Here's another example of the fact that where you live can have a HUGE impact on your net worth:
In some places of the country, a $200k per year income isn't enough. In others, you can thrive on a teacher's salary.
;-)
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It's funny because recently you read these articles about everyone getting laid off and then there are others that talk about how salaries have been on the rise. Any irony there? Or has something in the balancing of things gone completely wrong?
Posted by: Aya @ Thrive | November 21, 2008 at 12:21 PM
This is quite apparent to me as a pharmacist. My wife and I are both pharmacists in rural Oklahoma, if we were to move to Chicago (close to where my wife grew up), cost of living (especially housing) would shoot way up, but our salaries would only increase by about 5%.
Posted by: pharmboy | November 21, 2008 at 12:34 PM
Generally, the salaries match the area so it doesn't make much of a difference. But yes, you're right regarding some places and some jobs; the cost of living is very skewed and can make for a rough time.
Posted by: Kevin @ The Money Hawk | November 21, 2008 at 01:17 PM
The cost of living is a huge reason why my seemingly large salary doesn't go very far. I probably wouldn't take that much of a hit to move to an area that costs half as much, but there are reasons to stay. Family and friends, also Mr M has never lived anywhere but LA and I don't think he could take the culture shock!
Posted by: Miss M | November 21, 2008 at 07:26 PM
This is one reason arbitrary definition of "rich" as those making above 250K for family is so wrong. 250K in Oklahoma means a lot. 250K in Manhattan - not that much.
Not to mention the higher state income taxes in places like NY or California or additional city tax in NYC.
Posted by: kitty | November 23, 2008 at 05:28 PM