Liz Chen has an annual income of $33,944 as a psychologist and Karen Kuo has an annual income of $30,596 as a math teacher. Their annual costs including housing ($6,961), healthcare ($1,614 for Liz and $1,131 for Karen), transportation, utilities, food, furniture, savings and extracurricular activities leave Liz with $6,147 remaining and Karen with $4,433 remaining at the end of the first year. Both are able to afford living in Minneapolis on their incomes after accounting for all major costs of living.

1. Cost of Living Liz Chen Karen Kuo Minneapolis, Minnesota

3. FICA: $3,442.50

5. FICA: $3,060

6. State income tax: $2,160.83Disposable Income: $30,596.18

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