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“This goal is important to him and it’s a worthy goal, but there has to be sacrifice,” Burlacoff said. “And that sacrifice is living with mom and dad.”
It’s not even worth it for Burlacoff to attempt to go through the rest of Nelson’s expenses and trim $50 in food or $100 in shopping. None of that will make a difference. What would is giving up the apartment and pocketing the $1,850 per month that he would otherwise spend on rent. That’s it. That’s the plan.
Here’s why: If he doesn’t spend a cent of his rent money, Nelson will have saved $111,000 over the next five years. That sum would allow Nelson to live in Los Angeles for more than two years, according to Numbeo, a crowdsourced cost-of-living database.
This goal is important to him and it’s a worthy goal, but there has to be sacrifice
Numbeo calculates the average rent for a one-bedroom in L.A.’s city centre to be about $2,212, while monthly costs, excluding housing, are about $1,393.
There are additional expenses he’ll have to consider as well, Burlacoff said. The application fee for a green card costs close to $1,000. Health insurance is another necessity, Burlacoff said. In 2020, the average American pays about US$456 per month for health insurance, according to insurance company eHealth Inc.
“If you’re in the U.S. without health insurance and something happens to you, it will bankrupt you,” he said.
The last major cost Nelson will have to consider, Burlacoff said, is a car that will likely run him another $3,000. Overall, the living costs and the additional expenses Burlacoff outlined will run nearly $103,000.