December 9 - Phase IV

         Before finishing Phase IV, I went back to Phase II to finish up my furnishing section.  Zack and I had to partially work together for this section since some things we won't need individually so we can pay for them together.  I used Ikea to find my stuff.  My mom thinks that our apartment will probably come with a refrigerator, so that is covered.  Zack found a microwave on craigslist $60 total, so $30 each. Also on craiglist we found a dining room table with four chairs that only cost $75 total, so $37.5 each.  For my bedroom, I think I'll need a bed, a nightstand, a lamp, a desk, a chair, and a trash bin.  I might need some other small stuff like a clock and rug, but I can get those at a local cheap place (Goodwill).

Here is some of the stuff I found.  My bed is just a single bed.  For the living room, we also found a coffee table for our couch which costs $90, or $45 total. Zack and I are deciding whether or not we'll need a TV, or we can just use our laptops for TV and movies.  My mom and Mrs. Chaudhry both have extra silverware and plates we can use for eating.  Zack and I also will be eating out a lot, so we won't need much.
         For stage IV, I covered investments, financial freedom, and insurance.  Insurance was super easy. I said that I will be working for Bank of America, and I researched that their employees are covered by Aetna, which covers medical, dental, vision, leaves of absence, disability and life insurance. So my basica necessidies for insurance are automatically covered by my company! I don't need car insurance since I won't be owning one. I am going to ask Mr. Hallam about renters insurance.  For investing, I am definitely going to take advantage of my company's 401(k) plan.  For Bank of America, for every dollar you invest, they will match it (up to $17,000).  I will already have $2,500 to invest by the time I start working, so if I invest $17,000 annually ($32,000 with 401k) I'll make over 4 million by the time I turn 55.

So I'll be financially free by the time I turn 55.  I'll use my 401k for a 2050 Target Retirement Plan with Vanguard.  The rest of my annual salary will be used for my own savings toward a house.

        I had a look at Zarima's blog http://sb-sas33372.blogspot.sg/.  Here she talked about Stage I and II of her project.  Her apartment only cost $840 if she lives with a roommate! That is great for her, but I can't imagine the apartment being of that high quality.  Just like me, Zarima won't be getting a car since she'll live in Boston.  Maybe we'll meet up sometime since we live in nearby cities! Zarima found a nice house she could see herself living at in the future for only $200k.  I'm excited to see Zarima's final project.