Another post for the college money network. This time I ask the question should you move for a job? What to consider before you do?
After finishing college many people are faced with the tough decision, should they move for a job? The answer? It depends.
First, consider the job opportunity itself. Is it a position you like and can see yourself moving up within the company? Is there room for growth and opportunities?
Second, is the compensation adequate for the area? Are you making more or less than if you stayed put? If it’s a high Cost of Living Area (COLA), how would would need to make to live in a LCOLA? Does the job come with any relocation package? If not, what will it really cost for you to relocate, including fees like a moving truck, first and last month’s rent as a deposit, utilities deposit, etc? Can you find a place to stay before you move or will you have to stay in a hotel?
Third, what is the possibility of finding more jobs in your career field if you are laid off within the area of the new job? Can you find one quickly or will you have to relocate again? Relocating can be expensive.
Finally, do you have any friends or family in the area? If not, then are you willing to start fresh and make friends? Do you think you’ll fit into the area?
These are some important questions to ask before moving for a job. Right now it seems however, there are fewer and fewer job prospects, so perhaps the only question to ask is will I get laid off? If not maybe everything else is moot if you don’t want to just sit there waiting.
3 responses so far ↓
1 Michelle // May 14, 2009 at 10:23 pm
OOOH, good topic! (And by that, I mean something I know about). My sister and I are 11 months apart, graduated college the same year. She did the whole campus interview thing and got an offer from Big Company in Northern Virginia. I figured I’d surely find a job back home, why bother looking til I get there & can interview in person? She moved to NoVA with a college acquaintance as a roommate & began “A Career” with “Real Salary.” I goofed off & didn’t find a professional job for 3 years (working at a hotel as a desk clerk in the meantime). She got TONS of experience, built a network, jumped companies for growth potential and by the time I got my first career-track job, she was making 2X my salary in hometown…5 years later, I figured I’d move to NOVA for a bigger company/better opportunities, but I fell prey to issue #2 – I didn’t negotiate for an adequate COLA jump and turned to Credit to finance my big city lifestyle. ERGH. Needless to say, I regret not following my sisters path – I didn’t value the last of those issues, having family in the area!
2 Inkstain // May 15, 2009 at 10:15 am
I was scared to death to move too far when I got out of college, and went out of my way to find a job as close as I could to home. I ended up three hours away in the same state.
A few years later, I realized I’d spent my entire life living in the same state, and what a waste that seemed. This time, I moved 1,200 miles from home to the other side of the country and am having the time of my life, even though I do miss family.
COL is a *huge* factor, though. I am incredibly thankful that my comfort zone, where I’m used to living, has always been small, rural towns where the COL is tiny. It’s one of my biggest financial blessings.
3 LAL // May 20, 2009 at 10:16 pm
I think that it can be a scary move Michelle and Ink. That it’s really not as easy as people perceive it to be.
It also can be wildly expensive! Way more than you can expect. It’s easy to blow the budget out of the water.
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