-Live very close to the city (think Hoboken, JC, downtown BK type of close)
- Lived at home as a SA. Wasnt as fun.
-FT offer. Considering moving to Manhattan
- Parents obviously against it. Want me to save as much money as possible
- I can afford rent on my own (SA savings + Signing bonus + salary) but of course support from my parents would be a big help.
-Not sure what to do...
| +166 | The "Not So Obvious" things that get you a return offer? | 20 | 47m | |
| +103 | Is my life over after not getting GS? | 24 | 4s | |
| +65 | Best IB group on the Street | 27 | 2h | |
| +56 | BIG FOUR ARE PARADISE | 15 | 1h | |
| +46 | Thoughts and tips on how to speak like an investment banker. | 25 | 2h | |
| +45 | Tell me one good reason why Jefferies isn’t going to be a top bank in the next 5 years | 22 | 6h | |
| +36 | UBS Outlook | 28 | 1d | |
| +35 | Georgetown Placement for 2024 and 2025 | 21 | 6d | |
| +34 | How to deal with egotistical team? | 6 | 3d | |
| +32 | Highest Paid Bankers in Toronto? | 51 | 12m |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
You have a full time BB offer- why do you need financial support from your parents..?
It depends on the job. If your group will expect you to be available at all hours as an analyst, then you need to be available. This might mean that Hoboken (or whatever) is off of the table, period. If so, try you taking it to your parents; they may respond differently.
What Black Jack said....I'm confused why you would need financial support from your parents. If you are considering living away from the city to save your own money that's one thing. But you're expecting your parents to continue giving you an allowance or something? Maybe I'm missing something here...
I think he referring to not paying rent versus paying rent..... easily a savings of $1-1.8k for a first year analyst every month
Stop living off your parents. You are about to graduate from college, its time to grow up and handle your responsibilities. Even if that means a little less money saved (typically does).
I mean it really comes down to what you value. You'll have a shorter commute in Manhattan, which will be helpful when you are pulling late nights. But you'll be out at least $20-25K, especially when you factor in that you'll probably go out more if you don't live with your parents.
Living with the rents isn't glamorous, but it will save you money. However, you'll also have to deal with a longer commute - can be tough at 3 in the morning. You have already done the living with the parents' thing as an SA, and you said it wasn't fun.
Do you have student debt or something? You should be perfectly fine financially living on an analyst's salary.
FWIW, I could do the same thing but I am choosing to live with roommates. Having people that know what's going on that night/to hang out with during the rare times when I'm free is important to me, and it is worth the $ I will spend in my opinion. Granted, I'm not in NYC but I thought I would add a data point.
y do u need your parents to help you when you will be making over $100k a year? They have no reason to support you. you can probably pay for 6 months of rent with just your signing bonus.
this is stupid. next.
Your signing bonus is taxed around 50%. That is definitely not 6 months worth of rent. And also, if I got money from parents, that means I could save more money. I'm graduating debt free, so living at home would provide me with a great opportunity to build wealth early on, but I'm not sure if thats the lifestyle I want to live. I can always make money later on.
There is always the option of just living at home for a few months, saving extra money, and then moving out
You need to be in the city. Ever heard the saying "never eat lunch alone"? The money you loose in rent is not worth the the long term benefit of building a strong network at a young age hanging out with other analysts and people in the evening when you have that 1-2hr between work and sleep. And if you think that is BS then just live in the city for the simple fact that it is the city and it is a blast
you realize that for every dollar you save you are essentially just taking it from your parents right?
Signing bonus taxed at 50%?!?!?!?!?!
I know the way mine is done it is just thrown onto one of my first paychecks - that shoots me into the highest tax brackets possible in terms of withholdings.
***Withheld at 50% maybe
Funny. My parents said the same thing in college before sending me to rehab.
I'm voting for you
When are you going to tell us what drug you did?
I'm thinking it was a pharmaceutical. Whether uppers or downers, I can't say.
Here's an option: try out living with your parents during training. If it doesn't afford you the lifestyle you want (it likely won't), then move into Manhattan with an extra $1,500+ in cash that you didn't pay in rent for month 1 and never look back.
