Long commute or free housing?

I have two choices here:

  1. Free housing --- a friend of my parents is willing to offer an apartment in a place that is a 45min one-way commute to the job location. He doesn't live there so it's the whole apartment for myself for free. That would be 1.5 hours every day.
  2. Rent. Roughly 1/3 of my pre-tax salary per month. 10-15 min walk to the office.

Not in IB, job is likely 9-8 with occasional weekend work.

I really hate long commute...but free housing is something significant.

What do you recommend?

13 Comments
 
Most Helpful

Depends on your role tbh. If you're doing IB then decreasing your commute by living close to your job is worth the money but if you're doing something from 9-7 the 45 minutes shouldn't be to big of a deal. I'd stay with them for 6mo-1 year and use the money that you save to invest and have as an emergency fund.

Array
 

how long can you put up with it for. I personally wouldn’t because that amount of peace of mind is pretty big at the margins for an already long day.

there’s nothing saying you can’t try it out, but if you do and hate it, you’ll have to search for a place on top of already being burdened which will be a bitch. seems like you have weekends free sometimes tho.

 

There was a time when I "worked" ~8-5:30, with a 90 min commute each way to live with my parents. It was worth it, particularly because I could do a lot of my 'work' on the 45 min commuter train ride.

I didn't have other options, but remember, 1/3 of your pre-tax is probably >50% of your post-tax.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
 
"Analyst 1 in Other" I need to take 2 subways and walk for a total of 20 min. So it's like 20 minutes of subway, switching one line in between, and walk for 20 minutes.

That doesn't sound bad. Mine was a 10 minute drive to the commuter lot, 45 minutes into Penn, then the choice between a 20 minute subway and a crosstown bus, or three different subways.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
 
"Analyst 1 in Other" it's the whole apartment for myself for free.

Anyone else feel like they were born into the wrong family lol

 

45 mins each way isn’t that bad. I think I hated my life when I did 2-2.5 hours each way working 7A - 7/ 8P. That was brutal. Sometimes my commute would change (worked as an Engineer for a bit, would drive to the home office or various locations) to 45 mins each way and it felt amazing. All perspective

“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” - Nassim Taleb
 

It was brutal. Up at 4:00A, out the door by 4:30A, get back home at 9-10P. By far the worst job I’ve had in my entire life. The drive wasn’t even the worst part...

“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” - Nassim Taleb
 

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