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Through out my studies involving the career project I have learned a great deal about using excell, how to reaserch using reliable sources, and how to compute salery, retirement,living expenses .
Screenwriting
Average Salery- $82000
Education- high school,english and theater/dance courses
Outlook- quickly expanding
Career Project (Part 3)
Throughout the time I spent working on the Career Project I obtained many new skills, ranging from completing mathematical equations to using Microsoft Excel. Although this project was very hard and time consuming, I felt that I learned a lot and have gained a new perspective on what I will do in college and beyond. The purpose of this paper is to discuss and analyze the salary, tuition, cost of living, and retirement funds of an average Hollywood screenwriter now and in the future.
As an average screenwriter in Hollywood California I would make about $82,000 if I were to start work now, but I will not actually start until I am twenty-four years old and due to a four percent annual increase I will be making $121,380 a year when I do begin. If I continue on with the four percent increase my salary will go enormously until it reaches $897,144 when I retire at age seventy-five.
The length of a student loan is how many years you attend college multiplied by two. After I leave High School at age 18 I am only going to attend Middlebury College for four years for my undergraduate studies and Cornell University for two years as my graduate studies. This means my student loan will last for twelve years until I will be able to fully pay it off. The total price of my extended education will come to approximately $206,500. Using the compound interest formula, I compounded the tuition for twelve years. After twelve years, the tuition built up to an astonishing $465,078. The percent of increase for my student loan is 7% while my salary increase is a mere 4% per year. As you can see, the longer it takes to pay off my student loan, the larger amount of money I will have to pay off as a total in the end.
Although I will have a retirement fund to live on after I retire, I will still need money to live off of on a day-to-day basis. In order to find out how much my yearly living expenses will be I took $3,600, (which is the approximate cost of living in the year 2004 according to Mr. Perdz) and multiplied it by the yearly increase which is two percent. I then found that by the time I retire I will be paying $12,047.95 which is incredibly almost four times what it is now.
One of the most important things I have learned in this project is how to plan a retirement fund. There is an astronomical difference between starting to compile a retirement fund at age sixteen, age twenty-four, and age thirty-five. I have learned that the earlier you start to add money to an account of any kind, the greater amount of money you will have to live on after you retire.
In conclusion I feel that I have acquired a great deal of knowledge through completing the Career Project and have pursued information on my future more avidly than I ever have before. I have greatly increased my knowledge of excel through computing and graphing so many equations, while also gaining a better understanding of salary, college tuition, cost of living, retirement funds, and how they will increase over a relatively short period of time due to inflation.
Questions:
A. The graph illustrating tuition went up most drastically, which would make sense because there was a seven percent interest fee on tuition, where as salary had a four percent annual increase, and cost of living had a mere two percent annual increase.
B. If I were to add $2000 more each year to my retirement funds between age sixteen and age twenty-four my retirement would greatly increase by the time I retire at age seventy-five because it would have almost fifty years to grow with interest and not be touched.
My Favorite Web Sites
Angelfire - Free Home Pages
Free Web Building Help
Screen Actors Guild
Email: krazykayaker2008@yahoo.com
