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My wife, daughter, and I are thinking of making a major change in our life. We currently live in Columbus and we are thinking of moving to Goodyear, AZ (new home to Indians spring training soon). Don't have anything lined up for work, but I have 3 yrs military experience and 12 yrs corrections experience.
The reason for the move is financial, right now I HAVE to work OT to pay all my monthly bills, before anyone says it I know we created these bills, it was not very responsible but it happened. I make almost exactly what my bills are every two weeks leaving nothing left and eating up what little is in our savings. In the past I could count on OT, but my work is eliminating it or minimizing. In four years all bills will be paid off, but we feel as if it will be impossible to scrape by.
The move would help because I have $96,000 in retirement with $51,000 in bills. After taxes I would count on about $72,000, after bills paid off $21,000. then sell my house which I would pocket $12,000 to $14,000, making a move with no bills and fresh start with $35,000.
What do you think? I'm not big on big change, and this would be huge. One of my best friends lives there so he could help ease the transition. Just looking for an outside opinion.
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The move alone would be fairly costly as well. Be sure to factor that into your costs.
Do you have any other support in that part of the country (friends or family)? Are you planning to buy a house - or rent an apartment for a year or so?
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I have a best friend out there. We would rent for a year ot two.
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I'm considering nearly the same thing but for not quite the same reasons.
I simply think I'd like to live in "Mayberry" and work at a feedmill or something.
I can split with no bills and about 100g in pocket. just need a second daughter to graduate!
I'm more afraid that I'll talk myself out of it than what it might all lead to.
Just don't move and get yourself into the same debt situation which it sounds like you've learned your lesson.
Be bold! (hope I can take my own advice!)
Good luck!
Last edited by 1oldMutt; 10/11/07 12:45 PM.
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Legend
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if possible, you might want to take a trip there, look at the jobs, maybe apply for a few, check out housing costs.
Do some prep work, you don't want to get there with all your belongings and family, and be living in a hotel for a couple months, that will eat up alot of cash.
Plus you can write the trip off on your taxes because you were job hunting, so keep all the receipts. You also might find there is something about it you don't like.
But if you think it will be good for your family, and you can pull it off, then why not? Sometimes people stay in a rut, for no other reason than they are unwilling to make changes.
I know several people in AZ and they all love it, and most have lived in other parts of the country at one time or another.
We don't have to agree with each other, to respect each others opinion.
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seems like you can get playoff tickets easier there  Sounds like a great opportunity. Weigh all the pros and cons with your family. Best of luck.
...always have been, always will be...
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I have been hot and heavy into learning the ins and outs of debt management as of late, and one thing I have learned is it's NEVER a smart idea to borrow from your retirement fund. Let me know if you would like the link to a place that you can do some research and ask questions of people that have been there and done that.
#gmstrong #gmlapdance
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All Pro
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make sure you consider all the things that might go awry. For example what does the housing market look like, will you be able to afford a downpayment on a house, and what prevents you from running your bills up again. If you and your family are commited to living within your means then i dont see why you can't do this.
Good luck
![[Linked Image]](http://www.dawgtalkers.net/uploads/captainphil/browns bills sig 5.jpg) When it gets cold and snows and the wind blows, you gotta be able to run the ball. - TR
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Quote:
Let me know if you would like the link to a place that you can do some research and ask questions of people that have been there and done that.
If you dont mind can you forward me those links, I borrowed from my retirement plan after my divorce to pay off credit card balances with high intrest rates I recieved from that. Yes i lost money from borrowing but in the long run it would have taken me 10- 15 years to pay off these cards, I did take into account what i lost in my retirement compared to what i saved in intrest charges and saved now, but realize my loss will come later and have been trying to minimize that lost bye adding more into retirment. These areas intrest me and with me as i have very little debt and will be debt free in 5 years. I'd appriciate it
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Quote:
I have been hot and heavy into learning the ins and outs of debt management as of late, and one thing I have learned is it's NEVER a smart idea to borrow from your retirement fund. Let me know if you would like the link to a place that you can do some research and ask questions of people that have been there and done that.
