How does one determine if they should look for a job in their current ‘fun’ high COL city or move back to their hometown where it’s a low COL and could build wealth, buy a house quicker, etc. I’m a single 28 year old if that matters.

like
Posting as :
works at
You are currently posting as works at

Do you want to have fun or do you want to save money?

likefunny

It’s personal preference but I would say a good trigger is when you start complaining about how much you are paying for rent and how youre surrounded by kids that have no respect :)

likefunny

I think this also depends on career opportunities. Could you potentially out earn the COL in the fun city? Are there jobs that fit your desired career path in your home town? Is the dating pool better in either one?

What are your priorities right now?

like

At 28, being closer to family has become more and more important. I’m in a similar dilemma and while location/ fun still matters , it doesn’t matter as much as it once did and being close to family feels more and more important, especially during times like this.

Life’s about choices, right?

Write out pros and cons of each and the assumptions you’re making for each as well. Challenge your own assumptions.

For example - is LCOL city going to translate to more net savings when you factor in opportunities for growth and a possible pay reduction to relocate to a LCOL city? (I’m not saying yes or no, check for yourself)

What about lifestyle, happiness, etc?
What about side hustles and investment opportunities?

I’ve mulled over this very thing over the years - my personal opinion is as such:

I’d rather figure out how to make an extra $10000 a month in income than uproot my life to save $3000 a month in expenses.

Growth mindset vs scarcity mindset. I’d rather make more money than try to be ultra frugal. This assumes that you will actually figure out how to increase income when you stay in the city you want to be in.

like

That’s a really good point! I definitely have a growth mindset too.

Make sure you have the right goals in mind. You've stated 2x that you're considering moving because, when adjusted for COL, you make less than new staff in your hometown. Moving to satisfy your comparative insecurities/desires seems misguided, and that mental boost will be very fleeting. Saving $x on rent/food and seeing family will be cool for a few months, but soon enough, you'll be bored and single and your issues will change.

like

Personal preference

like

I’m 27 and have a gf. Personally wished I could have tried the single high COL city life

funny

26 and single. Kind of wish I had the gf and lcol of life

likefunny

Me and my husband are planning to move to a low COL city to be closer to family when all this is over. We’re also married, wanting a house with more land and to be closer to family when we have kids though so we have different priorities right now than you probably do. Definitely depends on your priorities and opportunities

If you're enjoying the HCOL city, stay and find ways to budget so you can save. We have high paying jobs, so it's not like it isn't possible.

However if your goals are more around buying a house or saving for retirement, then move out of the HCOL area. But at 28 and single, this is the time to really enjoy life. If you can do that AND save (albeit at a slower rate), I wouldn't move.

And this from a 30yo super saver who lives in a MCOL area with a house, but wishes I had a bit more fun.

The one caveat I will give is the COVID situation. How much enjoyment will you get out of the city right now? So perhaps this is the perfect opportunity to reconnect with family for a year or 2 and move back to the city (or not) when things are really back tod normal?

I’ve been with my family for 8 weeks now so that’s why I’m questioning this. One big issue for me is when I adjust my salary for COL I make less than a new staff in my hometown. It’s not a good situation to be in lol.

I agree though. I would like to have more fun when I’m young, then maybe move back at a later point in life.

I’ve been thinking about this. Many of my hobbies/interests lie within cars, woodworking, boating, etc. I’m not really one who goes out often and I don’t have many friends in the higher COL city, mostly due to working a lot. All my friends are in my hometown and there I could afford a house to do my hobbies, but earnings potential would definitely be lower, although I could afford everything I want/need easily because it’s so damn cheap there. The city I currently live in has about a 258k population and my hometown is around 60k.

