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.
