Hey everyone,
Just got offered a transfer at my firm (MBB) to the NYC office. Will be working in an EM/PL/CTL role, all in comp around 250k. GF is moving with me, will also be working, comp 100-150k, probably higher in the future (she would be taking a pay cut to move with me). We are 31 and 30 years old, no kids (and no plans for at least 5+ years as is common over here). No major student debts (just a 200 dollar monthly repayment on a 0 percent loan). Significant room for compensation growth (actively on partner track). Any ideas on the lifestyle we will be able to have? Its quite a bit more than I made in the same position here in the EU (especially at current exchange rates), especially with taxes being much lower (currently pay over 50% in tax) but COL is also a lot higher.
Been hearing a lot of horror stories about the reality of living in NYC, but since we are still young it sounds attractive.
bump
350-400k in household income will be enough to live quite comfortably in the city, assuming neither one of you has a spending problem. The city is only as expensive as you make it. There's great (and oftentimes cheap) food all around the city, and most neighborhoods have everything you need. This means a few things: A) after traveling all week you should be no more than 5 blocks away from whatever you need, and B) it shouldn't be outrageously expensive. The real kicker in NY is the housing costs, and with a household income like that, you should be able to bring in about 220-230k all together. Even if you splurge and have 5k/month in rent, you're still looking at 150k left over. Even in Manhattan, that's plenty.
As for New York horror stories, everyone has them. The city is just too great, though, to let them legitimately impact your decision making process.
you are more than fine at that household income level provided you manage your spending like normal people. as noted earlier, housing is the most expensive component of living in NYC.
European to NYC, via good contact? Opinions needed. (Originally Posted: 03/22/2012)
So, I have been in touch with an associate, soon to be Managing Partner, at a corporate law firm that does M&A (they did BoA/ML, Bear Stern etc.) in NYC. I live in London btw, but really want to move to NYC after my MSF in September.
So, basically this guy is my moms friends' brother in law and apparently he is really set on helping me/take me under his wing.
Last time I spoke to him was about 3 weeks ago on the phone, I had already emailed my resume to him and he had been saying stuff like "I'm here to help you" etc, and basically we mostly spoke about what it was I was looking for, because he said that he wanted me to call so that he could get an idea of what it was I wanted so that he could help me.
Anyway, he's quite well connected and a really cool/ nice guy, and he basically said that my resume was good, and that he was going to talk to his friends at Goldman, JPM and some others.
I sent him a thank you email the day after, but got no response (which I guess is normal). Mind you, the way we spoke was not very formal because I figured he was a family connection kind of, so I called him by his first name and tried being more personal.
Anyway, now it has been 3 weeks and I haven't heard anything. I'd like to send an email to him, just to keep the communication between us going and show him that I haven't stopped caring or anything. But on the other hand I don't want to seem pushy. How should I do this?
Also, I am qualified to get into IB on a merit base, but I am not H/Y/P with a 4.0, so my chances of getting in the conventional way are not great especially seeing as I am coming in from Europe. So do you think that this connection, since he is fairly high up and well connected, could help me secure an internship or something in IB with more ease than the conventional way? As in, is it possible that his banker friends will hire me as a favour to him? (I don't care which firm, I want the IB experience and the experience of living in NYC).
Thanks!
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