My dad taught high school math, and this was an exercise he always did with seniors.
I'm not going to get all the details right, but he would have them pick out the vehicle they wanted, where they wanted to live (house/apt/parents' house), how they planned to eat, dress, socialize, etc.; find/estimate the prices of each those; then have them take out calculate loan payments (with interest), insurance, rent, etc. and total it all up per month/year. I know there was a college wrinkle in there where those planning on going to college had to look at tuition/student loans as well.
After all that was said and done, he would have them find the starting salary (pre and post tax) for what they planned on doing post-education. He said it made a lot of students get a little perspective on their future.
I know, cool story bro...