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  • 1. Cost of Living: New York City
    By: Lawrence Hu and Julius Chen
  • 2. Total Income:
    JuliusOccupation: ChefInitial Income: $40,000FICA: $4,173.00State Tax: $2,099.53Total (After Tax): $33,727.47
  • 3. Total Income:
    LawrenceOccupation: FirefighterInitial Income: $45,000FICA: $5,038State Tax: $2,442.03Total (After Tax): $37,519.97
  • 4. Savings:
    Julius:Save 3% of Disposable Income: $1011.82$500 in Bank of America Checking Account$511.82 in Bank of America Savings Account with APY 0.05%
    Lawrence:
    Save 4.44% of Disposable Income: $2,000
    $1,000 in Bank of America Checking Account
    $1,000 in Bank of America Savings Account with APY 0.05%
  • 5. Remaining Income:
    Julius: $33,727.47 After taxes
    - $ 1,011.82 Savings
    = $32715.65
    Lawrence: $37,519.97 After taxes
    - $ $2,000Savings
    = $35,519.97
  • 6. Housing:
    161 E110th St #7ANew York, New York 10079
    Condo, 975 sq ft, 2 bedrooms, 1 bath
  • 7. Housing Cost:
    Rent:
    $2,995/moLease term: 1 yearInitial Deposit: $1,500
    Annual Cost per person: $17,970
    Renter's insurance
    Annual Cost: $492
    Monthly Quarterly Cost*: $41.01
    246 annual per person
    20.50 monthly per person
  • 8. Remaining Income:
    Julius: $32715.65 – $17,970= 14,745.65 After Housing
    Lawrence $35519.97-$17,970= 17,549.97 After Housing
  • 9. Health Insurance:
    LawrenceEmpire Blue Cross‍$181.97 monthly per person
    ‍TraditionPLUS Hospital Program
    Plan Type IndemnityDeductible$0Coinsurance0%Copay$02183.64JuliusEmpire Blue Cross‍$181.97 monthly per person
    ‍TraditionPLUS Hospital Program
    Plan Type IndemnityDeductible$0Coinsurance0%Copay$02183.64
  • 10. Remaining Income:
    Julius: $14,745.65-$2,183.64= $12,562.01 After Healthcare
    Lawrence: $17,549.97- $2,183.64= $15,366.33 After Healthcare
  • 11. Transportation:
    We will not own our own cars. Instead we will walk and use the New York City public transportation system.MetroCard Cost: $104/month for unlimited ridesTotal Cost for Year: $1248 each person
  • 12. Remaining Income:
    Julius: $12,562.01-$1,248=$11,314.01 After Transportation
    Lawrence: $15,366.33-$1,248=14,118.33 After Transportation
  • 13. Utilities:
    Average cost for Gas, Electricity, Water: $90/monthCost for Verizon FiOS Wireless Internet Connection 25/25Mbps: $64.99/month for a 1 year contract (taxes and fees not included)Cell Phones:Lawrence: Family plan with JuliusPhone: HTC Thunderbolt- 249.99 + 25 service charge = 274.99Plan: Split Nationwide Talk and text monthly: 49.99 + 30 data plan = 79.99Annual Charge: 1234.87Julius: Family planPhone: HTC Imagino - Free + 25 service charge= 25Plan: Split Nationwide Talk and text monthly: 49.99 + 30 data plan = 79.99Annual Charge: 984.88
  • 14. Remaining Income:
    Julius: $11,314.01-6($90)(water/gas)-6(64.99)(cable internet) -984.88 (cellphone)=$9399.19
    Lawrence: $14,118.33-6($90 )(water/gas)-6(64.99)(cable internet)- 1234.87(cellphone)=$11,953.52
  • 15. Food:
    Lawrencehome cooked meals breakfast and lunch.Average breakfast: Noodles. Beef. Water = 3.00Average Lunch: Bread, meats, cheese, lettuce, Juice = 4.00Average Dinner: eat out = 2532 dollars a day x 7 days a week x 4 weeks per month x 12 months per year = 10752 dollars on food a yearJuliusBreakfast: Cereal and milk = .80Lunch: Bread, meats, cheese, lettuce, Juice = 4.00Dinner Eating out: 2024.8 dollars a day x 7 days a week x 4 weeks per month x 12 months per year = 8332.8 dollars on food a year
  • 16. Remaining Income:
    Julius: $9399.19-$8332.80(food)=$1066.39
    Lawrence:$11,953.52-$10,752(food)=$1201.52
  • 17. Extracurricular Activities:
    Lawrence:Gym Membership at 24 Hour Fitness: $150 annual (Costco deal)Tennis Racket, Balls, String: $200One Movie per Month: 10$/month$120 annualJulius:Gym Membership at 24 Hour Fitness: $150 annual (Costco deal)
  • 18. Remaining Income:
    Julius: $1066.39-$120(gym)=$946.39
    Lawrence: $1201.52-$470(gym,tennis,movies)=$731.52
  • 19. Conclusion:
    Julius
    Savings: $1,011.82
    Healthcare: $2,183.64
    Housing: $18,216
    Transportation:$1,248
    Utilities:$1,914.82
    Food: $8,332.80
    Extracurricular: $120
    Remaining: $946.39
    Lawrence
    Savings: $2,000
    Healthcare: $2,183.64
    Housing: $18,216
    Transportation:$1,248
    Utilities:$2,164.81
    Food: $10,752
    Extracurricular: $470
    Remaining:$ 731.52