Author Topic: moving to meet financial goals  (Read 1651 times)

foggnm

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moving to meet financial goals
« on: July 12, 2015, 06:57:21 AM »
I recently relocated to the Denver area, perhaps at a bad time as real estate and rental prices are quite high. My salary went down about 25% and cost of living up about 20%. I like living here, but am considering moving back to where I have lived the last 15 years (which is only about 400 miles away). Initially, I though the mustachian thing to do would be to live where I enjoyed living and still save money on my reduced salary. However, after being here a few months and having my transmission go out and a large 2014 tax bill, I realized how much more challenging it would be to meet my savings goals. Not to mention, it has been hard for me to re-establish my relatively car-less lifestyle here as everything is so spread out and rentals near my work were all rented out (and yes I ride my bike a few times a week). Where I moved from, I hadn't driven to work in over 8 years, rent is cheap, and not only do I make more in my job but I can easily make overtime in my previous job which makes my income potential much higher. So now I think the mustachian thing to do is to move back for a period of time, say 5-7 years to save a lot of money and then relocate to where ever I want with enough money to buy a house with cash (and not have to worry about a decreased salary). What do you think?

Roots&Wings

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Re: moving to meet financial goals
« Reply #1 on: July 12, 2015, 10:37:10 AM »
I recently relocated to the Denver area, perhaps at a bad time as real estate and rental prices are quite high. My salary went down about 25% and cost of living up about 20%. I like living here...

Do you like living in Denver that much to sacrifice the salary cut and higher COL? Is your overall quality of life and happiness that much greater than in your old location? The old location sounds pretty good on the surface; I'd personally prefer to live where I didn't have to drive much and where I could save more $ while maintaining a good life, but not if compromised overall quality of life significantly.

foggnm

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Re: moving to meet financial goals
« Reply #2 on: July 30, 2015, 07:29:42 AM »

Do you like living in Denver that much to sacrifice the salary cut and higher COL? Is your overall quality of life and happiness that much greater than in your old location? The old location sounds pretty good on the surface; I'd personally prefer to live where I didn't have to drive much and where I could save more $ while maintaining a good life, but not if compromised overall quality of life significantly.
That's a great question. I do like it, but not at the cost. I also would rather go back to my car-lite lifestyle. So I have decided to continue building my finances elsewhere. And being so close, I can always enjoy the outdoor things of Colorado. The way I have explained it to others is over 5 years I will have about an extra $125k of income with a lower cost of living. That to me, speaks for itself.

olivia

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Re: moving to meet financial goals
« Reply #3 on: July 30, 2015, 08:35:13 AM »
Why did you accept that job?  Were you unemployed?  I would definitely move back to your old city.  More money and lower COL is a no brainer.

Roots&Wings

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Re: moving to meet financial goals
« Reply #4 on: July 30, 2015, 10:55:34 AM »
Nice! All the best in your new/old location :)