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Old 10-01-2008, 05:39 PM
 
Location: Collierville,Tennessee
109 posts, read 316,469 times
Reputation: 66

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what to choose---high salary and high cost living or low salary and low cost of living??

for example, here in TN we dont have state income tax and housing are relatively cheap, will you choose living in such a place like TN and other low cost living states with lower salary or you rather go to some high cost living states like NY or CA for better paying jobs?

What is your opinion or experience on that??
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Old 10-01-2008, 05:56 PM
 
8 posts, read 27,656 times
Reputation: 11
Well I currently live in Memphis, but have plans of moving away from here, not because of cost of living or pay from a job, but simply because anywhere is better than here. San Diego vs. Memphis? San Francisco vs. Memphis? NYC vs. Memphis? Come on now... Besides cost of living/ salary, you have to consider the social scene, extra curricular activities, clubs, hang out spots, attractions, people, diversity. Memphis is not high up on the food chain in that respect.
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Old 10-02-2008, 07:13 AM
 
Location: Middleburg, FL
754 posts, read 2,553,734 times
Reputation: 439
Quote:
Originally Posted by blasianFMA View Post
Well I currently live in Memphis, but have plans of moving away from here, not because of cost of living or pay from a job, but simply because anywhere is better than here. San Diego vs. Memphis? San Francisco vs. Memphis? NYC vs. Memphis? Come on now... Besides cost of living/ salary, you have to consider the social scene, extra curricular activities, clubs, hang out spots, attractions, people, diversity. Memphis is not high up on the food chain in that respect.
But if social scene, clubs, "diversity", etc., aren't important to a person, then no...you don't have to consider that.

To fatbench: There is no right answer. If you like where you are, then stay. If you don't, then move. If you could stay or leave and don't have a problem doing either one, then look around and see what gets your fancy.
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Old 10-02-2008, 12:44 PM
 
Location: East Memphis
104 posts, read 326,040 times
Reputation: 61
Having lived both here's my take:

The Bad:
- $3000+ a month rent is no joke. Yes you make more but falling behind is painful. I have friends that made in excess of $100k now scrambling to find work before the next rent cycle. This is stress you just don't have here. Note, what I paid for a parking space I now pay for a mortgage. There's something to be said for that.

- Stress. NYC is ALL business. A typical work day starting at 7:30am, and ended at 7:00pm. As Gordon Gecko says, money never sleeps. Your kid sick? Too bad. Your wife sick? Sorry to hear it. You not feeling well? Sucks to be you. Money is unforgiving to health and family problems.

- 2 and 1/2 hour commute to go 20 miles!

- Noise, all day and night.

- English is a second language. Better have a repertoire of other languages to communicate effectively.

The Good

- DIVERSITY.

- Top shelf restaurants and nightlife

- High quality decadence (if you're into that sort of thing).

- High competitiveness

- Opportunity (in the South the mantra is "be glad you have a job" in the north it's "********** job").

Ex-Pat
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Old 10-02-2008, 10:04 PM
 
Location: Charlotte, NC
624 posts, read 1,912,819 times
Reputation: 563
It really isn't as cut and dry as that. The fact is that a productive city should be bringing in those higher paying jobs regardless of the cost of living. There are countless other sites outside of California and New York that have prospered and maintained a lower cost of living. Normally I'd try to tie Charlotte into this, but we just lost Wachovia so I'll leave that out...

The fact is, is that there are jobs in Memphis that offer the opportunity for high salaries. It's a personal choice when it comes to cost of living and it ties in directly to 'quality' of life.
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Old 11-09-2008, 07:10 PM
 
1 posts, read 5,442 times
Reputation: 12
Higher salary and higher cost of living is better because if you make more you can save more and then retire in a low cost of living area.
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Old 11-10-2008, 10:59 PM
 
Location: Collierville,Tennessee
109 posts, read 316,469 times
Reputation: 66
Dont agree there. Saving for retirement means live the best part of life without really enjoying the life. Who cares how much you have saved for the life after 65 or 70? I prefer live in a low cost area and have my own house when I am still young.

Quote:
Originally Posted by cfsusan View Post
Higher salary and higher cost of living is better because if you make more you can save more and then retire in a low cost of living area.
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Old 07-31-2014, 04:23 PM
 
14 posts, read 14,520 times
Reputation: 21
Spend a few years in the high salary location, but don't overextend yourself on housing - keep it modest. Then relocate to low cost of living area. Chances are, if you're a professional, your company (new or existing) will match your salary and you'll then have the high salary in the low cost of living area.
Places with a high cost of living usually have something interesting to them so if you're young, take the opportunity to enjoy them for a few years then you can move to a low cost of living area when you're ready settle down. I was originally from Illinois, lived in NYC for the first part of my career, and am now looking to move my family back to the midwest with a tidy nest egg. :-) I would not trade the experience of living in NYC for 5 years for a low rent for 5 years. YOLO, right?
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Old 07-31-2014, 08:17 PM
 
680 posts, read 848,230 times
Reputation: 381
Seems like the obvious choice is to pick the career with high salaries in an area with a low cost of living that lacks the "keep up with the Jonses" mentality. A centrally located metro area would be even better.....especially one with friendly people.
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Old 08-06-2014, 02:15 PM
 
Location: Denver, CO
898 posts, read 1,020,878 times
Reputation: 1366
Just stumbled on this thread.

I lived in NYC for 12 years, and just moved to Denver CO 8 months ago.

For starters, unfortunately the salary increase doesn't quite coincide with the cost of living increase. Fact: I left 10% of my salary on the table to move to Denver, and according to my budget I might as well have gotten a HUGE raise.

I think that if you are in a field that demands living in these cities, you don't have much of a choice. If you are a young single guy / girl or likes the "lifestyle" of these world class cities then go for it. Just keep in mind that you need to sacrifice A LOT to live there, and keep in mind that living in NYC we couldn't afford all those awesome NYC things (broadway shows, fancy restaurants, parties and clubs) because the cost of living is so high. The big takeaway: what's the point of having world class amenities if you can't afford any of them?

Also keep in mind that when you live there, all those things that make big cities awesome for tourists are just roadblocks when you are trying to get to the office.

Now in Denver, I get to enjoy more, I live within walking distance from work (whereas in NYC I had to live 1.5 hours one way from work bc of the housing costs) in an awesome building with all the amenities, and it is just big enough to have lots of things to do but still small enough that people get to know you by name.

Not trying to discourage you, just figured my input will be valuable (eventhough I've never been to Memphis )

Last edited by ayoitzrimz; 08-06-2014 at 02:32 PM..
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