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I chased money once and it was local, though with a commute I hated. 3.5 years of hell. Now I work in town or from home, make less than half and am way happier.
You couldn't pay me enough to work in a city, much less a "horrendous" one
My husband and I relocated because he got a very nice job offer (nothing on the scale of yours). However, there are several significant differences.
He's closer to retirement. The time we are spending in the new area, which we do not like, is limited. We'll soon be able to return to an environment more to our liking.
We did not have to disrupt our daughter's life. She was graduating high school and moving away to college.
The job he'd had for many years in our previous state was going away, it was during a very poor job market where we lived, and we knew he wouldn't find anything close in salary or benefits to the job he'd been doing for years and years, much less the job we moved for.
He suggested that I not continue working when we moved, so there was benefit to me. I didn't mind retiring early at all.
But you're building a multi-million dollar home, so your idea of "enough" to live on is different than ours, I suppose.
You are talking about life changing money here. If you don't have much saved to invest for the future, you would make the sacrifice to better your position. If you are already financially independent, it is just greed to acquire more and you would have to assess the effects on your family. If you have enough to live well on investment income, or to set yourself up in your own business doing something you enjoy and can make a good living at, you should explore the options which give you the best quality of life for your family, a major factor being the time you can make available for them. If you can already give them the advantages to build a good, productive life and pass it on to future generations, your main focus should be upon guiding and teaching your children. will acquiring more millions somehow make you a better person? One can have all the money in the world and still be a complete failure as a human being.
Yes, definitely. You would be able to retire comfortably in just a few years as opposed to decades, and move wherever you want. Not sure why you need a multimillion dollar house, though, thats going to become a money pit.
Here's another thought: even "horrible" cities have pleasant suburbs. Is your wife/family enamored with the convenience and amenities of the actual city proper where you are? If not, then moving to the suburbs of the new city may offer the same setting - with perhaps better bang for your housing buck. With that extra $750K, you could hire a limo to the charter plane to fly you all back to the old hometown for weekend visits.
I would probably take the higher income, because money you put aside now for retirement has more years to compound and grow, so the more you can set aside now when you're younger the better, and because you are able to provide better opportunities for your children for their education.
Absolutely! And the family would just have to accept reality. The kids go where the parents tell them to go. They are not in charge. I would be saving every penny so I could retire in 4/5 years when that freshman graduated. Then I could live anywhere I wanted and never HAVE to work again. And the kids college/whatever would be funded as well.
You are not the first or the last person to have to live someplace they hated for a job. It's part of life, you do what you have to do to make a living. And you don't always get everything you want. It's a valuable lesson for your family to learn too. You have to make sacrifices to be successful.
I was never in anything even close to your income bracket. But I had to take a job in Minnesota for almost 15 years. Most dismal place ever. Winter, REAL WINTER, for more than half the year, and tornadoes as soon as the snow melted. And bugs like you wouldn't believe. We all hated that place with a passion. But the job paid more than twice as much as my old job. Because I took that job I was able to retire young and for the first time in my life, actually choose where I lived. It was worth it!
And don't forget, your income let's your family enjoy a lot benefits way beyond what most people get. They need to be thankful for what they have. Not complaining about where they have to live to get it! I'm betting not a one of them has ever had to deliver papers or flip burgers for spending money. And maybe they should...it would give them a whole bunch of new perspective on their privileged life.
I have lived in a few 'armpits' over the years. Places my job took me and before that places my father's job took the family. I survived and each of those moves let me experience something different. There is some redeeming quality to every place on the planet. You just have to look harder in some places than others.
Due to the death of a business partner who died in 2012, my business in which I was a minority shareholder was sold to a publically traded company for a large some of money. I was earning over $1mil per year and walked away with about $1.5 million after taxes. Since then, I took a very lucrative position out of state where my wife would not move making about $1.5 mIL per year. Frustrated by my commuting, my company terminated my employment.
There were no equivalent positions in the state where my family lives. Annual income would have been around $300k annually. I am 42 years old and in my prime earning years.
I was offered similar money, but in a dilapidated and unrefined city. I have taken the position and have been commuting for the past 5 months as my famity remained at home. We just broke ground on a multi million dollar home and now I am having a lot of second thoughts. I am very worried that my family may be miserable here and that my Freshman daughter may be harmed emotionally.
The type of position I have is very unusual and I am concerned that I may never have this type of opportunity again. Would you move your family for $1.5 mil a year vs $300k if you already had $2 mil + in net worth?
It's a bit late to be asking, right? I would never consider moving any kids in High School, if they have friends and are in a good school.
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