Better Apartment Worthwhile?
Hey guys, what are your thoughts on the first apartment? Do you think it's worthwhile to get a relatively nice place, or is not worth it given that we pretty much live at the office?
Hey guys, what are your thoughts on the first apartment? Do you think it's worthwhile to get a relatively nice place, or is not worth it given that we pretty much live at the office?
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I would say just save more money for going out. Assuming you'll be in NYC, you will probably not be at home at all.
I strongly disagree. I did my 2 years in banking and I lived in a shithole my first year and moved into a nicer place my second year. The last thing you want is to work until 3/4am and then come home to a shithole of an apartment. It will make your life exponentially worse. Spend a little a get a nicer place. It will be so rewarding mentally.
Yes, you could save money, like I tried to do my first year, but it just isn't worth it. The incremental 3-5k you will save, is just not worth it, when considered in the grander picture.
Agreed. I have polar opposite experiences of the shitty NYU dorms in U-square and then a very nice, new apartment in the FiDi. It is just so mentally rewarding to come home to a nice place and so mentally damning to come home to a shithole.
So much better right? The whole argument of "saving money because you will be living in the office, etc" seems so logical (and I bought into it before I entered banking) but just doesn't play out that way.
save money. dont be dumb
If you spend 14 hours a day at the office, what's the point? You're just gonna come home and almost always fall asleep right away. Get a place that's tolerable (i.e. a place with wood/tile floors if you have severe allergies-or get a prescription for Allegra and suck it up) but save your money.
I think it is definitely worth the money if you're upgrading to a better location. Being close to your friends, work, and the places you frequent all have a pretty substantial impact on your life. If it is a matter of getting an extra 50 sq. ft., I think you'll find that you quickly adapt to whetever living environment you find yourself in.
Premium on proximity to office. Less travel = more sleep.
LOCATION, LOCATION, LOCATION.
And secondarily: TAXES, TAXES, TAXES. (Bear in mind that NYC has a 4% city income tax on residents- if you don't shell out for Manhattan, it makes a lot of sense to live in Hoboken or Jersey City. Commuters avoid this tax.)
For everything else, you don't have the money your first year- or the time to enjoy it if you're in banking. Bear in mind that at a 7% net-of-inflation return, $400/month your first year translates into $100K in purchasing power when it's time to retire. That was part of the reason I decided to stay at a dump in JC my first year. I would come home, and instead of seeing a drab apartment room, I would imagine my (future) 80-acre farm on the shore of Lake Michigan.
Then again, I didn't work in IBD and I went to a state school. I lived in a crummy dorm room and later a crummy apartment in college. The $600/month (hundreds more, tax-adjusted) I was saving over Manhattan was nearly twice what my senior year rent was, and the place was a heckuvalot nicer. (No roaches or people running around on a creaky floor above me at 3AM)
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