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Economics Project
Economics Project
Part A
Option A
There are a lot of plans that I have after my graduation. I have spent the best time of the year studying for my course. After that, I have plans to ensure I have a brighter future ahead. I guarantee that I live every single minute I have to the fullest. I, therefore, shall give an experimental plan of my first ten years and how I have planned to let the events flow. It is in terms of the financial basis and how stable I wish to be in my life. Alongside, I want also to make some improvements in my life s to ensure that in every step I move forward, I grow and make progress. My plan is based on some encouraging quotes that keep me moving on such life is based between B and D and in between is C. The B stands for Birth, the D stands for Death, and the C is the choices we make in between life that influence how we shall live.
By year zero, I will make sure that I have handled all my academics well and ensured that I submitted all the required assignments necessary for the university. My time in the university is over, and now I have to think and calculate my next step in life. Plan for my graduation ceremony and invite my friends and relatives to come and celebrate the achievement in my life.
During my first year, I would first like to take the first few weeks to travel to some places of my dream with friends to take a break. My budget for this will be approximately $443. Changing this culture will be crucial as I begin to explore my life from school as it will expose me to the real world with its challenges. It will be a step toward becoming more open-minded. Meanwhile, I start doing online freelance jobs to spare some time and earn maybe two hours in a day. The amount I expect to earn from this job is around $1200 per month.
During the second year, I will apply and go back to the university for further studies. I will also apply for the scholarship. The scholarship is to pay for my fee that is $40000 per year. I will go for the master’s level to be readily marketable in my area of study when I go for the interviews of various jobs. I will use my savings to pay for my upkeep which will take me around took years studying full time.
In year three, I should complete and graduate with a Masters in Economic Engineering. I should then invite my friends and relatives to celebrate. They will try applying for the jobs that will be having vacancies. Meanwhile, I will be also be buying some of the furniture that I will be using to furnish my house once I am stable.
During the fourth year, I get myself a full-time job that will be paying me enough money to maintain all my expenses and give me room to save. The expected amount from the job is $75000 per month. If possible, I would instead opt to go with a job that shall offer me more allowances such as housing allowances, to cut my living expenses. Housing allowance should be $3300 per month. To start with, I do not expect to start as a manager, but whatever the department I shall be working in, I will aim higher to do better for future promotion. Therefore, I will have a task to manage my job in my field of study and manage my shoe business.
During the fifth year, I plan to get myself a house and move the furniture I had bought earlier. I shall then buy another furnishing for my house to decorate it and also equip it. I shall weigh between purchasing a new house, building one, or renting a bigger apartment. However, I prefer building a home to call my preferences for the room considered and have the desired furnishing. I shall have the freedom to make my dream house and ensure it has everything I had planned for it to have, including rooms for my children when I get married. The house budget ranges around $230000.
In the sixth year, I shall take a little rest and go on vacations and enjoy my summer period. The budget will be approximately $20000. It will be a great break from work, and I will be able to use that time to re-energize myself to prepare myself for the activity that will happen later in the year. I shall get a car that I shall be used to drive from my house to my place of work. The car may cost me $400000. This will save me since the public means might be a little hectic, and I might not be punctual in attending the job.
I shall have my firstborn child in my seventh year, and my target shall be three children. That is later in the future. I will buy a vacation house that I will be taking my family out for holidays with around $340000 budget. It will be more accessible when having the two houses to hold some events in the vacation house with our friends. It will also be an excellent place to relax when overwhelmed by the activities during the year. I will have to program my time; after work, I should head directly home and not go and hang out with my friends as it will be my behavior to relax after work.
During the eighth year, I expect to receive a promotion at work and work as a manager. I will have to work smart for this position, and that is how I will pay for it. The promotion will be a great relief to me and will increase my savings; and also, because I will be bringing up my firstborn, it will be a little easy for me.
In the ninth year, I plan to have my second-born child. I shall also purchase another car for my work to have two that I can use to avoid the inconveniences in case of mechanical failure. The budget ranges at around $256000 for the new car. I can still operate without being disadvantaged. When my children have attained the age of getting a driving license, I shall bring them their cars so that it can be easier for them to get to school and get to the places they want to visit. I will apply for my Professional Engineering license.
During the tenth year, I shall work on being self-employed by coming up with my own business. The approximated budget to start with is $400500. There will also be so many finances required, and therefore I will use the savings that I will have to ensure that I do not lose my financial stability due to the care I will have, including my family and children’s home. Go for the extra miles and ensure that I have had my last-born child at the end of the year, and I will have my target.
My goals for the ten years are from an optimistic view of life. However, for the challenges to be encountered in between, I plan to deal with them accordingly. The goals are not limited, and I aim to do better than I have prepared by not limiting myself by whatever means. Every year, I plan to do better than I have designed and hit the high score life. If one of the objectives fails or does not occur according to my planning, I tend to carry it forward and do it in the following years without giving up. It is my simple plan for the ten years after I have graduated from the university.
Option B
During the year zero I should take my time to relax and ensure that I have a break after the course. It will also give me some time and space to prepare myself for the next step in life. It is also taking a lot of courage as the step may include less of parents’ intervention, and I should at least be able to cater for main things such as my bills.
In my first year on the other side, I can opt for a part-time job instead. After one month of traveling and being a freelancer, I apply for another part-time job that will help me to save some money. The part-time job should at least consume half of my day, and at night I can minimize the freelance job for two hours a day. The expected amount from this is $4915 per month. That should cater for my rental $727 per month and food $550 per month. I also should have a rent house that I shall be paid monthly and other expenditures if I get an internship and maybe a graduate job if available. However, with the money that I make, I save the majority.
