Rating 4.7

Relocate to a Financially Healthy State

There are several things to think about before you take the plunge to moving to Birmingham. Think of your desired state as a business. How it preforms financially can affect how much money you personally make, and people’s attitudes about life. With careful research and planning you can be prepared to make the right decisions for future.

Your New State’s Balance

Most people think about their own financial health and how they can get by. What may not be on most movers’ busy minds is how their new state is doing financially. To put it into perspective, imagine private sector employees are the income contributors in their home state, while public employees, government employees, welfare are income takers. If you are a private sector employee or business owner, less income makers in your state means an unbalance in the give-and-receive system. This can lead to several environmental problems such as decreases in property value, increase in poverty, decrease in personal income, and rise in taxes.

Get a the Full Picture

Some key factors to look at while looking at government census reports are population trends, unemployment rates, high school graduation rates, single heads of households (the lower the better), sales tax, property tax, and federal aid. Determine where the state’s income is going to find out where it stands, and what financial stress it holds.  Look data from 5 years ago to its most current. Again, pretend it’s a business, and ask yourself would you want to work there and receive its services such as education, postal system, police protection, and legislative protection. You can compare it to states that have noted as financially secure.

Take a Vacation

Seriously. Take a few days in your chosen city and spend a few days there. Talk to people like you in random places and ask them how they think the economy is. Check out local services such as the police departments, service at municipal locations, local schools, local businesses, and the condition of the roads. These are all visual signs of a community’s health. If there are long waits at DMVs, broken roads, packed schools, or lots of police vehicles cruising around, this will be a bad sign. Also if no one is jogging at night anywhere, this may be due to elevated safety concerns.

If there are more people moving out of the state than in, it is a bad sign. Healthy states have steady economic growth. They have healthy debt to asset ratios (some debt is necessary for financial growth), and place high in private sector growth. Look for the amount of people that live in the state that are like you in terms of age, income, similar workforce segment, and lifestyles. If children are in the picture, make sure there are families in the neighborhood like yours. You have probably already heard that it is important to surround yourself with people you want to be like, right? Well with the same idea in mind, surround yourself with cities of people that are making money in the way you are.