I know NYC is an expensive city to live in. But just how expensive is it? If any of the BB 1st analysts are topping $100k with bonuses, they must be able to pad their bank accounts.
Could anybody working in NYC enlighten me?
How expensive is it to live in NYC?
There’s no denying that NYC is one of the most expensive cities in North America to live. The question though is can someone on a financial banking salary be comfortable there? What’s a reasonable expectation? Similar to anywhere, you can make it work if you’re intelligent with your spending. You can be very comfortable in New York with 100K earnings even after tax and other expenses. It’s a matter of making smart choices and being a little frugal. Keep in mind that ‘frugal’ in this case is nothing like the frugal of your grandparents.
An Anonymous user breaks it down:
I’m a 2nd year, let me try to break it down:
- Base: + $65,000
Bonus: + $65,00
= $130,000- Minus Taxes, roughly $50,000 feds,state,nyc
= Net $80,000- Minus payments on my $100k college debt
= $60,000- Minus $20,000/yr upper west side studio = $40,000
Minus $10,000 for random shit = $30,000 - $5000 for wardrobe replacements = $25K put away per year. Unless your dating a chick you met in Saks Fifth or B Goods then plan on - $25K per year.
Despite the high earnings, people often struggle with being there. It can be quite a shock for non-New Yorkers and a challenging lifestyle while you figure it out with with constant noise, crazy hours, and high stress environments. It doesn’t always feel worth it when people first arrive.
The Wall Street Journal shares this breakdown of the most expensive cities in America.
Why Do People Choose NYC?
NYC offers a lot by way of potential future earnings. It is the financial hub of the world and the opportunities you will find there are unlike any other city.
User @forkingsplus
Horrible: You don't spend your early 20s in NYC to enjoy life. You won't, at least not when compared to the lifestyles of your friends living in Chicago, Minneapolis, and Portland. They'll leave work during daylight hours, live in nice apartments, and be overall happier. They'll get as much out of their smaller cities as you'll get out of your world-class city: NYC's edge doesn't appear until you reach the upper reaches of income.What does NYC give you? Opportunity. In exchange for the pain in your 20s, you get to be in the running to be very, very rich and powerful one day. Of course, opportunities like that exist in other cities, but they're far rarer. You go to NYC if you want to be at the center of a lot of action and are ready to pounce on it when it emerges.
Read More About Living In NYC On WSO
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im a 2nd year, let me try to break it down. Base: +65,000 Bonus: +65,00 130,000 -Taxes, roughly 50,000 feds,state,nyc Net 80,000 - paymets on my 100k college debt =60,000 -20,000/yr upper west side studio = 40,000 -10,000 for random shit=30,000 - 5000 for wardrobe replacments= 25K put away a year. Unless your dating a chick you met in Saks Fifth or B Goods then plan on -25K a year.
hey can u make that much after graduating college or would you have to go to grad school?
you can make that much right after college sunny. you could have made 55,000 + 60,000 last year as a first year analyst with a BS
100k college debt - i am so fortunate that i came out of a public school debt free with help of scholarship and parents... things worked out fine and NO REGRET turning town NYC, Michigan, CMU and Cornell and went to the Universidad del El Salvador.
how the hell dating a girl from Saks is supposed to add or subtract value?
if you date a goldigger, you have to constantly spend mad shit on her. that extra 25k could be cut in half
If you are meeting the chick in Saks fifth, a birthday gift, a valentine gift, and most probably, 3 dates are likely to bring the balance to -25k.
Horrible: an utter shithole can rent for four digits in the nice neighborhoods of the outer boroughs, and over $2000 in Manhattan.
You don't spend your early 20s in NYC to enjoy life. You won't, at least not when compared to the lifestyles of your friends living in Chicago, Minneapolis, and Portland. They'll leave work during daylight hours, live in nice apartments, and be overall happier. They'll get as much out of their smaller cities as you'll get out of your world-class city: NYC's edge doesn't appear until you reach the upper reaches of income.
What does NYC give you? Opportunity. In exchange for the pain in your 20s, you get to be in the running to be very, very rich and powerful one day. Of course, opportunities like that exist in other cities, but they're far rarer. You go to NYC if you want to be at the center of a lot of action and are ready to pounce on it when it emerges.
i agree w/ fourkingsplus, i would just say, however, that 2k/month is a little steep. An upper east side studio, the sie of a dorm room + a bathroom cost me 1500/month, and it was good quality. Now i got a 2bd in midtown w/ a room mate at 4k a month and it is hot.
the reason i work in nyc and not chicago is b/c of the girls. i was in saks yesterday and saw this amazing chick. o my god, just to die for. i am crying thinking about it.
I met my girlfriend in the midwest and she's more attractive than most women here. Probably the best places for attractive women are Ann Arbor and Madison, on account of the age. (However, if you're older than 25, you're completely out of their world; they think you're a grad student and find grad students creepy.)
I don't know about Chicago, but NYC has a lot of busted girls, and the Saks girls are unapproachable unless you're 30+, rich, and so established you can pull of "I'm fucking " to any nightclub bouncer-twat who blocks you (and get in).
Yes Chicago might have less hours but How do the salaries compare though between NYC to Chicago?
All satellite offices of BB's pay street. Regional IBanks or boutiques in the MM take a small haircut (if they're good) or pay street during good years.
NY (and London) pay(s) the most in bonuses.. but the rent is what will kill you... by the way.. count 50% tax cut on your bonus....
If you think you'll have the energy to do so, you can live in New Jersey and save something like $5k on taxes.
Yea those German-Scandanavian girls from Minnesota and Wisconsin are pretty hot... Michigan always gives me the feeling of blue collar though (definitely my bias)... but seems Minn and Wisc are associated with more class.
NYC has hot girls - from all over the country - but of whom many are gold diggers... extremely hard to maintain - not to say arrogant too. Cali girls are the same since many are rich... Girls form down south not bad though. Georgia, VA and NC girls are pretty amazing.
Please find me blue collar girl from Bloomfield Hills and Birmingham, MI.
find me a girl who isn't jewish and we'll trade
The Cost of Living (Originally Posted: 06/19/2013)
So after seeing numerous discussions on what seems to be the horrific cost of living in NYC, I wanted to look into the subject a little further. Obviously, average cost of living data can be found everywhere on the internet (seems like it's on Yahoo! front page every other week).
The more relevant question for WSO'ers is what city/ area will give you the best margins. In other words, where do the jobs that appear on this site have the lowest cost of living while still retaining most of the compensation height.
I'd much rather live in Seattle making $120,000 and having $20,000 left over at the end of the year than make $200,000 in NYC and have $5,000 left over. (All hypotheticals lol I know that probably every assumption in that sentence was false)
Any insight?
Places like Charlotte and Houston will pay you street level and you wont have the NYC Housing/taxes/COL. Most people on this board just want to work in NYC for other reasons. NYC is the finance capital of the world so it makes sense why those working in finance want to be there regardless. No 22 year old dreams of "making it big" in Charlotte
It depends how frugal u r - u can def save moar in NYC if you live reasonably as opopssed to living in Seattle w/ a BMW, etc.
Car costs are huge, insurance, maintenance, gas, etc - dun undeestmimate dose.
Damn your grammar and spelling is blinding.
The reason people got to NYC is future earnings potential. You have a higher future potential coming out of NYC than you do in most other places, as far as finance is concerned.
for the most part - obv xeptions sch as PIMCO, lots WC firms/funds/PE firms
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