What kind of lifestyle can you live as an associate, assuming your salary is $300-400k? Do most associates live in the suburbs, or in the city? Is there a typical point in a career banker's life that he will move to the suburbs? Does an associate usually have a car?
What about at the VP level? What is a good salary to assume, and what kind of lifestyle is typical for a VP?
MD? And what about a 2nd or 3rd year analyst?
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That seems like a high salary for an associate, no?
Maybe he means all in comp? 300 isnt over the top for all in comp from what I understand (starting FT this summer) but these days you're lucky to be getting paid at all I guess.
More a factor of if they have a family yet or not whether they live in the city or not
"Does he have a car?"
The average salary in America is something around 50,000 and the average American has a car.
If said ibanker wanted a car, he would have a car.
Obviously living in the suburbs would affect this decision more than anything else. Living in the city I'd have to be pulling in at least $1 million a year before I bought a car (meaning I'm not buying a car). It just isn't practical.
Matty200 is smart.
Way to cram a bazillion questions into one post
also matty, wtf would you need to be pulling down £1M+ to buy a car? You realise there are other options out there beside the Bugatti Veyron, I mean, haven't you heard of Skoda!?
Nice one on the Skoda suggestion, joefish.
To those of you who have not had the pleasure of growing up in Eastern Europe, joefish may be referring to this:
http://www.autosoviet.altervista.org/skoda105.jpg
joefish-Parking in Manhattan is very expensive; I've heard $500-1000+ per month for a spot. If you are driving to work each day, then you need a reserved spot at home and at work. When you are already paying most of your salary in rent, an extra $2K/month for parking is a lot. That doesn't even factor in the cost of maintenance, gas, and the car itself.
Who lives and works in Manhattan, owns a car, and pays for reserved parking spots at work and home, and drives to work every day? Thats ridiculous. You dont have to make $1mm a year to afford a car in Manhattan, thats absurd.
Also, wtf is a Skoda?
Indeed Endgame is correct! For those of you in the U.S., Skoda (until recently when they have become a lot better) and Lada are regarded in Europe, Eastern Europe etc. as the most horrible cars one could possibly own.
Wow, I am pretty surprised that parking costs that much in Manhattan.
I for one plan to not spend the majority of my salary on rent. It would make me cry to pay out that much to a landlord, when I'm gonna have tax, national insurance and student loans to pay also argggh!!!
Yeah, it's a bitch. Luckily, between the abundant taxicabs and the subway system, there really is no need whatsoever for a car in Manhattan (at least for getting around the city itself)—all the more reason that people consider it such a luxury. There are many other things that most people would spend their money on before a car.
Those plans are well and good, but after you spend a year in the shoebox apartment that cost $2K (or paying $1K+ to split a tiny apartment), you will want to upgrade every time you get a raise I bet.
yeah, i could imagine if i had a choice between spending $1K on some parking, in addition to the cost of the car and insurance, or spending an extra $1K on a nicer apartment...i would choose the digs, no doubt!
I didn't say you have to make $1MM a year to afford a car in Manhattan. In fact, the $1MM figure was posted by Matty200, and he didn't say that either. I think the point we were both driving at is that we would not want a car until we had already upgraded our standard of living in many other areas.
You are right, you don't have to reserve a spot (or two), but then you have to move your car frequently for street cleaning and waste a ton of time finding parking. i.e. it becomes a huge pain in the ass. And you don't have to drive to work everyday, but then why bother owning a car in the first place?
The only reasons I would want a car would be to be able to drive to work instead of taking subway/cabs or being able to drive out of the city (e.g. to my house in the Hamptons). Neither of those are top priorities until I'm making a lot more money. This is just my personal opinion (again, I never said "you have to be earning $1MM+ to own a car").
Things I would buy before a car include: 1) A nice apartment in Manhattan 2) College savings for my future children 3) Significant retirement accounts, savings, stock portfolio Combined I'd peg these three things at $5M+... i.e. not gonna happen anytime soon.
Oh, and to answer your specific question: "Who lives and works in Manhattan, owns a car, and pays for reserved parking spots at work and home, and drives to work every day? " Rich people, which was exactly my point.
JOEFISH: also matty, wtf would you need to be pulling down £1M+ to buy a car?
AltESV: joefish-Parking in Manhattan is very expensive; I've heard $500-1000+ per month for a spot. If you are driving to work each day, then you need a reserved spot at home and at work. When you are already paying most of your salary in rent, an extra $2K/month for parking is a lot. That doesn't even factor in the cost of maintenance, gas, and the car itself.
The answer to who lives and works in Manhattan and drives to work every day is NO ONE.
OK!!!
(fix your shift key)
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