First of all, my goal is to be financially independent as fast as possible. My current situation is summarized as follows:
Yearly income: $45,000/yr base.
Net worth (not including house): $65,000.
Age: 31.
Industry: Finance (Front Office, Investment Management).
Geographic Area: Los Angeles metro.
Summary of my Dilemma
Yes, I know.. my salary is probably in the bottom 1% of my industry. But unfortunately, I've not had much luck finding other opportunities in my industry here. It's been disheartening reaching out to people and sending out resumes left and right to be ignored and rejected for over a year. In addition, the vast majority of job leads I've found through networking are on the East Coast, not my local area.
HOWEVER, I've been receiving quite a bit of interest from recruiters based on the East Coast (NYC and surrounding areas.) They've been initiating contact with me over LinkedIn from time to time so there's a great indication that the employment prospects for my career are much better there. (I have 4+ years of experience and a Masters in Finance.)
I'm also engaged and getting married early next year. My fiancee is studying for her PhD in Biology and will be graduating in 2016 earliest. She's also supportive of the idea if I need to relocate to the east coast temporarily if it'll further my career.
I also bought a house (300K) only a few months ago.. actually, it's kinda complicated.. my fiancee paid the downpayment of $100K and is depending on me to to make my share of the mortgage payments. We're considering renting out part of the house if I relocate and the entire house if she comes with me eventually (instead of selling it outright.)
Ultimately, FIRE is my goal but it's not gonna be possible on my current income, at least not in a timely manner. Also, I've received advanced warning that my company will be shutting down its office in LA and my job will be eliminated in around 1 year, so staying at the current company indefinitely is NOT an option (not that I want to anyways with this severely below market salary.)
Some options explored
(Note: some of the details of what I discuss may not make much sense except to those with some understanding of the Financial industry)
Option 1 - Just apply to Finance jobs everywhere in the greater Los Angeles area: Even though I'm currently working in the Front Office in Finance, I'd be open to Back Office positions that pay higher so I can save more money and reach my FIRE goals faster. (Rather than be selective about my next job being a great fit.)
Option 2 - Relocate to the East Coast for a (hopefully) very high paying job, save money like a miser, and come back: Even if I land a solid 6-figure job (quite unlikely), it still won't be realistic to save enough for FIRE in a few years. My future wife is willing to relocate to the east coast as well considering that there are plenty of universities and biotech companies where she can start her career after her PhD.
What do you think? Would relocating to New York or the East Coast to further my career be a better choice or just hanging around LA and taking whatever mediocre opportunities arise since I plan to FIRE in a decade or two anyways?
(If you're also in Finance, I may be able to provide you with more details about my situation.)