When do you actually get ahead living in NYC?

Is it just me or does it feel like you're never going to get ahead working in NYC until you're a super senior partner at a multi billion dollar fund? It's crazy to think that salaries for people in their mid to late 20's that put them in the top few percentages of income earners and are higher than most people ever dream of making at their peak earning capacity barely gets you ahead in this city. Between taxes, high rents, general high cost of living, student loans, and capital commitment being able to save up to put down enough a down payment for a nice 1 or 2 bedroom apartment (i.e 600-1,000 sq ft.) in a great neighborhood in Manhattan seems so unachievable until you're making well north of $500k for a few years. If you throw a kid or two in the mix, bring that closer to $1M. It's just crazy that being in the top income brackets in one of the most prestigious jobs makes you feel like an average person trying to get by paycheck to paycheck. The guy making $100k working in rural Ohio as a plant controller is probably living better than you, but yet this is the more prestigious job. Certainly the earnings power and future upside is greater, but kind of crazy to think.

Anyone else feel this way? For those that feel like they got ahead, besides inheritance, when did you feel like you got ahead? Obviously someone will say to leave NYC, which is the right move as earning power will increase dramatically, but the opportunities are more limited and many people will still stay here.

Comments (6)

 
 
Jun 22, 2020 - 4:34pm

I think about this all the time - you're definitely not alone in feeling financially insecure in NY. Having walked away from banking, the advice I give to all my younger friends is whatever you do during your analyst years...make sure you don't walk away broke. Put money in your Roth 401-K, back-door an IRA, build a nest egg, etc.

It has to hurt to walk away from 2 years of banking knowing you're still not financially stable (not saying that's an easy achievement in NY)

 
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Jun 23, 2020 - 10:49pm
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