According to a report published by Bloomberg, only 1.6% of job seekers relocated to take a new job in Q1 2023, an all-time low. More folks than ever value the freedom to work when, how, and where they want. Compromising on that freedom isn't just about what's best for your career, it's a question of how relocating will affect your Return on Life in three important areas.
1. Family
Relocating will be a life-changing event for your spouse and children. They'll lose the daily network of friends and family they've come to rely on and with whom they spend their leisure time. Younger children may adapt to these changes quickly, while older children or your spouse might struggle to make new connections. Social media could help your family maintain some of those existing relationships, but it could also make you miss your old home even more.
Your family will also have to build new relationships adjacent to friends and family, such as doctors, teachers, teammates, coaches, and babysitters. Relocating could also cause a strain on your extended family, especially if you have caregiving responsibilities with elderly family members.
Navigating these changes won't necessarily be all bad. A fresh start could give your family a chance to have new experiences, broaden your view of the world, discover new hobbies and interests, and connect with new people who will enrich your lives in unexpected ways.
2. Careers
Whether you're thinking about moving for a new job or to maintain your career track at your existing employer, you might start by asking yourself if this move is a choice or a necessity. Again, in this day and age, workers can have a lot more say in the logistics of their jobs. What aspects of this job truly couldn't be managed from your current place of residence? Could you perform a similar job at a different company without moving? On the other hand, what kinds of professional experiences could you gain that would make relocating worthwhile? Could moving open up a path towards your dream job?
If your spouse works, discuss these same career questions with him or her. While you each have your own career goals, it's important that you are aligned on how you will continue to work together as a couple to achieve them.
3. Finances
Even if relocating comes with a significant salary bump, moving can be expensive. In the short term, you'll have to budget for expenses like shipping your stuff, travel, selling your old house, and finding new housing.
In the long term, you'll have to consider the effects of relocating on your monthly and annual budget. The cost of living could be different in a new state or city, including the price of groceries, utilities, and entertainment. Even with employer-subsidized insurance, your health care costs could change, especially if you or someone in your family has an ongoing medical condition or regularly takes prescription drugs. Changes to your salary could change your tax situation. You might need to reevaluate your current savings and investment strategy to make sure that you're allocating your earnings in the most advantageous ways possible.
A little further down the road, relocating could also affect the cost of college for your kids. You and your spouse might also start to rethink some of your retirement goals, including where you ultimately want to live in your golden years.
One of the advantages of our Life-Centered Planning Process is how our suite of digital tools can help you track, visualize, prioritize, and reflect on all of your major life transitions. Let's discuss a possible relocation, and talk through all your potential challenges and opportunities to help maximize your Return on Life (ROL).
