Do You Need a Financial Do-Over?

June 12, 2009 by  
Filed under Financial Planning

Have you ever imagined experiencing a life do-over? Or at least a do-over in your financial life?

I suspect that in this economy, there are more than a few adults who wish they could re-start their financial lives. That concept is brought closer to reality in a recent article in Business Week: Where Struggling Americans Can Find a Fresh Start.

The idea is that if you are without a job or living in an environment where you are struggling to survive financially, there are places that present enhanced opportunities for change. But a do-over may require drastic action on your part. This means getting the heck out of Dodge and into a place that gives you a fighting chance.

One of the do-over destinations featured in the article is Alaska. For many, this is an exotic place to be visited on a cruise ship. But for others, it is a land of substantial opportunity.

Texas – another do-over destination – I can see that.  The states in the central plains – Nebraska and Oklahoma – are also candidates. These states may lack charisma but charisma doesn’t put money in the bank. Las Vegas, California, and Florida had charisma. What good is that now?

If were the head of struggling family and living somewhere with little hope for the future, I’d be considering a financial do-over.  Even if it involved Mr. U-Haul.

If this idea appeals to you, don’t overlook the slide show presenting 20 different do-over cities to consider. There are at least two cities on that list that I would cross-off immediately (Washington, D.C. and Rochester, N.Y.) but that is really a matter of personal preference.

Would you ever consider relocating to re-start your financial life?

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2 Responses to “Do You Need a Financial Do-Over?”
  1. cjbr549 says:

    I don’t know if I agree with you completely about the “Charisma States” as you put it. I think it depends on your skill set about where you should look. I think if your skill set is construction, mechanic, machinist or some other blue collar job that requires a level of skill but not a college degree, then Alaska, Texas or some of the other states that were not as hard hit by the housing bubble may be much better off than Cali or some of the others. On the other hand, high skills jobs that require degrees, such as engineering, medical or similar will likely still find good and possibly better opportunities in the charisma states. I moved to California from the Midwest about a decade ago, and although I have a 20% higher cost of living than where I moved from (and I live in the desert), I make about 80% more than I could have hoped for back there. So I’m not going anywhere anytime soon. Of course, if you have no skills or a degree in underwater basket weaving, maybe you should be thinking about the Military. I hear the Army is still hiring.

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