Financial Planning Portfolio Instructions
Before you can start creating a financial plan for your educational costs and future budget, you need to make a career choice and then research to find out if you will earn enough money in that career to support the lifestyle you want to live. Think about the following:
What is your top career choice?
What are the educational requirements for that career?
What is the current annual salary range for your chosen career?
How will you budget your money?
Choose a career, then think about the educational costs associated with that career. Determine the average salary for someone in this career path, and then complete the Financial Planning Portfolio to create a budget based on your potential salary.
You may have to do some research to locate information about educational costs and projected income after graduation. This portfolio is designed to help you start thinking about how you can plan for your future.
Career Choice: Registered Nurse
Educational Requirements: To become a registered nurse, you typically need to earn a Bachelor of Science in Nursing (BSN) degree from an accredited nursing program. Some individuals may also choose to complete an Associate Degree in Nursing (ADN) or a diploma program.
Current Annual Salary Range: The current annual salary range for a registered nurse in the United States is $52,080 to $111,220, with the median annual salary being $73,300.
Budgeting Your Money:
1. Calculate your monthly income: Based on the median annual salary of $73,300, your monthly income would be approximately $6,108.
2. Determine your monthly expenses: Consider expenses such as rent, utilities, groceries, transportation, insurance, student loan payments, and savings. Create a budget plan based on these expenses.
3. Set financial goals: Determine your short-term and long-term financial goals, such as saving for a house, retirement, or further education.
4. Monitor and adjust your budget: Regularly review your budget to ensure you are staying on track with your financial goals. Make adjustments as needed to accommodate any changes in your income or expenses.
By following these steps and creating a realistic budget based on your potential salary as a registered nurse, you can effectively plan for your future and work towards achieving your financial goals.