U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Frugal Living
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-31-2018, 05:02 PM
 
Location: Nyc
114 posts, read 43,404 times
Reputation: 43

Advertisements

Hi! So to begin I am a single, 25 year old female with some loans I'm looking to pay off. I am an LPN in NYC currently making 25/hr. and working full time. I've managed to save a hundreds each month into a savings account. My loan payments start in late March.

I am looking to move to an area with no income tax and a decent economy. I am ruling out the southeast because I grew up there, got bored so I honestly do not want to move back.

I am looking for a place that has a good healthcare preferably homecare field (I currently work in homecare and love it) to work in with a very low or no income tax. Some issues that I have are:

1. I am in the process of working on my driver's license. I never had family willing or able to help out so I haven't been in a good situation to get my driver's ed until now.

2. I've never owned a car. What suggestions do you guys have to keep expenses minimal? And in my field I am pretty certain I will need a car.

I have considered several places and as of now these are the choices I've narrowed it down to

1. Washington (I am aware it can get expensive in places but I am looking at Tacoma as a place.)
2. Nevada (I've heard jobs are scarce)
3. Arizona
4. Utah (I'm not Mormon however)
5. Texas (maybe. It's supposed to be a good place for LPNs with good wages and low cost of living.)

I've also chose these states (aside from Washington) because of the warmer weather. Any other suggestions for states? And living with family isn't an option. I'm really looking to pay this debt off within 2-3 years if it is possible. Right now I'm losing around 1000/mo in income taxes so it would be great to have that much more money to put towards debt.

Thanks!
Reply With Quote Quick reply to this message

 
Old 12-31-2018, 05:07 PM
 
Location: Kansas City, MISSOURI
6,479 posts, read 1,936,852 times
Reputation: 5279
Even Tacoma is going to be expensive these days. Maybe Spokane might be better.

Florida also has no income tax, ditto Tennessee.
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 05:22 PM
 
Location: Nashville, TN
14 posts, read 4,060 times
Reputation: 15
My old neighbor a few years ago was in deep with Student Loans and furious that he couldn't bankrupt them.

He mentioned once that his brilliant plan was to pay all his bills and expenses with credit cards, spend 100% of his paycheck towards paying the student loans down, then bankrupting all the CC debt.

I didn't say anything about it but if he got caught doing that it's probably like Bankruptcy fraud or something.
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 05:58 PM
 
Location: Nyc
114 posts, read 43,404 times
Reputation: 43
Quote:
Originally Posted by JC72 View Post
My old neighbor a few years ago was in deep with Student Loans and furious that he couldn't bankrupt them.

He mentioned once that his brilliant plan was to pay all his bills and expenses with credit cards, spend 100% of his paycheck towards paying the student loans down, then bankrupting all the CC debt.

I didn't say anything about it but if he got caught doing that it's probably like Bankruptcy fraud or something.
Yeah I'm from Tennesse and lived there for 20 years, so not going back. Job market isn't the best either. And Florida pays too low for my field. I did initially consider it.

I've accepted my loans aren't going anywhere unless I die or pay them off. I am fortunate I have a job where I can pay them off. It's laughable he was furious about the loans when its a well-known fact that you have to pay them off unless there are special and rare circumstances that allow you to get out of them (in my mom's case it was severe mental illness coupled with criminal history and unable to keep employment that got her off the hook)

I'm also looking into the university of washington to finish off my degree (91 credits) so i want to be in king county somewhere
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 08:07 PM
 
2,357 posts, read 1,492,363 times
Reputation: 5126
You’re all over the place.

Why is there such urgency to pay off your student loans?

Let me tell you this, since my profession is being a CPA. Choosing where you live based primarily off of state income tax is idiotic. First of all, that’s no way to live your life. Second of all, just because a particular state has a low or eliminated income tax burden doesn’t mean their taxes are lower. They could have higher property taxes or state sales taxes. Or as you found out with Florida...lower wages.
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 08:19 PM
 
Location: Cebu, Philippines
2,792 posts, read 1,018,955 times
Reputation: 5419
Alaska. I know a guy who made a million dollars in two years working as a lineman at the top of utility pole in a windchill of -80F. There are towns in Alaska you have to fly to, they have medical facilities, they pay plenty to get people to come there.

No matter where you are, I bet you can reduce your cost of living by 25k in two years. Quit orderng pizza, get rid of cable, ride the bus, make phone calls on a landline, drink store-brand cola, become a teetotaler, blah blah. Read the other threads in this subforum.




.

Last edited by cebuan; 12-31-2018 at 08:36 PM..
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 08:20 PM
 
2,357 posts, read 1,492,363 times
Reputation: 5126
Quote:
Originally Posted by JC72 View Post
My old neighbor a few years ago was in deep with Student Loans and furious that he couldn't bankrupt them.

He mentioned once that his brilliant plan was to pay all his bills and expenses with credit cards, spend 100% of his paycheck towards paying the student loans down, then bankrupting all the CC debt.

I didn't say anything about it but if he got caught doing that it's probably like Bankruptcy fraud or something.
That’s not “probably” bankruptcy fraud. It is bankruptcy fraud. I’d be shocked if it wasn’t uncovered.

Even if it wasn’t, he would have to pay taxes on the forgiven debt...and by ruining his credit he ended up being delayed or paying more for other life milestones...like a house.

He didn’t exactly get over on anyone.
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 08:21 PM
 
2,357 posts, read 1,492,363 times
Reputation: 5126
Quote:
Originally Posted by cebuan View Post
Alaska. I know a guy who made a million dollars in two years working as a lineman at the top of utility pole in a windchill of -80F.
I guess you missed the warm weather request and the desire to work in the medical feild?

But at least you nailed the odd no income tax requirement.
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 08:32 PM
 
Location: Old Hippie Heaven
16,725 posts, read 7,420,044 times
Reputation: 9541
Quote:
Originally Posted by James Bond 007 View Post
Even Tacoma is going to be expensive these days. Maybe Spokane might be better.

Florida also has no income tax, ditto Tennessee.
No city in western washington is truly cheap. Tacoma is somewhat cheaper than Seattle, but that doesn't mean it's cheap.

While it's true that washington has no income tax, property taxes and sales taxes are high. OP, since it seems you have no experience with cars, keep in mind that owning one is not cheap. It can actually be cheaper to live carless in a city with a transit system than to live in a rural area and pay car costs. If you are set on attending UW, look at their satellite campuses.
Reply With Quote Quick reply to this message
 
Old 12-31-2018, 09:11 PM
 
2,357 posts, read 1,492,363 times
Reputation: 5126
Back to your student loans....

Don’t make the mistake of prioritizing paying student loans first always. They’re tax deductible and early in life you have many competing needs for your money. When considering paying them, consider the opportunity cost of other things you’re neglecting. For example, don’t miss out on 401k matches at work. It may also be better to get into a house to lock in a mortgage payment.

Also, consider your pay and how it will behave.

So for example, as a fresh graduate, I made 20 to 25 an hour. Within a few years, I made 40 to 50 dollars an hour.


Sure, I could have struggled and paid it earlier....where 50 hours of work would have paid down $1,000 of my loan....put I prefer only working 25 hours now to knock out the same $1,000. Am I paying interest? Sure...but opportunity cost and your time matters too. The “burden” of my student loan becomes less and less as my time becomes more valuable.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Frugal Living
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top