minneapolis pjt

COST OF LIVING…IN MINNEAPOLIS

Tao He

Sophia Ziogas

ABOUT THE CITY

Minneapolis, MN Population: 382,578 Average household

income: $44,478 Unemployment: 4.7%

FINANCIAL STARTING POINT: SOPHIA

Gross Income:$60,000 per year Federal income tax: $8,838 State Income Tax:$4,665 FICA:$4,590 Net Income: $41,907

FINANCIAL STARTING POINT: TAO

Gross income: $40,000 per year Federal income tax $4,475 State income tax: $2,800 FICA: $3,060 Net income $29,665

HEALTHCARE: SOPHIA

Blue Cross Blue Shield individual coverage

$67.50 per month $10,000 annual

deductable $810.00 per year

HEALTHCARE: TAO

Blue Cross Blue Shield of Minnesota 80% individual coverage $5500 deductible $85 per month $1020 per year

HOUSING

Ulyssess Manor 1835 Ulysses Street Northeast Minneapolis,

MN 55418 (2 beds, 1 bath, 755 square feet)

HOUSING EXPENSES

Rent $750 per month Deposit $750 Furniture: $1200 Refrigerator: $700 TV: $340 Total Expenses:

$2,990 Total rent: $375 per

person per month

UTILITY BILLS

Water and Electric bills: $72.86 per person per month

Waste fee:$23.00 per person per month

Cell phone: Go-phone $300.00 per person per year

Internet: DSL, $29.00 per month

Total Fees: $135.35 per person per month

TRANSPORTATION

Metro-pass for Trains and buses $76 per month

$912.00 per year per person

FOOD FOR SOPHIA

$120 per week for Groceries $70 to go out per week Total Food Expenses: $9,120 per year

FOOD FOR TAO

Groceries /eat at home: $3600 per year

Restaurant Dinning $1000 per year (Avoid mostly)

Food related supplies (paper towels, eating utensils): $200 per year

Total food Expenses: $4800 per year

EXTRACURRICULAR ACTIVITIES: SOPHIA

Netflix: $95.88 per year Clothing: $2000 Cycling: $200 Cross Country skiing:

$90 for skis, $60 for boots, $20 poles

EXTRACURRICULAR ACTIVITIES: TAO

Video Games: $400 per year

Clothing: $1000 per year

Movies: $200 per year General Shopping: $600

per year Special Occasions: $300

per year Costco Membership:

$100 per year

SOPHIA’S FINANCIAL OVERVIEW PER YEAR

Net Income: $41,907 Healthcare: -$810 Annual Rent: -$4500 Housing Fees: -$1495 Utility Fee: -$1624.3 Public Transportation:-$912 Food: -$9,120 Extracurricular: -$2460.88

Money Left: $20,985 = Total Savings

SOPHIA’S SAVINGS

$20,985 left Savings account: $10492.5 Bank of America interest: 1.9% Checking account:$10492.5

TAO’S FINANCIAL OVERVIEW PER YEAR

Net income: $29,665 Healthcare: -$1020 Annual Rent: -$4500 Housing Fees: -$1495 Utility Fee: -$1624.3 Public Transportation:-$912 Food: -$4800 Extracurricular:-$2600

Money left: $12713.7 = Total Savings

TAO’S SAVINGS

Money left: $12,713.7 Savings account: $6,356.85 Bank of America interest: 1.9% Checking account:$6,356.85

WORK CITED "Bank of America | Please Select Your State." Bank of America | Home | Personal. Web. 01

June 2011. <http://www.bankofamerica.com/state.cgi?section=generic>. "Blue Cross Blue Shield of Minnesota Questions." Blue Cross and Blue Shield of

Minnesota. Web. 01 June 2011. <https://www.bluecrossmn.com/distribution/planadvisor/questions.html>.

"City of Minneapolis: Recreation." City of Minneapolis, Minnesota - Official Web Site. Web. 01 June 2011. <http://www.ci.minneapolis.mn.us/visitors/recreation.asp>.

"FICA & SECA Tax Rates." The United States Social Security Administration. Web. 01 June 2011. <http://www.ssa.gov/oact/progdata/taxRates.html>.

"Minneapolis See Do: Things to Do in Minneapolis: Minneapolis Nightlife: Details, Information, Directions, Maps, Hours of Operation." Minneapolis Convention & Visitors Association. Web. 01 June 2011. <http://www.minneapolis.org/page/1/minneapolis-nightlife.jsp>.

Minnesota Department of Revenue. Web. 01 June 2011. <http://taxes.state.mn.us/Pages/index.aspx>.

"Passes & Go-To Cards - Metro Transit." Home - Metro Transit. Web. 01 June 2011. <http://www.metrotransit.org/passes-go-to-cards.aspx>.

"Prepaid Phone Deals and Packages - Shop - Wireless from AT&T." Cell Phones, Cell Phone Plans, & Wireless Accessories - from AT&T. Web. 01 June 2011. <http://www.wireless.att.com/cell-phone-service/packages/prepaid-packages.jsp?wtSlotClick=1-005NJJ-0-2>.

"Ulysses Manor in Minneapolis, MN." Apartments for Rent & Homes for Rent - Rent.com® Apartment Finder. Web. 01 June 2011. <http://www.rent.com/rentals/minnesota/minneapolis-st-paul-and-vicinity/minneapolis/ulysses-manor/643142/?sp=1>.