<p>1) I live in uptown manhattan, a block from the 2/3 express line. I pay $700/month to share in a 4 bedroom with 3 friends, all newly minted college grads (apartment's rent is $2800). My commute is 25 minutes to wall street, and I basically live right on central park. You just have to know the city (or actually visit neighborhoods instead of relying on labels and history). New Jersey (Hoboken / JC) is a popular choice for my firm too.</p>
<p>2) A point of order:</p>
<p>You could live in the Bronx. Riverdale is part of the Bronx, and me myself prefer to live in Riverdale than anywhere else in NYC.It is 10 times nicer than downtown. There is so much peace and quiet [yadda] Even Spitzer went to Horace Mann School.Oh nooooo he went to school in the Bronx, how could he ever live. Did he get shot there. People really need to stop making assumptions on the Bronx.</p>
<p>Riverdale isn't the Bronx. Head over to co-op city, or a few blocks east of yankee stadium. THAT's the Bronx. You live in Riverdale (and should be glad you do). Just because your mailing address says "Bronx" doesn't mean you're down wit da boys in East Tremont.</p>
<p>Oh, and living in riverdale is very nice, but it also means it's over an hour on the 1 train to get downtown (or you can drive and pay $350/mo for parking).</p>
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<p>As to the OP's question, on a 1st-year analyst budget, it is certainly possible to put away $45k if bonuses are the same as they've been the last 2 years. Several of my friends at Morgan Stanley are living in brooklyn and doing just that. But you better be frugal and not have a lot of material needs.</p>
<p>It certainly possible to save a lot from the get go on a good salary ... lots of good advice has been given ... I would add a couple things ... 1) get into Excel and make a budget. Choices about where you live and cars will have a HUGE impact on your cash flow. 2) Pay yourself first, each month after getting paid .. pay your bills including paying off your credit card bills every month, put money into your 401k, put money into your IRA, pay off your student loans, pay off your (small) car loan, etc ... take care of your financial plan and then play with the balance. </p>
<p>If you pay yourself first you'll be amazed how much you can save ... if you play first you'll probably be amazed how much you can spend!</p>
<p>PS - and use your bonus for those financial goals ... you can pay off school loans, car loan, save for down payment real fast if you live on your salary and "bank" your bonus!</p>
<p>i just graduated from college and got a job doing IT for a financial services company. I want to go to Bschool in about 3 years and change the direction of my career. I want to go either into management, strat consulting, or finance. </p>
<p>My work experience is going to be mostly technical and I am not sure if admissions officers will look at this as a plus. </p>
<p>Now lets say I get into a good Bschool and after my first year of classes, try to go out and get an internship in finance or strat consulting. How will I be able to get a job in that field if I have no work experience in that field and my undergrad background is engineer. What do you guys think of my situation? WIll I be able to make it work and what should I do to position myself as best as I can? </p>
<p>In case anyone missed it, there is a very interesting article in today's NY Times about "The Housing Virgins" -- meaning those embarking upon their very first apartment hunt in Manhattan. Notably, the article states that vacancy rates in the Manhattan apartment market now stand at a paltry 0.78%, and rental prices are up 15% over the summer of 2005. The fees being paid to real estate brokers/agents is up to 15% of annual rent. Years ago when I rented I thought that 12% (about two months' rent) was bad! Landlords are requiring three months rent up front (first month, last month, security deposit), which hasn't changed at all. </p>
<p>Note, too, that salary requirements just to qualify for apartments in Manhattan (this typically applies in Queens, Brooklyn and the Bronx too) is between 40-45 times one month's rent, or, as the article points out, about $120,000 for a $3,000 per month apartment. That's base salary only. If you don't make the grade, you will need a guarantor who will need to make that amount of money. Years ago I remember having to have my Mom and Dad and my Uncle act as guarantors on my first apartment just to get me in the door. </p>
<p>I know, futurenyustudent, that you are just aching to tell me how much better things are in New Jersey, but the market is tight everywhere (take a look at how rental housing prices have risen in Hoboken and Edgewater in the past 18 months as an example). The vast majority of new construction in the region is homes for sale, not rent, so the rental housing stock has remained stable, and as demand increases (and, according to the article, it continues to do so), prices rise. That's why so many people try to save money to put down a down payment on an apartment as soon as possible -- not only is the mortgage interest tax deduction fantastic, but if you can come up with the 25% down payment required by most NYC buildings, you will own your own little slice of the Big Apple. </p>
<p>I think it's best to anticipate the unexpected in the NYC metropolitan area rental housing market.</p>
<p>I just got done with my own first NYC apartment hunt. You basically can't get anything good without a broker, they have the market tied up with exclusives. Good: Citi Habitats. Bad: Best Apartments (used them). Ugly: Manhattan Apartments. Stay the eff away from Manhattan Apts.</p>
<p>Anyway, It took me about a week to work my way through half a dozen of the bigger brokers and spend a day going and seeing things that fit our description. Once you do that, they call you if something else comes up within your parameters. Something perfect (in my mind) popped up, a 4BR just north of central park on the 2/3 express, for $2800. Big living room, newly renovated kitchen w/dishwasher, 2 baths... we took it and ran like hell. </p>
<p>Sure, yeah, we had to either make 40x the monthly rent, or get a group of guarantors who made 80x the monthly rent, but that's really not the big concern. The toughest part was being the first one in the door, because if you're not, often the apartment is gone.</p>
<p>Anyway, I don't think the situation is nearly as apocalyptic as the NYT would have you believe. Sure, it's an intense, pressure-filled system, but once you learn the rules of the game and how to play the game, you just have to have the energy to go checking places out day after day. It's not a nightmare, especially with craigslist to hold it all together.</p>