Personal Finance Simulator 2017    
Version 26.0
David E. Lee, DVM, MBA
Associate Professor, Practice Management
College of Veterinary Medicine
University of Minnesota
      Disclaimer - This program is intended to illustrate basic concepts of personal finance. In the interest of simplicity, many elements have been ignored because of immateriality or irrelevance to the program's intended purpose, As such, the results generated may lack the accuracy desired for serious financial planning. The user is referred to a CPA, CFP, or other qualified professional for such purposes.    
© 2017, Practice in Practice Management Case Studies, All rights reserved.  
Personal Finance Simulator  
Links across the top of the page walk you through the 8 steps needed to develop a personal budget
1111111111111 1) Student Loan Debt Calculate your monthly payment for any student loans you may have
2) Salary Predict your salary based on productivity. Other sources of income can be entered too.
3) Credit Cards Credit card debt can be a drain on your budget
4) Auto Lease vs Buy Determine whether a new car makes sense for you
5) Home Expenses A new home can be a good investment but a huge liability as well
6) Retirement Savings Saving for retirement is essential but challenging for many new grads
7) Personal Savings Saving for a rainy day is more than just an old adage!
8) Summary Estimate your monthly expenses for the categories provided. Be sure to enter your marital status and exemptions for tax purposes. Scroll down to the bottom to see if you have money leftover!
9) Analysis See how your expenses compare to recommended levels
Beige cells require your input
Dark Blue cells are calculated from other sheets
  IMPORTANT:Input (beige) cells which do not apply should be left blank or you may enter a value of zero ("0"). Include all sources of income, including that from a spouse or partner on the salary page.    
* Students using this program with Dr. Wilson's course should also refer to his supplemental instructions
"Reset" will return the values to their default
"Print" will print the current sheet
"Update" will recalculate the worksheets with any changes
(clicking on another cell will do the same thing!)
    Salary Calculator
Days per Week
Part-time positions are becoming common in veterinary medicine. While such hours may be necessary or desirable for personal reasons, part-time practice can make case continuity and professional growth more challenging. On the other hand, working long hours six or seven days a week for an extended period of time can contribute to burnout and be counterproductive in the long run.
11111 Hours/Day
Vacation/Sick/CE Days/Year
Days Worked per Year
Appointments per 8 Hour Day
Experienced small animal clinicians in busy, efficient practices with proper staffing may see 20 or more cases in an average 8 to 10 hour work day. A new graduate may struggle with more than 12 per day for the first few months. Some practices prefer to see fewer cases (e.g. 8/day) but charge more for their time.
Visits per Year
Doctor ACT
Overall practice Average Client Transactions (ACTs) serve as an important metric of production. A small animal associate's Dr. ACT (total doctor revenue divided by number of doctor produced invoices) varies from a low of $120/case to a high of $225. The national average Dr. ACT is about $180. These numbers are significantly higher for emergency and referral practices where $250 to $500 are common numbers. The ACT for an entire practice is always lower because of sales of pet food, Rx refills, retail items, and any other OTC products.
Sales Req per Year
% of Production
According to NCVEI data from over 12,000 veterinary practices, over 50% of them have a production-based compensation component. Percentages in small animal practices vary from 18% to 22% of production plus benefits while large animal practices average about 25% plus benefits. Check on the willingness to negotiate this percentage, especially as your years of experience grow. Even more importantly, be sure that your contract indicates what services and products are included in your production and which are excluded.
Possible Salary
Other Income Including Spouse's/Partner's
The average salary for new veterinary graduates is about $68K. Can you produce enough revenue for your employer to pay the salary you need? Don't forget to include your spouse's or significant other's income here so it flows through to total household income on future pages.
Household Income
    Student Loan Calculator  
Traditional Loans
Loan 1 Loan 2 Loan 3 Loan 4
11111 Input Data Amount Borrowed:
Annual Interest Rate
Number of Years
Output Data Monthly Payment:
Total Amount Paid:
Total Interest Paid:
IBR Monthly Payment click here to calculate
© 2017, Practice in Practice Management Case Studies, All rights reserved.  
      Credit Card Calculator      
1111 11111 Input Data
Annual Interest Rate
Planned Monthly Payment
Output Data Minimum Monthly Payment Allowed
Years to Zero Balance
Total Amount Paid:
Total Interest Paid:
© 2017, Practice in Practice Management Case Studies, All rights reserved.
    Auto Loan Calculator  
        Lease vs. Buy      
Input Data
Price of Car
Annual Depreciation Rate
Residual Value
Amount Financed
Annual Interest Rate
Money Factor (Ask Dealer) N.A.
Number of Years
Number of cars to lease or buy?
1111 Output Data Depreciation Cost: N.A.
Lease Cost: N.A.
Total Monthly Payment:
Total Amount Paid:
Equity in Car at Termination $0
Total Cost of Deal:
True Monthly Cost:
© 2017, Practice in Practice Management Case Studies, All rights reserved.        
    Home Expenses Calculator    
Input Data
Cost of Home
Annual Interest Rate
Number of Years
1111 11111 Output Data Monthly Payment:
Est. Property Taxes (1%)
Total Monthly Costs
        Total Amount Paid:    
Total Interest Paid:
Tax Benefits per year
Purchase Home?
y n
© 2017, Practice in Practice Management Case Studies, All rights reserved.
