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The bigger firms that can afford to pay the same wages across the board start their first years at 190. It's HIGHLY unlikely there are any firms paying 150 in NY and 150 in Chicago.
True. But it's very likely that a firm is paying $130-150k in Chicago and $140-160 in NYC.
Unless OP has offers from separate firms both in Chicago and NYC that are equal in pay. The larger firm would be in Chicago and pay more, comparatively, than the large-ish firm in NYC.
I don't care what Nerd Wallet says. This is common sense. You don't need $150,000 more per year to cover an additional $18,000 in annual housing expenses.
True. But it's very likely that a firm is paying $130-150k in Chicago and $140-160 in NYC.
Unless OP has offers from separate firms both in Chicago and NYC that are equal in pay. The larger firm would be in Chicago and pay more, comparatively, than the large-ish firm in NYC.
Sure, but that's not equal pay.
Any firm in NYC with a starting salary of $150,000 is not BIGLAW. You are talking about a mid-tier or boutique firm.
A mid-tier firm is not paying equal salary in NY and Chicago. And boutiques aren't paying the same either.
I don't care what Nerd Wallet says. This is common sense. You don't need $150,000 more per year to cover an additional $18,000 in annual housing expenses.
I'll just go by what it says. $18,000 annually for just housing isn't all that's more expensive. AND, that's substantial.
I'll just go by what it says. $18,000 annually for just housing isn't all that's more expensive. AND, that's substantial.
Well, that's silly. Thousands and thousands of young professionals move to NYC every single year and they don't have to earn TWICE what their counterparts earn in Chicago.
And what exactly is so much more expensive in NYC other than housing? You think you need an extra $50,000 to cover groceries?
Housing is the big issue here and not even that affects everyone equally since there are still a large number of rent-stabilized units on the market.
Well, that's silly. Thousands and thousands of young professionals move to NYC every single year and they don't have to earn TWICE what their counterparts earn in Chicago.
And what exactly is so much more expensive in NYC other than housing? You think you need an extra $50,000 to cover groceries?
Housing is the big issue here and not even that affects everyone equally since there are still a large number of rent-stabilized units on the market.
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Some day, people want to buy a house. Well, unless you just want a more expensive apartment. The numbers speak for themselves. Argue all you want
OP is certainly making all of this up. I can't think of any professions outside of the legal profession that have a 7-year partnership track and pay that much money. For starters, 31 is a bit old to be a junior associate, but it happens on occasion with older grads. Second, the path to partnership now often exceeds 7 years, and you need to be remarkable to become a partner at any point in your career. It's not something that gets handed out like a gold star.
Finance careers can realistically lead to $450K in total comp in a 7-year time window, but again, 31 is pretty old for an analyst. And most investment banks don't have a "partner" track even though some do have partners (Goldman).
I’m a big 4 tax manager, up for promotion to senior manager this year. I’m actually 7 years into my career and have 7 left for partner (this is an estimate could be slightly more or less).
And also no COLA in his calculations. I doubt the same firm offers the same salaries in all of its locations.
You’re correct I didn’t add this in on purpose. I’m looking at $135k - $150k in Chicago and $140k - $160k in NYC. As you’re probably aware, I wanted it to be concise and not result in information overload. The differential isn’t material enough to note imo.
You’re correct I didn’t add this in on purpose. I’m looking at $135k - $150k in Chicago and $140k - $160k in NYC. As you’re probably aware, I wanted it to be concise and not result in information overload. The differential isn’t material enough to note imo.
Clearly, then, your quality of life would be much better in Chicago. The difference isn't at all enough to make up for the COL in NYC.
You’re correct I didn’t add this in on purpose. I’m looking at $135k - $150k in Chicago and $140k - $160k in NYC. As you’re probably aware, I wanted it to be concise and not result in information overload. The differential isn’t material enough to note imo.
I guessed almost right on with the numbers. Your QOL in Chicago will be higher, but you will not struggle in NYC. It's personal preference. If we were talking like $75k in either, I'd say go Chicago since $75k in NYC isn't much at all. But once you're over the $100k range, NYC becomes easy enough to handle. A little budgeting and a little less eating out for the trade off of living in NYC.
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