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I think when he said contribute the max he was saying the max allowed by IRS ($17k).
I see what you are saying. Initially for 3-4 years, I may not invest that much amount in 401k as I plan to save for down payment of condo I plan to buy next year. But after a few years, I may increase that amount.
newport , exchange place , grove st , hoboken are water front facing areas in JC full of people working in banks. hence you will quickly start knowing people from financial backgrnd. easy to go to nyc . just path trains as above are path stations.
renting is very expensive + utilities + parking .
otherthan this secaucus , west newyork , teaneck , paramus , englewood cliffs , weehawken are nice areas in nj. commute to nyc will take some time though. but these places fall within ur renting budget .
Problem is that jobs are harder to secure so people are willing to accept a job for the initial salary offer rather than wait it out or re-negotiate.
My current job initially offered me a lower number and I turned it down and after 1 month they came back and offered me a higher salary. I was lucky that they needed to get the job req in before they lose it.
Agree. I just don't want a flashy salary but really want to do some savings too. My primary concern is that I have heard Wall street big shot guys consider NJ as bit non-decent area (which is not true IMO) so little confused if networking/occasional parties thrown at home may be an issue.
tons of people working in the financial district live in Jersey City or Hoboken. most of your networking will be happy hours in the city anyways.
depends on the job. I have a bunch of VP's reporting to me and they do not get that kind of money anymore
Quote:
Originally Posted by vaibhaviit2002
Agree. Market is not that rosy these days. May I ask which area within IB you work in? I mean trading/M&A/Middle office/back office etc? It'll help.
I think the OP said he was going to be a VP in investment banking, not just work at an investment bank, so it's definitely not a middle/back office position. I didn't realize comp fell off so much in banking though...
I agree w/ sonofagunk about living in Manhattan. If were to purely guess, I'd say the OP might have just got his MBA and doesn't have much experience in IB - it's not uncommon for people to burn out, every minute/hour saved will be priceless... Also, nothing beats being in the city if you're looking to network w/ other professionals within the industry.
I think the OP said he was going to be a VP in investment banking, not just work at an investment bank, so it's definitely not a middle/back office position. I didn't realize comp fell off so much in banking though...
Yep. I'll be working in FO in Options Market Making/Automated Trading. I am not sure how bonus is gonna be in 2014 but 2012 VP level average bonus for all teams combined (Sales&Trading and Investment management) was way more than $100k. So I guess it depends a lot which team you are working in. I hope I am in the good one as this team generated very good profits in 2013 for the firm.
Quote:
Originally Posted by jpf723
I agree w/ sonofagunk about living in Manhattan. If were to purely guess, I'd say the OP might have just got his MBA and doesn't have much experience in IB - it's not uncommon for people to burn out, every minute/hour saved will be priceless... Also, nothing beats being in the city if you're looking to network w/ other professionals within the industry.
Agree. Manahttan looks like best shot to me too. BTW, I did Masters in Financial Engg.
I really think you should drop the whole idea of entertaining in your manhattan apartment. It's not realistic, feasible, or even what you'll likely be doing. People in Manhattan want to go out to restaurants, bars, clubs, etc. Unless you have a $6-7000+ per month apartment your space is too small. So if the thought is people won't come out to JC, even if you're in Mnahattan, you'd only meet up at someone's apartment to then immediately head out. And most likely you'll just meet wherever you're going. It's not like the stupidly unrealistic movies set in NYC where the gossip columnist has a TriBeCa loft and throws industry network parties and a celeb just happened to hear the rumor of how awesome this "journalist's" social circle is.
I am also a VP in trading and I live right above the grove street stop in JC. 3 new rental building across the street coming up and you'll be right by Newark ave for all the bars popping up. You can rent a nice 1 bed in a MUCH better building than anywhere in manhattan for MUCH less ($2500). You can easily get to downtown or midtown NYC as well (don't know your bank's location) we have a car but even if you don't, you can get walk 5 min to shoprite and BJ's and save a ton of money on shopping and can home for a few bucks.
Even with late nights, just check the path schedule and time your trip back. If you don't want to wait then get an uber... It's $35-40. Quality of life all around is much better nj the grove street area and this is exactly why I'm looking to buy here. People were saying the same thing about Brooklyn 5-10 years ago... Now look at it. JC is next.
If you want to save $, get a $2500 1 bed in a nice building in JC, use BJ's (your apartment will actually be livable with a kitchen that can fit more than 5 lean cuisines), take the path into the city when you need to go out on weekends, take the path home unless it's a particularly late night and just uber, and bank a grand a month from your paycheck. You'll have more jan enough leftover to do dinners, etc. I'm able to do all this and my entertainment is double what yours will be because I pay for me and my wife.
Manhattan will cost you at least $1000 more for a similar building in a cool neighborhood, plus groceries and anything else will cost more and sale taxes are higher, and you'll throw away 4% more on city tax. Manhattan may appeal to people's sense of wanting to be aspire to that Sex and the City feeling, but it's not the smart choice when you have JC.
I wonder if this guy will post his 2014 bonus number (should have it in a couple of weeks)
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