      Retirement Savings Calculator    
Input Data
Current Age
Retirement Age
Expected Annual Household Income (from salary worksheet)
Expected Rate of Return before Retirement
Expected Rate of Return during Retirement
Expected salary increase per year (%)
Retirement Income as Percent of Working Income
Annual Social Security Benefits after Retirement (estimate) Social Security Calculator
Value of Current Retirement Savings
Output Data Salary at Retirement (in future dollars)
Retirement Income Needed per Year
Social Security Receipts
Retirement Income Unmet
Savings Needed at Retirement (in future dollars)
Future Value of Current Retirement Savings
Amount you still need to save
Amount to save per month
© 2017, Practice in Practice Management Case Studies, All rights reserved.
Personal Savings Calculator
1111 1111 ##### Input Data
Interest Rate
Number of Years
Amount Saved per Month
Output Data Amount Saved
Interest Received
© 2017, Practice in Practice Management Case Studies, All rights reserved.
Estimated Annual Expenses
Monthly Annual
1111111 Debt/Loans
College Loans1
Loan 1
Loan 2
Loan 3
Loan 4
Total College Loans
Car Payment2
Credit Cards3
Property Taxes4
Home Repairs & Maint.4
Maint. & Supplies
Renters Insurance Premium
Monthly Base Telecomm
Long Distance/Cell
Cable/Satellite TV
Repairs and Maintenance
Mass Transit
Meals out
Child Care
Private Education Tuition
Childrens Clothing
Disability Ins (click for quote)
Prof Lblty (if unpaid by employer)
Uninsured Medical Expenses
Medical & Copays
Dental (annual exam & prophy)
Optometrist/Contact Lenses
Prescription/OTC Drugs
Pet Insurance (click for quote)
Entertainment Movies/Dining/TGIF
Clothes Dress like a doctor!
Job Search Expenses
Pet Food
Pet Care (inc Med Costs)
Personal Hygiene/Hair/Cosmetics
Books, Newspapers, Magazines
Vet Cont Education
Charitable Contributions
Travel to Visit Family
Cleaning and Laundry
Other Tuition
Text Books
Expenses I may have forgotten
Total Expenses
Contributions to Savings
Total Fixed and Variable Household Expenses
Household Income5:
Adjusted Gross Income:
Marital Status for Tax Purposes
S=Single, M=Married
Children for Tax Purposes
Total Exemptions
Taxable Income
State Taxes (click for info)
FICA/Medicare (7.65% of Gross)
Federal Income Tax
Total Taxes
Net Income (gross wages less taxes)
Monthly Annually
Personal Profit      
1. From Student Loans Worksheet
4. From Home Expenses Worksheet
2. From Auto Lease vs. Buy Worksheet
5. From Salary Worksheet
3. From Credit Cards Worksheet
6. From Personal Savings Worksheet
© 2017, Practice in Practice Management Case Studies, All rights reserved.
Expense Analysis
Classification of Expenses and Recommendations  
Your Budget
Expenses Dollars % of Income Recommended
Housing 25-35%
Utilities 5-10%
Transportation 10-15%
Food 5-15%
Savings,Insurance, Health Care 5-10%
Personal Expenses 5-10%
Student Loans <15%
Health/Medical 5-10%
Recreation 5-10%
Credit <5%
Taxes <32%
Total 100%
Analysis of Debt  Your Debt     
Student Loans
Auto Loans/Lease
 Your Budget   Recommended 
Debt/Income Ratio  <36.0% 
Analysis of Housing Expenses    
Property Taxes
Homeowners Insurance
Housing Expense Ratio  <28% 
© 2017, Practice in Practice Management Case Studies, All rights reserved.
2015 Tax Schedule:
    Standard Deduction:        
Adj Gross Income
Number of Exemptions
Taxable Income
Deduction for Exemptions
Your situation: Taxable Income Tax Plus Of the amount over Equals   Standard Deduction        
Single Schedule
Taxable income is over But not over The tax is Plus Of the amount over     Standard Deductions - 2015        
 $                -    $         9,225  $           -   10%
Personal Exemption 4000
 $           9,225  $       37,450  $         923 15%
Single Standard 6300
 $          37,450  $       90,750  $      5,156 25%
Married 12600
 $          90,750  $     189,300  $     18,481 28%
 $        189,300  $     411,500  $     46,075 33%
 $        411,500  $     413,200  $   119,401 35%
 $        413,200
 $   119,996 40%
Married Filing Jointly
Taxable income is over But not over The tax is Plus Of the amount over                
 $                -    $       18,450  $           -   10%
 $          18,450  $       74,900  $      1,845 15%
 $          74,900  $     151,200  $     10,313 25%
 $        151,200  $     230,450  $     29,388 28%
 $        230,450  $     411,500  $     51,578 33%
 $        411,500  $     464,850  $   111,324 35%
 $        464,850
 $   129,997 40%
Taxable income is over But not over The tax is Plus Of the amount over                
 $                -    $           -   10%  $             -  
 $           9,225  $         923 15%  $        9,225
 $          37,450  $      5,156 25%  $      37,450
 $          90,750  $     18,481 28%  $      90,750
 $        189,300  $     46,075 33%  $     189,300
 $        411,500  $   119,401 35%  $     411,500
 $        413,200  $   119,996 40%  $     413,200