AITA? Turning down NYC @ $50k?

I'm looking to get a sanity check here. I have written before about potentially moving to NYC from a no-state-income-tax location and the amenities I would like to find. That has now come to fruition and I was just given an offer that would increase my base salary by $50k. This is all for a move within my BB, it's from one function to another.Β 

My math says that it doesn't pencil out given taxes and the COL increases. The job is with a group that I want to work with - the job would be a lot of fun - but here's why I think the offer doesn't make sense:

  • I am assuming a tax rate of about 30% all-in. But I think this might be a little higher because the calculator I'm using doesn't seem to account for NYC tax, which I think is another 4%?Β I'm at about 20% on taxes all-in right now.
  • I am assuming a monthly housing increase of $3k
  • While the new group is someone I would love to work for, my current position is steady and I have no fears of lay-offs or performance issues.
  • I don't want to share actual numbers, but you can assume that I already make a healthy salary and enjoy a nice lifestyle at my current rates.

For my privacy, you can assume I live in a T2 city that has nice dining & entertainment opportunities, but it's certainly not New York. I pay about $1k for housing now and my housing in NYC has to allow for my dog to come with me and I will need at least 1 parking spot. That's how I'm coming up with the $4k delta

So, AITA for not taking the $50k? Am I missing anything here?

Comments (38)

Most Helpful
Jun 14, 2022 - 1:15pm
eloquence, what's your opinion? Comment below:

I vaguely remember your other thread and I think everyone on there said it didn't make sense for you to move, and you didn't seem to want to live in NYC either. You don't give your current numbers, but BBs are not going to double your salary to move from a T2 city to NYC. Most BB teams pay the same across locations, so a $50k bump is pretty generous if it's a similar role and team.

There are benefits to LCOL cities, housing expenses and lower taxes being two of the big ones. NYC is extraordinarily expensive, and I bet your delta might even be quite a bit larger than $4k of just rent/parking increases... food, dining out, entertainment, utilities etc are all way higher in NYC.

It's not a question of whether you're an asshole to not take the job, it's 1. whether you like the position and long-term track enough to compromise on a lower near-term take home amount, and 2. whether you actually want to live in NYC. Sounds like the combined answer is no... there's nothing wrong with being in a T2 city in a stable job.

Array

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Funniest
Jun 14, 2022 - 1:42pm
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž, what's your opinion? Comment below:

I'm a big fan of NYC. I think it is in your best interest to move there. Sell both cars and rent a place. I know you love your 911, but you can always go rent a Lambo on the track on the weekend and get your kicks out there.

Also, you're the asshole for making me google "AITA."

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Jun 14, 2022 - 2:17pm
GoingToBeAnMD, what's your opinion? Comment below:
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž

Also, you're the asshole for making me google "AITA."

Fuck that's funny :)

You just want me to move there so you can take my money in that WSO poker game that was on here a few days back!

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Jun 14, 2022 - 2:21pm
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž, what's your opinion? Comment below:

haha yeah that is my sole priority to take your money in poker ♦️ ♣️ β™₯️ ♠️ 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Jun 14, 2022 - 3:06pm
misogynisticBigot, what's your opinion? Comment below:

Base is probably around 250 from the information he gave

  • 1
Jun 14, 2022 - 5:08pm
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž, what's your opinion? Comment below:
misogynisticBigot

New York is pretty subpar nightlife

hahahahaahahahhaah whaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaat

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

  • 2
Jun 14, 2022 - 7:01pm
misogynisticBigot, what's your opinion? Comment below:

I have literally never heard anyone say "omg I can't wait to party in NYC, I heard they having amazing nightclubs", "I love New York's whole vibe" or "New York has great architecture, food and weather" in my entire life.

Jun 14, 2022 - 6:06pm
InvestmentSpanker, what's your opinion? Comment below:

You seriously can't do the math yourself on taxes? Google "NYC income tax calculator" and click on the smart asset link


Assuming no pre-tax retirement contributions, ignoring benefits, etc.:

$200k pretax in Texas or Florida is $147,435 post-tax

$250k pretax in NYC is $155,234 post-tax

You're not even getting a $10k raise after taxes and your living expenses are going to increase by at least $36k-$50k

You go to NYC because you love the city or you have a job offer there that you can't get anywhere else. You're paying (A LOT) for the NYC experienceΒ 

Jun 15, 2022 - 9:07am
GoingToBeAnMD, what's your opinion? Comment below:
InvestmentSpanker

