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 vou might need to make 11:08 | UE Back Assignment Details Personal Financial Management - BUSN-BE450-01-2 Estimate your Income: Determine your entry level salary of your new job: Find a REALISTIC position which you would qualify for on any legitimate website, for example: https://www.workopolis.com/en/ https://www.monster.ca https://www.indeed.ca 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 summary): https:/euvoo.ca/taxcalculator/? iam=&uet calculate=calculate &salary=15&from=hou r&region=Ontario 2) Plan your Savings: (according to the 50/30/20 rule, you should aim to save at least 20% of your Submit Assignment 6 Dashboard Calendar To Do Notifications a LTE 11:08 Back Assignment Details Personal Financial Management - BUSN-BE450-01-2 income toward short- and long-term goals) . 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 Goals must be stated in SMART format and must be reasonable and realistic for the intended savings purpose. Budget your Expenses: (your budget must include, but is not limited to: o Rent o Utilities (including cell phone) o Travel/transportation expenses o Food Entertainment You may use actual personal numbers, or any legitimate website to gather your data, here are a few to get you started: https://www.rentboard.ca/rentals/rental_rates.aspx? locid=4257 Submit Assignment Dashboard Calendar To Do Notifications a LTE 11:08 Back Assignment Details Personal Financial Management - BUSN-BE450-01-2 https://rentals.ca/hamilton https://moving2 canada.com/cost-of-living-in- hamilton/ https://www.numbeo.com/cost-of-living/in/Hamilton YOU MUST PROVIDE EVIDENCE OF YOUR RESEARCH INCLUDING SCREEN SHOTS, AND REFERENCES FROM ANY OTHER WEBSITES USED. You may add additional rows if required Income Monthly Amount Job Title/Description Monthly "Net" Amount Monthly Gross Amount (before taxes) Submit Assignment (after tayed Dashboard Calendar To Do Notifications a LTE 11:09 Back Assignment Details Personal Financial Management - BUSN-BE450-01-2 Rationale: Saving ***use 50/30/20 budget rules for this purpose*** Include Purpose and Time Frame - SMART format Amount Goal #1 Short- Term Include Purpose and Time Frame - SMART format Amount Goal #2 Medium- Term Include Purpose and Time Frame - SMART format Amount Goal #3 Long- Term Expenses Debt Repayment: Description Total Amount Submit Assignment 6 Dashboard Calendar To Do Notifications 11:09 LTE Back Assignment Details Personal Financial Management - BUSN-BE450-07-2 Rent: Description Location Transportation: (note, if you have already disclosed car payment, do not duplicate, but include items like gas, insurance, Item: parking etc. If you do not intend to own a vehicle ensure you include expenses for public transit, uber, taxis etc) Description: Cell Phone Food Gas Entertainment OTHER EXPENSES Submit Assignment 6 Dashboard Calendar To Do Notifications 11:09 a LTE Back Assignment Details Personal Financial Management - BUSN-BE450-01-2 Net Surplus/Deficit Discretionary Income DO YOU HAVE ANYTHING LEFT? Analysis: Based on your budget above, do you have a Net Surplus or a Deficit? If you have a Net Surplus, what could you do with the funds to increase your Net Worth? If you have a Deficit, what options do you have to cover the deficit each month? What budget items could you change to decrease/eliminate the deficit? Explain: Submit Assignment Dashboard Calendar To Do Notifications | UE 11:09 Back Assignment Details Personal Financial Management - BUSN-BE450-07-2 ***Remember to include all supporting documentation!*** Please see rubric below including negative marks in last row, maximum total marks 30. Category Each box Each box Each box represents 1 represents 1 represen point point 1 point Salary Job Job Posting Description properly Included aligns with converted qualifications to NET income Income Amount of Time- Goal is frame and correctly amount a Purpose is in converted realistic f SMART goal into monthly intended format requirements savings Savings - Short term goal Submit Assignment Dashboard Calendar To Do Notifications I LIE 11:09