United States. Bancroft James, Mary. ...a family finance simulation. Funded by a grant from Take Charge America, Inc. to the University of Arizona

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1 Life In... United States Bancroft James, Mary...a family finance simulation Funded by a grant from Take Charge America, Inc. to the University of Arizona Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 1

2 The Bancroft Family Life In... Race/Gender/Age Marital Status James - White Male, Age 62 Mary - White Female, Age 55 Married for 15 years Personal Profile Children None Occupation James - Dentist Mary - Adjunct Education Professor Residence Metropolitan Area Over 5 Million Educational Level James - Doctorate Mary - Graduate Degree Background Information James was raised in a dental office, well, not literally, but his father and grandfather before him were dentists and James spent a lot of time in their office while he was growing-up. While his grandfather was reviewing teeth x-rays, James would sit on his lap and ask questions about which tooth was called what and which marks in the x-ray were cavities or fillings. By age 8, James could identify the formal names of all the teeth in an adult mouth and gum diseases, and the reasons why someone would need a root canal. By age 10, James too wanted to be a dentist. After dental school, James joined the family practice. His grandfather had passed away when James was in high school and James father was excited to have two Bancrofts in the office again. Since Mary was in the seventh grade she had wanted to be a teacher. In college, Mary earned a secondary education science degree. Directly out of college, she took a job in a high school and taught for three years. Mary then went back to school for a graduate degree in education. After receiving her graduate degree, she returned to the high school classroom. Mary was very involved with educational research at her alma mater and during the summer sessions, often taught classes as an adjunct professor. Twenty years ago, Mary and James met while she was attending a conference in his city. They dated long distance for several years. Once the decision to marry was made, Mary retired from her high school classroom and found a job as an adjunct professor at a university near James hometown. James was married once before but divorced five years before he met Mary. Mary chose not to marry earlier because she enjoyed giving her complete energy to her classroom and she had never met anyone she wanted to be with for life. Although James has no son to pass the business on to, he does have a nephew, Mark, who will be taking over the practice when James retires. James invests $ monthly into his retirement account. Mary and James enjoy playing card games. One of their favorites is Pinochle; they spend $75.00 monthly playing in local Pinochle tournaments. Mary and James also enjoy golfing. They are members of a country club not far from their home which costs $ monthly. Mary is also part of a book club and pays $60.00 monthly for new books and the cost of hosting the book club....a family finance simulation Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 2

3 James Bancroft Life In... Job Information Job Awarded Dentist Employer James Bancroft DDS Annual Wages U.S. Wages $131,170 Benefits & Retirement Health Insurance None Retirement Package None...a family finance simulation Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 3

4 Mary Bancroft Life In... Job Information Job Awarded Adjunct Education Profession Employer Uptown University Annual Wages U.S. Wages $51,730 Benefits & Retirement Health Insurance Medical - $ per month $500 deductible Dental - none Vision - $3.05 per month Covered 100% by employer Includes self only Pay per month Retirement Package 401K - Pay $ per month...a family finance simulation Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 4

5 J AMES BANCROFT D.D.S. Job Opening D ENTIST SEND RESUME TO: Jennifer Davis st Ave. S. Dentists prevent, diagnose, and treat problems with teeth and mouth tissue. They remove decay, fill cavities, examine x-rays, and repair teeth. Dentists perform corrective surgery on gums and supporting bones, extract teeth, and make dentures to replace missing teeth. They provide instruction on brushing, flossing, fluoride use, and other dental care aspects. U PTOWN UNIVERSITY Job Opening A DJUNCT EDUCATION P ROFESSOR SEND RESUME TO: John Regis 412 Knowledge Ln. Professors instruct students in a wide variety of academic and vocational subjects beyond the high school level. Students attending a postsecondary institution may be seeking a degree or looking to improve their knowledge and/or skills. This position is specifically for a professor who can teach students how to educate elementary and secondary school students. Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 5

6 James Bancroft D.D.S st Ave S. Date March 5, Pay To The Order Of: James Bancroft $7, Seven thousand sixty-seven and 77/100 National Bank 5832 Main Street Any City, USA Memo February Paycheck : : 1234 James Bancroft D.D.S. Authorized Signature Dollars James Bancroft D.D.S. Pay Period 2/1/2004-2/29/2004 Employee Bancroft, James SSN Check # 1234 Check Amount $7, Employee Address 1745 Cavity St. Pay Type Gross Pay Year-to-date Gross Pay Deductions Current Year-to-date Regular $10, $21, Federal Withholding State Withholding Social Security Medicare 401 K Medical Additional Withholding $2, $ $ $ $ $4, $ $1, $ $1, Totals $3, $7, Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 6

7 Uptown University 412 Knowledge Ln. Date March 5, Pay To The Order Of: Mary Bancroft $3, Three thousand forty-three and 41/100 National Bank 5832 Main Street Any City, USA Memo February Paycheck : : 1234 Uptown University Authorized Signature Dollars Uptown University Pay Period 2/1/2004-2/29/2004 Employee Bancroft, Mary SSN Check # 1234 Check Amount $3, Employee Address 1745 Cavity St. Pay Type Gross Pay Year-to-date Deductions Current Year-to-date Gross Pay Regular $4, $8, Federal Withholding State Withholding Social Security Medicare 403 B Medical Additional Withholding $ $ $ $62.51 $ $ $ $ $ $ Totals $1, $2, Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 7

8 4% 2% 5% 4% 16% Average Expenditures $75,000 and Over Annual Gross Income *The percentages should be used as a guideline to determine expenses on the spending plan. 1% 3% 7% 6% Food at Home 7% Food Away from Home 6% Housing 30% Apparel and Services 5% Transportation 18% Health Care 4% Entertainment 5% 29% Education/Reading 2% Contributions 4% Personal Insurance, Pensions, & Social Security 16% Personal Care 1% Other 3% 18% 5% Family Economics & Financial Education - September Life in...united States Simulation - Bancroft-Notebook Cover and Profile Page 8