You go to NYC because you love the city or you have a job offer there that you can't get anywhere else. You're paying (A LOT) for the NYC experienceΒ 

Thank you for that succinct conclusion. Yes, the move itself is a net loser on the financial side. The target group is within Private Banking and yes, I realize that may be limited to offers in NYC for that world of finance.Β 

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  • 1
Jun 14, 2022 - 7:06pm
IcedxTaro, what's your opinion? Comment below:

One of the great things I like about big cities are the opportunity to meet new people, build social connections, and overall drive yourself in a direction of life you see fit.Β  If you have the chance to move there, consider the pros and cons of it.Β Β 

Jun 15, 2022 - 9:57am
thebrofessor, what's your opinion? Comment below:

if you don't want to live in NYC, don't do it. beyond that, the salary increase will be eaten up by housing cost increases

that said, if the NYC opp gives you the potential to go from 250k to 500k in 5 years or something, the long game could make this a worthwhile decision. plus, if you're in a T2 no income tax state, I'd bet you could rent out your current place and then return when your NYC adventure is done

the question is really do you want to grow in a way that NYC will provide for but your current city won't? or, I believe you've mentioned you're not far from retirement so this is your last hurrah, in which case NYC makes no logical sense at all

Jun 15, 2022 - 11:16am
GoingToBeAnMD, what's your opinion? Comment below:
thebrofessor

the question is really do you want to grow in a way that NYC will provide for but your current city won't? or, I believe you've mentioned you're not far from retirement so this is your last hurrah, in which case NYC makes no logical sense at all

Thank you for bringing up another facet of this. And yes, that's playing into my equation. I'm about 10 years from the point where retirement is realistic. So that does tell me, "hey play this safe, we're so close to retirement, NYC is not for you".

On the other hand, I still have some ambitions in my career. I have two more promotions needed to live up to my screen name. The move to both NYC and front office in Private Banking are certainly a move in that direction. The next promotion should be available within 2-3 years and MUCH easier being in NYC. MD will be possible after that. Making MD would be damn near impossible in my current city. So in that regard, yes, NYC will provide opps that will simply not be possible in my current setup.

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Jun 15, 2022 - 2:10pm
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž, what's your opinion? Comment below:
MonkeyNoise

You pay 1k for housing as a single individual?Β 
Β 

sounds more like a T3 city to meΒ 

Yeah $1K rent is amazing - I don't know how this is possible.Β 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

  • 1
Jun 15, 2022 - 8:52pm
Kevin25, what's your opinion? Comment below:

$1K is possible in Chicago for a tiny studio in an old building without amenities. for $1400 in Chicago you can get 800sf 1bd with pool, tennis court, grills.

Jun 15, 2022 - 5:09pm
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž, what's your opinion? Comment below:

dude so when do you have to decide by?

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Jun 15, 2022 - 5:44pm
GoingToBeAnMD, what's your opinion? Comment below:

Soon, just a few days. Part of me is delaying because when I say "yes" it means that I have about a million things to take care of.Β 

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Jun 15, 2022 - 5:47pm
Isaiah_53_5 πŸ’ŽπŸ™ŒπŸ’ŽπŸ™ŒπŸ’Ž, what's your opinion? Comment below:
GoingToBeAnMD

Soon, just a few days. Part of me is delaying because when I say "yes" it means that I have about a million things to take care of.Β 

Good for you man. Maybe you'll meet your future wife in NYC.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

  • 1
Jun 15, 2022 - 7:30pm
CarsnWatches, what's your opinion? Comment below:

Is there anyway you can negotiate a higher pay bump? You could show them similar numbers to what the guy posted above where it basically nets out the same/worse if you move to NYC. Might be worth it if you get 70-75k+.

Jun 16, 2022 - 8:41am
GoingToBeAnMD, what's your opinion? Comment below:

I have tried. I asked for more and they came back with this. I had another team - also NYC - make me their best offer and this team beat that. So when they tell me it's their best/last offer I tend to believe them.Β 

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Jun 16, 2022 - 8:39am
GoingToBeAnMD, what's your opinion? Comment below:

You're really going to be that guy, huh?Β 

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Jun 16, 2022 - 4:04pm
Kevin25, what's your opinion? Comment below:

just saying you can't be an asshole for refusing a job offer. you're trying to force this format here for no reason.

Jun 18, 2022 - 8:33am
GTV, what's your opinion? Comment below:

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Jun 18, 2022 - 12:40pm
GoingToBeAnMD, what's your opinion? Comment below:

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