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New York Transit Strike

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Kinch - On the serious side, what does $47,000 a year in NYC equate to? I know the cost of living is high there, but is it like $35K or $15K in Columbus?
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BinM - Thats kinda a two sided question. First - you can work in NYC and live far away from the city - many many people do. I know some people who commute to my firm from Pennsylvannia even. There are many incentives to - lower real estate costs, less congestion, and maybe most importantly - no 5% NYC income tax. Id say in this case that 47k is prob about 35-40ish in C-bus.

However, if you live in Manhattan, you just almost cannot do it on 47k, unless you are lucky enough to find a rent controlled apt or have many roommates. You really need about 60k of income (bare min) to live in Manhattan, and that is w no savings. From rent to food, everything is SO expensive here. Just a night out w the fellas is $100-$200 average. So figure the min that you would need to live in C-bus, and that is about 60k in Manhattan.
 
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NewYorkBuck said:
BinM - Thats kinda a two sided question. First - you can work in NYC and live far away from the city - many many people do. I know some people who commute to my firm from Pennsylvannia even. There are many incentives to - lower real estate costs, less congestion, and maybe most importantly - no 5% NYC income tax. Id say in this case that 47k is prob about 35-40ish in C-bus.

However, if you live in Manhattan, you just almost cannot do it on 47k, unless you are lucky enough to find a rent controlled apt or have many roommates. You really need about 60k of income (bare min) to live in Manhattan, and that is w no savings. From rent to food, everything is SO expensive here. Just a night out w the fellas is $100-$200 average. So figure the min that you would need to live in C-bus, and that is about 60k in Manhattan.
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Hey NYB, you from Ohio originally and if so, where?
 
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live in Long Island - took the train this morning - no problem at all - i was in favor of the union and what they were asking - until last night when they turned down the contract becasue it had retirement at 55 instead of 50 and new hires had to pay 1% of health costs - first off no one is retiring that young anymore and furthermore everyone is paying for health insurance becasue it isnt fair - what a mess the city is in right now -
 
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NewYorkBuck said:
BinM - Thats kinda a two sided question.
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Two-sided question? You are starting to sound like a politician. :wink2:

Thanks for the comparison between living in and outside of NYC. I was approaching the question from someone living and working in NYC, but there is obviously a huge number of people who commute from outside of the city and not just around the city.

How long is that commute from PA? Mine is a 1.5 mile commute and cannot imagine a long commute, but I know people who love it. One person I know does a 1.5 hour each way trip. He loves it because it gives him time to think about what he is going to do and did each day.

A long commute is not worth the extra costs (vehicle, gas, my time) to me, but I can see how a 5% income tax could make you think otherwise.

Any predictions on how long the strike will last?
 
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How long is that commute from PA? Mine is a 1.5 mile commute and cannot imagine a long commute, but I know people who love it. One person I know does a 1.5 hour each way trip. He loves it because it gives him time to think about what he is going to do and did each day.
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Usually they take the Amtrak express. Prob about 1.5 hours each way. I hear you about the communte - I sure dont want to be on a train for 3 hours a day, but some guys do it.

I'll try and answer this for NY-Buck - MATH!!!
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Thump - BinM kinda hit the nail on the head. Finance, esp fixed income, is getting more and more quantitative by the day. Almost every person I hire has a engineering/math/science degree - these kids just come up the curve so much faster. The stuff you learn in those degrees isnt important - but the prob solving skills are. Even when I went to business school, it was a joke to me after getting a physics degree. Many of my classmates didnt want a lot of engineers in class bc they would blow the curve (we used to laugh at that). From a students perspective too - its a no brainer. You can go work for GM for X, or go to the Street and make 2X, and in five years 10X.

However - I should mention this as well - even if you are a quant - you must be able to write well also or your career could stall. While at OSU, I also picked up a philosophy (and econ) degree. It really helped me hone my writing skills, esp my analytical writing skills. If someone was going to go into law, I would recommend philosophy over all other majors by a landslide. In any event, even among other quants, I find that having those writing skills really has put me at an advantage at times.
 
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NewYorkBuck said:
Usually they take the Amtrak express. Prob about 1.5 hours each way. I hear you about the communte - I sure dont want to be on a train for 3 hours a day, but some guys do it.



Thump - BinM kinda hit the nail on the head. Finance, esp fixed income, is getting more and more quantitative by the day. Almost every person I hire has a engineering/math/science degree - these kids just come up the curve so much faster. The stuff you learn in those degrees isnt important - but the prob solving skills are. Even when I went to business school, it was a joke to me after getting a physics degree. Many of my classmates didnt want a lot of engineers in class bc they would blow the curve (we used to laugh at that). From a students perspective too - its a no brainer. You can go work for GM for X, or go to the Street and make 2X, and in five years 10X.

However - I should mention this as well - even if you are a quant - you must be able to write well also or your career could stall. While at OSU, I also picked up a philosophy (and econ) degree. It really helped me hone my writing skills, esp my analytical writing skills. If someone was going to go into law, I would recommend philosophy over all other majors by a landslide. In any event, even among other quants, I find that having those writing skills really has put me at an advantage at times.
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You should write a book man, sounds like you've already led quite an interesting life. You're probably one of my favorite posters on here b/c I almost always learn something from you.

I envy your variety of degrees man, that's impressive. Congrats on really busting your ass to get where you are.
 
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NewYorkBuck said:
If someone was going to go into law, I would recommend philosophy over all other majors by a landslide. In any event, even among other quants, I find that having those writing skills really has put me at an advantage at times.
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Interesting comment about philosophy and law. I have some friends where both the husband and wife are lawyers. The husband has multiple degrees including philosophy. I also think one of his degrees is in religion. He handles very complicated real estate law.

One of the best things I ever did was take a two-day business writing course when I was finishing my master's. It was like night-and-day writing for academics and business. This is one area where schools teach the wrong stuff most times.
 
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I love these type of threads!:biggrin:

I am with the majority, the strike is illegal and they should just fire a few. The demands are out of line. No or low skills equate to easy replacement and reduced costs.

I have had a few chances to work and live in NJ, NYC and San Francisco. The costs and the life style just weren't for me. I did like the Palisades though.

To me a key to success in business is the ability to write, which I do not do enough, and the ability to speak, which I do too much. I have always been partial to the engineers and science guys as they have a structured problem solving method that can be adapted to many situations. Many are terrible writers and speakers though.
 
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DEBuckeye said:
By the way, getting back to my point in another thread regarding teachers' salaries- how much do starting elementary school teachers make in NY? Less than or equal to $47K, I'd guess. Who's worth more?
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This was one of the big talking points. According to the talking heads (again, no fact-checking here, which I usually don't like doing. . .):

Teachers start at around $36,000.

MTA worker starts at the $47,000.
 
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One more reason why Unions are worthless imo... If you think you're under paid, look out the door to see if there is a line for your job... if there is, you're not underpaid...

47k for sitting in a glass booth with no brain power required is too much... those folks should take a pay cut, and participate in more of their healthcare costs...

Wonder what the union will do when the bulk of the jobs are automated... a trained monkey can do their job....
 
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