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I have $75K saved up and I'm afraid to do it. The place I would move to is Cleveland, OH (low cost of living, plenty of jobs in my field). But as I have noted, my reasons for deciding not to do it are:
(1) I believe my career history will turn off most employers. I am will be 31 years old, on my 4th job, and have an unemployment gap between EVERY job in my career. Creating a 4th unemployment gap in a row just scares me about my marketability, especially because I have never advanced in my career either. Four staff level jobs in a row, all with unemployment gaps ranging from 2 to 7 months. There are also no temp jobs in my field in Cleveland (I thoroughly looked into this).
(2) Even with $75K saved up, if a year goes by with no job secured, I would be left with about $45K. I simply can't be comfortable with the possibility of blowing through 40% of my savings in just one year, if it takes that long. No way.
Now, If I had a stable career history and/or say, $100K+ saved up, then I would probably go for it. You'd be surprised at how FAST your savings will deplete living for months or years with no source of income.
...you're worried about this with $75k in savings?? I would pick up and move halfway across the world if I had that kind of cash. Also, how the heck would you blow through $30k a year...in Cleveland of all places?? If you were moving to SF, I could see that happening. But Cleveland is CHEAP in all respects--housing, food, entertainment, etc., especially if you don't have any kids.
I voted yes because right now we have a good savings with no debt (except our house) we also have rental properties to provide income, if we didnt have those id still feel safe enough though.
Personally? And in my present situation? Hell to the no! But then, I live in a place I love, work a job I enjoy, have a mortgage, and don't have much in savings at this point.
I don't think I would ever straight-up quit a job in order to move and look for a job in the new location, but if I was unemployed and I wanted to relocate I would almost certainly go for it without a job lined up.
...you're worried about this with $75k in savings?? I would pick up and move halfway across the world if I had that kind of cash. Also, how the heck would you blow through $30k a year...in Cleveland of all places?? If you were moving to SF, I could see that happening. But Cleveland is CHEAP in all respects--housing, food, entertainment, etc., especially if you don't have any kids.
Well yeah, I did the calculations. I would have to go on Obamacare, which is about $250 a month, and the cost to move would be $1,500 (I have a full apartment of stuff). My Monthly expenses would be about $2,300 in Cleveland, when all is said and done. Rent would be about $700+, then I have utilities, food, auto/renters insurance, gym membership, cell phone, and other random expenses (i.e. car maintenance, clothes, entertainment, random household items, etc.), gas. It would be about $28K to live there with no job lined up. That means my $75K in savings will be depleted down to $47K. Hell no I ain't letting that happen.
It adds UP, I'm telling you. One time I attempted this a few years ago with only $28K in savings, and depleted it down to about $14K after living for 7 months with no job.
I feel like most of the people on here that think it's okay to do this are kids under the age of 25, or low wage people with very little savings and nothing to lose.
In your current situation, would you quit your job with no job lined up, if you wanted to move somewhere? Why or why not? Under what circumstances would you feel comfortable quitting with no job lined up?
No, not ever; I am an adult and I have bills to pay.
In your current situation, would you quit your job with no job lined up, if you wanted to move somewhere? Why or why not? Under what circumstances would you feel comfortable quitting with no job lined up?
If I was single I would move right away from a place I live now, without second's hesitation. But if I was single I would never end up where I live now.
I actually quit my job and moved to a new location, without a job.And my spouse did the same thing, at the same time!
No problems finding jobs at the new location. We weren't even stressed about it. There was enough money set aside that we didn't have to worry about finances related to being unemployed. That is what made it stress free.
Only if I had 9/12 months of reserve funds set up so as to not be taking any job offered just to survive.
I'm in a high paying field (6 figures) and would not just up and go without a good / equally paying job lined up.
I did that last year and luckily I was able to find a job rather quickly. But, I did that also 3 years ago and struggled big time. In general I do not recommend it.
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