Xacc 280 Week 2

After reading Chapter 6 of the textbook and the materials I found that I was struggling to understand the material more than usual. Before reading this chapter I had a slight idea of how much effort went into keeping track of the costs and inventory. The most that I knew was that you had to keep track of it, I didn’t know that there are different ways to keep track of those costs. After reading more into the different ways to keep track of inventory I found that the one that stuck out most to me and was the one that I spent the most time trying to understand was the LIFO (Last In First Out).

The U.S. banking system creates money by allocating the excess reserves from a deposit at creating a loan from the Home Bank. In other words, say I deposit a $100.00 in Bank #1, where Bank #1 is able to lend out some of my money to another customer. So, Bank #1by law needs to hold 10% of what I deposited which is known as required reserves. Therefore, the required reserves of my $100 is $10. So, Bank#1 is able to provide a $90 loan to another customer, which we will name Moe, from my $100. Then, Moe will turn around and spend that money which will eventually make its way to another bank, which we will call Bank #2. So, Bank #2 will be able to loan out $81 of Moe’s $90 yet, Bank #2 is still required to keep 10% which is required reserves, which is $9 of the $90.

My husband and I relocated to this area in 2006. He had accepted a job offer in Martinsville, Virginia, which is right over the North Carolina/ Virginia line. We shopped for houses every weekend for over a year trying to find a home that had everything we needed and that allowed him to be close to his office. However, in 2008 we purchased a home in Stoneville, North Carolina, because of the prices of housing in Virginia. We used deductive reasoning in our price comparisons that enable us to determine that the Virginia housing market was not going to work out for us.

We bought a house at 12052 S. Broadway in Los Angeles California for 340,000. It has three bedrooms, two bathrooms, and two car garage.Our mortgage is 1,205 per month and we pay 333 per month for homeowners insurance and property tax.we picked a nice neighborhood and it is near a middle school for my children and it is close to one of my jobs and I know my kids will be safe walking to and from school.

In regards to my future, I hope to be working in a large athletic department at a higher division university. In my personal budget spreadsheet, I assumed my income wages to be at forty five thousand per year, therefore, I would be making three thousand, seven hundred and fifty dollars each month. Working in a athletic department requires a lot of time, so I did not plan on having a family in this budget. Since I did not plan for a family, I decided I would rent an apartment; therefore, I would not have to worry about home repairs, security or lawn care.

8. Average price of rent amounting to $2,755 Now let me just inform you (turn to chart) the average wage a week for a person is less than 899 dollars now multiply that by 4 your going to get a total of 3,596 once you subtract rent your left with 841 dollars for your months expenses and mind you the average person a household is three people so including that into the equation your not really left with much

The budget that I have constructed below is my salary as a single-woman living and working on my own. My monthly gross income is $3,333.00. My taxes deducted as following: $216.66 goes to federal withholding, $206.66 for social security, $48.33 to Medicare, and $229.93 for the state of Wisconsin. That leaves my monthly net income to the amount of $2,473.17.

Housing $360 Food and drink $207 Fuel and power $26 Clothing and footwear $52 Medical and health expenses $58

The rent alone was $2,000 a month and the cost of utilities was anywhere between $500 - $750 a month.

In real estate, measurable elements are used. In Bakersfield the price of a house will vary depending on the square footage, lot size, condition of home, and the neighborhood area. Over the years of working in real estate, I have meet many people that moved to Bakersfield for affordable housing. But reflecting on the median house price in the United States, Bakersfield is surprisingly higher. The home price cost is represented by a median price. In Bakersfield the median home cost is $212,600 and the United States median home cost is $185,800 (Bakersfield, California Housing, 2017). Although, this is the current median home price cost, it will change through out the years because house prices inflate and deflate.

They chose this house because it has four bedrooms for all of us and an inground pool. (The children insisted.) It has a rich history and it will soon have a great family living in it. They will do some renovations around the house, like fixing the yard, adding gardens, painting, and flooring, but otherwise the house is perfect!

When starting my three-month budget plan, I knew it was going to be difficult to live in Sonoma County due to the high expenses. Even though it is an expensive place to live, it was important for me to be close to my family because they are always there for me. After I started to researching various costs, I found the amount of taxes I needed to pay, to be shockingly high. Also when I started to put these expenses into the inflation calculator I realized I needed to find cheaper alternatives due to the predicted inflation rate.

I’ve gotten 3 pay raises since I landed my first job in 2013. I didn’t change my spending habits much. Yeah I like to have a little bit more fun and shop every now and then but I made sure my priorities came first. I’ve always increased my monthly contributions to my online savings account. Then, I increased my monthly payments towards my car note to pay off the loan quicker and save on time and interest. Lastly, I

I had been saving up my money to buy a house for over seven years now and finally have enough. I have been saving up to buy one house in general, the house my mother died in. That house may bring back bad memories, but it was still my favorite house to visit.

Figuring out where you will be financially years from now is hard to imagine. There are always what you plan, and then there’s things that just happen that you would usually rather not have of. You can always make goals and things and hope that things go alright and end up close to what you expected.