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Old 05-21-2009, 02:31 PM
 
Location: TX
87 posts, read 249,737 times
Reputation: 52

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I know in these times this decision is not the smartest, and I don't know if I have the guts to do it, but I want to know for the sake of having good information.

Here is what I want to do:

(again, I know the risks and an laying this out is to get information to weigh my decision)

I want to quit my job in Texas in the summer of 2010. Move back to Ohio to have a life with extended family we enjoy and miss. Probably do this without a job lined up in Ohio as interviewing long distance is tough.

I was thinking of renting in Ohio, or getting a loan for a home in Ohio with this current job as my income reference.

Once my family was moved to Ohio I would work in Texas for a few more months and then quit.

We have no debt other that our mortgage.

I would have about $50 to $60 K cash.

I feel my home in texas would sell, as my area is still doing well and home sell in about two months.

I would figure about $350.00 per month for paying for healthcare on my own for me, wife, two kids.

Is $50 - $60 K enough to last for awhile? I figure I could go 6-9 months on that and by then have a job in Ohio.

That's my plan - any advice? Thanks!
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Old 05-21-2009, 02:50 PM
 
Location: Under a bridge.
3,196 posts, read 4,716,763 times
Reputation: 976
Start looking for a job at your destination NOW. When you get one, you may have to do a "reverse commute" for awhile--but it will be worth it. Then you will be MUCH better off. You will have the $50 to $60k to spend on retirment investments for example.
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Old 05-21-2009, 02:59 PM
 
28,383 posts, read 67,936,355 times
Reputation: 18189
Sounds like a mountain of cash. I would think that if you can save that much it would be prudent to maybe try and find a job ahead of time. I mean a day off here and there and planned trip or two seems like it could do wonders...

I have no idea what sorts of employment will or will not be available anywhere in the next month, let alone the next year or so, and that would be a HUGE concern to me -- I mean assuming your continued employment in Texas is solid and even with a large amount of savings it would be like jumping out of a plane WITH a parachute but w/o any idea of 'how far you'd fall' in complete darkness, without an altimeter -- you could be so "close to the ground" that an emergency would wipe out savings far faster than expected or "in such thin air" that even your $60K parachute gets ripped to shreds as you over accelerate...

The rest of the plan sounds reasonable enough, try and use kids summer break to relocate, don't give notice until things are settle in Ohio.

I would really hate to see you end up trying to move BACK to Texas if that is only place with work OR your house doesn't sell or something...
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Old 05-21-2009, 03:13 PM
 
1,956 posts, read 4,677,754 times
Reputation: 1101
Depending on your line of work, you might want to consider organizing a remote work arrangement with your employer. Put forward a proposal that starts with one or two days a week out of the office. If that works out, try to gradually increase it until you're doing remote work full time. Make sure you stay as productive as you currently are, if not more productive. Make sure you always try to make your employer see the value of the arrangement from their perspective, not yours. If it works out, let them know that you're moving and stay willing to travel back occasionally if needed.

That's assuming you like your job and a remote arrangement would be feasible. If not, then your cash cushion is totally sufficient...
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Old 05-21-2009, 04:25 PM
 
Location: Portland, Oregon
7,091 posts, read 10,488,886 times
Reputation: 4104
50-60 is pretty good for at least a year, depending on the situation. I would certainly check out the employment in your specific skill area and industry before committing on a leap.
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Old 05-21-2009, 04:36 PM
 
Location: Castle Hills
1,129 posts, read 2,284,637 times
Reputation: 605
Your idea is fine. You have plenty of money to safely be able to execute that plan. I see your angle for trying to buy a house instead of renting because you will use your current job. That might not be a bad idea.
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Old 05-21-2009, 05:38 PM
 
Location: Great State of Texas
86,093 posts, read 69,893,919 times
Reputation: 27519
Try to sell the house in Texas ASAP. You assume you can sell in 2 months..but what if it doesn't ?
You can always rent in Texas while planning your getaway.
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Old 05-21-2009, 08:36 PM
 
Location: TX
87 posts, read 249,737 times
Reputation: 52
Thanks for all of the responses. Very reasonable people here on this site.
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Old 05-22-2009, 05:58 PM
 
4,182 posts, read 5,659,447 times
Reputation: 1719
How much do you normally spend every month? Multiply that amount by 12, then you have 1 year's worth of cash to tide you over until you find your next job in Ohio. I use 12 instead of 6 just because of the horrid economy which may prevent you from finding a job within 6 months.
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Old 05-24-2009, 08:31 AM
 
Location: Houston, TX
17,032 posts, read 26,025,365 times
Reputation: 16166
The job market is pretty lean in Ohio right now, moreso than many states. I wouldnt move until I found something.
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