Looking at about 60K base with potential of 5-10k year end bonus. Do you think its possible? If so, how frugally would I have to live?
Living off 60k salary in NYC
So most users advise young financiers to start their career in New York City. So what does the cost of living in the big apple look like? This aricle can give us a good idea.
from certified user @ThinkMacro"
It's enough, but you won't be able to max out your 401k and you'll have to watch what you're spending at night and weekends. 65k comes out to like 25-30k disposal income after you take out social security, taxes, HSA, modest 401k, commuter benefits. You will have to find as cheap a place to live as possible and you might have $1k to spend on food, etc. after rent.
from certified user @conyak"
This is very doable. How frugal you have to be depends on where you choose to live in the city. May have to sacrifice moving further away from the center of the city in order to save some money and have disposable income. Goes without saying that you probably wont be as aggressive on your savings as you'd like to be.
from certified user @BobTheBaker"
God it's a tragic life in NYC. 60k in TX is equivalent to ~100k in NYC.
It's enough, but you won't be able to max out your 401k and you'll have to watch what you're spending at night and weekends. 65k comes out to like 25-30k disposal income after you take out social security, taxes, HSA, modest 401k, commuter benefits. You will have to find as cheap a place to live as possible and you might have $1k to spend on food, etc. after rent.
This is accurate. Just drink 40s every weekend,before you go out and bring a flask to the bar and you'll be ok. Also don't take any women out on dates, this costs money.
This is very doable. How frugal you have to be depends on where you choose to live in the city. May have to sacrifice moving further away from the center of the city in order to save some money and have disposable income. Goes without saying that you probably wont be as aggressive on your savings as you'd like to be.
You'll basically be a hobo. Not sure if any of the commenters actually live or lived in NYC. I had to live in queens and I barely got by on $75k/year (2 roommates, $600/month rent).
$75k is plenty for new grads if their rent is that low.. wouldn't you essentially have the same discretionary income as someone making ~$90k and paying $1500 for a tiny room in midtown? I've lived in NYC for years and a lot of people do well with lower income and higher rent.
Definitely doable and you don't have to live like a "hobo". You won't be saving much and may have to cook a meal here or there but for sure doable with roommates.
You barely get by on $75K/year and only pay $600/month on rent?
That's cutting it pretty close, roommates/budget spending is key here. Also, stock up on PB&J.
God it's a tragic life in NYC. 60k in TX is equivalent to ~100k in NYC.
stop telling everyone or all the libs will come down here
Don't worry there isn't nearly enough brunch / or protests in Texas for NYCites to be interested
they're already in austin
It's tough but I think doable. Lunch in midtown alone is ~$20 a day (for me at least)
$20 for lunch is pretty high up there...
You can go to any Pret or Cafe Europa and grab a decent lunch for $10. Throw in an eclair and coffee at Europa, then you're at $17 (the eclairs are great).
very true
OP - what field will you be working in? I personally think 60K will be tough in NYC. If you're working in consulting, then live elsewhere and commute into the city.
I live in another state and when I had a project in NY I would just take the Accela up to the Penn Station from Union station. I know quite a few analysts who had similar salaries to yours but didn't have to pay for hotel/food while up in NYC Monday-Thursday.
I hope you're good looking, you might have to sell yourself to make ends meet.
In all seriousness, I have had some friends who have done something similar, but I don't think they lived the highest quality of life - so I am sure you can make it work if you have to, but like others have said, it might be tough.
Respect for the hustle. It's NYC, that 60K could soon rise, if you do well, of course. Try living in Jersey City.
I've done it before; it's definitely feasible. You don't have to be overly frugal, but just be smart about where your dollars are going (buying food every night vs. doing groceries, doing your own laundry vs. having someone do it, pre-gaming and then hitting up the bar vs. getting lit at a bar for 6 hours). Of course it's completely okay to do all of the more expensive things I just listed, but everything in moderation.
Thanks for the advice anyone. If it makes a difference, I'll likely get dinner comped and transportation to and from as well.
It's not really "where" you live, but "how. If you're really thrifty you could share a small apartment and/or sublet a room. Cheapest places are in Brooklyn/Queens (New Jersey has gotten a lot more expensive lately).
That being said, just know that the guy who drives your subway probably makes more than you. (1 out of 3 MTA made over $120k). I could rant about how that's absolute lunacy, but I won't.
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