This is the big resource. Not much is going to happen without money to make it happen. And until a total economic collapse, dollars are going to rule your purchases.
How will you fund your relocation?
The biggest questions you must answer before you even start planning are:
- How much funds do I have with which to make my relocation?
- Where are the funds coming from?
- When will the funds be available?
- Can I count on the value holding steady?
Take a minute and think of your answers to those questions. Are you liquidating stocks? Were you promised an inheritance? Do you need to apply for a loan at a bank? What if the market takes a hit before you liquidate? What if that inheritance doesn’t come through or isn’t what you thought it would be? What if the bank turns you down?
You need to know how much value you have, when you will have it in hand to use, and what are the risks that your net worth doesn’t play out like you plan. And even after you relocate, where is your income coming from next?
With answers to those questions in mind, take a look at our resource pages on financial considerations.
First, you’ll want to take a look at how far your money will go in your destination. To help with that, we have a resource on state and local tax burden comparisons. Who charges more? What types of wealth do they tax? We link to several different resource comparisons to help you feel out which locale is most beneficial to your financial picture.
In addition, you should definitely jump over to a resource we highlight in “Other Resources.” The Freedom Index tool will allow to see states ranked according to tax and financial factors you choose as most important to you.
Second, taxes aren’t the whole picture. Different areas have different costs of living. Opposite the leftist who pays a fortune to live like a pauper in a one bedroom studio in New York, you’ll find that the dollar goes much, much farther across the Redoubt. Odds are, the dollar goes farther in the Redoubt then wherever you live now. So take a look at this resource to see if you need to make as much there as you make now to have the same standard of living.
Third, most of us aren’t made of money. Inflation and the housing boom have propped up artificial demand for housing and so the law of supply and demand pegs the home price far above what most of us can pay in cash. You may need to seek financing or loans, and we have a page to give you tips on that. But on the bright side, lowering your cost of living with a more self-sufficient life in the Redoubt will help you pay off that mortgage far faster.