High income job in a smaller (wealthy) city vs Big city Opportunities
Looking for career advice on the following:
I am a recent college graduate who during the last two years of college basically spent every living moment not in class at the office of the largest private equity owner/ operator of (insert niche real estate asset). The firm is run by a family and I have a good relationship with the founder and those who work with him (although he can be hard to reach and get answers from). I recently left the firm, after paying off all college debt and being in a good position financially (still living with my parents and having no material expenses, gym membership, gas, drinks at the bar, etc). I did this to take a step back after feeling I was rushing my life away. I left on good terms and could have the potential to return if I wanted to.
I am deciding between returning to the firm and living in the medium size but wealthy town in New York or moving to Boston to pursue life in a big city at least for a few years before eventually moving back to the town to raise a family (great quality of life/ great area).
The way I see it:
Staying:
At the firm I expect to gross $100k-$150k in the next year with half coming from my base and the other half from commission on closed real estate deals ( most acquisitions are $15MM+). The cost of living is relatively lower and I would expect to keep around $100K of this to save and put into other investments. My concern is I would like to start my own firm in the future and don't want to get blocked by the CEO while going out on my own. Additionally, I have grown up in the town and all of my family is here with my grandparents in their 80s with likely 2-5 years left or more. Beyond that I have a good group of friends that would have my back if the world ended tomorrow and would like to continue growing those relationships. I fear that I would be leaving an opportunity on the table if I didn't take a chance on moving to Boston and putting down roots there and growing friendships and relationships there.
Leave for Boston:
Boston is a bit in the unknown for me but I have visited several times, have connections there and it feels like a city I would be comfortable living in. Boston is only 4hrs from home so I would have the potential to visit at any point, but this would likely be down to 4-5 times a year with family from the current 4-5 times a month. The cost of living in Boston is much higher as is everything else, so I would most likely be putting away significantly less money, but being able to grow and meet other people and build those relationships are the trade-offs.
The way I see it is do I sacrifice short-term higher income with an already strong network or do I go into the fun place of uncertainty where I have been and benefited before and take the leap?
Any words of wisdom are greatly appreciated!
Tough call, but leaning towards Boston! $100k saved is impressive, but personal growth is crucial too.
Building new friendships and experiences in a vibrant city like Boston will broaden your horizons. You might even discover new passions outside of PE. Family is important, but 4-5 visits a year is manageable. Plus, a happy and fulfilled you will be a better son/grandson when you visit.
Just remember, hustle hard in Boston, but don't forget to explore the city and make the most of the experience!
I'd say go to Boston but only when you have a job lined up. It's going to be a lot easier to live in a city when you're younger, you can save by living with roommates, not need a car and really only have to worry about yourself. There's also going to be a lot more networking opportunities which will be better for your career development.
From personal experience, I lived at home at the start of my career. Home was just a suburb outside the city so i still had access to the city, but i definitely think from a professional and personal perspective it probably would have been a lot better to live in the city and not have a long commute. Just make sure you have a source of income lined up before moving and some savings of at least 6 months or an income that allows you to save. I'm about 9 years into my career right now and i have lost my job earlier this year, the savings I had from starting out my career has come in helpful for this "rainy day" I'm going through. It's really hard to judge if anyone is immune from a layoff or getting fired right now. Business is not moving as fast as it once was so anything could happen. Junior roles are supposed to be doing better compared to anything that's mid-level, so it may be slightly different than what you are personally seeing firsthand.
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