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Started By
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re: Recent college grads - is this experience the norm?
Posted on 2/10/20 at 10:23 am to Oilfieldbiology
Posted on 2/10/20 at 10:23 am to Oilfieldbiology
quote:
Do without some furniture
I just got clarification on the furniture. He bought a side table, a recliner, a lamp, and a nightstand. Spent $500 on those things. He said he'd worry about a couch and new bed down the road. So he is doing without some furniture.
1
Posted on 2/10/20 at 10:26 am to The Spleen
I don’t think asking for 1-2 months rent and a security deposit up front is all that uncommon in a big city like Chicago. I have no clue though
Posted on 2/10/20 at 10:27 am to The Spleen
I would advise him or her to become resourceful. Dollar general, thrift stores, ramen noodles. Learn to build and save money while getting by on the bare minimum. Get a roommate, get a second part time job, and work your way out of a hole.
Posted on 2/10/20 at 10:28 am to Oilfieldbiology
Yeah. I got a larger signing bonus 15 years ago in a small southern city.
I would think he could have negotiated for a better signing bonus in Chicago.
I would think he could have negotiated for a better signing bonus in Chicago.
This post was edited on 2/10/20 at 10:29 am
Posted on 2/10/20 at 10:30 am to The Spleen
quote:
After all the deposits required, a couple of pieces of furniture, moving expenses, apartment amenities, etc., it's going to cost him around $3,000.
That's pretty fricking cheap. What line of work though? A lot of good companies will pay relocation if they recruited you out of college.
quote:
His parents also had to sign the lease with him because he has no credit history
It's usually not an issue if your income is good enough, but his parents didn't try to get him established with credit before now?
Posted on 2/10/20 at 10:30 am to Salmon
Wouldn’t that depend on what his job is?
Posted on 2/10/20 at 10:31 am to Centinel
quote:
For an entry level job? I honestly have never heard of an entry level job coming with a relocation expense.
My company does it regularly, as do a lot of companies.
Posted on 2/10/20 at 10:34 am to The Spleen
quote:
Or maybe even not so recent graduates that have relocated recently.
I have a cousin that graduated this past December. He just finished an internship a few weeks ago, and the place he was interning at offered him a permanent position at their office in a different state. The internship was paid, but not much. Think it was around $15 per hour. Not really enough to save much, and it was only a 4 month internship anyway.
So he went to the city his job will be located to find a place to live and get it all set up. After all the deposits required, a couple of pieces of furniture, moving expenses, apartment amenities, etc., it's going to cost him around $3,000. He's fortunate his parents can help him out with some of those expenses, and he certainly could do without some furniture right now, but that just seemed crazy to me. What do graduates do that don't have parents to rely on for help? His parents also had to sign the lease with him because he has no credit history. Just wondering if some of these issues are potential barriers to folks re-locating for better opportunities.
I'm really not seeing what's the problem here. What exactly was your friend expecting?
Posted on 2/10/20 at 10:36 am to The Spleen
quote:
So he went to the city his job will be located to find a place to live and get it all set up. After all the deposits required, a couple of pieces of furniture, moving expenses, apartment amenities, etc., it's going to cost him around $3,000. He's fortunate his parents can help him out with some of those expenses, and he certainly could do without some furniture right now, but that just seemed crazy to me. What do graduates do that don't have parents to rely on for help? His parents also had to sign the lease with him because he has no credit history. Just wondering if some of these issues are potential barriers to folks re-locating for better opportunities.
This is very normal now.
I received a $1500 sign-on bonus and a $1000 relocation 'bonus' when I took my first job in Dallas after Graduation. But I was fortunate to be graduating in ISDS during the tech boom in 1999.
I rented a truck for about $400(one way from BR to Dallas) and paid my 2 friends and my brother $200 each to help me move(one came with and helped move me in). Worked out perfectly.
Your buddy should have sought out a cheap place to rent with a roommate for 6 months while he saved up for a deposit on a nice place and furniture. He sounds like an entitled little bitch.
This post was edited on 2/10/20 at 10:39 am
Posted on 2/10/20 at 10:38 am to The Spleen
What is his major and field?
Posted on 2/10/20 at 10:41 am to TH03
quote:
That's pretty fricking cheap. What line of work though? A lot of good companies will pay relocation if they recruited you out of college.
So I was misinformed. The $3,000 was just apartment and utility deposits. Then $500 in furniture. He got a $1,000 signing bonus, and the company is reimbursing his actual moving expenses. He won't really have any though, because he doesn't really have anything to move. He's been living in campus housing all through college because he was on a full scholarship. He's in mechanical engineering. He'll be making around $70k so he'll be fine after a paycheck or two. And it's in the Chicago suburbs, not Chicago proper. He said it's actually about a 45 minute drive to Chicago from here he'll be. His work is less than a mile from the apartment.
quote:
his parents didn't try to get him established with credit before now?
No. His dad was a high school dropout and doesn't really have much credit history either. Quit school to help work in the family business in a really small town. Not sure he even has a credit card.
I guess the story got me wondering how many college graduates pass on opportunities because the cost of moving was too great.
Posted on 2/10/20 at 10:55 am to The Spleen
What’s the name of the company he’s working for? And where is he relocating to?
Posted on 2/10/20 at 10:57 am to The Spleen
quote:
So I was misinformed. The $3,000 was just apartment and utility deposits. Then $500 in furniture. He got a $1,000 signing bonus, and the company is reimbursing his actual moving expenses. He won't really have any though, because he doesn't really have anything to move
Apartment and utility deposits are moving expenses... Is his company not counting those?
This post was edited on 2/10/20 at 10:58 am
Posted on 2/10/20 at 10:59 am to The Spleen
Check out newer apartments. They may be more expensive from a cash flow perspective, but the initial deposits and fees are lower which helps with the lack of cash.
If it’s a $3k hit on a $70k salary, he should be able to manage just fine. 0% interest credit cards are great for this. Get the card, put all the expenses on that card, then stick the card in that new Craigslist dresser drawer.
If it’s a $3k hit on a $70k salary, he should be able to manage just fine. 0% interest credit cards are great for this. Get the card, put all the expenses on that card, then stick the card in that new Craigslist dresser drawer.
Posted on 2/10/20 at 10:59 am to The Spleen
He doesnt need furniture to survive. Just a mattress
Posted on 2/10/20 at 11:00 am to The Spleen
two words Credit Card
Posted on 2/10/20 at 11:02 am to Pelican fan99
quote:
His company didn’t pay his moving expenses?
Posted on 2/10/20 at 11:04 am to The Spleen
quote:
He's in mechanical engineering. He'll be making around $70k so he'll be fine after a paycheck or two. And it's in the Chicago suburbs, not Chicago proper. He said it's actually about a 45 minute drive to Chicago from here he'll be. His work is less than a mile from the apartment.
It's common but most places pay for the move. He at citgo Lamont?? 70k is low for mechanical starting salary, well lower half for sure.
Posted on 2/10/20 at 11:06 am to TH03
quote:
s his company not counting those?
No clue.
Just to reiterate, he nor his dad thought any of this is out of the norm, and I really don't think it is either. I was just wondering if that reality caused some to turn down good opportunities because of it. Can't imagine many just graduated 22 and 23 year olds have $3-$5k just lying around. I know many companies provide relocation assistance, but not all do. It's possible his is providing more than he's told me.
Posted on 2/10/20 at 11:09 am to The Spleen
How is this different than at anytime in the past? Student, new job away from home, little money starting out.
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