15 Year Real Life Plan
Year 2015
I intend to graduate in spring 2015. After I graduate, enroll for PhD in Industrial Engineering at Georgia technological University or University of Michigan –An arbor. I will be using my student loan to pursue my PhD. I plan to work on campus for a year to support my living. I will buy a used car (2005 Honda Accord) as for my basic needs.
Year 2016
After my first year of my PhD, I plan to work under a professor whose area of expertise is in supply chain engineering. After I get a chance to be a research assistant, I plan to start doing a real time based research. I will apply for scholarships and instate fee. I will also quit my on campus job and use my stipend for my living expenses.
Year 2017
I plan to complete my doctoral program research this year and will get a funding of $20,000 for my research work. I will also start to search jobs as a Professor, such that I have an opportunity to pursue my research work as well as a university that has good research funding.
Year 2018
In the year 2018 I intend to wrap up all my research work and finish my PhD degree and start working as a Professor. I intend to graduate in summer 2018. Post-graduation I will be earning $90,000 working as an Assistant professor at University of Michigan. I will exchange my old car with a new car (2017 Range Rover) on EMI bases for 36 months. I also plane to move to a bigger 2BHK premium fully furnished apartment. I will also start re paying my education loan over next 2 years. I will also start saving some money to buy a house and for my marriage.
Year 2019
In the year 2019 I plan to visit India in summer for a month. I also plan to visit few places in India. In this year I also plan to do research on real time optimiz...
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Assumptions:
[1] The some tax rates and some interest rates are based on assumptions.
[2] Cost of living is assumed.
[3] T-bar (tax on foreign investment) is neglected.
[4] Personal expenditure is based on assumption.
References:
[1] Dr. Susan Ferreira, Advance Engineering Economy (IE 5304) notes.
[2] The Economic Analysis of Capital Expenditures for Managers and Engineers, G T Stevens. Jr.
[3] Automobile prices based on Enterprise Inc.,
[4] Real estate prices are based on 99acers.com.
[5] Bank tax rates are based on State bank of India.
[6] Vacation prices are based on yatra.com.
[7] Insurance prices are based on www.healthcare.gov
[8] Salary has been considered from www.salary.com
[9] Budget work sheet referred from http://moodleshare.org/pluginfile.php/10848/mod_assign/intro/Copy_of_personal-budget-spreadsheet.xls
[4] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 3, Cost Assignment, p. 54-59
The presentation of the material is in dollars only. Overhead is applied to products as a percent of direct labor dollar cost. Factory profit for each year is found by subtracting direct material, direct labor, and direct overhead costs from total sales. The overhead percentage is calculated at the same time budgeting and is applied as a single overhead pool throughout each model year. The consulting company used 435% of direct labor costs in 1987 for their study; the budgeted was actually 437% (OH/DL=107,954/24,682). A similar percentage applies in the following year (109890/25294=434.5%). However in the next two years, after the outsourcing of oil pans and mufflers was enacted, the allocation of overhead in...
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Companies. Retrieved July 4, 2008, from University of Phoenix, MMPBL-501 Web site. University of Phoenix . ( 2008). Economics for Managerial Decision Making
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The future is always uncertain. However, having a financial plan for the future can save a person a lot of grief. More importantly, it can help tremendously for that young adult who is fresh out of college, and at the beginning stages of life; for the young adult who is preparing to attain his or her Doctorate, and will be living, most likely, completely on his or her own.
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a. 1. What sources of capital should be included when you estimate Harry Davis’s weighted average cost of capital (WACC)?