Michelle is right, it's usually not a good idea. The biggest reason is b/c when you are used to having debt and have a clean slate, many times it's just a matter of time before history repeats itself.
If you do cash out the home and retirement, you must stay on the zero debt path from that point forward. There's no going back once you've put the retirement and house on the line.
It can be done, but requires discipline that you've not shown up to this point. Just understand what is at risk here.
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Quote:
If you do cash out the home and retirement,
Dont cash out any retirement you might have, many times you can take a loan out instead of cashing out. These loans let you pay yourself back at a % rate which helps offset any monies lost from not having your loan amount in thier working for you. it will never be 100% accurate but by only loaning yourself the money your paying yourself back and paying intrest back to yourself into your account. Check and see if your plan has this option. I've done this and it's helped me in the short term after my divorce.
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You have factored tax, though I think it would put you in a higher bracket than you figure.
I think in many ways being debut free is the way to go....but you could do all of this without moving and leaving your job.
If your goal is to get rid of the debut....do it and stay where you are now.
If you still feel the need to relocate, you can do it in a year.
Seems like you are wanting to try to do everything at once, and in my experience, that isn't always the best thing to do.
If your mind is set on the financial part
, go ahead and do that..liquidate and clear the books....rent up there and at least hang on to the job...basing all expenses on pre OT hours.
See how it goes, and then after a year or so, reconsider the move.
At that point all you have to do is wait for the lease to end and get a moving van....it also gives you a shot at securing a job out there...30k doesn't last very long with a family of three.....
I also don't like the part about clearing your retirement fund in total..I think that is a mistake.
Being old sucks enough without being old and broke.
Even a small amount of say 50k brings many seniors a peace of mind...and old folks deserve that. Sometimes it is a matter of just a few hundred dollars here and there that make a world of difference. The difference between choosing between having the water shut off or being able to buy that 1 time medicine you need.
But...I don't know your age. If you are still in your early 40's and plan, having 150k at retirement isn't out of the question.
It is just that that first 100k is the slow go...it really starts to grow after that...with contributions, it isn't hard to expect to grow your account 10k a year at this point....in a fairly conservative investment.
If everybody had like minds, we would never learn. GM Strong ![[Linked Image]](http://www.dawgtalkers.net/uploads/small-gator-chomp.gif)
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One of the things that you should do is find out what the comparative cost of living index and or salary index is between the 2 cities.
Years ago, I moved from Virginia to California. I bit into the line of that the difference was only home pricing ~15 percent. - that was before the housing market in California took off.
The indexes showed it as being 35 percent. When I got here I found it was 35 percent. It made for a tough couple of years. Ultimately, I found another job that was more in line with the salary.
The equity in your house seems low, figure 15 percent to get into a new house and that 35K would get you into a 300K house assuming that you can make the money to support the mortgage.
Look at housing prices, in AZ you will also have to consider cooling costs.
Welcome back, Joe, we missed you!
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http://cgi.money.cnn.com/tools/costofliving/costofliving.htmlCost of living index for ya. Using $50K as a benchmark: Salary in Columbus OH: $50,000 Comparable salary in Phoenix AZ: $49,916.72 If you move from Columbus OH to Phoenix AZ... Groceries will cost: 0.04% more Housing will cost: 4.605% more Utilities will cost: 19.123% less Transportation will cost: 0.422% less Healthcare will cost: 4.616% less
Last edited by Beerdowner; 10/11/07 06:52 PM.
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I thought you were going to say you were coming out of the closet
I'm coming home, I'm coming home, tell the world I'm coming home
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Move to Mexico. You'd be a billionaire.
#gmstrong
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While my financial and family responsiblities were much different than yours, I look back at the move I made 6 years ago as a change for the better.
I grew up and lived 29 years in Ohio. I saw what it had to offer. Played in the hills, rode the roller coasters, suffered through the miserable humid summers. I also suffered throught the bone chilling winters. Caught fish from it's lakes and rivers. Life was easy. And moved away from it when it ran it's course. Enough was enough.
Portland is my home now. And I couldn't be happier. New rivers to fish, hills to play in, and people to meet.
Sometimes taking a chance in life is just what you need to keep you fresh and on your toes.
