Saving up might be quite a challenge if you are living in San Francisco, New York or Los Angeles. Whether you are a banker or a bartender, you’ll eventually be faced with tough choices when it comes to your career.
As someone who has moved all around the country, I know what I’m talking about. If you don’t particularly enjoy living on the edge and you like to take root in one city, you have to consider the financial benefits your future hometown offers.
If you’re prepared to relocate in order to achieve your financial goals you are much more likely to succeed. Though, it’s important to point out, we’re not just talking about netting the largest digits. Take a look at a next few cities and you’ll know exactly what I mean.
1. Phoenix, Arizona
It seems that the hegemony of Silicon Valley in the IT business might be close to it’s end because the new tech hubs are rapidly emerging across the country. Everyone wants to be a tech whizz these days, but should you really pack up your bags and head to Silicon Valley?
Common sense says yes because it’s where you’ll get the highest wages. However, Phoenix has a growing tech scene and the rent is much more affordable. In fact, by the time you deduct monthly rent from your salary you’ll walk away with more if you live anywhere in Arizona as opposed to San Francisco.
2. Denver, Colorado
There are lots of exciting opportunities popping up in Denver, which makes it an attractive place to earn a great income. It’s also perfect for anyone who loves spending time outdoors. When you’re not working you’ll be focusing on your hobbies, which makes the city a wonderful choice. It’s less expensive than spending your free time in numerous cocktail lounges scattered around Manhattan.
3. Austin, Texas
Austin is one of the fastest growing cities in the country, but the prices still haven’t caught up with the growth. You can live somewhere like Pflugerville, which is a little more than 10 miles outside the city, and it won’t take you too long to commute.
It’s great because the median house price is only $165,100, so you’ll be able to get a lot of bang for your buck if you want a large home.
4. Oklahoma City, Oklahoma
It’s also important to consider the opposite of earning a big. Where in the country is it possible to save the most money? The saying goes: “A penny saved is a penny earned.”
One of the best places to put it in a practice is Oklahoma City. The price of groceries and gas is low, and lots of other essentials as well. It means it’s a place worth considering when it’s time to move.
5. Columbus, Ohio
What is your biggest expense every month if you eliminate rent from the equation? It’s the money you spend on food, especially if you have a large family.
Columbus is one of the best cities in the country to go out hunting and catching your own food. There is no reason why you can’t grow vegetables at home too, so large portion of your grocery bills could be wiped out living in this prosperous city.
6. Washington, D.C.
Washington is one of the easiest cities in the country to find work at the moment, which has a lot to do with all the government jobs available. It’s also second on the list of the healthiest cities in the country.
In addition, as you get older more and more of your income will go towards medical costs, so rest assured once you need assistance you’ll be covered.
7. Minneapolis, Minnesota
The only tested path towards gaining a true financial freedom is going down the entrepreneurial route. When you want to start a new business, ideally, you want to live in a city offering two specific things. It needs to be affordable and Minneapolis is cheaper than the national average in the Cost of Living Index.
Also there has to be abundance of networking opportunities. Building a network is crucial in any business, and in Minneapolis you’ll meet a lot of fellow entrepreneurs.
Based on their individual preferences people will fall in love with different cities, and there declaring the best one is an ungrateful talk. I’ve lived in four out of the seven cities mentioned above, and I always look forward to going back for each one has it’s uniques kind of charm.
Use this list once you start contemplating your next move. And remember that you always have a choice other than letting yourself feel trapped.