Related Posts

Reg 2019 yet anyone? Did you notice any testing on qualified business income deduction?

like

What is everyone’s top 1 or 2 favorite books on personal finance? I’m always looking for a new one to bring into the fold of what I’m doing

like

Are you guys still holding onto your Chase Sapphire Reserve card? With the constant new strains coming out and restricted travel options, I am not sure if it's worth paying the annual fee anymore. Thoughts?

like

Bullish on Gensler for SEC. Guy actually understands crypto. XRP is a security!

like

Any downside to holding some funds from my Roth IRA in my vanguard federal money market fund until I can buy the dip? I’ve hit my max contribution limit for 2020 by having a few thousand hanging out in there until I’m ready to buy. I can buy with those funds after 2020 contribution deadline right?

Started to see house price drop. Been on a house hunt for about 6 months now. Should I wait it out a little longer?

like

How to save tax for the money from freelance work? As i already have a full time job.

like

Anyone seen the new CapOne Venture X card? They’re basically paying you to take it for the first year. Seems like a great compliment to my Amex Platinum

like

Which platform are you using to trade in Crypto
?

like

Any good books or resources to utilize for investing? Also any recommendations on investing apps (robinhood, acorn) and pros/cons of them? Appreciate it!

like

Fee-only RIA looking to buy in North Florida, Georgia, Alabama and Mississippi.

like

Is it worth it to buy a multi-family home to rent out?

like

Hello :) I am moving locally within the Bay Area in couple of weeks and all the movers & packers I am getting quotes from, prefer to be paid in cash (there is a convenience fee with credit card payment). What are the advantages/disadvantages of either method of payment? Thanks :)

like

What should I invest my Roth 401k in? I’m a recent college grad and currently have 100% in a target date (2060) fund. Should I be dividing my contributions among anything besides the target date fund?

like
likeupliftinghelpful

How many of you are overwhelmed by how fast NoVa housing prices have skyrocketed and your ability to afford buying a property you like? Have you considered moving?

like

Capgemini What documents do I need to upload to claim HRA deduction ? I stay with my parents.

like

Looking to start investing with ~$5K. Read a book about investing but I’m still scared to just go into my Vanguard acct & dump my money there. Where do I start? Is now a good time

like

I get credit alerts from Experian/ TU & was told two email addresses were found on the dark web. Have been hit w fraudulent charges in FL via Chipotle app; rec'd email that said sender knew my password (was partially correct) & was going to send nude pics of me to my contacts; rec'd email from Best Buy about my email being used to reset my pword (don't have BB acct) & today was notified of a declined transaction in Canada (I'm in TX). Besides changing pwords/ replacing cards what should I do?

like

None of those growth stocks going back to ATH anytime soon. Maybe in a few years some stocks with good resistance will bounce back to ATH.

Forget about your existing losses, and stop DCAing blindly. Do more research and find which stocks have strong balance sheet and strong future to be back over next few years.
Only pick selected few or blue chips for dca.

Easier would be to invest in index. Would still get solid returns.

like

More Posts

Traded my Speedy Hesalite + @ for the GS SBGH 295 “Soko Frost” 2022 Kirazuri US Special Edition.
What do you think of this look?

Post Photo
likeuplifting

Hello,
I have got offer from FIS global and deloitte with similar package. Which company should be better to join?

like

In house (3rd year) looking to move to big law corporate at a first or second year level, which I have stated in my interview. Had a second interview almost a full week ago and thought it went great. Do I have good chances on getting an offer? Should I follow up soon?

like

Stupid mistakes you made or missed as junior for first due diligence on a deal. Make my Sunday night better…Go!

like

How many emails in one day do you consider a lot? I am getting wiped out just from email management and not even getting to the actual work (drafting docs, etc)

like

Did anyone else get their confidence absolutely rocked by TLS when considering law school?

likefunny

What’s the typical ramp up period for a first year? I’m lucky to hit a few billable hours each day. Started in September.

like

What is IBM employees blue book means ?

like

Hi, has anyone tried Rodan & Fields products or has been their consultant?

If I want to negotiate a job offer and I say that I already have a higher offer at another company, would they ask for offer letter? If yes how would they verify?

like

Hi All,

Anyone attended Genpact interview for Tableau developer role??

like

Hi all!

