Congratulations! You have been given $1,000,000. As a part of this inheritance, you have been given guidelines to follow for how to spend it. Make sure the follow the guidelines to the letter so you don't hurt Grandma Irene's feelings.
YOU MUST:
1. Put at least $75,000 aside for college education. Research the cost of the education for ONE year at your favorite university and then calculate it against how many years it will take you to achieve your degree. Add in 10% to cover inflation, books and other expenses related to education.
2. Purchase a home that is NO MORE than $300,000. Research various homes in locations that you would like to live. Find the home that you feel is PERFECT for you and print out one page with the specs from the home.
3. Take a family vacation. Use a travel agency to determine expenses for the total cost including: hotel, airfare, meals, transportation, spending money, etc.
4. Purchase a vehicle. Using dealership sites, find a car or vehicle that is to your liking and print out the one page with the specs for the car from the dealership.
5. Make one charitable donation. Remember that friends, family, and pets do not qualify as a charity. Find a charity that means something to you and give them funds based on a project they are working on.
You may NOT spend more than $1,000,000 but you want to spend as much of it as possible. This project is developed to help you plan for your future and develop the math skills that you have acquired and put them in a real-life situation by spending money within a budget.
As part of this project you WILL NOT be required to pay taxes, closing costs or other fees.
Other rules for the Million Dollar Project:
1. All time used in class on the internet is to not be wasted. Make sure you are on appropriate sites and using time wisely as you will be receiving a grade based on participation and being on-task.
2. You may not purchase more than 2 of the same item.
3. Make sure to record all items that you purchase on the expense tracking sheet to total up your expenses as you go along. YOU MAY NOT go over $1,000,000 from your budget and you MAY NOT borrow money from a friend.
4. Each purchase that you make MUST have a check written out appropriately. Use the model below to know how to write a check. You will not be able to write more than the 18 checks that you are given.
5. Design a cover for your project in Microsoft Publisher and staple it to your tracking sheets before turning your project and checkbook in.
This project is due April 24th and 25th depending on the class period that you have Pre-Algebra.
(This project has been modified from The Million Dollar Project from Janis Noble at Caffeinated Conclusions.)
