Living at home? - IB Analyst
Currently an incoming first year at a MM in Atlanta, considering living options for the year. Given I am somewhat local, how feasible/manageable would living at home be? Is it even worth considering?
Some points for context:
- Family is chill, not too obtrusive
- Commute is under 15 miles, 30-35 mins in peak traffic, about ~22-25 at night/odd times
- Would save about ~$20-$24k a year
Understandably, it may be a bit worse from a social/independence POV, but all else equal, how much of a detriment would this be toward my professional lifestyle?
Do you want to save 20k a year or not? Seems pretty straight forward.
I think it is very adult to even be considering this option. My now wife lived at home for the better portion of a year and it is one of the reasons we have more in savings than most people our age. I would have done the same thing had I not found a very cost effective way to live with some friends.
With that said, she nor I did not contemplate this while being a Y1 in banking. Honestly, nothing will come close to mattering as much as the sleep you lose. As someone who did ~6 months of IBD commuting a bit further, it really really sucked. When you wrap up at 2 AM and get home at 2:30 only to fall asleep at 3 knowing full well you need to be up at 630/7 to be in the office at 830, it really hurts. However, if your company pays for your uber home and the commute to a place in the city at that hour would still be 10-15 minutes, perhaps only losing a small amount (20-30 min of sleep) per day is worth it.
Also you should be factoring in how sweaty your shop is. If youre leaving at midnight most nights, live at home for a year, you will appreciate everything about living on your own 100x more after that one year, and you will net 20kish. If you're expecting to stay until 3-4 most nights, I think you should prioritize your sleep. I would also recommend talking to A1s at the shop to get their take.
Just a few thoughts, good luck
I would live at home. Not only bc of the savings, but this job sucks the life out of you and family support will really help you.
Facts. Especially if your bank has a big FaceTime culture. I’m in 6 (rarely but sometimes 7) days a week and never see my family despite them being in the burbs.
I didn’t do IB right out of college but I lived with my parents for a little over a year while commuting two hours each way. It definitely sucked at the time, but I’m really glad I did it looking back on it. I’m in a much better financial position now than all of my friends because of it
4hr total commute is insanity.
If you’re a guy, don’t live at home. If you’re a girl it is an option.
Interesting perspective. Care to elaborate your reasoning?
Others have hit on the key considerations here but here are my two cents. I assume your family would be chill with you getting your own spot whenever, so you could try living at home for a few months and if it doesn't feel right then you have the freedom to go do something else. If you sign a lease that's a different story. Also - for sentimental reasons - you won't always have the opportunity to spend more time with your parents/family. If your relationship is healthy, I would cherish spending some more time with them while you can.
I’m doing this is NYC commuting 45-60 minutes daily. Just do it if your chill with family. You are going to be able to save so much more.
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