Identify Future Career Opportunities - Realistic Budget - Finance Assignment Help

Assignment Task :

Purpose of the Assignment Upon completion of this assignment, you will be able to: 

• Identify future career opportunities and respective implications on your financial plan; 

• Recognize the difference between gross and net income; 

• Calculate the monthly disposable income after planned savings; 

• Create a rational and realistic budget 

• Consider the implications of short-term decisions on long term alternatives 

The future is now! Assume that you have just graduated from your chosen program at Mohawk College and have successfully landed a job in your chosen field. 

Create your budget! 

Use the attached template to create your budget. Does it balance? Consider short-term, and long term changes you might need to make. 

1) Estimate your Income: 

• Determine your entry level salary of your new job: 

You must include a copy of the job description (screen shot or text pasted in to report, NO LINKS) which includes location, salary expectation and qualifications as well as a personal reflection on why you would want this job (please explain if you have previous skills before your time at Mohawk, particularly if it is relevant to the application) 

• Calculate your approximate NET income after your deductions (income tax, CPP and EI) using the following website (include a screenshot of the net income 

• You should try to build your emergency reserve (3 months income or 6 months expenses as quickly as possible) 

• Think about your medium- and long-term goals and allocate your savings accordingly. For purposes of this assignment, you do not need to determine which investment vehicle (ie TFSA or RRSP) is most appropriate, nor how to invest (ie: stocks, bonds, mutual funds) however we will discuss these issues later in the semester. 

• Goals must be stated in SMART format and must be reasonable and realistic for the intended savings purpose. 

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