Apartments for Low Income

Questions and Answers

Your Questions About Efficiency Apartment

March 28, 2013

Thomas asks…

How can I abbreviate this to fit on a sign?

The sign is about 18 x 12 inches. I need to fit “EFFICIENCY APARTMENTS FURNISHED” with some space for a phone number on the bottom. How can make it so that people can see it from their cars? All help appreciated!

Administrator answers:

Effiiency Apts. Furnished.

Paul asks…

Any Storage ideas to keep things neat and organized ?

Does anyone have any creative storage ideas for little odds and ends besides those plastic boxes? I love to be organized, but am sick of uses the plastic boxes. I do have a little hat box that I put paperwork in that I got from Ross, very cute and cheap, but do you have any other ideas, something very inexpensive? I live in an efficiency apartment, so the less space I can use the better.

Administrator answers:

I use a tupperware container instead of a filing cabinet to put file folders in for my important papers that I do not want to lose. It fits easily under my desk where I do not have room for a file cabinet.

Betty asks…

What’s the MINIMUM amount of money YOU would need in the bank to be wealthy?

And by WEALTHY, I mean having enough interest money coming in every month to meet the expenses of your chosen lifestyle. Work would be optional. Your mimimum amount would not be invested. It would be in banks (with emphasis on plural) in CDs where your principal is protected by FDIC insurance, and earning an assumed low average of only 4% per year return.

People have differing needs when it comes to lifestyles. What will be acceptable to one might not cut it for another. So, you have to give some thought to identifying what lifestyle would be acceptable to you and what it would cost you to live that way. For example, a minimum for me might be a beach bum sort of life style, but with a roof over my head (maybe an efficiency apartment) and a vehicle (maybe a VW beetle) to drive around in (visiting different beaches).

So, are you eager to figure out what your minimum is, and how long it will take you to save it? Happiness might be available to you sooner than you think.
Lizz: I enjoyed reading your response. Hope your dream comes true. But with just 1.25M (not 3M) in the bank at a 4% interest rate, you would receive a check for $4,167 each month (or $50K per year). I think you multiplied 70 years times 50K and got 3M. You can do that if you like, but in doing so, you’re not taking into consideration the interest you would be earning. Also, keep in mind that the $1.25M principal would never go away. You’d be spending only the interest you receive each month. The principal would still be there in the bank and continuing to earn interest after you die (presumably for your heirs) unless you go out of your way to deliberately spend the principal too. In closing, let me add that your Social Security checks would more than take care of the effects of inflation. As a matter of fact, SS increases each year to cover the cost of inflation. The increases are referred to as COLA (or cost of living allowance).
MG: Thanks for your additional input.
SS: Hope you’re successful in getting your $3M. That would give you about $120K per year. You’d be living very well in my opinion. Although I don’t personally have a need for that much, I’m glad you do, and I hope you reach your goal. Big spenders are good for the country’s economy. Enjoy yourself. And if you ever find yourself exiting a posh boardwalk restaurant and see a guy on the water’s edge tossing seashells into the ocean without a care in the world, that might be me.
TCSM: You win man. You get the best answer and those ten points (for whatever they’re worth). I’ve got a couple thousand of them I need to use by thinking of questions to ask. Yahoo Answers is bugging me to use them. Anyway, the $400K you wrote about happens to be my target amount. Should have it solidly in place in 4 to 5 years. Then, I should be able to live off of only the interest earned from money in the bank. That will allow me to save my pension($16K) plus Social Security ($30K) each year. So, my principal will be growing by those amounts every year, and the added interest those amounts will bring in should more than easily cover the effects of inflation. For a guy who didn’t earn much and didn’t do much financial planning during his years of employment, I feel very fortunate. The big things in my days now are trying to eat right, working out, and enjoying what mother nature has to offer. Wish you the best of luck in your attempts to reach your goals.

Administrator answers:

For me, I’d have to say £400,000. The reason for this is simple mathematics – it’ll give around £20,000 per annum return (+/-) interest.

This is enough to live on, and pay the bills, with some money left over for creature comforts. However, if you’ve got that kind of money in the bank, odds are you’re doing something that means you can accrue much more, so I’d guess a more realistic figure would be 750k +.

Also, bear in mind that any leftover money could be saved, and would continue to accumulate interest. This is why compound interest has famously been called “The Eighth Wonder of the World” by many financial analysts.

Sandra asks…

Creative ways to store shoes?

My 3 year old has a major shoe fetish, she has over 20 pair of flip flops, I am looking for cheap,quick creative ways to store her shoes so they are stored neatly in our closet, but still reachable to her.We live in an efficiency apartment, so there is not much room to work with.
For those of you who feel you need to leave sarcastic comments, please dont. My daughter is 3 years old, she dresses herself, and does chores around the house to earn money to buy herself shoes. Please only answer this question if you have any storing ideas.

Thank you

Administrator answers:

Ok well im pretty sure that its not your daughter who has this fetish, its you.. So shes 3 and you probably dress her, so…. It doesnt matter what height right..?? Idk just saying i mean no offence little kids grow feet fast why uy them that many flip flops that can only be worn half the year.

John asks…

Decorating tips? I have a vintage easel I want to put in my efficiency apartment… What should I do with it?

I’m moving into a tiny little apartment, but I don’t want to give up on my easel. I thought about putting a painting on it but a) I’m afraid my cats will knock it over, and b) I was wondering if anybody has any unique decorating tips involving an easel. Anybody?

Administrator answers:

I think you should put a painting on it to complete the look of the easel. You can paint your own. Place the easel in maybe the living room and decorate the room in a vintage/artistic fashion. You can also place the easel in your bedroom and decorate your room to match with the whole vibe. You can add a decorative carpet with vibrant colors. Keep the walls a creamish yellow color or white. As for your cats, you can try putting something around the easel to keep them from bumping against it.

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