Category: Planning 10

Freedom 18

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My dad thinks that the budget I originally had on my self assessment was pretty accurate but he made a few slight changes for me. I had the housing budget at $200 a month and I planned to stay in my house and work but my dad said that was too low. He said he’d charge me around $400 a month to still live in my house but it all depended on how much money I was making a month. My dad said that my grocery bill was too high because I will need to pay for some food but not all so I changed it from $400 to $200. He said that him and my mom would supply most of the food but I would still need to pitch in for some meals and of course I am gonna buy some food for myself to cook. When I am 16 I will have a car from my grandpa so it’ll be free but I will have to pay for my own gas and my parents will pay for my insurance. My dad said that all of the subjects on my budget were similar to what he had to plan for. He had to plan his needs over his wants first. His needs were things like paying for his first car and his housing but he was also into music and loved to buy cds so he had to make sure he put them under his wants and had enough to buy them before he did. My dad said that it is very smart to have a budget plan like this one so I can compare my income and expenses and make sure that my income is higher than my expenses so I don’t go broke or get a bad credit score.

30 for 30 broke

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30 for 30 Broke Reflection
By: Jake Schaefer

The root of the problem is spending too much money and trying to be cooler then “the next guy”. All of these sports athletes that went broke made a ton of money. These guys made millions upon millions of dollars. They were not underpaid so there should be no reason for them to go broke right? But that’s not the case with these athletes. These guys wanted just about everything nice they saw. For example a new car came out and it was $60,000. For a regular person that would be way too expensive because they weren’t making enough income to afford that, but for a pro athlete they thought to themselves that they had a contract for $10,000,000 so they definitely had enough money to buy it. They would go out and purchase a new car without even thinking of the price. The athletes would do that for just about everything they wanted so before they knew it they were out of money. All of these athletes expenses were way to high for them to handle. The athletes that ended up going bankrupt tried to “keep up with the joneses”. That was not a smart idea. “ keeping up with the joneses means to try to outclass the next guy with luxury items like fancy cars and jewelry. The athletes should’ve thought about what their savings were before they bought all of those things. It would’ve been smart to make a plan. A regular person after hearing these stories could learn to make a plan of spending and get help for creating that plan if they need it. If I was a financial planner I would handle the pro athletes money wisely and only let them spend a certain amount each month. Definitely some of the worst financial decisions for the athletes were having a ton of kids. It’s a lot of money to care for a kid especially when you have 9 and are paying $17,000 a month for child support. This is why athletes declared bankruptcy and had no money left to spend.

My future lifestyle

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Jakes Future Lifestyle.         image


In the future I want my career to be a police officer. I would like to give back and serve my community while also keeping it safe.



imageWith my career as a police officer I would like to be wealthy enough to own a house like this one to hold my family in it. I don’t know how many people are gonna be in my family but I would prefer a wife and two kids. I would also need a garage to support my car.
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I really like dogs and I currently have one. In my house. I don’t think my life/family would be complete without a dog. Also many police officers have dogs.



imageWhen I have a solid career as a police officer I would like to own a nice car like this one. Being a police officer pays well so I should be able to afford a car like this.



Police officers get paid well and have lots of time off so I would like to imageuse that time to travel and explore. There are many places I would like to go and experience on my bucket list.