Moving to a cheaper state with an employee mindset blog

by Larry Patterson
Before COVID-19 there has been a tremendous shift in population relocation within the United States of America (USA). The shift has been from Americans moving to the northeast, and west coast to people moving to the south, and southwestern parts of the U.S.A. One thing is for sure that gentrification is still on the rise in America. Even in today COVID-19 economy, there is an estimate of up to 25,000 people relocating to the south, and southwest for cheaper, and more reasonable cost of living. However, the consensus is that when one moves from New York, or California to Texas, Arizona, Nevada, Idaho, Colorado, Utah that their cost of living is less, but the salaries match the cost of living all at the same time. So the only question that comes to mind is will all of these new residents of Texas, Arizona, Nevada, Idaho, Colorado, Utah will have the same mindset when they relocate to their new homes? Mindset meaning will these new residents relocate with the 1987 working stiff mindset? I ask this specific question because there was a time in the U.S. when the cost of living in New York, California, and Washington D.C. was considered reasonable. However, the mindset of the majority of the population was of an employee, and generational renter. I am in no way making any derogatory statements about the middle, and lower-income working people. But for the last twenty years, the population that has had economic prosperity falls into specific categories. Those categories of ownership are listed below:
  1. Homeowners
  2. Stock investors
  3. Consistent growing savings accounts
  4. Successful business owners
  5. Life insurance plans
  6. Multiple streams of income
  7. Individual Retirement Accounts (IRA's)
  8. Strong family ties
  9. Generational wealth
If and when one decides to relocate to a new, and lower cost of living state the principles that were mentioned above still apply. Single income earners will lose in today COVID-19 economy, no matter if they reside in California or Texas. A generation of wealth was created and lost in the 2007 economic financial meltdown. These events took place because everyone placed all of their interest in their personal homes, and purchasing a significant amount of items that do not generate income. Such items i.e. boats, motorcycles, name brand items etc. Only having one stream of income, and associating with people who fail to plan for any sort of economic prosperity is a recipe for disaster in today economy. So if you are in the process or have moved to a quote, unquote cheaper state. I would implore you to ensure that you have at least two streams of income, contribute more to one’s financial education. And of course surround yourself with people that forces you to level up in education, physical health, and economic prosperity. The old way of only obtaining a 9 to 5 job in the United States of America is over. Do not let the lower cost of living fool you, because inflation exists everywhere, jobs are no longer guaranteed, and rents are subject to go up as the cost of living goes up. Also, please remember that most states within the United States are right to work states. Right to work means at-will employment that the employer or the employee may terminate the employment relationship at any time, for any reason, so long as the reason is not illegal.
 
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