Figuring Your Finances l: e$ T3 R! a# z) A
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"It's not all about salary," says Anne Moore, a career specialist at Johns Hopkins University in Baltimore. Consider the cost of living in a different locale as well.0 c3 k# q0 k( A0 \# p
# E; M Z5 {) n s% bSay you live in New York and make $40,000 a year. If you move to Atlanta, which has a 44.8% lower cost of living, according to Salary.com, you could earn just $22,090 a year and still maintain your current standard of living. Match your current pay in Atlanta, and you'd feel like you have lots more money to save or spend.
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2 N! J- T/ [/ F5 cTo check out different cities at Salary.com, scroll down to "Salary Data" and click on "Cost-of-Living Wizard."- r' h; r' | F, o
; I% s s2 K) f( b: HThe financial equation is far more complicated if you are moving with a spouse or other partner who has to leave a current job and take a chance on finding a new position in your destination city.
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" {8 U) A- A6 ^4 _1 j hAlso weigh the costs of making the move and ask how much of that your new employer will pay. More than 90% of U.S. companies will cover some if not all of a person's relocation expenses, which may include house-hunting trips, temporary housing and closing costs on a new home, according to Worldwide ERC, a professional relocation association. Unreimbursed moving expenses may be tax-deductible. Check out www.irs.gov/taxtopics/tc455.html online.- K( e4 J2 I4 Z! S/ m
: ?1 A+ t- q9 O5 C$ J+ XLocation, Location...
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Saying yes to a job in a small town when you live in a big city -- or vice versa -- involves big changes and may require sacrifices. Weigh factors such as cultural offerings, sports and recreation opportunities, traffic and the pace of life. Even "the weather can really influence people's happiness," says Ms. Moore of Johns Hopkins. The question: Can you live with the differences?
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* a8 R& Q. ]2 iMs. Goodwin recommends making two trips to get a feel for a new place. Pay attention to local customs and "try to connect with real people" while visiting, she says." D6 ~, {% b( I$ V% Q2 Y+ I2 d
' p: V7 W/ U, I" u- L2 n"It is very easy to get seduced by the idea of something new," notes Mr. Sullivan. But particularly if you are moving away from your home city, consider how you'll fare away from family, friends and the social supports that you've relied upon in the past.
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4 p' K0 i. \: z# R! v, p, gEmail your comments to [email protected]. |