well thanks for the honesty. Lucky for me I have some faith in myself even if you don't. I am driven and determined and won't be put off by doomsday merchants. I appreciate I have no track record or no first first first class education, but hey, i willing to get spat on if i learn something. And I wouldn't flip burgers...
Moving to NewYork, any advice?
- Thread starter JdhJon
- Start date
well thanks for the honesty. Lucky for me I have some faith in myself even if you don't. I am driven and determined and won't be put off by doomsday merchants. I appreciate I have no track record or no first first first class education, but hey, i willing to get spat on if i learn something. And I wouldn't flip burgers...
Then lets put you into perspective:
1) Imagine that you do this fulltime, and lose all your money within a year or two. 95% of traders are estimated to do so.
Or you could join the 95-99% group who break even or make a little money.
Or the 99-99.8% who make somewhat of a living
Now why do you think that you are not in the 95%? Or 99%?
2) People who don't make a living at trading, and don't have a job, and need to support themselves at trading are what si known as "scared money." They become irrational and unfocused and likely will make a career ending error.
That will make you even much more likely to go belly up. Trust us, everyone thinks they are different. Few of them are. (and if they think they are, it is quite unlikely).
It isn't doomsday, it is that people like yourself think they will make it, in spite of the fact they will not.
you need to understand that you need a lot of degrees, MBA & CFA...ect to compete with a lot of young intellectual people who want to get into Wall ST. Wall ST firms will start you with a base salary for an assistant trader position... you also get bonus sharing within the firm. you will move to trader position with experience later on. unfortunately, those jobs are very prestige & VERY HARD to get in.
if you don't have outstanding education then you second choice is to work for a prop firm. however, these prop firms don't have base salary. most people work for prop firms can't have any respectable income in the first year.
if you don't have to pay for rent/foods... nor need money for 1 year then go to work for a prop firm.
this is reality and don't believe in fairytale out there. trading is a very cut throat business. traders are fighting for nickles & dimes, believe it or not!
if you don't have outstanding education then you second choice is to work for a prop firm. however, these prop firms don't have base salary. most people work for prop firms can't have any respectable income in the first year.
if you don't have to pay for rent/foods... nor need money for 1 year then go to work for a prop firm.
this is reality and don't believe in fairytale out there. trading is a very cut throat business. traders are fighting for nickles & dimes, believe it or not!
Not only is every post about NYC prior to this correct but you will undoubtedly spend far more than you think you will. I have only lived in America, but other than the obvious housing increase; food, parking, taxes, taxis, beer/liquor, entertainment, papayadog, pizza, it all costs more in Manhattan.
"Start spreading the news
I'm leaving today
I want to be a part of it, New York, New York
These vagabond shoes
Are longing to stray
And make a brand new start of it
New York, New York
I want to wake up in the city that never sleeps
To find I'm king of the hill, top of the heap
These little town blues
Are melting away
I'll make a brand new start of it
In old New York
If I can make it there
I'll make it anywhere
It's up to you, New York, New York.
I want to wake up in the city that never sleeps
To find I'm king of the hill, top of the heap
These little town blues
Are melting away
I'll make a brand new start of it
In old New York
If I can make it there
I'll make it anywhere
It's up to you, New York, New York. "
I want echo that fabulous rendering of Frank Sinatra's paean of praise of New York. It is one hell of town to play in and to do business. This is the world's citadel of capitalism and free enterprise - live and tingling every day.
I lived in NYC for 10 years and wound-up moving out back in 1993.
I needed $85,000 per year in order to break even due to all of the taxes ( there is a sizeable NYC tax on income along with state, and federal ) not too mention the high cost of food and rent.
I had a car, and spent $300 per month to park it ( at the time ) in a local garage not too mention another $1200 per month rent in a small one bedroom apartment in Battery Park City.
All of that was 15 years ago.
I would imagine you could "double" just about every category that I mentioned above.
Good Luck to you.
I needed $85,000 per year in order to break even due to all of the taxes ( there is a sizeable NYC tax on income along with state, and federal ) not too mention the high cost of food and rent.
I had a car, and spent $300 per month to park it ( at the time ) in a local garage not too mention another $1200 per month rent in a small one bedroom apartment in Battery Park City.
All of that was 15 years ago.
I would imagine you could "double" just about every category that I mentioned above.
Good Luck to you.
precisely. An average apt is $36,000 a year AFTER taxes.
This kid has way too many stars in his eyes; likely to step in front of a bus and shorten his stay.
True, but the commute can really wear you out after awhile depending on how far out of the City you are.
Bronxville in Westchester and Greenwich in Connecticut are some of the shorter commutes ( 35 and 42 minutes respectively ). However, the cost of living and renting is exorbitant!
I lived in Westport, CT for awhile because it was nice to be in such a lovely community with a public golf course and beach and not too far away from Newport, Rhode Island for weekend trips. Unfortunately, the commute into Midtown Manhattan was a solid hour and the subway ride down to Wall Street was not the most humane form of transportation.
It wore me out.
Bright Lights - - - Big City.
Definitely a young man's game!