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Actually, yes I did because other companies have done it for me before. Heck, I interviewed with Merk right out of college and they reimbursed me for my drive from Princeton to their office in Rahway.
There are more to financial institutions than banks. I work in the hedge fund industry, which is far more prevelant in NYC. Asset Managers, Hedge Funds, and Prime Brokers are more likely to stay in the city than move to the south. This is not true for "banks" and I prefer my sector to banking. I guess it is all about setting expectations: I don't feel lucky to just get my foot in the door based on my qualifications - that's the easy part. If I am upfront with my salary requirements don't waste my time by going through 7 interviews, finance my own way down to NC, and then low-ball me and expect me to be away from my family while trying to pay a NJ mortgage and a NC Rent at the same time.
My biggest concern is what happens if you lose your job (layoffs)? or find out you don't integrate well in NC? What do you do then? If you make $100,000 in NYC and take $85,000 to work in NC and it doesn't work out, you are screwed if you want to go back to NYC. Firms won't take into account cost of living sometimes and you might return making less than when you left. I'm not bashing NC, it's just food for thought.
Oh, I absolutely agree with you. Nobody should get themselves into a situation where a layoff in NC would mean having to move back to the Northeast. My husband works on one of the Stock Exchange floors in NYC and if that's where you work, well then you know exactly what's going on in that industry. The NYSE and the AMEX are going to be ghost towns in the near future, where only those brokers on desk jobs and those manning the computers on the floors will have a job. So, you're right NYC is the place to be for that type of job...for right now. That's not going to be the case in three to five years, not in NYC, not in Chicago, and not in San Fran or Philly (I believe those exchanges are already completely electronic).
I guess the bottom line here is that maybe the South just isn't for you. Just don't expect to continue to get the big salaries and the huge bonuses that you've been used to in the past. (Unless, of course, you're the owner of a hedge fund firm.)
Good Luck to you.
most people moving think they are getting more for the buck, but what they fail to understand is that they are moving to non developed areas.. if you want cheap then move to central US, i heard some states were giving away free lots to construct on.. once towns get populated taxes will tend to go up to maintain the town.. I know a few people who sold their homes and bought new construction homes in SC and NC.. they thought they were getting a good deal since they sold high in NJ and bought a house cash in NC/SC.. of course cheaper cost of living means jobs based salaries are lower.. with that said many are trying to move back.. now they are stuck because the money they have/had is not enough to buy an equivalent house to what they sold.. think about it really good before moving.. it's hard to move back once you do..
Oh, I absolutely agree with you. Nobody should get themselves into a situation where a layoff in NC would mean having to move back to the Northeast. My husband works on one of the Stock Exchange floors in NYC and if that's where you work, well then you know exactly what's going on in that industry. The NYSE and the AMEX are going to be ghost towns in the near future, where only those brokers on desk jobs and those manning the computers on the floors will have a job. So, you're right NYC is the place to be for that type of job...for right now. That's not going to be the case in three to five years, not in NYC, not in Chicago, and not in San Fran or Philly (I believe those exchanges are already completely electronic).
I guess the bottom line here is that maybe the South just isn't for you. Just don't expect to continue to get the big salaries and the huge bonuses that you've been used to in the past. (Unless, of course, you're the owner of a hedge fund firm.)
Good Luck to you.
My boss and I were talking about the effect of technology on the exchanges just last week. I don't work on the floor myself, but anyone in the biz knows what is coming up now that we have the technology to match buyers and sellers without human intervention.
At the salary they offered me, I would have been worse off than in NJ. The problem is that we are a two income home and my wife makes as much as I do. I couldn't reconcile losing over half of the household income. I only asked Wachovia to match my NYC salary which would have offset the costs of the risks. The difference was $15,000 - which is small for a huge outfit like Wachovia.
