10 Things to Know About Working in New York
Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can make it anywhere? Weâre not making any promises, but we can give you some tips about what working in New York is really like.
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1. Salaries are high â but so is the cost of living.
For many fields, particularly those that require highly skilled workers, salaries in New York are higher than those in other cities. But before you get too excited about the fact that salaries in New York tend to be higher, keep in mind that the cost of living in New York is higher, too.
Luckily, there are plenty of financial experts around to help you figure out how to keep your finances in check. These are the top 10 New York financial advisor firms.
2. New Yorkers put in long hours.
New Yorkers tend to work longer hours than folks in other cities. In part, thatâs because the workday itself is longer, but itâs also because New Yorkers tend to have long commutes. If you want to have plenty of free time to pursue side hustles or hobbies, working in New York might not be the best fit for you.
3. Commuting by public transit is the norm.
According to recent Census Bureau figures, 55.6% of New Yorkers take public transportation to work, 0.8% bike to work, 10.3% walk and 3.9% work at home. Hate crowds? Commuting by public transit could take some getting used to.
4. Office happy hour options are plentiful.
Working in New York means having a multitude of options for weekday lunches and office happy hours at your fingertips. Socializing with your coworkers after the end of a workday is easy with so many places to go and easy public transportation options to take you home at the end of the evening.
5. Being a working parent is expensive in New York.
New York has some of the highest childcare costs of any city in the nation. Being a working parent in New York is expensive â and itâs not easy, given the long hours New Yorkers put in. New York has a lower rate of working mothers than many other major U.S. cities, in part because the high price of childcare makes it hard for many New Yorkers to earn more than they would have to pay for childcare.
6. New York work culture takes some of its cues from Silicon Valley.
Some New York workplaces are taking their cues from the start-ups of Silicon Valley, implementing casual attire, flexible workdays and other features. In an effort to compete with companies in other cities, some New York companies are expanding the perks they offer their workers, so if youâre lucky enough to get a job in one of those companies, youâll find that working in New York has its compensations.
7. Lots of New Yorkers have more than one job.
Whether theyâre care workers who work double shifts or actors who tend bar on the side, many New Yorkers have more than one job. For some, having a second (or third) job is a matter of necessity, while for others itâs a way of advancing their career or expressing their artistic side. Plus, getting a second job (or a roommate) makes it easier to live the New York dream without going into debt.
8. There are professional support opportunities here.
Because itâs a huge, densely populated city, New York has professional support opportunities for those up and down the career ladder. You can get help finding a job or finishing your GED. You can also attend high-powered networking events and conferences. The important thing is to know what resources are out there and how to take advantage of them.
9. You can outsource a lot of tasks â if you have the money.
If itâs in your budget, you can outsource a lot of tasks that you donât want to have to tackle during your non-working hours. That includes mailing packages, getting food, dropping off dry cleaning, completing home repairs and more. Of course, these services arenât within reach of all New Yorkers, and many people like to do these basic âlife adminâ tasks themselves. But if youâre planning on diving into the workaholic lifestyle in New York and you think youâll have some money to spare, there are lots of companies looking to make outsourcing chores easier for you.
10. It helps to know someone.
It helps to know someone when youâre looking for work in New York, if only to stand out from the pile of applications that so many New York jobs attract. Thatâs why itâs a good idea to build and maintain your network and put it to work for you when youâre looking for a new (or just better) job.
Working in New York isnât for everyone, but many find it to be an exciting challenge unlike what they would face elsewhere. For others, working in New York is more of a means to an end â living in New York. Wherever you stand, working in New York is made easier when you have a strong network and plenty of determination.
Tips for Maximizing Your Money
- Come up with a budget â and stick to it. Instead of spending $5 a day on a latte, put that money in one of the best savings accounts where you can earn interest.
- Work with a financial advisor. In addition to helping you craft a financial plan and identify your financial goals, a financial advisor can help you determine the right investments for your financial situation, time horizon and level of risk tolerance. A matching tool like SmartAssetâs SmartAdvisor can help you find a person to work with to meet your needs. First youâll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.
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