Relocating with $50,000: Navigating Financial and Practical Hurdles
Introduction
Imagine waking up one day with the audacity to relocate to another state armed with a hefty $50,000 in cash. While it may seem like a dream straight out of a movie, it's more about facing real-world challenges. This article delves into the practicalities involved, including the biggest hurdles one might encounter.
Financial Considerations
First Step: Moving Company for Storage
The very first step in relocating is securing a moving company to transport your belongings to storage. Expect to spend around $6,500 on this service, which can be a significant chunk of your total funds.
Second Step: Extended Stay Accommodation
Next, you'll need a place to stay during the transition. You can opt for an extended stay lodge, which would cost you $145 per night. This means you'll need to budget an additional $4,765 for your stay, totaling $11,265 for storage and accommodation.
Third Step: Monthly Expenses
Anticipate your first month's expenses, which could include groceries, utilities, and other necessities, to be around $6,000. This brings your total to $17,265 so far.
Fourth Step: Rent for an Apartment
When you finally find a place to live, the first and last month's rent for an apartment will set you back an additional $6,500, adding another $23,765 to your expenses.
Practical Challenges
Marketable Job Skills
Before embarking on your journey, ensure you possess marketable job skills. This is crucial for landing a well-paying job in your desired field. Consider the job market in the state and area of your choice, and make connections with local professionals to gauge the potential for employment in your field.
Cars and Packing
Another practical consideration is whether your car can accommodate everything you want to bring along. If not, you may need to consider alternative transportation options, such as shipping your possessions or seeking a larger vehicle.
Choosing the Right State and Area
Choosing the right state and area is paramount. Consider the cost of living, housing affordability, and job market in the state you plan to relocate to. It's beneficial to cultivate connections with locals in the area you are considering, as they can provide valuable insights into the region's affordability and job prospects.
Security and Safety
If you decide to travel with cash, be cautious and prepare for potential risks. Do not pack more than $500 in cash and ensure it's secure at all times. Research the areas you plan to travel to in advance, including checking photos for authenticity and planning a direct route for safety. Consider traveling with a friend to enhance your security.
Legal and Practical Approaches
Securing a Job
In today's lending environment, banks may require thorough financial background checks. To streamline this process, consider leaving your considerable funds in the bank and transferring it to your new location. Additionally, securing a job is essential for your financial stability. For those under 40, employment opportunities are more abundant. However, individuals over 40 may face age discrimination, which is legally prohibited but difficult to prove in court.
Homeless Scenario
If securing employment is a challenge, you'll need to have a steady income stream to avoid homelessness. A large enough portfolio can support you as you job hunt, or if you decide not to work at all.