Minneapolis, minnesota[1]
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Minneapolis, minnesota[1] Presentation Transcript

  • 1. Cost of Living
    Liz Chen
    Karen Kuo
    Minneapolis, Minnesota
  • 2. Total Income (Pre and Post Tax)
    Liz Chen
    Karen Kuo
    Occupation: Psychologist
    Initial Income: $45,000
    Deductions:
    • Federal Income Tax: $5,100
    • 3. FICA: $3,442.50
    • 4. State income tax:$2,513.33
    Disposable Income: $33,944.17
    Occupation: Math Teacher
    Initial Income: $40,000
    Deductions
    • Federal Income Tax: $4,183
    • 5. FICA: $3,060
    • 6. State income tax: $2,160.83
    Disposable Income: $30,596.18
  • 7. Housing
    3600 Chicago AveMinneapolis, MN 55407
    Lease Term: 1 year
    Deposit: $950
    Application fee: $35per adult
    Monthly Rent: $950
    Renter’s Insurance: $30.50 per month; $366 per year
    • Size: 1,100 sqft
    2 story un-attached single-family home
    2 bedrooms
    1 full bathroom
    1 detached garage
    1 living room
  • 8. Housing Costs
    Liz Chen
    Karen Kuo
    $33,944.17
    Deductions
    $475 Deposit
    $35 Application Fee
    $5,700 Annual Rent
    $366 Renter’s Insurance
    Remainder: $26,983.17
    $30,596.18
    Deductions
    $475 Deposit
    $35 Application Fee
    $5,700 Annual Rent
    $366 Renter’s Insurance
    Remainder: $23,635.18
  • 9. Healthcare
    Liz Chen
    Karen Kuo
    Provider: Blue Cross Blue Shield of Minnesota
    $134.50 per month per person
    PPO
    Deductible: $3,000
    80% Coinsurance for in-network services
    Total: $1,614 per year
    Remaining Income ($26,983.17 - $1,614): $25,369.17
    Provider: Medica
    $94.24 per month per person
    PPO
    Deductible: $3,000
    Coinsurance
    Total: $1,130.88 per year
    Remaining Income($23,635.18 - $1,130.88): $22,504.30
  • 10. Transportation Costs
    Liz Chen
    Karen Kuo
    Public Transportation: MetroTransit, $76 per month
    Bike: $429.99 (includes maintenance fee of $70)
    Total (annual): $1,341.99
    Remaining income ($25,369.17-$1,341.99): $24,027.18
    Public Transportation: MetroTransit, $76 per month
    Bringing bike from home; walking
    Total (annual): $912
    Remaining income ($22,504.30-$912): $21,592.30
  • 11. Cost of Utilities (calculated annually)
    Liz Chen
    Karen Kuo
    Phone: $599.88
    T-Mobile 1000-minute calling only plan
    Gas (Heating): $840
    Electric: $2,094
    Water: $559.20
    Cable/Internet: $420
    Comcast
    Total: $4,513.08
    Remaining Income ($24,027.18-$4,513.08): $19,514.10
    Phone: $479.88
    AT&T 1000-minute calling only plan
    Gas (Heating): $840
    Electric: $2,094
    Water: $559.20
    Cable/Internet: $420
    Comcast
    Total: $4,393.08
    Remaining Income ($21,592.30-$4,393.08):$17,199.22
  • 12. Cost of Food, Furniture, & Household Supplies
    Liz Chen
    Karen Kuo
    Groceries: $175 per month
    Eating Out: $100 per month
    Snacks: $40 per month
    Food Total (annual): $3,780
    Furniture: $2,500
    Household Supplies: $500 (split cost)
    Overall Cost: $6,780
    Remaining Income ($19,514.10-$6,780): $12,734.10
    Groceries: $250 per month
    Eating Out: $40 per month
    Snacks: $0 per month
    Food Total (annual): $3,480
    Furniture: $800
    Household Supplies: $500 (split cost)
    Overall Cost: $4,780
    Remaining Income ($17,199.22-$4,780): $12,419.22
  • 13. Savings *Doesn’t include Extracurricular activities b/c activities aren’t really needed to live (by Asian Standards, anyway – not that this is a good or a bad thing).
    Liz Chen
    Karen Kuo
    Annual Living Costs* ($33,944.17 -$12,734.10) : $21,210.07
    Annual Income to Save: $12,734.10
    Saving 20% of Annual Income (from above): $2,546.82
    Bank of America (0.05% APY)
    Checking Account: $546.82
    Savings Account: $2,000
    Remaining Income: $10,187.28
    Annual Living Costs* ($30,596.18 -$12,419.22): $18,176.96
    Annual Income to Save: $12,419.22
    Saving 30% of Annual Income (from above): $3,725.77
    Bank of America (0.05% APY)
    Checking Account: $725.77
    Savings Account: $3,000
    Remaining Income: $8,693.45
  • 14. Extracurricular Activities (calculated annually)
    Liz Chen
    Karen Kuo
    Overnight Kayak Trips with Wilderness Inquiry: $1,500
    Horseback Riding at River Valley Horse Ranch: $800
    Ice Skating at The Depot :$540
    Guthrie Theater Tour and Performances: $100
    Visit Lake Harriet, Lake of the Isles, Lake Calhoun, and the Stone Arch Bridge: $0
    Flute, Accessories, and Sheet Music: $1,100
    Total: $4,040
    Total Amount Remaining ($10,187.28- $4,040): $6,147.28
    Yoga Membership: $540
    Leisure Shopping (Calhoun Square): $3,600
    Visit Lake Harriet, Lake of the Isles, Lake Calhoun, and the Stone Arch Bridge = $120
    Total: $4,260
    Total Amount Remaining ($8,693.45 - $4,260): $4,433.45
  • 15. Summary (of the first year)
    Liz Chen
    Karen Kuo
    Disposable Income: $33,944.17
    Costs (Annual):
    Housing: $6,961.00
    Healthcare: $1,614
    Transportation: $1,341.99
    Utilities: $4,513.08
    Food/Furniture/Supplies: $6,780
    Savings: $2,546.82
    Extracurricular Activities: $4,040
    Remaining Income: $6,147.28
    Disposable Income: $30,596.18
    Costs (Annual):
    Housing: $6,961.00
    Healthcare: $1,130.88
    Transportation: $912
    Utilities: $4,393.08
    Food/Furniture/Supplies: $4,780
    Savings: $3,725.77
    Extracurricular Activities: $4,260
    Remaining Income: $4,433.45
  • 16. Bibliography