In class today we worked on the first phase of our Real Life Project. By the end of class, our goal was to have picked a school we'd graduate from, find the average starting salary out of that school, tax that salary, and finally find a realistic house/apartment to rent out. For some lucky students, their parents are willing to give them a large down payment or even offer them one of their houses/apartments to live in. That will be a huge money saver for them. Unfortunately for myself, the only house my family owns in the US is our one in Maine, where there aren't many opportunities for young professionals. I would like to graduate under-grad from Duke University, and if I work hard enough there, I might be accepted into the New York University Stern School of Business. This school is rated in the top ten business graduates schools in the nation by U.S. News & World Report. On the Stern website, I found that for 2011 graduates, the average starting salary was $105,798 with a signing bonus of $30,127. I found a good website to find the net salary (Salary Calculator). It came out to be $89,797 the first year with the bonus, and $71,151 for the following years. I would take the difference of those two, $16,646, and use it as a downpayment for my apartment in New York. Divide my annual salary by twelve to find my monthly salary and it came out to be a little less than $6,000. Since I am renting a place, not buying, I don't want to put too much of that towards my apartment. So $2,000 is the most I'll pay. I am trying to find a roommate, so I can get a nicer apartment and pay half.
I found an apartment I might be interested in http://www.renthop.com/listings/exchange_place_wall_street/2210/1905698). The apartment is located in the financial district, right around where I will most likely be working. I think Zack would be a good roommate, since we are both interested in finance. The apartment is $3,395 a month, which would be about $2,000 a month for each of us. This would leave me over $4,000 a month for living and investing. I also could use my bonus to pay for my first eight months at the condo. The condo has two bedrooms and a fitness center downstairs. The condo even allows for pets incase Zack and I want a dog or something!
I had a conversation with my parents about this topic. Here's what they said: My mom thought it was a good idea to share an apartment with a friend because I'll save rent money and won't feel lonely. Living in New York City helps because I won't need a car to get around places. For furnishings, my parents don't have much besides tables and burrows, so maybe the Chaudhrys can help us out there. My Mom likes how I would be close to family, who generally live in New England. She doesn't think I should get a dog right away since it costs money and the "poor little doggie will be all be itself." My mom thinks it will be interesting to see how much food will cost in New York.
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