A recent post was asking about where all the money goes from an analyst's banking paycheck living in NYC.
This got me thinking, what the hell do people not pulling money like this do? $70k base is definitely quite a bit more than many people in NY make, but obviously they still get by even without some of the banking perks like free meals. Am I missing something or what?
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Rent, clothes & haircuts.
I'd add cabs, drinks/dinners out (to the extent you have time, you probably want to enjoy what little time you have outside the office), incidentals (house stuff). 70k is definitely doable but you will be far from a comfortable life in NYC and enjoying all that NYC has to offer.
$70K definitely doesn't cut it if you live in the city. I don't know how people get by on less, probably live in rent-controlled apartments and such.
They live in Brooklyn.
I know people who get along with far less. Think college survival in the following ways:
Keep rent low through a variety of means. Live in a 6th floor walkup in the East Village. Live in a place far from the subway on the UES, live in Brooklyn or Queens. Live in a 1bed convert or something like that with a room mate.(You can live on $400-600 in rent a as much as $1,400 savings)
Eat in and cook like a college student except on weekends. ($200 savings)
Pregame and bring a flask. This will cut down on bar costs immensely. Also, follow the specials nights at various bars. (Depends on what you drink but call it $100)
Use the subway and buses as much as possible. (Call it $100 as well)
Even just doing these 4 thing you can easily save in the range of $1,000 to $2,000 depending on what type of apartment you want to live in. $1,000 a month is equivalent to almost $20,000 pre-tax and $2,000 almost $35,000.
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