The second year I can go for the online classes instead of the physical to save more money. To ensure I will save my time to use the rest of the time carrying out the freelance work, I would opt for online studies as they will be convenient for me as I work. I will have a considerable task to partition my time between academics and work. At the end of the year, I should be halfway through my Masters, and I should be working to save and pay my rent. All the other expenditures of rent, food and entertainment remains intact. Entertainment fee is around $443 per month.
During the third year I can also choose another path which is of investment and start up my own business of shoes. Using the savings that I will have made, I will a shop to sell shoes where I will purchase the shoes at wholesale prices and supply them. The amount that will be needed to start this business will depend on the cost of shoes by them but approximately $500000. If the savings are not enough, I will top it up using loan. I will distribute the shoes to different shops such as the retailers and the supermarkets. If lucky enough, I would also like to deliver the shoes for functions such as a wedding.
In the fourth year I can also choose to continue managing my shoe business or look for an alternative. Since it will be hard for me to multi-task between going to a job position and selling the shoes, I will employ someone who will do that on my behalf and pay them mainly on a commission basis. The salaries will range to around $20000 per month. The commission basis will be crucial as they will require minimal supervision since they will be targeting to sell more shoes to increase their sales. This will be a relief to me. The year will generally be to get myself stable financially.
During the fifth year, I can start by planning I shall work on my background and include my dream swimming pool. The project will cost me $36000. This project will be enough to take the whole year without any other plans for the year. I will then pay the bills that I have.
In the sixth year instead of buying a car first, I can opt to get married first. I shall be getting married and starting a family. The wedding ceremony budget can range to $150000. I can then maybe buy the car by higher purchase price method. I also shall be growing my shoe business and increasing my distribution rates to various countries and have an online shopping platform to cover a huge part of people.
In the seven years, I can begin a job of selling clothes too which will cost me around $500000 and such a good return per month according to the sales made. I shall also start the business of selling clothes alongside selling shoes. I shall be dealing with wholesale prices and get myself connected to the fashion industry.
In the eight year I then hope to build a children’s home to accommodate the homeless or those neglected and who do not have a place to live in. I shall then take good care of them and have people to take care of them, and through the legal procedures, they shall be adopted to the families that will be wanting to accommodate them.
During the ninth year instead, I can also opt to wait to do this later in the future and use the amount to help my needy relatives if any. I shall also take care of my relatives and offer them the chance to work even in my business. The family events should be approximately $ 300. I will also create my family time and invite them to welcome the newborn baby. I will also be attending the gym to ensure that I also exercise and keep fit and healthy besides staying at the office. To give back to the community, I will provide the children I took to take them to school and pay for their studies.
In the tenth year, I will also ensure that I meet up with my bucket list of the things that I had planned to do, and if I have not met any, I go ahead and do it currently. I shall also become an entrepreneur. I shall be working to ensure that the business does not fail, and I shall be ready to solve the emerging problems. I can then buy another car for the other family members to use when operating in their daily activities. I shall also consider using the failures I may have encountered to ensure that I do not repeat the same mistakes when running my firm.
Part B
The project was generally enjoyable, and also it required a lot of planning to ensure that one has realistic goals and the steps to be put in place to achieve these goals. There were also challenges encountered, such as, at times, it was hard to exactly know at least what event should come before the other. There was also the risk of assuming that I would be lucky enough to get a well-paying job. There were also the hopes that the living expenses shall not be that high when I began to live as they only cater to me alone.
Even though they are my dreams, the fear of not getting a well-paying job instantly is also terrifying (Miller, 2020). However, there are multiple ways to overcome these challenges. Once I have higher education and some working experience, maybe from the internship, I may win myself some chances to get the best jobs. The backup plans I have for the investments can also raise my financial status. Selling shoes and clothes can be primarily profitable because I am working as a distributor.
There were also some assumptions made. The value of a can not be compared to the value of the same car ten years to come. The value most definitely for the machinery always depreciates with time. However, to create a rough price of how much it might cost, I used the prices at the moment in the market. The whole estimation cannot be compared to the real one that will happen in the future; the cost of clothes and shoes will not be the same as now; however, the estimation draws me closer to what I should have at hand. In general, the whole process of coming up with these ten years goals was a brainstorming activity that kept me on the toe to ensure that I balance my dreams with reality and the money that I have.
The economic decision-making process took me a few steps to come up with a well-made up plan. I had to figure out the problem and the opportunities that I had. I then had to define the goals that I had and the objectives. After which, I would assemble all the relevant data that I have. I selected the Criterion to use to reach my intended goal from where I construct a model that I use to come up with my goals and objectives. From my options, I choose the best alternatives and opportunities that I have that can replace any financial failure.
I take the step to audit the results to ensure they are free from any errors and also no numbers are missing or have been omitted. The overall mission and objectives are to explore the opportunities and the objectives. I take advantage of the opportunities and try to do the maximum from them. On the other side, I ensure that I explore the goals too.
References
https://www.ziprecruiter.com/Salaries/Part-Time-Engineer-Salary
Miller, J. M. (2020). Challenges of the two-year manuscript: Engaging in reflective practice with a manuscript about reflective practice. Hypothesis, 32(1).
https://www.upwork.com/resources/how-much-do-freelancers-make
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