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Quote:
Portland is my home now. And I couldn't be happier. New rivers to fish, hills to play in, and people to meet.
Sometimes taking a chance in life is just what you need to keep you fresh and on your toes.
That's good. Glad you made the move, Glad it worked for you. However, making a move doesn't seem to be the center of this topic. WHY and HOW he's wanting to make a move is the subject.
Is it wise to give up so much, in order to start anwe somewhere else and very realistically face the same problems in the new place? That's the question.
You did it, and seem happy about it. But, were you running from problems in Ohio, hoping somewhere new would be different? Or did you leave because you were footloose and fancy free and just wanting to live elsewhere?
I guess my question is, did you leave a financial mess in Ohio by moving away? Or did you leave Ohio wtih your finances secure, just looking for something different? Big difference, in my opinion.
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If you have life long friends, and fÛmily where you are now, then the move is not worth it. Money is nice, but it won't buy you happiness, or replace loved ones. I could move out of the depressed area I live in and make double what I make now, but it's just not worth it to leave behind all my family and friends. Nobody ever laid on their death bed wishing they made more money during their lifetime.
I AM ALWAYS RIGHT... except when I am wrong.
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I'm 34 and would have time to build it back again. Thanks for the comments though. Also will retirement funds allow me to take aloan against myself? My retirement fund is OPERS.
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Quote:
I'm 34 and would have time to build it back again. Thanks for the comments though. Also will retirement funds allow me to take aloan against myself? My retirement fund is OPERS.
It may depend on which plan you are enrolled in...If it is the traditional plan I don't believe you can. I just enrolled in OPERS and I did not come across anywhere in my research about taking a loan out. Withdrawing from your retirement should be a last resort, especially from OPERS, which is guaranteed.
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Do your research...discuss the move with your wife...make a business plan...if it is what you want....DO IT!
After 56 years of working making others a lot of money...
After wrecking my health making others a lot of money...
After several medical setbacks and financial problems stemming from health problems.....................................................................
After using most of my retirement savings on court costs and medical costs...
After happily taking care of an elderly parent's bills and several kid's problems.
My wife and I moved to Florida and started a new life together- after a year in paradise with my gal of 34 years and slowly getting healthy again we are happy we moved here. Determine what is best for you and your wife...then do it.
The American people will never knowingly adopt Socialism. But under the name of 'liberalism' they will adopt every fragment of the Socialist program, .
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Quote:
I'm 34 and would have time to build it back again. Thanks for the comments though. Also will retirement funds allow me to take aloan against myself? My retirement fund is OPERS.
My 401k has a option which allowes me to take out a loan against myself, i have done it a couple time and actually in the process of doing it again, Yes i do lose some investment money I would have made if I had kept it in, But I also repay myself back with instrest, sure it dosent cover all I lose but I do recoup some, With in a month, I will be down to two credit card bills with both limits around $500.00 on both, I dont use credit cards much. but inherited a large amount of credit card bills after my divorce, there all paid off this month.
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Whatever you do decide to do consider all your options and like the other posters stated talk to your wife and make sure she is on board with the choice.
God Bless you and your family I know that its a hard choice and you are trying to do whats best for your family.
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There must be something in the water. I have been working 9-5 in Columbus for the past 8+ years. Yesterday, I received my grad school acceptance letter. I plan to return to school full time winter quarter. I am not going to touch my 401k. I will take out student loans.
I am married and have 3 kids under the age of 10. This is scary. But, you only live once.
No regrets. 
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Quote:
With in a month, I will be down to two credit card bills with both limits around $500.00 on both, I dont use credit cards much. but inherited a large amount of credit card bills after my divorce, there all paid off this month.
Congrats, Clay!! Hey, read about closing all those old accounts before you do it. Not always a good idea to close everying...even if you don't use it. But again, way to go. Has to be huge to be a month away from being debt free.
#gmstrong #gmlapdance
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True, always keep 1 or 2 accounts open.
I keep 1 credit card which I use for everything, then pay it off at the end of the month. That way it shows activity, high balance, payment history, etc. This plus car/mortgage payments will keep and build your credit score.
