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My fiancée and I spent most of the weekend examining our financial statements, budgets and future projections. As hard as it is for us to accept, we’ve come to the conclusion that we need to start seriously considering moving to an area with a lower cost of living, or drastically changing our “picture of the future.” We love San Francisco, but we’re getting married in May and also ready to start thinking about having kids in the next couple of years (we’re 31) and we both want my fiancée to be able to stay home with our kids initially, and then work as much or as little as she wants. That fact, combined with the fact that we have no family here and that it takes about $400k/yr + for a family of 4 to live a good quality of life and travel, has forced us to take a hard look at things.
I don’t want this thread to be a discussion of “whether or not” we should move. That is a personal decision that we may or may not make soon. What I do want to play out is the “assuming we’re moving” card, what is the smartest way to do so given the following circumstances?
My fiancée is currently working a part time job which provides about half the amount of money she needs each month to get by. We have enough savings to last us another 14 months the way things are currently. If we moved, she would most likely be finishing her “hours” to become a therapist and may or may not make $$. For my assumptions, I’m assuming she won’t be making any money.
1) I’m currently working as a project manager for a real estate development and investment firm. I’ve already begun looking for a similar position in the city we are looking at moving to and it appears if I can find something, my pay will be about the same as it is here, or possibly only $5-10k less. The city we are looking at is approx. 25% less expensive than SF so I think we end up good on that one. So one plan is to make the move now, as soon as I could find a job. I’m not leaving any bonuses on the table by doing so, at least none that are apparent in 2009.
2) In addition, I am trying to find an out-of-state apartment repositioning deal that I can run. I’m looking at raising money from investors, but another idea is to present the deal to my current employer and see where that goes. So that plays into the mix of whether to move or not and now or later. I have over 4 years of working here and have a lot of trust and credibility with the dealmakers here. Based on my current situation, http://www.thefastlanetomillions.com/real-estate-commercial/19317-financing-1st-apartment-deal.html , I will most likely need a strong partner on the deal. I suppose I could always move and then contact these guys with a deal from my new city as well. I don’t think I’d have the same kind of trust from a new employer…
3) There is also a chance that if I can hang on here for a few more years I’ll receive a bonus of $50-100k. The idea would be to wait and see if that comes through and then take that money and move to the cheaper city. Obviously no guarantees that this will happen…Along with that, I could try and do a couple of my own out of state deals with these guys and then in a couple of years when I have sufficient cash flow, move to the cheaper area and continue growing the business.
4) The other option I thought of is to try and find a job in my new city, negotiate a month or two until I start and then take half our savings and travel the world for a few months!! Probably the dumbest financial move, but for 2 people living hand to mouth the past 5 years, it definitely sounds appealing. And while we don’t have kids…
I have so many thoughts and ideas floating around in my head, I figured it might be helpful to get them down on paper. If anyone has any bright ideas or other things I should be thinking about, I'm all ears.
As always, thanks!
Sid23
I don’t want this thread to be a discussion of “whether or not” we should move. That is a personal decision that we may or may not make soon. What I do want to play out is the “assuming we’re moving” card, what is the smartest way to do so given the following circumstances?
My fiancée is currently working a part time job which provides about half the amount of money she needs each month to get by. We have enough savings to last us another 14 months the way things are currently. If we moved, she would most likely be finishing her “hours” to become a therapist and may or may not make $$. For my assumptions, I’m assuming she won’t be making any money.
1) I’m currently working as a project manager for a real estate development and investment firm. I’ve already begun looking for a similar position in the city we are looking at moving to and it appears if I can find something, my pay will be about the same as it is here, or possibly only $5-10k less. The city we are looking at is approx. 25% less expensive than SF so I think we end up good on that one. So one plan is to make the move now, as soon as I could find a job. I’m not leaving any bonuses on the table by doing so, at least none that are apparent in 2009.
2) In addition, I am trying to find an out-of-state apartment repositioning deal that I can run. I’m looking at raising money from investors, but another idea is to present the deal to my current employer and see where that goes. So that plays into the mix of whether to move or not and now or later. I have over 4 years of working here and have a lot of trust and credibility with the dealmakers here. Based on my current situation, http://www.thefastlanetomillions.com/real-estate-commercial/19317-financing-1st-apartment-deal.html , I will most likely need a strong partner on the deal. I suppose I could always move and then contact these guys with a deal from my new city as well. I don’t think I’d have the same kind of trust from a new employer…
3) There is also a chance that if I can hang on here for a few more years I’ll receive a bonus of $50-100k. The idea would be to wait and see if that comes through and then take that money and move to the cheaper city. Obviously no guarantees that this will happen…Along with that, I could try and do a couple of my own out of state deals with these guys and then in a couple of years when I have sufficient cash flow, move to the cheaper area and continue growing the business.
4) The other option I thought of is to try and find a job in my new city, negotiate a month or two until I start and then take half our savings and travel the world for a few months!! Probably the dumbest financial move, but for 2 people living hand to mouth the past 5 years, it definitely sounds appealing. And while we don’t have kids…
I have so many thoughts and ideas floating around in my head, I figured it might be helpful to get them down on paper. If anyone has any bright ideas or other things I should be thinking about, I'm all ears.
As always, thanks!
Sid23
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