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

    • Cost of Living
      Liz Chen
      Karen Kuo
      Minneapolis, Minnesota
    • Total Income (Pre and Post Tax)
      Liz Chen
      Karen Kuo
      Occupation: Psychologist
      Initial Income: $45,000
      Deductions:
      • Federal Income Tax: $5,100
      • FICA: $3,442.50
      • State income tax:$2,513.33
      Disposable Income: $33,944.17
      Occupation: Math Teacher
      Initial Income: $40,000
      Deductions
      • Federal Income Tax: $4,183
      • FICA: $3,060
      • State income tax: $2,160.83
      Disposable Income: $30,596.18
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • Extracurricular Activities (calculated annually)
      Liz Chen
      Karen Kuo
      Overnight Kayak Trips: $1,500
      Horseback Riding: $800
      Ice Skating:$540
      Guthrie Theater Tour and Performances: $100
      Lake Visits: $0
      Flute and Music Set: $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
    • 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
    • Bibliography
      2010 Freewheel, Inc. Advertisement. Freewheel Bike Shop - Minneapolis - Twin Cities - St. Paul - Trek - Gary Fisher - Nokian - Schwalbe - Studded Tires. Web.07 June 2011. <http://freewheelbike.com/>.
      2011 Meet Minneapolis. "150 Things to Do in Minneapolis." Minneapolis Convention & Visitors Association. MOA, Delta, American Express. Web. 07 June 2011. <http://www.minneapolis.org/page/150-things-to- do.jsp>.
      "Average Cost of Food & Drink for Single Women in MINNEAPOLIS,MN | Bundle." How America Spends and Saves Money | Bundle. 2011 Bundle Corporation. Web. 07 June 2011. <http://money.bundle.com/data/spending/food-drink/minneapolis- mn/single- women#/spending/bubbles/MINNEAPOLIS,MN/400005/0/5/0/100>.
      "Bicycling in Minneapolis." City of Minneapolis, Minnesota - Official Web Site. City of Minneapolis, 2010. Web. 07 June 2011. <http://www.ci.minneapolis.mn.us/bicycles/>.
      Bikram Yoga Keeps You Stay Healthy, Fight against Stress, Diabetes, Obesity, Insomnia, Arthritis. 2010 Bikramyoga.com. Web. 07 June 2011. <http://bikramyoga.com>.
    • Bibliography (Cont.)
      Calhoun Square | Home : An Urban Mall in the Heart of Uptown. Jones Lang LaSalle. Web. 07 June 2011. <http://calhounsquare.com>.
      "City of Minneapolis-St. Paul Cost of Living Calculator. Minnesota-- Minneapolis-St. Paul Relocation C." Salary.com. Web. 07 June 2011. <http://swz.salary.com/costoflivingwizard/layouthtmls/coll_metrodeta il_110.html>.
      FICA Tax. Careers, Finance and Investing : Money-zine.com. Rep. Money- zine.com, 2011. Web. 07 June 2011. <http://www.money-z ine.com/Financial-Planning/Tax-Shelter/FICA-Tax/>.
      Health Insurance - Find Affordable Health Insurance Plans and Buy Medical Coverage Online. 2011 EHealthInsurance Services, Inc. Web. 07 June 2011. <http://www.ehealthinsurance.com/ehi/Alliance?allid=All22890>.
      How America Spends and Saves Money | Bundle. Rep. 2011 Bundle Corporation. Web. 07 June 2011. <http://money.bundle.com/data/spending/phone/minneapolis- mn/single- women#/spending/statsdetail/MINNEAPOLIS,MN/400005/0/5/0/102/5 >.
    • Bibliography (Cont.)
      James, Clara. "What Does It Cost to Heat a Home in Minneapolis-St. Paul? What Does It Cost To Heat An Apartment in Minneapolis-St. Paul?" Minneapolis / St. Paul - Guide to Minneapolis and St. Paul, Minnesota. About.com. Web. 07 June 2011. <http://minneapolis.about.com/od/househome/a/heatingcosts.htm>.
      LA Fitness: Where Fitness Is a Way of Life. 2011 L.A. Fitness International, LLC. Web. 07 June 2011. <http://lafitness.com>.
      Macy's| Department Store, Dept Store , Department Stores, Clothing, Apparel, Accessories. Macys.com, Inc. Web. 07 June 2011. <http://www1.macys.com/index.ognc>.
      Metro Transit. Advertisement. Metropolitan Council. Web. 07 June 2011. <http://www.metrotransit.org/>.
      Minneapolis Concerts | 2011 Concert Calendar/Schedule & Tickets. 2011 MinneapolisConcerts.net. Web. 07 June 2011. <http://www.minneapolisconcerts.net/>.
    • Bibliography (Cont.)
      "Minneapolis Gas Prices - Find the Lowest Gas Prices in Minneapolis, Minnesota." Twin Cities Gas Prices - Find Cheap Gas Prices in Minnesota. Gasbuddy.com, 07 June 2011. Web. 07 June 2011. <http://www.twincitiesgasprices.com/Minneapolis/index.aspx>.
      "Minneapolis Zip Codes, Area Code, County and More." Minneapolis Yellow Pages and Minneapolis MN Guide. 2011 MDNH, Inc. Web. 07 June 2011. <http://minneapolis.areaconnect.com/zip2.htm?city=Minneapolis>.
      "Places near 3600 Chicago Ave, MN55407." Map. Google Maps. Google. Web. 07 June 2011. <http://maps.google.com/maps?hl=en>.
      RichWeb Media LLC 2011. Advertisement. High Speed Internet, DSL Providers, Wireless Internet by Zip Code. RichWeb Media LLC 2011. Web. 07 June 2011. <http://www.broadbandexpert.com/internet-and- tv-bundles/>.
      River Valley Horse Ranch. 2011 River Valley Ranch, Inc. Web. 7 June 2011. <http://www.rivervalleyhorseranch.com/>.
    • Bibliography (Cont.)
      T-Mobile USA. Advertisement. Cell Phones| 4G Cell Phone Plans |AndroidTablet PCs| T-Mobile. Web. 07 June 2011. <http://www.t- mobile.com/>.
      United States of America. Minnesota Department of Revenue. Minnesota Department of Revenue. Minnesota State Government, Dec. 2010. Web. 07 June 2011. <http://taxes.state.mn.us/Pages/index.aspx>.
      United States of America. United States Department of Labor. CONSUMER PRICE INDEX, MINNEAPOLIS-ST. PAUL, MINN.-WIS., MSA - 2010 ANNUAL AVERAGES. By U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics. Web. 07 June 2011. <http://www.bls.gov/ro5/cpimpls.htm>.
      United States of America. United States Department of the Treasury. Internal Revenue Service. US Government, 13 Dec. 2010. Web. 07 June 2011. <http://www.irs.gov/>.
      Zillow Inc. Advertisement. Zillow - Real Estate, Homes for Sale, Home Prices & Values. Yahoo!-Zillow Real Estate Network, 1 May 2009. Web. 07June 2011. <http://www.zillow.com/homes/>.