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Old 05-09-2011, 10:20 PM
 
Location: Connecticut
6 posts, read 6,457 times
Reputation: 10

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Good Evening all. I'd just like to run a few budgetary numbers by some of the more senior members on the board, perhaps as nothing more than a double-check.

Small Background:

I live in Ramona, grew up in Connecticut. I'm a licensed realtor in CT and NY. I used to write a little bit(doesn't everybody) but was never paid more than a few hundred dollars for any material. So much for that. Regarding a main career focus, I co-founded and manage a small production company that specializes in commercials and music videos. Very small time, and just enough to pay the bills.

Anyway, as everyone does at one point or another, I've made the decision to move north to Los Angeles. I have a full budget drawn up using excel, but some things just don't ring true. If you don't mind, I'd like to run some of my numbers by you all. Please do your best best to filter out my own misconceptions.

Living Expenses: (With Notes)
Rent: $2,400.00 - The move is being made with my two business partners, and the rent is being split equally. We're deciding between the Studio City area, and something in West LA. I have repeatedly heard that $2200+ can fetch a fairly nice apartment in a respectable area of town. Correct me if I'm wrong, or if there is another neighborhood that we should take note of.
My Rent: $800.00

Internet, Cable, Telephone: $150.00-225.00 - The packages always vary in different parts of the country or state. This is my best estimate. Again, it will be split equally.
My Internet, Cable, Phone: $50.00-$75.00

Gas, Water, Power: $60.00-90.00 - I suppose that this estimate is based upon nothing more than the conjecture I've read on the internet.
My Gas, Water, and Power: $20.00-30.00

Other Expenses: (With Notes)
Cell Phone: $50.00 - I have month-to-month cell service with my Blackberry that only charges me the above number. I consider it a great deal.

Gas: $200.00 - This estimate is based upon my average consumption of gas, beginning when I started driving last year.

Food: $450.00 - Groceries for the apartment will be split equally. All other meals are covered in this budget.

Entertainment: $200.00 - Being eighteen years old, I cannot legally purchase alcohol. To tell the truth, that law has not absolutely prevented me from enjoying a Heineken with dinner. I allotted the above money for concerts, ball games, golf, or any other recreational activity.

Fees, Contingency, Emergency: $150.00 - Finances for co-pays at the doctor's office, any auto repairs, or tickets. Haircuts. All of the small stuff that we hate to sweat, but certainly need to.

Extraneous Notes:

Auto and Health Insurance - Luckily I'm covered on both accounts due to a fantastic family plan offered by my father's architectural firm. Dental is also covered.

Financial Management: I have a checking and a savings account with Wells Fargo. I do love the online bill pay. I have an investment portfolio with Fidelity. I have no student loans. I graduated from high school at the age of sixteen, and began developing my production company immediately. I figured that I'd rather make $40,000 a year at eighteen than give it to Yale or UCLA. I also have no debt, credit card or otherwise. I do have a credit card. I've set my limit to $150.00 per month.

Transportation: I own a 1997 Range Rover with just over 100,000 miles on it. There are no payments to be made. I bought it for $4,000.00 Cash earlier this year. It has turned out to be dependable. A large portion of savings will be diverted to purchasing a new car in 1-2 years.

Totals:

Total Cost of Living Expenses: $2,650.00-$2,790.00
My Cost of Living Expenses:
A.) With One Roommate: $1,325.00-$1,395.00
B.) With Two Roommates:$884.00-$930.00

Total Cost of Other Expenses: $1,050.00

Total Cost: $3,700.00-$3,840.00
My Monthly Cost:
A.) With One Roommate: $2,375.00-$2,445.00
B.) With Two Roommates: $1,934.00-$1,980.00

My Average Monthly Income: $3,000.00
Personal Savings: $555.00-$1,066.00 per Month.
Annual Savings: $6,600.00-$12,792.00

Thank you so much for taking the time to read this post. I know it's lengthy. I apologize. Any comments, critiques, or advice is certainly welcome.
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