Are most young people in NYC bankrolled by the Bank of Mom & Dad?
I grew up poor in a crappy mid west city. Went to a top college on almost a full ride and got a job in NYC doing IB after college.
I've spent over 7 years here now, and it seems like these super "progressive" mega cities like SF/NYC that promote equality are the most oppressive to "settle" into if you don't have generational wealth backing you.
It was fine in my early 20s when everyone was renting, burning our paychecks on nights out, parties, sporting events, etc. I've saved a decent chunk, but nowhere enough to do the big "life events" (mainly buying homes, getting married, kids in the cards within a few years).
Now my friends are buying $1MM to $2MM homes, throwing extravagant weddings that cost $100K+, and I'm thinking how the fuck are these guys doing it? I was right in the thick of it splitting that $1,000 bottle of service of Dom on Saturday night with these guys.
Then it fucking hits me when I go to their newly furnish homes and meet the parents at their weddings. They are fucking backed by the Bank of Mom and Dad.
I've been trying to keep up with the Jones all these years and I just realized I'm not only competing with them when it comes to bonus season, I'm competing against them and their generational safety net.
That is all and why I'll be forced to move to a lower cost of living city in the next few years to settle down.