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65K is decent for NYC at 28, but kind of low for your industry. One of my friends is 23 like myself working for JP Morgan making 70k+ with a Bachelors. Granted, she went to an Ivy League school and interned there in undergrad, which definitely helps. Once you finish your MBA, your experience and degree will help you have more opportunities to increase your income. I would say to lessen the burden, consider moving to an outer borough to reduce your commute time and money spent on transportation; you should be able to find either a studio/1 br for the $1400-$1600 range.
my gf graduated from college last year. she is 23. her starting salary at a tech media company midtown is $78k + benefits + bonus + 28 vacation days + 7 personal days. people in the business generally reach $125-$150k after 5 years.
has alot to do with what industry you work, but finance, media, law is the places to be for the upper end salaries.
I've known people in their 40's and 50's and even younger working in NYC that barely break 50k. I know a lot of people in this city make bank but I would still consider you blessed. There are many companies in NYC pay pennies even with a degree. I just saw several job openings requiring a bachelors and 3+ years of experience paying 40K :/
I didn't read the whole thread. I'll be back.
ETA: I agree with the poster who said you should consider moving to the outer boroughs to lower your commuting costs. I don't think 65K at your age is bad but $450 a month in commuting cost is a lot!
Last edited by hershey48; 02-25-2016 at 09:44 AM..
I've known people in their 40's and 50's and even younger working in NYC that barely break 50k. I know a lot of people in this city make bank but I would still consider you blessed. There are many companies in NYC pay pennies even with a degree. I just saw several job openings requiring a bachelors and 3+ years of experience paying 40K :/
I didn't read the whole thread. I'll be back.
ETA: I agree with the poster who said you should consider moving to the outer boroughs to lower your commuting costs. I don't think 65K at your age is bad but $450 a month in commuting cost is a lot!
it depends on your industry/education.. and your willingness to play the game to promotion.. there are a lot of working class in the outer boroughs making <$50k.. NYC demographic is broad. there are college grads making $40k forever, because they're willing to work for that much.. it's as simple as that.
If you are college grad in the professional career track, $65-$80k starting salary is normal. It's there, some people just don't pursue it for some reason or another.
my gf graduated from college last year. she is 23. her starting salary at a tech media company midtown is $78k + benefits + bonus + 28 vacation days + 7 personal days. people in the business generally reach $125-$150k after 5 years.
has alot to do with what industry you work, but finance, media, law is the places to be for the upper end salaries.
Sounds like she should work a bit harder to get her salary up. I worked at a company that gave unlimited vacation days, problem was, if you took any, you'd get fired. She should boot strap.
have a friend living in the city working at a brokerage firm. Thought he was making bank because he always talked about how busy he was and how he's been growing in the firm...turns out he's only making 70K despite passing numerous licenses. 70K is no slouch and I think he gets a bonus but there are many days when he is there 12 hours. I was under the impression he was making high 90's.
I guess qualifications, experience, and education can only get you so far because at the of the day, it's the company you work for.
20 years ago, I think all the kids would've laughed at me if I told them I aspired to be a garbage man....everyone told everyone it was the worst job....but 100K for a stable work week doesn't seem too bad. Whudda thunk!?
well, that same friend making $70k/year right now should be clearing $150k + bonus in 5-8 years. The hard work in the first few years as analyst pays off later on..
My brother is a compliance officer at a financial firm, he started at $45k back in 2004. he did nothing out of the ordinary, never went to grad school or MBA, switched firms 3-4 times for 20-30% hike in salary each time, and requested a raise every other year.. he now clears $150k/year. that's the game.. those who play it get paid.. and $150k isnt considered anything great either in the industry.. the income disparity in this country has nothing to do with unfairness, it happens because we live in a capitalist world that rewards opportunists.
i'd like to also add that there are people for wahtever reason who aren't comfortable doing that.. there are people who stay at the same co and never ask for a raise.
well, that same friend making $70k/year right now should be clearing $150k + bonus in 5-8 years. The hard work in the first few years as analyst pays off later on..
My brother is a compliance officer at a financial firm, he started at $45k back in 2004. he did nothing out of the ordinary, never went to grad school or MBA, switched firms 3-4 times for 20-30% hike in salary each time, and requested a raise every other year.. he now clears $150k/year. that's the game.. those who play it get paid.. and $150k isn't considered anything great either in the industry.. the income disparity in this country has nothing to do with unfairness, it happens because we live in a capitalist world that rewards opportunists.
i'd like to also add that there are people for wahtever reason who aren't comfortable doing that.. there are people who stay at the same co and never ask for a raise.
I agree. I was laid off in April 2011. i took a 20% paycut in Jan 2012. the company told me that they were going to get me back to my ending salary after a year. They didn't so i looked for another job and got offered a job after 2 weeks of searching. Gave my 2 weeks and they came back with a counteroffer. I decided to stay and left after year 2. Jumped ship and got a 27% salary increase. after, one year at the new job, I requested an 8% increase this year. Let's see if i get it. If not then in 2 years, i will weigh my options.
The goal is to have a nice salary by 40 so i can just stay there and retire.
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