How much do you think is an acceptable starting salary for a Wharton grad?

[broetchen]

No idea where to start/who to ask/what I'd even ask

Join the facebook group. Ask questions there re. housing, etc. You probably find that there is someone you already "know" - friend of a friend, etc. - in Chicago.

Part of what you paid for at Penn are the alumni connections.

[Granny]

Get over whether you can ask for a bonus or more money. Now. You are trying to compare options and you need all the information you can. That said, do not let your degree get stale. However, if you do go in at low salary, it will be harder to get to a higher salary without a break, such as an MBA or a pay-for-performance job.

[soccerguy315]

Is $1000/mo for a single considered reasonable?

That is very reasonable, IMO. You can pay almost that much (800+) for a single where I am currently living, in Charlottesville, VA. I don't know what your loan situation is, but $12k a year in rent, $8k (?) in taxes, $5k (very high estimate) for food leaves you $25k to do... whatever.

As far as where... I think your new coworkers would be more than happy to offer their suggestions and experience with the city. My cousin moved out to Chicago (he works for a financial firm) and got a room in a house with other people from his company.

[anxiousmom]

It would be foolish to pay that much for rent; better to see if you can link up with a fellow student/alumni and share a place. If you really want to live alone, wait until you have a substantial financial cushion in place!!!!

[Columbia_Student]

It's not foolish to pay 25% of your income for rent. I used to pay that much for housing when I first took my first job. Safety always comes first, you need to be alive to be able to work.

[LongPrime]

DS is in shared furnished housing of 6. First fulltime job. Walkability score =10. Uses a car sparingly and if necessary, can get transportation from any of his housemates. Housemates ages 22-31, 3 MS students, 3 working. I figure that he saves at least $300/mn in transportation costs and another $600 in housing, utilities and usual housing necessities. Can you think what you can do with an extra $900/mn, thats tax free?

[legendofmax]

As long as I have personal privacy, I'm cool with sharing space (I get pretty lonely if I'm just by myself anyway -- having some company would be nice).

[LongPrime]

Of the 3 who are working, 1 is a independent contractor, 1 has a service business, 1 is forming a startup. None are business majors

[TheAnalyst]

When I got my first job in NYC and didn't know anybody, I used a roommate service. I don't know if they still have those or if they are used in Chicago but that might be a possibility. It was like a dating service where they matched you on all kinds of personality traits, as well as running background and credit checks, etc. I shared a bedroom, not just an apartment because that was all I could afford. My roommate was a wholesale buyer in the garment district and I met a lot of interesting people through her friends (plus got some great deals on clothes).

I think expecting to share housing as a new grad in a major city is pretty routine and a good idea on a lot of levels. I second the idea of asking your employer for ideas. Most major employers provide some sort of help with relocation.

[Sam Lee]

50K is more than enough for you to live in a studio or even one-bd in a decent area in Chicago if you don't need a car.

[Pizzagirl]

Also, start a separate thread on this forum about ideas for Chicago housing. I know there are plenty of Chicago parents/students. AND-look at the online Northwestern and UChicago student newspapers.

Don't forget DePaul and Loyola student newspapers as well, and maybe even U of I - Chicago as potential roommate sources.

[ec1234]

$1000/month on a 50k salary is totally doable-- you could probably go up to $1500 without much worry about money, esp if you don't need a car.

[Pizzagirl]

No idea where to start/who to ask/what I'd even ask

Part of being worth a lot to a company is having the ability to be an independent problem-solver. I don't mean this to sound rude, but when you get to your new company, from day one, you're going to need to figure out how to start often with little direction, and figure out who to ask and what to ask them if you need help -- because companies today are often too stretched to be able to allow you just to shadow someone and not produce on your own.

Any new hire *costs* their company in the short-term because they need to be taught. The sooner you can demonstrate independent problem-solving skills, or at least the ability to figure out who to ask about what, the more value you will bring to the company and the higher you will go.

[simba]

good advice Pizzagirl. Also, try to find a mentor who is willing to teach you the soft skills that are necessary in that company. I explain those things to my son with peanut analogy. In a business world if you give out peanuts, you might get some in return.

[momrath]

As long as I have personal privacy, I'm cool with sharing space (I get pretty lonely if I'm just by myself anyway -- having some company would be nice).

I agree with that 100%. Roommates can be a positive force in adjusting to a new environment. Their friends become your friends. It's just nice having someone around.

Have you looked at Craig's List? Checked the Penn bulletin board for roommates wanted?

I also agree with what hillbillie suggested: ask your employer for help in paying for transitional accommodations while you're looking for a permanent place to live.

Go there and start looking. Once it becomes familiar to you it will seem less daunting.

This is not a lifetime commitment -- the job or the apartment. If it doesn't work out or if something better comes along you move on.