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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP your friends clearly are getting family help, but I always felt like people in biglaw or finance in NYC live larger than people in those same fields in other cities who are making the same money -- at least that's what I was seeing in my associate yrs (which were 5 yrs ago). I think it's a combo of things. The hours are longer. Life is harder -- when you lug your laundry down to the basement and find all 7 washers are taken; or you can't get a cab to save your life bc they're all off for shift change or it's raining (I know uber has changed things); or you find a cab and said cab gets stuck in traffic and runs up your fare $40 higher than expected; or your $2500 month/studio springs a leak bc your building never actually does any maintenance and your landlord shrugs and says he'll get to it when he gets to it and in the meantime you have no place to go bc you live in 1 room.

I think bc of these daily non stop conveniences on top of LONG hours, people who make money are much more of the -- eff it, life is hard, I'm going to enjoy myself -- attitude. So LOTS of money is spent out at restaurants and bars. Lots of last minute vacations whenever work allows -- paying top dollar for last minute flights and 5 star accommodations wherever you're going.[b] There's not just the same sense of planning there as I've seen living in DC, Philly etc. where people are actively saving for down payments, maxing out 401ks, paying down mortgages etc. [/b]I think it's in part bc it's an expensive, hard to live place -- people compensate by living large to make themselves happier and if that means 5k/yr goes into the 401k instead of 18k, oh well.

I mean I was surprised as a 5th yr associate, how many of my peers hadn't STARTED a 401k yet. At age 31. And these were not people who came from money and didn't have to consider savings . . . .[/quote]

But something else has to also be driving this.  My friends in NY really don't seem the slightest bit bothered they don't have a downpayment saved up and haven't been saving for retirement. [/quote]

I can only speak for my friend group in NYC -- all in finance and law -- they have a HUGE confidence that they will ALWAYS have jobs and will always keep getting promoted to the next level; and if there's ever layoffs or downturns or they don't make promotions -- no problem bc they're in NYC which is the best city for jobs, so they'll just go across the street and get another at even better comp. As we are now closer to 10 yrs out of law school, many are finding that reality doesn't work that way -- you can very easily be passed over for partner and not find another gig for a yr; and then find an inhouse gig that pays much less. Somehow my friends in Philly -- where I grew up and went to law school -- have ALWAYS been attuned to this reality. Maybe bc Philly isn't as prolific of a city as NYC, my peers there are very cognizant of -- I better save up for retirement while I can and build up an emergency fund and pay down the mortgage bc who knows where I'll be job wise in 5 yrs. DC -- I don't know -- just from the people I know here, most aspire to retire "early" so there's a big emphasis on saving; it's not bc they think they'll be unemployable at age 62 like my Philly friends do but many say, I want to work really hard now so I don't have to at 62.[/quote]

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