He is not saying he needs or expects financial support from his parents (Edit: in the content of his post... the title does give this impression though)
What he is saying is that he has two housing options available to him: one that is far away but the rent is free, and one that is very close but the rent is very expensive. Since he is still on college and has not yet entered the "real world" he is asking for advice from those who have made decisions regarding location, rent, commute, etc in order to weigh the pros and cons of both scenarios.
A ~45-1 hour commute is going to kill you as a first year if your group is getting slammed. You WILL have nights with only 4-5 hours away from work...it's brutal to cut almost 2 of those out for commute.
Pros of living at home: save significant money, parental support (laundry, packages, etc..) Cons of living at home: less social interaction, commute
The amount of time spent with your parents/family can be a pro or con depending on how close you are with them to begin with.
In my opinion, getting that extra hour or two of sleep every night because of the shorter commute is crucial. Plus, having roommates forcibly facilitates more social interaction, which is a good thing. Whether it's worth 12k-20k is for you to decide.
Correct me if I'm wrong OP, but I think he's referring not to a full-time home, but an immediate move.
A full-time home outside of the city as a banking or trading analyst is simply not an option. The lifestyle sacrifice is not worth the savings in housing. If he is a middle office or back office hire with a more reasonable work-life balance, an hour-long commute each way is far more palatable on top of a 60-hour work week (at worst).
If I am correct and he is asking about a move before graduation, I say to suck it up and save the money. The parents are right in that it's far wiser not to blow whatever summer earnings are still in the bank just to move into the city.
this is just purely pathetic! Grow a pair of balls and be on your own. You are not even a bitch, but an over grown child if you continue to live off of your parents after college.
A lot of us moved the fuck out at 18 and have been independent ever since.
Solution: grow up and move out. Real quick question though... Did you poll an Internet forum before you decided whether or not you should go out on your first date? How about before losing your virginity? Don't get into the habit of asking anonymous Internet usernames their opinion on your major life events. It makes me want to shove you in life's hallway locker. Reach down into your chonies and grab hold. Those two round things are your balls.
^^this
Seriously. This goes for a lot of questions on this forum.
Get out. Live the lifestyle you should while you're young. Imagine pulling a 100 hour week and adding your travel time on top of that! Not feasible.
This is really easy man. There will be plenty nights of 4-6 hours sleep. Whatever you save on commute is extra time to sleep, so essentially you will pay more for quality of life. My advice is to talk to your parents and explain to them how many hours you will need to work and that you can get 1-2 hours of extra sleep per night that will keep you healthier in the long run (which is what they should care about anyways).
It seems like everyone is basing my reason to move to NYC on the amount of hours and the extra sleep I'd get. So is that the only reason you should live in the city? If you took away the long hours/workload, you'd prefer to live at home than in the city?
No, that's the reason I'd prefer to live in Manhattan vs. at home. Without the long hours, living in Brooklyn/JC is much more feasible and cheaper. Start your own life. It's not like you're working a shit marketing job that pays $35K a year. You're making more than $100K/year as a 22/23 year old.
We don't know you, your work hours, or your fondness of socializing.
But if it was me, I'd move. Living on your own in a big city while you're still very young- its a beautiful thing.
It is ok you can visit mommy and daddy in two years.
Qui fuga dignissimos nulla nulla voluptatem deserunt. Quia repellat natus fugiat quam perferendis libero. Vel amet iusto adipisci perferendis voluptatem. Quos odit odit fuga dolores explicabo. Ducimus rerum voluptas ipsam dolor sed.
Ipsa reprehenderit animi omnis consequatur. Qui nihil molestiae quibusdam enim adipisci. Commodi animi aliquam vero qui dignissimos est modi. Assumenda explicabo iusto asperiores quia.
Reprehenderit libero ipsum quis unde dolorum totam. Rerum aspernatur ipsam possimus quaerat eos. Alias aliquam praesentium eos.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Eum tenetur reiciendis praesentium minus enim maiores. Quos illum eveniet nisi est. Cum qui modi modi quis at non aliquid. Nam molestias maiores et sequi. Sapiente id adipisci et est excepturi expedita.