We don't have to agree with each other, to respect each others opinion.
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Quote:
True, always keep 1 or 2 accounts open.
I keep 1 credit card which I use for everything, then pay it off at the end of the month. That way it shows activity, high balance, payment history, etc. This plus car/mortgage payments will keep and build your credit score.
Actually, more than 2 is smarter. As many as you can is actually the way to go...for many reasons. Everyone thinks that having "too much" credit hurts you, but that isn't so. It's how you use your available credit.
Don't Close Credit Card Accounts
Five Mistakes That Hurt Your Credit Score
Last edited by DawgMichelle; 10/12/07 10:57 AM.
#gmstrong #gmlapdance
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They also take into account the amount of available credit versus your income. Quote:
Applying for several credit accounts in a short span of time will actually lower a consumer's credit score. According to Fair Isaac, creators of the credit score system, 10 percent of the credit rating is determined by the consumer's record of inquiring (applying) for new credit. Applying for every credit card offer that comes in the mail can lower your credit score because with every application, the lender will review your credit report, and these inquiries indicate to other lenders that you are shopping for credit. And, if you are approved for some of the new accounts, the very newness of the accounts will also work against you because credit-scoring rewards people for having accounts opened for several years.
Now, the second issue you brought up; being turned down for having too many credit card accounts. One reason for the turn down is not so much the actual number of credit cards you have but the available balance.
You may have too much available credit in relation to your income. Available credit is the amount of credit you have available on all of your accounts combined. What if you decided to go on a shopping spree one day and max out all of your credit card accounts? Lenders measure what kind of a risk you would be based on your ability to repay that money when they look at your income vs. your available credit.
It's possible you may also have too many new accounts without much good payment history. Having accounts open for at least two years with no late payments is very good for a credit rating.
You could be using too high of a percentage of your available credit. For example, if you have $5,000 in total available credit and you have charged $4,000 in purchases, then you are using 80 percent of your available balance. That is considered very high usage and will have a negative affect on your credit score and ability to qualify for new credit accounts. Everyone should work to keep their use of available credit to below 50 percent.
Also, you may not own lots of credit cards but you may have too many of the same kind of credit. Credit-scoring rewards consumers with a good mix of credit accounts, credit cards, retail accounts, installment loans, mortgages, consumer finance accounts, etc.
If you were declined for credit, you are entitled by law to receive a free copy of the credit report that was used to decline your application. I urge you to order the free report as soon as possible and review it carefully. Once you understand your credit history in more detail, you'll have a better idea of what to do to improve your credit rating.
http://www.youngmoney.com/credit_debt/credit_basics/041206
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Actually, they (the credit reporting agencies) don't take that into account to give you a credit score. They don't KNOW your income. A creditor may take it into account when you apply for credit, but even that is rare. They are looking to make sure you know how to handle the credit you currently have and that you aren't maxed out. Most like to see between 1%-9% utilization (total balances divided by total available credit).
#gmstrong #gmlapdance
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Hey you guys are pretty good, I called my banker (makes me sound impotant)...Actually the lady that runs the local bank I've known for years, When she was in high school I was managing a fast food restruant and gave her, her first job, so I get free advice now & than, shes a great lady, anyway, I was gonna payoff completely the last credit card I inhearited from my divorce, but after reading what you guys wrote I asked her should I, she said if possible i should pay it down to around 750.00 or 500.00 and make monthly payments, charge something small on it every other month and than pay whatever I bought off , dont add charges just keep the balance around 500.00 & make monthly payments She said I've had this card for 10 years and have never been late, Ex-Wife is off the account and it helps my credit rating by having it, closing it could lower my availible credit, I went in to her in July looking for a loan for the camper we bought and she said my credit score was in the excellent range, closing this card wouldnt hurt it, but by having it always helps, So thanks guys ya got this old country boy thinking.....
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No problem...credit is confusing, I know.  And, Ms. Bank Lady is wrong, for the record. Pay it off, keep it open, and charge SMALL things every couple of months that you pay off when your statement comes. Like a gallon of milk or a pair of socks. There's no way in hell you should pay interest on $500-$700 dollars...that's just dumb. All they want to see is activity and that you know how to use your cards. Also...keep in mind the utilization percentage of your cards...keep them between 1-9%.
