Relocation
Figuring Your
Finances
"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.
Say 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.
The 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.
Also 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.
Location,
Location...
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?
It is recommended
that you make two trips to get a feel for a new place. Pay
attention to local customs and try to connect with real
people while visiting.
It is very easy to
get seduced by the idea of something new. 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.
