00:01
Okay, so for this particular problem, we need to determine what our net flow income is.
00:06
It could be positive or it could be negative.
00:08
And so when we're looking at how much income we have left over, we've got to look at what actually is coming in.
00:13
That's our income.
00:15
And then what do we have to actually pay? those are our expenses.
00:18
So for this particular problem, this person makes $700 a month for their job, their part -time job.
00:25
Their grandparents have a college fund set up for them.
00:28
So that provides them another $300 a month.
00:31
And then they have a scholarship that was $6 ,000 for the year, which equates to $500 per month.
00:38
And so my total income each month would be $1 ,500...