#gmstrong #gmlapdance
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I wouldn't carry any balance.
Your report doesn't show that, it just shows your payment history, and your high credit balance.
I typically run up around 800-1k a month on mine, mind you that's date night with the wife, dinner and drinks with the guys 1 night a week, Monday night football night with the guys, and misc home materials for home projects. Pay it off every month.
Then a couple times a year I have plane tickets added to that, so my high balance will hit 2k sometimes, but it's always paid off, no need to pay interest on anything. Cause all your report shows is high balance for last 12 months, current balance and available credit.
Also, good idea to get a credit report just to see what open accounts you may have you don't know about. When I was 18 I took out a loan at a music store for a new drumset, I thought it was a fixed loan, once paid off it closed. But they opened it as a revolving account, even though they sent me a coupon payment book, not a statement.
Anyway, when I went to buy my first house in '95 I pulled a credit report and found that account as still open, among a couple others. So I had to write letters to them to close the old accounts, as well as 1 to the credit bureau about 1 from a company that no longer existed.
I made a lot of credit mistakes when I was young, and paid fro it for a long time. I am now virtually debt free (car and home) and it's amazing how much more money you actually have when your not paying interest every month.
Sometimes if you just look at all your statements and add up the interest charges alone, that will scare you, I know people that could buy a nice car on what they pay in interest every month for credit cards.
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Quote:
I wouldn't carry any balance.
Your report doesn't show that, it just shows your payment history, and your high credit balance.
Credit reports do show balances if you have any. I've been pulling mine about once a week for a month or so....trust me, they are there. 
#gmstrong #gmlapdance
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Sorry, I meant an average balance....they show current balance. I even kinda corrected myself later in my post.  Quote:
Cause all your report shows is high balance for last 12 months, current balance and available credit.
We don't have to agree with each other, to respect each others opinion.
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Okay, then. At least we agree that Clay's bank lady is dead wrong. Btw, Clay, though you trust this woman and she's probably got some good advice to give, I would get a real financial advisor if you want truth. A bank isn't a place I would go for advice...just my two cents.
#gmstrong #gmlapdance
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Btw, Clay, though you trust this woman and she's probably got some good advice to give, I would get a real financial advisor if you want truth. A bank isn't a place I would go for advice...just my two cents.
you absolutly right, Thanks.and I appricate your insight, .I just kinda run things by her from time to time, taking her info and adding it to our finacinal controller here at work.
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Joined: Sep 2006
Posts: 30,823 Likes: 516
Legend
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Legend
Joined: Sep 2006
Posts: 30,823 Likes: 516 |
Quote:
Quote:
I wouldn't carry any balance.
Your report doesn't show that, it just shows your payment history, and your high credit balance.
Credit reports do show balances if you have any. I've been pulling mine about once a week for a month or so....trust me, they are there.
I'm sure you have your reasoning for checking it that often, but unless you have some serious credit issues or you are trying to see if a problem got cleared up, I wouldn't advise doing it that often.
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Joined: Sep 2006
Posts: 9,955 Likes: 31
Hall of Famer
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Hall of Famer
Joined: Sep 2006
Posts: 9,955 Likes: 31 |
#gmstrong #gmlapdance
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Joined: Sep 2006
Posts: 30,823 Likes: 516
Legend
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Legend
Joined: Sep 2006
Posts: 30,823 Likes: 516 |
Dunno how it is now, but it used to be that, if you were trying to get a loan, when a bank pulled your report they would also see how many times your report had been pulled recently. If it was a high number, it caused a red flag for the bank. Their thoughts were "why so many credit reports pulled recently? What don't we know?"
Again, if you have good credit, perhaps it won't matter.
I just know that in my 12 years in the car business, I can't tell you how many times GMAC, or banks, would call back after I sent in an app. and say (granted, this was on lower score people), "I don't think we can do this one. This person has had their credit checked "x" number of times in the past month."
Again, if you have great, or good credit, probably wouldn't apply. But, why would you be checking every week anyway?
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