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My friend who is a 6th year associate at a law firm (base salary $250k, expected bonus $80k) was telling me how he feels broke all the time a couple weeks ago. He spends $3100/month on rent, by the way. But his girlfriend wants him to move into a nicer place and also buy a new couch from Restoration Hardware.

So, that's a nice salary for a 40-hour week. I'm guessing your friend works a few more hours than that?

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So next Tuesday I'm taking some Gullible Young Woman to see Karol Armitage at the Joyce.   For dinner after, I'm thinking of two places: Aldea and La Luncheonette.   Aldea, obviously, is one of t

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That's exactly the point. You "pay" to do them because there's "consumption" value to those jobs when your next best option is a more highly compensated professional services job.

 

The notion of opportunity costs becomes problematic at some point. Am I 'paying' to be a petit bourgeois IT worker because theoretically I could have become an investment banker or white shoe lawyer?

 

I do often wonder what proportion of diners at, say, a Momofuku, or Tarlow or Stulman's restaurants, are true yuppies [ie upwardly-mobile professionals] and what proportion are hipsters on daddy's dime, and how much the latter category compel the restaurants to limit costs [lamb neck, etc].

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My friend who is a 6th year associate at a law firm (base salary $250k, expected bonus $80k) was telling me how he feels broke all the time a couple weeks ago. He spends $3100/month on rent, by the way. But his girlfriend wants him to move into a nicer place and also buy a new couch from Restoration Hardware.

So, that's a nice salary for a 40-hour week. I'm guessing your friend works a few more hours than that?

 

 

if you are making 330 k a year and only paying 36 thousand on rent, you should be flush with cash.. Your friend needs to speak with a financial expert.

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I'd love to see visualized data tracking the migration away from the city's epicenter over the last decade or so. I personally am done with Manhattan because I have to be (unless I moved to Inwood). Our friends just moved to Flatbush and told us that they mainly ran into Park Slope parents at open houses.

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My friend who is a 6th year associate at a law firm (base salary $250k, expected bonus $80k) was telling me how he feels broke all the time a couple weeks ago. He spends $3100/month on rent, by the way. But his girlfriend wants him to move into a nicer place and also buy a new couch from Restoration Hardware.

So, that's a nice salary for a 40-hour week. I'm guessing your friend works a few more hours than that?

 

 

if you are making 330 k a year and only paying 36 thousand on rent, you should be flush with cash.. Your friend needs to speak with a financial expert.

 

I would hope with that sort of $$, he's throwing a bunch in a 401k.

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There's been a lot written (somewhat self-indulgently) about this topic outside of MF. In a nutshell, if you're in an entry level job in fashion or media or the arts in NY, you're parentally subsidized (or you're living six people to a one-bedroom in Bushwick...it used to be Park Slope). You can get by entry level in law or finance without parental support and living in a one bedroom (I did) but you're also essentially living paycheck to paycheck (ditto).

 

I move back to DC in a month but the move back to NY is going to wait until that $250K-350K salary is well in hand (albeit I'm a much better personal money manager now).

 

(thought: in DC there is probably an upper floor on how high restaurant prices and real estate can go, because everyone works for the federal government (K street really doesn't make that much more)...which puts a hard cap of about $150Kish for the GS-15s/SES...working for the feds is nice in that you can't get fired but the 55-year-old senior exec type is barely making more than the 29-year-old right out of law school in a GS-14 position.)

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(thought: in DC there is probably an upper floor on how high restaurant prices and real estate can go, because everyone works for the federal government (K street really doesn't make that much more)...which puts a hard cap of about $150Kish for the GS-15s/SES...working for the feds is nice in that you can't get fired but the 55-year-old senior exec type is barely making more than the 29-year-old right out of law school in a GS-14 position.)

 

I think that figure is slightly erroneous - I just took a look at job openings at the CFTC, and they go quite a bit higher than that. Factor in the benefits packages (when my wife was working there, I couldn't believe how much they were loading into her retirement plans), and the availability of telework and other work/life balance things vs. the associate working at Cravath or some such place...

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That's the horrible irony of New York: working conditions for professionals suck so badly that it only makes sense to endure them if you live like a rich person.

 

But real estate and other costs here are so high that professional wages only buy you a middle-class life.

 

A truth few abused professionals are prepared to admit.

 

Eh, that's after you have kids, no? Life's pretty good for single/DINK people.

 

The city's a pretty fantastic consumption good.

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There was a news segment this afternoon that reported that most poll responders in SF said that they could not meet an emergency $1000 bill nor did they have family or a friend who could come to their rescue. Compare this with the fact that having one's car towed for illegal parking in SF is $800+ (towing + citation). At least once a week someone blocks our driveway. We don't have the heart to have them towed altho they are causing us inconvenience. Do these people think about the possible consequence of their inconsiderate and economically insane action?

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That's the horrible irony of New York: working conditions for professionals suck so badly that it only makes sense to endure them if you live like a rich person.

 

But real estate and other costs here are so high that professional wages only buy you a middle-class life.

 

A truth few abused professionals are prepared to admit.

Eh, that's after you have kids, no? Life's pretty good for single/DINK people.

 

The city's a pretty fantastic consumption good.

Look away I'm hideous. Send me away. Away to Nassau county.

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