We're an IT based startup in the domain of sustainability of climate change and on a lookout for a full stack developer with the right set of skills to join our growing team. It's a hybrid role and we're located in Faridabad. You should be adept with PHP Java and CSS, with an expertise in one of the following: React, flutter or node.js

Feel free to reach out and start a conversation!

like

Hi any idea how much will be my inhand salary.
Also I have 2yoe of experience and around 25 days left in np, any suggestion which company will pay more than this??

Post Photo

Talking to a guy who’s 16 years older than me. Thoughts? Advice?

likefunny

Just moved to Miami, early 30s M. How did you start meeting people other than at work? Worth it to join a social club?

like

How would you write a report card comment that had concrete feedback that was specific and actionable if your time with the student was coming to an end? (I'd love some examples)

If you had to pick a career you’d be qualified for that didn’t involve writing as the primary responsibility, what would it be? And yes, I’m unemployed as hell, but this is completely unrelated...it’s not unrelated

like

Any available openings for a product management professional with an experience of over 3 years? Looking for people who are willing to provide a referral.

like

what is the pay range for role - manager 1 assurance at pwc sdc kolkata?i have 6.5 yoe and joined at 21lpa + 10% vp, four months back. managers from other big 4 start around 28lpa. does sdc kolkata pay m1 this much only or have they underpaid me? i am considering dropping paper and looking out again.

like

Has anyone recently taken and passed the HubSpot Partner Scaled Onboarding (PSO) certification? If so, I’d love to pick your brain on the live presentation portion.

like

Additional Posts in Personal Investment Chatter

If given an opportunity, would you consider investing in Stripe pre-ipo fund? If so, at what valuation? Currently their valuation is reduced from 95B to 70B

Have about $300K in the market (well diversified stocks and funds) and thinking of pulling out some of it....feel that the market is close to its highs YTD...ideas? Don't think this bull run will last

like

My financial advisor is asking if I want to roll over my 401k to them. I’ve always rolled over to my next employer, but since I had previously had vanguard (I trust vanguard) and now have empower (unknown to me) Im considering doing it. Is the major trade off that I would be paying the 1% management fee? For context it’s 100k to rollover and my current brokerage with the FA is about 50k. I know I don’t have much to warrant the FA but I like putting investing on auto pilot so I don’t obsess.

like

Is it possible to have $0 withheld on fed income taxes? I was only taxed for social security and medicare…i just realized :(

like

Has anyone used Mashvisor for RE investment guidance? Pros/Cons?

Anyone who is into real estate investments, esp multi plexes?

like

Whats your annual income should be to invest in Roth IRA to get a tax benefit? I’m making 150k ( married but spouse not working)..is it better to invest in index or roth ira?

like

Can someone give me an idea of what your investments look like? I’ve done large deposits and never touched again however, I am thinking I should start DD right into a vanguard account from my paychecks but I really don’t know how much and what to deposit into. Current investments are into an expensive roboadvisor which is ok, but I’m trying to find other investment strategies that aren’t so aggressive or expensive. Currently make about 230TC with base and bonus and max out 401k. TIA

like

Anyone have a Chase Sapphire Preserved credit card referral code? I’m looking to apply.

like

Where do you keep your Emergengy fund? Any other options besides a HYSA?

like

Have my fathers Ira passed down to me due to his passing a few years back. Can I transfer the assets into my own account or can I move them to my own Roth IRA (pay taxes on the gain)? Want to simplify and have less accounts

like

Base salary is $220k and I’m contributing 10% to 401k. Pwc also contributes 6% to my wealth builder. So I’m savings 16%, currently 35k a year towards retirement.
Current balance is $150k and I’m 31. At 4% growth that’s $2.3m by retirement.

Is this enough to live a basic lifestyle with an owned house in NY in retirement?

like

Noob question: How do capital