Fifth-graders get life lesson in cost-of-living project

Virginia Craig was an investment banker for 18 years before becoming a teacher two years ago.

Photo courtesy of Sabal Palm Elementary School

Fifth-graders in Virginia Craig's class are happier in school than working after studying the cost of living in the Naples area.

She drew from her background for a consumer economics lesson.

Craig's fifth-grade gifted class at Sabal Palm Elementary School in Golden Gate Estates used a Daily News series of stories on affordable housing as a resource. The series included profiles of readers who are having problems affording to live in Southwest Florida. Each of Craig's students selected one of those profiles to research making ends meet. Then the students wrote letters to the editor about what they learned.

With last names omitted due to a school system privacy policy, here are excerpts from five of them:

Letter: The life

I had to assume the identity of a person who was a male pest control technician who earned a $6,250 a month or $75,000 a year.

I thought that was a lot of money and that he would be living the life — but when I began my research I found out that that isn't necessarily true.

We used a 30 percent income tax rate to see what the net income was. I had to research salary, medicine, cable (TV), computer hook-up, insurance and so on.

As I was researching I found out that you can't always get everything you want.

I always used to ask my parents for everything, thinking that they have the money, but as I continued this project I realized they don't always have that money because they have a plethora of bills to pay.

I started to think that when you end up in a hole it is very hard to get yourself out.

When I began to compare this to the business world I saw a big similarity.

As I enter the business world I need to become more and more prepared.

Thank you for your articles on affordable housing because I really learned a lot about the real world and why I should continue to value my education.

Tashnia

Letter: Living large!?

I am a 46-year-old woman working as a special education teacher. We had a pretend budget and we had to make these assumptions.

• Taxes are 30 percent of your gross annual pay.

• Assume one car, gas at $3.05 per gallon and a 30-mile round trip commute for work each day; $50 a week for food per person; and $1,000 a year for house insurance if you own a home.

I have learned many things. One is that Naples is very expensive; two is that if I want to have money I have to continue getting good grades and I have to go to college and get a career so when I grow up I'll be living large!

After I finished totaling up my budget, I and many of my classmates were in the red — aka in the negatives.

This project has taught me a lot and now I know that I am going to have to make many sacrifices in life.

Kelly C.

Letter: Negative money

I was given the identity of a 57-year-old lady who lives on Marco Island.

When I got all the things I needed for daily life, I had a lot of money left over.

However, when I put in the money for things for fun like spending money, movies, dates, eating out, sports activities, vacations and miscellaneous, I was in the red (negative money to save) big-time.

I was at negative $295 monthly and $3,540 annually.

Now I see that unless I become a lawyer, I won't be "living large." I see that Naples and Marco Island are too expensive. I'll be poor when I grow up if my statistics are true.

Now I feel bad because I ask my parents for so much. I have also learned to value money and education.

Matthew G.

Letter: Can be hard

I learned life in Naples can be hard. The person I assumed made $30,000 annually and lives in a trailer but is building a house.

When done with our research, we made a spread sheet on Excel and after I calculated the subtotal I found I had $1,434 monthly and $17,208 annually after taxes and expenses. I found I had $176 monthly to save and $2,112 yearly to save after spending money on fun items like movies and dates.

Now I know why I have to get a good education and finish school to help me get a good job and prepare for life.

Matthew

Letter: A bike could be used

The person in the profile I chose makes $1,400 monthly and $16,800 annually.

We had to find out about mortgages and utilities, and how much people pay for things like taxes, medicine, clothing, pets and doctor's visits. We went online and found prices for cable TV, car insurance and cell phones.

In this situation, I realized that in life you must make sacrifices. I cut back on buying a cell phone to have more money for clothing, because it wouldn't be as needed for my person as much as clothes.

I couldn't afford cable or a car, since on our worksheet it states that gas is $3.05 a gallon. Instead, a bike could be used and you would get more exercise.

I also learned that there is a difference between wants and needs. Sometimes in life you won't always be able to afford that flashy red Ferrari you have had your mind set on, or that new video game that your friends are constantly raving about.

Amber D.