Thread regarding Goldman Sachs layoffs

Maybe I'm failing to get some inside joke here but why is everyone on this form acting like $300K is enough for NYC..? A quick google search -

"In New York City, the median household income is $79,713, according to the same dataset from the Census Bureau."

Not getting the thing about world ending next year. Sure, there have been rough times throughout history and we have had economic difficulties but to think that we may be in some Mad Max sort of a situation next year is completely delusional.

"New York City is the absolute last place you want to be in the future."
Bingo
Stay away from places like San Francisco, Portland, Seattle, Chicago,...
Basically the usual high crime disasters.
The economy is not sound and the numbers people spew forth about it
are intentionally not accurate.

i hope you took the offer, 300k combined in nyc is more than enough to live really well. you can probably get a 1 or 2 bed in downtown/midtown or a huge spot in brooklyn or queens and still be able to save especially with the bonus. also living here is great, walkable with good public transit and enough things to do to keep u entertained for a lifetime. only thing i would be worried about is the GS work culture, i hear its kinda rough, don't work there though

No you didn’t.

https://nypost.com/2024/01/20/metro/migrants-waiting-for-shelter-beds-are-using-this-nyc-park-as-their-bathroom/

I think it’s cute how people think that by this time next year everything will be business as usual.

I would stay put and stack precious metals like crazy since your house and cars are paid off and food, water, medical supplies and tools. Los of tools.

Have you not been paying attention to what is happening?

New York City is the absolute last place you want to be in the future.

Wake up.

LOL, this is a joke, right? Have you calculated all the taxes you will pay living and working in NYC? You might actually wind up owing NYC money and be in the negative column at year’s end on a $200k salary.

$300k combined salary with hubs and no mortgage, your property and cars are paid off? I would stay put, that’s like 2nd grade math. You are sitting pretty where you are, why give all that up?

Reply to @rke+1qEMaBxk

Good luck with whatever you decide.

I think you must be very sheepish or naive. The financial system is crumbling as we speak. If you own property, have a good combined income with your husband, why would you give all that up to live like a caged rat for a company that is known for treating its employees poorly?

You cannot argue that big changes are coming down the pike and we are only a black swan event from everything going south quickly.

And no, $200k is not a good salary for a NYC job when secretaries are pulling that in with minimal overtime in NYC.

$200k is a great salary anywhere but NYC, do you understand? They low-balled you, gave you what you should get for a new job where you are currently living. I only changed jobs ever for a 25% increase and I never left the city I live in, I just crossed the street for more money. Moving eats up your money. Why would you want to sell a property that is already paid off? You always keep real estate. Rent it out, don’t sell it, make it produce income.

You are not that savvy when it comes to your own wealth building skills. Not surprising as most GS people are not.

My husband and I are minimalists. That’s how we were able to pay off the entire balance of our current home and cars. It’s wild to me that everyone thinks $200k is not enough. I get that the job is in NYC but that’s just HALF of our salary. We currently make over $300k total combined. I’ll admit GS was not my first choice but I am highly sought for this particular role. It’s not your typically finance role either in investment banking.

You must be trolling because $200k is so 2015 and everyone knows the housing market has come to a complete screeching halt. You will take a loss if you sell now, even if it’s paid off.

BTW, as a woman, my shoe collection wouldn’t even fit in a NYC studio, you really expect us to believe you and hubby are going to live in a NYC studio? That’s a good one. You need a decent wardrobe for any NYC job and no way you can manage in a studio.

But no, $200k in the year 2024 for NYC, he-l no. You wont even be able to afford a nice bottle of spring water on that salary nowadays.

Reply to ID: @ghp+1qEMaBxk

It’s sounds like you have it good now. Two people sharing a studio in NYC? Recipe for divorce.

Stay put.

Understand this, we are headed into a long depression. You do not want to be in a city.

Trust me. Or don’t. I really don’t care, but mad max scenario is right around the corner.

My two cents is to be no where near a big city when the collapse happens. And spare me about how good the economy is, everything is rigged. We are in a recession, headed for a decade long depression. Being in NYC when everything goes mad max is not going to be enjoyable.

Have you not been paying attention to the planned destruction of this country?

I’m comfortable where I am. I have no mortgage payment, no car payment, etc. Currently making $150k and I live in a very affordable city. Moving entails selling my home but I would never buy real estate in NYC but would rent a studio. It’s just me and my husband. Also, this is just my offer. My husband will have a similar offer or something slightly less.

I don’t understand how they can still be offering $200k in the year 2024 with inflation as high as it is. It’s an insult. I know secretaries making $200k with their overtime. And you’re salaried, so consider yourself putting in 60+ hours just to keep up to their standards.

I’d give it a big pass.

If GS in NYC is offering you $200k you can find that same salary or better in one of the new and upcoming financial hubs, like Dallas. So many financial jobs in Dallas, including GS, they have a big presence in Dallas.

If you have another offer, id consider passing on NYC. Unless you are Ivy League (which it doesn’t sound like you are based on $200k offer), you’ll be miserable. It’s not an easy place to work at. $3K for a studio? How sad and dreadful life to work as hard as they will require to have a tiny studio to call home. Not my kind of offer. Id hold out for something better when you can actually buy a home and build your wealth with real estate.

I’m debating on whether to take the offer. I’d be forced to leave my modest home and move into a pitiful studio for $3K monthly. I have some debt but no children.

Have you seen what is cost to rent a studio near where you will be working? You might be able to swing a studio near your office on $200k but forget about commuting into NYC 5 days a week, you’ll spend all your time commuting and trying to stay alive to get to office.

NYC is a disaster.

$200k a year used to mean you were making really good money. Nowadays $200k is more like $65k. TBH, $200 is an insult. I was offered $200k in 2010 (that was 14 years ago) Can you live on $65k? Do you have a family? Are all your debts paid off?

Unless you are debt free, $200k will be just enough to cover your food and housing these days. I’d tell them you want $275k and a $100k sign on bonus. And a guarantee of 15% + yearly bonus, because they never give you what you are promised and if you are not on good standing the first year there, you are among the top 5% that is cut each year.

Commuting 5 days into NYC will take 25 years off your life. Not to mention the illegal immigrants are everywhere.

I would take it only if you need a job and can afford to give 85% of your paycheck towards rent or mortgage cost or live in NYC.

Do the math, $200k with 18% bonus is not enough money to live like a king in NYC. You’ll be flat broke all the time unless you already own a place outright in NYC and even then, $200k wont cover RE taxes or HOA fees on a condo.

Id take the offer if it was in Dallas, TX. You could love well on that salary in Dallas.