To move or not to move...what should I do?

**Seeker** · 10-09-2008, 12:10 AM

Your expenses add up just short of your income. Some of these expenses seem sorta high to me.... Phone $139? Rent for a studio apt is $1350 in the LA proper? wow.

Back in the mid or late 80's a studio apt was somewhere around $400 as I recall... but I've never actually lived within the City. Just suburbs. For $1350 in the suburbs of LA, you can probably rent a 1000 S.F. 2-bedroom apt or condo. Depends on where you want to live and how far you want to drive to work... but the suburbs do have more "quiet" to them

If I were you, and I had nothing tieing me to LA, and I felt as you do about job, financial constraints, and California as a whole, then I'd probably be leaving this state as well. Expenses are not going to get any cheaper here; definitely one of the most HCOLA in the whole US.

I think the job marketplace is going to be competitive wherever you go, and I disagree that jobs are not centered on a skills (they are, but you need to sell yourself to that skillset)... but if you're guaranteed a job near the area where family lives, then I'd be looking there as well.

To afford any house will be difficult with the accumulated education debt that you have. With what you describe and if you are tackling all this alone, then I'd move. But be sure you can get a job there, as well as liking the area that you plan to live/work.

**red92s** · 10-09-2008, 04:28 AM

$120 a month at a barber? The car+gas+insurance+maintenance is consuming almost 25% of your take home pay. I'd say you could probably continue to live in LA and seek employment there, but you'd have to make some lifestyle adjustments in the interim.

**jIM_Ohio** · 10-09-2008, 05:02 AM

If you have the choice to live in KY, IN, MI or PA and work in Ohio, that will be cheaper. Ohio is a top 5 tax burden state behind CA and NY and a few others.

What is your field in?
Do the 403b and state plan for retirement account for 15% of your salary? Your savings goal should be 15% of gross to retirement and 5% of gross to financial independance.

First thing I would do is relax and enjoy life. The 120k is high, but you should be able to pay that off in 10-15 years.

Second, look to reduce some expenses- get a roomate or move further away to find something cheaper, for example.

Third, round the student loan payment up-owe $901, send $1000, owe $855, send $900. You will soon see the loan payment decrease and this helped me pay off my loans 2-3 years early (7-8 years instead of 10).

Getting your first job will be tough because you might be consdered over qualified for some, or not aligned with your specialty for others. Find a job and keep it for 5 years, then you will see doors open and salary increase for job 2.

Just make sure to save 20% at every step of the way and no debt will seem to large and no expense will appear daunting.

**MonkeyMama** · 10-09-2008, 06:08 AM

The rent is market, but you can save a considerable amount by moving into a house with roommates. I did that through college ($400/month when studios were well over $1k). The trick is to find a good renter in a house who hasn't had the rent raised in a long time, and who needs a roommate. Generally good renters with low rents make okay roommates as well.

Looking at your student loans, that is the first thing I would do. You could then also share utility costs.

I'd also downgrade the car.

I would not buy a home in your situation.

**mom-from-missouri** · 10-09-2008, 07:16 AM

No where do I see your age. It would be different if you were in your mid-late 20's or in your 50's. (Right now I know more older students than I have ever known--due to job layoffs they have gone back to school)

**docstudent** · 10-09-2008, 08:20 AM

I'm 31---That's the typical rates for rent in the area. The Valley would be a major communte for me.

**zetta** · 10-09-2008, 10:15 AM

Since you have a doctorate, location and career prospects are very important in this decision. Look not just at your immediate job prospects, but also at career growth opportunities over the next 5-10 years. Are you looking to be in industry or academia over the long term? Does Ohio have a cluster of companies and well-known academic programs in your field? (For instance, St. Louis might be good for a chemical engineer PhD, due to Monsanto, whereas San Diego is probably better for a biotech PhD.)

If you stay in LA, you need to decide which suits you better -- living alone with a long commute, or having a roommate and a short commute. Decide which has the most priority among gym, cable, and barber, and resolve to cut the other two back a notch (cheaper gym, fewer channels, or cheaper haircut place).

Also, is that BofA credit card paid in full each month? If not, work on paying it off proto and don't let yourself get into a credit hole.

To move or not to move...what should I do?