live the lifestyle they

envisioned?envisioned?

$2,504 - $1,802. 76 (monthly expenses)= $701.24

7. 7. Other expenses you may not have Other expenses you may not have considered…considered…

$701.24 -– Taxes– Health Insurance– Dental Insurance– Car Insurance– New clothes, shoes, movies, video games,

accessories, hygiene, etc.– Taking care of a child_______________________________________= ?

Common Jobs and SalariesCommon Jobs and Salaries

• Food Preparation/Service: $19,000/year• Cashier/Retail: $19,000 - $25,000/year• Waiter/Waitress: $20,000/year• Office Clerk: $25,000 - $27,000/year• Customer Service: $32,000/year• Accounting: $32,000/year• Registered Nurse: $45,000 - $65,000/year• School Teacher: $45,000 - $65,000/year

Exit TicketExit Ticket

In a brief paragraph, explain how what you learned today relates to our discussions of time management and procrastination. How will what you learned from this activity affect your planning for the future?