1. Cost of Living: Analysis<br />Provided the circumstances I was faced with, I came to realize living in Southern California, or Orange County for that matter, is a privilege. For just one person, it is already very difficult to make a living off of a $45,000 salary (that is also Paul Kim’s fault for picking such an expensive condo and mine for agreeing with him). There were many hidden costs that I did not anticipate having to pay for since my parents always handled everything. I also did not anticipate many things to cost as much as they did. Having a greater income meant having greater taxes to pay. Prior to going through this project, I had a vague understanding of how much money families lose from taxes each year, but I did not know how much that value was exactly. After paying taxes, I lost about one fourth of my income. I was forced to cut down on many other things I take for granted under the care of my parents. For example, my family is under Verizon Wireless with a family with three additional lines. Each line has unlimited talking and texting. Altogether, that amounts to $200.00 per month. Our family also currently has four operating automobiles. Three out of the four cars we own must pump premium at the gas station, which is additional $0.20 per gallon on average. To own a car, one must also have car insurance. Throughout the course of this project, I did not have the money to own a car. Without a car, I also did not have to worry about car insurance. After going through this project, I realized how much hard work my mother and father put in to sustain our family. It is difficult to truly understand the value of money, and this project has helped further my understanding of how important money is and how to budget it correctly. <br />