Hey WSO - wanted to get a sense of how many people (esp in NYC) are getting some funds from their parents when it comes to rent/groceries/etc. No judgement but just curious about the breakdown.
Context: I'm 1st year in MM equity research (total comp ~110K) and pay for almost everything except for healthcare/insurance, but it seems like everybody I went to school with has similar pay yet lives in high rise apartments and always eating out at crazy $$ restaurants. I live in UES with 2 roommates from craigslist and constantly am packing my own lunch/cooking my own dinners. Not envious of my IB friends making more by pulling 100 hours weeks but curious about the rest. Thanks
Think a lot of young finance professionals get help from their parents, especially on rent.. kind of understandable given current market. Few wealthy parents wants their offspring living in a fifth-floor walkup in LES with 4 roommates. That said some of the "luxury high rises" in areas like Murray Hill aren't that expensive because of the area, so their view may be nice but their rent may not be too bad.
Also I know plenty of young people who don't budget at all and run their credit cards way up, so that's another option if their parents aren't bankrolling the monthly spend
This is what I don't get about some people. Why can't a 22 year old recent grad get a worse place? Call me old school, but it's called life; sometimes you cannot afford your dream lifestyle so you have to settle for less. Many people live in upper Manhattan, Brooklyn, Jersey City, etc... because they can't afford it. The elitism of some people amazes me, and honestly it does nothing but softens the kid.
I don't disagree, but for a lot of parents the difference isn't much money, the kids' friends are probably also in a similar boat with some help from parents, and perhaps the parents sleep better at night knowing their kid is in a very safe area / doorman building / insert answer here.
I don't think it's good or bad, just different ways of raising kids. Life isn't fair and some people just have enough money that this is an assumed occurence
Anybody taking money from their parents after the age of 21 is a leech and should be ashamed of themselves.
EDIT: You make $110K per year and your parents pay for your healthcare? Aren't you embarassed?
Are your parents “losers”?
Other than being a guarantor on my lease, I'm not getting any help. My graduation gift was getting a solid wardrobe for work. My parents told me that if I can't afford something in NYC then I should just move to Jersey City or Hoboken. If anything, getting a bad place would be a motive to grind up the ladder or find another way to make more money, and is a 22 y/o really entitled to a fancy studio in the nice section of NYC? Honestly I'd have a really tough time accepting rent money from parents just out of sheer dignity.I think the crowd on WSO likely has enough money to afford something in the city (100k/yr MBB/IB base salaries are enough for a bedroom in a decent 5k/month 2 bedroom). I think it's more likely to be the ex Clemson sorority girl who studied marketing and makes 65k who would get helped by their parents. Then again, I do know someone from my job that lives in a nicer building than they should theoretically be able to afford, so it's not impossible that parents still help 6-figure earners as well.Honestly with the current market I just don't see how someone making less than 80k can get by in
Manhattan, but regardless you don't HAVE to live in the city… plenty of people work in the city and live in Brooklyn/NJ.
Agreed - great perspective. My parents have been beyond helpful and I wouldn't feel comfortable asking for anything more.
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