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Been there, done that. Do Manhattan. In JC you will need a car I do not care what people say, you will need a car) and with NJ car insurance, and the price of a car, you will break even with Manhattan. You will not entertain at your house, so that doesn't matter. You will NOT head back into the city on any night when you work, so do not kid yourself. Probably same commute time in Manhattan and JC (unless you get a place right next to your work), but the big difference is if you are out late or on weekends. Nothing beats jumping in a cab and being home in 15 minutes or less.
In a few years you will have kids and then you can live in NJ (unless you make director fast and then can afford to pay to live in Manhattan with kids), but you will probably not have another chance to do it. There is a reason rents are so high and 8,000,000 people live there. They can't all be wrong. At $160K base, and no bonus, you will probably take home around $9K/month (depending on 401K and such). Spend it all (not just on rent), and bank the bonus (assuming you are not IT getting 10%)
Have to head to bed, catching the 5:45am train into the city (that is because I have 3 kids now, but LOVED my time in Manhattan)
I agree! Live in the city while you can. Your first year or two will be very busy so shorter commute would be very handy. Also, would be a great experience living and enjoying the weekends in the city. After you have kids you will eventually move to suburbs for good schools, safe neighborhood, etc. Until then, enjoy what NYC has to offer.
Look with your bonus you will be making well over 200k. I'm sure you know the hours. Where is the job located as I know people that commute 1 hour while living in NYC. Find an apartment reallllllly close to your job, like I'm talking walking distance. Makes those long nights bearable.
Good luck and enjoy.
I agree w/ this 100%. You're going to be logging +70-80hrs/wk and weekends... definitely recommend not only a pad in the city, but someplace w/ a relatively easy commute (ie. only 1 subway ride, no transfers, maybe even walking distance).
You'll more than make up for the additional cost by having more time to spend w/ wife/friends, being more productive and efficient at work and higher quality of life to boot. Congrats!
With that salary and if you don’t mind a smaller house, stick to manhattan. However JC you can also find great apts in high rise. You can explore Newport, Downtown JC or port liberty as well. NYC definitely has a better lifestyle , but yeah as someone said it comes with a price. JC area has a lot of indian community (gathering from your username that you too are indian) and access to daily indian grocery etc. is very approachable. I personally know of people who stay in JC and work in Investment banking in manhattan. I don’t know if I ended up confusing you more so basically if entertaining is most important go with manhattan. If savings, bigger apt is critical go with JC. Also like someone said if you have an apt where extra fees can give you parking and laundry, go for it. No doubts abt it, when it snows nothing matters more than snowing you don’t have to go hunting for a parking spot.
If your job is in the city try to live near it if possible. The main prob with $160k salary is that you're not buying a home here, what do you have to deduct against your salary?
That $160k will feel very "middle" middle class after taxes.
VP in IB on an average year is probably looking at at least another $100k+ in bonus at year end (although part of that might be deferred company stock), so all-in $250k or more. I guess relative to the big boys in finance, it's middle class, but assuming you're DINKS (dual-income no kids), you can still live it up and save a decent chunk, even if you're paying $4k in monthly rent.
I would also contribute the max to your company 401k plan, they probably match up to a certain % (ie. 5% of your total salary up to the max). That will also bring your taxable income down.
VP in IB on an average year is probably looking at at least another $100k+ in bonus at year end (although part of that might be deferred company stock), so all-in $250k or more. I guess relative to the big boys in finance, it's middle class, but assuming you're DINKS (dual-income no kids), you can still live it up and save a decent chunk, even if you're paying $4k in monthly rent.
I would also contribute the max to your company 401k plan, they probably match up to a certain % (ie. 5% of your total salary up to the max). That will also bring your taxable income down.
a lot of financial companies stop matching if your total income is over a certain amount. I know at my company I receive no matching. I am over the threshold.
VP in IB on an average year is probably looking at at least another $100k+ in bonus at year end (although part of that might be deferred company stock), so all-in $250k or more. I guess relative to the big boys in finance, it's middle class, but assuming you're DINKS (dual-income no kids), you can still live it up and save a decent chunk, even if you're paying $4k in monthly rent.
I would also contribute the max to your company 401k plan, they probably match up to a certain % (ie. 5% of your total salary up to the max). That will also bring your taxable income down.
Yes. I plan to invest max possible in 401k per the max amount that is matched by the employer.
Don't even think of finding a decent place in Manhattan for $2200. I mean a decent place big enough for intended "casual networking/ partying". JC is a lot better option, there are still many places to go out, and it'll be less difficult to get to Jersey Shore on those hot steamy weekends...
Yes. I plan to invest max possible in 401k per the max amount that is matched by the employer.
I think when he said contribute the max he was saying the max allowed by IRS ($17k).
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so basically if entertaining is most important go with manhattan. If savings, bigger apt is critical go with JC. Also like someone said if you have an apt where extra fees can give you parking and laundry, go for it. No doubts abt it, when it snows nothing matters more than snowing you don’t have to go hunting for a parking spot.
