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Project LIFE!
College
Ohio University
Health Psychology Major
CostPer year including room and board, $21,459Total over four years including room and board,
$85,836Post 9/11 GI Bill pays for $17,500 per academic
year at a private school
Career Choice
Forensic Psychologist
Extra Schooling Required
Doctorate of Psychology
Credentials Master of Social Work Master of Arts
Hours Worked 60 to 65 hours per week
Starting Income $70,000 to $80,000
City Choice
Chapel Hill, North Carolina
Buying/Renting a Home
Renting The Point at Chapel Hill 3 Bedroom, 2 Bath
Rent Cost About $1,470 per month
Renter’s insurance $133 to $150 per year
Amenities On-site laundry, high speed
internet and cable, access to a fitness center, air conditioning, on-site management and maintenance, etc.
Pets allowed Utilities included in rent
Married or Single?
Married
Marriage License About $60
Total cost of engagement rings, honeymoon, and wedding:
About $28,576
Kids or no kids?
Kids
Number of Kids Three kids
Cost About $290,990 per child
from birth until age 18 including cost of public college
About $872,970 total for three kids
Monthly Living Expenses
Mortgage $1,470 for rent
Cell Phone $150 for family plan
Car Payment and Insurance $550
Car Maintenance $200
Gas $200
Food $400
Student Loans $300
Entertainment/ Miscellaneous
$500
Total: $3,770
Total Income Needed: About $3,800
Money Breakdown
Taxable Income: $8,250
State Tax: $5812
Social Security: $4,237
Federal Tax: $825
Total income after taxes:
About $55,876
Total income after taxes and monthly expenses:
About $10,276
Total Annual Income: About $75,000
