December 5 - Phase III

      In Phase III, we covered four different types of costs: Entertainment, Travel, Giving, and Clothing.  This phase was interesting to me because it mostly covered stuff that I would really appreciate.  Living in NYC, there are lots of entertainment outlets, so I had a large budget for it.  Movies: $20 a month; Bars: $100 a month; ITunes: $30 a month; Concerts $30 a month; and finally miscellaneous: $100 a month.  This all came out to $3,360 a year.  For travel, I said I'd take one big trip a year. A calculated the cost of a five day trip to London and it came out to be $3,495 (including airfare and hotels).  A trip to Florida would be $1,058. So that is $4,553 in total.  I understand that being in the upper-middle class, it's important to give back to the community.  I look up to Derek Jeter for the community work he does, and decided that I will donate to his charity, "Turn 2 Foundation."  This charity helps children surrounded by drug and alcohol environments.  I'll donate $50 a month, or $600 a year.  Finally, I had to cover clothing.  I'll be a business man in NYC, so I'll need about three suits.  I found three suits similar to this one (http://www.menswearhouse.com/shop/p_tallia-gray-tonal-stripe-modern-fit-suit_12001_700000935_12751_700288644_-1_700000935_____noSpecialSizes), which are $700 each.  I'll need two pairs of dress shoes similar to these (http://www.menswearhouse.com/shop/p_rockport-black-moc-toe-dress-shoes_12001_700000444_12751_700070556_-1_700000444_____noSpecialSizes), which costs $200 for two pairs.  I'll need two sweatshirts, (http://www.zumiez.com/catalog/product/view/id/359262/category/37/), which will cost $125 total.  Two pairs of Nike sneakers cost about $200, and I'll keep $700 aside a year for other clothing needs.  Let's not forget that I will still have lots of clothes from college.  Clothing costs come to $3,400 my first year.  
        Talking to my father, he said that I will probably need about three nice suits ($700 each) for my type of job, and at least two nice pairs of dress shoes ($100-150 each).  He says not to forget that it gets very cold in the winter, so I will need to buy gloves, a warm overcoat, maybe a hat, etc.  For vacations, he doesn't think I need to go to Europe while just out of college and I should rather pay for cheaper trips across the nation to visit family.  He thinks I'll have about two weeks of vacation my first few years.  Also for clothing, he thinks I'll probably go through two pairs of sneakers a year.  Giving is very important to my father.  Every year since he left college, he has given 10% of his money to various charities and churches.  This will be hard for me because I am probably a little bit more selfish than him, but he has a point.  Plus, giving makes you feel better.
         In my Finances, my most recent large purchases have been a new pair of shoes and a bike.  My mom thinks I'm a shoes addict.  I had a bike already, but it was a bit small for me and made a dreadful squeaking sound whenever I braked.  This new bike cost S$275, but it is in phenomenal condition.  The previous owner used it once a week and also oiled it once a week.  It is a good investment, since I'll use it most everyday until I graduate.