Should I move to find work?
It's a tough decision to make, but here are a few things you should consider
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Jennifer on Twitter wondered about moving to find work. “How about life changes? Got fired. Do I move or stay where there are no jobs?”
This is never an easy decision to make. There are a lot of factors involved, and many of them push in opposing directions. Here are three key factors I would consider.
Could you actually earn more money in another area? In other words, if you take your resume to another part of the country, could you actually find employment with income that exceeds what you could currently earn?
It’s easy to think this is true, particularly if you were recently fired from a job, know of others employed in that field, and simply can’t find any openings in your local area. However, it may be that there are very limited hiring opportunities in your field anywhere. This is certainly true in some fields and less true in other ones.
Your best approach is to look for job openings in other parts of the country. Are there are a lot of job openings in other areas? Are they promising job openings?
You might also want to start applying for jobs that look interesting before you move. Try applying for a bunch of jobs in large cities that you can easily travel to, go there for interviews (if needed), then move only if you actually find a job that earns well and seems stable.
Would that difference in pay more than exceed a different cost of living? Quite often, you’ll find jobs in other areas that pay the same as what you were making, except that the new area has a much higher cost of living. I know of computer programmers who can live well in the Midwest, take the exact same job on a coast without much additional pay, and be practically homeless.
Before you apply for any job, know how the cost of living in that area compares to your current cost of living. If it’s significantly higher, you’re going to need a significantly higher salary to account for it and maintain your current standard of living.
A good way to calculate this is to get the cost of living index for the current area where you live, as well as the cost of living index for where you’d be headed. Take your current salary, multiply it by the cost of living index of the area you want to move to, then divide it by the cost of living index of the area you’re currently living in.