Business Insider lists 19 cities where you can live on $50k per year.
Here are my comments related to this:
- Where you live has a HUGE impact on your net worth. It's a fact of financial life that some places are simply more expensive than others -- some MUCH more expensive. It's hard to get ahead when you live in a place that's 50% more costly than a comparable city.
- I prefer the option of going low in cost and high in income by making a lot of money while living in a low-cost city. And don't say it can't be done -- I've done it for almost 30 years now.
- Of their cities listed, I've lived in or near four of them. And I happen to live in one now -- and the most beautiful place we've ever lived in.
- This is just their list of the top 50 markets that are best to live in for low costs. There are tons of much smaller markets that are inexpensive and still great.
I know there are other reasons to live in a spot than money (like family). But if you have the choice and are mobile, moving to a low cost-of living city will help you grow your net worth and ultimately retire much faster than a high-cost city.