We understand by moving to SC that the salaries will be much lower. But by paying cash for the house we won't have the huge monthly payment anymore. There is no way we would be able to have a house that was paid for in Bergen County NJ -
My boss and I were talking about the effect of technology on the exchanges just last week. I don't work on the floor myself, but anyone in the biz knows what is coming up now that we have the technology to match buyers and sellers without human intervention.
At the salary they offered me, I would have been worse off than in NJ. The problem is that we are a two income home and my wife makes as much as I do. I couldn't reconcile losing over half of the household income. I only asked Wachovia to match my NYC salary which would have offset the costs of the risks. The difference was $15,000 - which is small for a huge outfit like Wachovia.
In that case, royceb, it really doesn't make any sense for you to move to Charlotte. Believe me, it scared the "stuff" out of us when we realized what was beginning to happen on the exchanges. My husband just can't believe how many people have their "heads-in-the-sand" about what is happening. A lot of them think that it just won't affect them.
If you and your wife both pull in large salaries then you are truly some of the very few lucky ones who can still afford New Jersey. Good for you.
Last edited by stmaarten; 01-23-2007 at 02:33 PM..
Reason: grammar and punctuation
that is very narrowed minded...we are moving to charlotte, and GJ I have to ask you where do you think its cheap today to live in NJ?? have you considered living anywhere else, well when you do pls let me know what you find, property taxes here are insane and they would have to raise the taxes Quardrupal of what Im paying now to get to where I am at...So many companies are leaving NY and NJ why???? because they cant afford to stay here and pay their employees what they should make....my dh is going to make almost what he makes here in NY/NJ and it isnt shabby....and non developed areas???? where do think people are going to Idaho??? or any of those other states.....and we are moving to a very developed area that the schools BLOWS most of NJ away, just from what our friends there told us and from what we see, and well lets see better quality of life, slower paced life, people who are friendly and not phony, as well as alot more for for your money, and I must add, alot more jobs depending on what one does for a living....
In that case, royceb, it really doesn't make any sense for you to move to Charlotte. Believe me, it scared the "stuff" out of us when we realized what was beginning to happen on the exchanges. My husband just can't believe how many people have their "heads-in-the-sand" about what is happening. A lot of them think that it just won't affect them.
If you and your wife both pull in large salaries then you are truly some of the very few lucky ones who can still afford New Jersey. Good for you.
It's not what you make, it's what you keep. After the gov't takes their vig, we then have to pay for childcare, payroll tax for the childcare provider, obscene property taxes, etc. I can barely afford to live in my town on two salaries raising 3 children (child 2 & 3 were twins). I'm not an investment analyst, I work as a project manager so I don't necessarilty need to work in NY, but the money's mostly up here.
Funny thing happened after my first post in this thread, the Wachovia recruiter called me and said new positions were opening up that may be able to match my desired salary - we'll see.
most people moving think they are getting more for the buck, but what they fail to understand is that they are moving to non developed areas.. if you want cheap then move to central US, i heard some states were giving away free lots to construct on.. once towns get populated taxes will tend to go up to maintain the town.. I know a few people who sold their homes and bought new construction homes in SC and NC.. they thought they were getting a good deal since they sold high in NJ and bought a house cash in NC/SC.. of course cheaper cost of living means jobs based salaries are lower.. with that said many are trying to move back.. now they are stuck because the money they have/had is not enough to buy an equivalent house to what they sold.. think about it really good before moving.. it's hard to move back once you do..
"Non developed" areas??? Have you been to the South lately? You should go and check it out. You're in for a rude awakening! LOL!
And another thing, WHY would you want to move back? Phuleeze! There is a mass exodus out of New York and New Jersey underway! Most of those who've already left would never dream of returning.
my husband is interviewing with wachovia and funny enough he makes a nice living here in NJ however not enough anymore to live here however, the cut isnt so bad, considering I live very nicely now and I can live even better there and we are a 1 Income Family have been for 12 years....
by the way what was the opportunity at wachovia because my husband might be interested??? anyone he can contact since you didnt want it??? if you want PM ME.....
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