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Phase 2 - Twenty something, young adulthood

I will start this Phase at 23 years old. In this phase I have finished University and have taken up
a full time Job. I need to find a home for myself and I will now be supporting only myself.

What is your income potential?
I will be working For BMF in Sydney. BMF is an advertising agency, direct marketer promotional
agency, media company and digital shop all rolled into one. For this company I will specialise in
cinematography and will work in various areas of the company, e.g. music video production, tv
commercial production, general film production and more. The Average income for work based
on cinematography is A$102 000 (indeed, 2014). As being new Im expecting a yearly income of
A$80 000 before tax. Tax on this income of A$80 000 is $17 547 plus 37c for each A$1 over
A$80 000. Therefore my income after tax will be A$ 62 453 or A$1 201 a week (Australian
taxation office, 2013). Because of these taxes royalty can be paid.

What expenses will you incur as a consequence of work?
Traffic will be bad from Freshwater to the city so if I cant drive in the fast lane with others, I will
take a bus to work. This transport expense will lead to at least A$30 a week in bus fares.
Work expenses, yearly A$
2006 Toyota Hiace $18 990 (carsales, 2014)
bus fares $1560
total 20550
note: The car will be bought with my savings.

Where will you live and what will it cost?
I will be renting a house in Graham ave, freshwater for A$1100 a week with 3 others (Domain,
2014). We will split the rent between the four of us, therefore each person will have to pay $275
a week, A$14 300 a year. The bond will also be split so that its $1100 each. The house has 4
beds, two bathrooms, one parking, rumpus room and garden. Its close to the beach, park and
shops but is far away from work.

Establishment costs (A$)
Bond 4 400
furniture 1000
telephone/utilities connections 170
total 550 4 13250 -shared expenses

Weekly variable expenses A$ (split between flatmates)
bills- electricity, gas etc 100
telephone 30
internet + mobile phone 100
necessities - cleaning products and
equipment, toiletries and food
rent (fixed expense) 1100
total 1500 4 35

What additional financial obligations will you have and why?
weekly expenses (A$)
car expenses - fuel, insurance,
registration etc
clothes 20
transport fees 30
social and recreational e.g movies, dinning
impulse buying 125
total 500

Yearly budget (A$)
Income 62 453
expenses (not including establishment costs
and car)
47 060
yearly savings 15 393
savings in total $215 401
savings after car and establishment costs 195 018.5
savings after 10 years 353 938
This money will be used as my savings plan.

What could go wrong and who can help?
If had a bad credit rating from my previous phase I could still get a loan from the bank by asking
my parents or a friend with a good credit rating to be my guarantor.
If I can't pay off my loans, repossession will take place on mine or my guarantors possessions.
For help, I can visit MoneySmart, a government website that can provide me with:
Charities and emergency help
help with debts
help with legal issues
help with housing
government assistance and concessions
free financial counsellors
fair trading contacts
(ASIC, 2014)
To avoid being over committed Ill be taking the weekend off and will make sure I leave time in
the week for relaxing and friends.

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