What's the lowest salary you'd take for a better job and lifestyle? As a first year analyst who hasn't been exposed to that much $$ yet, I think I can happily live off 65K in NYC

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You guys are ridiculous. I lived on $40k working in an unrelated industry in Manhattan right after college. Broke? Yes. Happy? Very. Rent was $1500 for a room in UES. Spent weekends at the museum ($1 entry), $1 beers in the EV, dollar pizza and $4 falafel for lunch, cooked dinner. Went to all kinds of free events and concerts, read books at Barnes & Noble, then went on awesome dates in Central Park with girls who primarily liked me for my personality. Is $65k enough to raise family in Manhattan? Probably not. But to live a great life when single? Absolutely.

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Continental on St. Marks also has 5 shots for $10 and it gets super rowdy in there.

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Isn't 65k the poverty line?

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LOL, where will you live? Queens?

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65 in Queens is not even doable. Lol

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@barclays1 that's a skewed view of poverty you have there

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Sometimes people in this industry need to venture out of their ivory towers once in a while.

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😂🤣

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Well technically you can survive on a lot less. When in grad school, I worked 20 hrs/wk at 20 $/hr. Assuming I worked every week of the year(I didn't ), that's ~ 21k. I was comfortable, of course I wasn't living in Manhattan so the rent I paid for a room was about 600$. Say it costs 1500 for a room in Manhattan, I would've needed to make an additional ~13k/year to afford that(factoring in taxes on the added income, so it has to be more than 900*12~11k)
34-36k should be enough to live in relative comfort in Manhattan. And now I'm sad, I earn so much more now but not that much happier☹️.

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Totally agree w/ @Lazard1. Out of college, I made $35k in media and had to moonlight in retail after my day job. The best part about Manhattan is you can live large, but there are definitely ways to be frugal and still enjoy this city.

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I lived like that in early twenties but I wouldn't want to live like that again. I enjoy the luxury to not penny pinch and to be able to afford things without worrying it'll put a dent in my savings. However I'm not in FO and do not have the same stress level as them.

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Taxes? 401k? Savings?

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90k

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@A1, This was in '11. (JPMC1, OP stated that he is a first year analyst so probably ~22 yrs old). Ultimately it's better to be well-capitalized both in terms of social and financial capital. It's hard to pursue new ventures when you are unable to contribute some meaningful or even nominal symbolic amount of financial capital. However it's also true that living on $20k to $40k in Manhattan builds character and empathy in a way that is hard to replicate when you can buy your way out of many of life's minor inconveniences.

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You must want to be broke

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Lazard hit the nail on the head. I'm able to save a decent amount right now but living frugally on a first year analyst salary (85k) and therefore I felt a 65k salary is easily doable especially when you consider most college grads are barely making above 50k. Obviously I'm saying this as someone in his early 20s with no kids, family, or major expenses

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@jpm1 taxes are taken out of the pay check, 21k is the gross number and not what one would have in hand. I lived a decent life on the after tax amount. 401k, I didn't have one then but I did have some savings, albeit small, which I could've been put in a retirement account. Now factoring in a decent savings as well, 45k would be more than enough. This will afford you the bare minimum: a roof over your head, public transit, food, water and also free/cheap entertainment. There are no frills here.

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@laz 1 - was this in '02?

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I'm confused. Why not just get a back office job working 8-5 and make more than this? Best of both worlds...

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When I first moved to NYC (2012), I was making $70k and was contributing to savings and 401k just fine. It wasn't a ton, but I could cover my rent (~$800 in Brooklyn), food, transit (pre-tax accounts are key), and fun expenses without much issue-- and that's with student loan repayment. I'm arguably much more comfortable at a higher salary, but I could afford my life, extra debt repayments, and aggressive savings at ~$100k easily. Lower is doable, but the six-figure bar allows me to accelerate debt repayment while putting away money.

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