Special Contribution by
Financial Advisor, Managing Partner | The Wealth Consulting Group
Whether you decide to move across town or across the country, at some point your family is going to be faced with a move. As you grow within a corporation, it’s likely at some point they will ask you to move from one city to another. This means the financial decisions you make could have a substantial impact on your bottom line. Here are five money considerations you should think about before you make the move.
- Rent or Sell – Since you don’t always know how long you’ll be in a city, buying a home is a big family financial decision. If you relocate to another city, an even bigger decision could be whether or not you should sell your existing house or rent it out. Make sure you review items such as seller costs, moving costs, whether or not you want to be a landlord and what you could get for market rate rental income before you make this big decision. It’s best to do a side by side of both financial and emotional considerations on this one.
- Taxes – Depending on the city and state you move to, you may have a positive uptick or a negative downtick in the amount of taxes you pay. Make sure you get your withholdings adjusted and realize you may need to file tax returns in two separate states in that particular tax year. Many people never make the right adjustments and it kills them around tax time.
- School Systems – Part of choosing the location on where you live will be dependent on whether your children go to public or private school. If you are thinking about public school, then the location you move to could be even more important to your family. If you have to move to a major city, you might also need to consider the cost of private school and how that will affect your budget.
- Professionals – When you move to a new location, you won’t be able to keep the doctors, dentists, and potentially other professionals you have used for years. You may want to research which professional in your circles will still be able to do business with you and begin researching for new professionals that need to replace your existing ones. Your medical professionals will move to the top of that list.
- Make Certain You Know What Your Employer Will Cover – This is an important item to research because most families overestimate what their employers will do for them with a new move. You should expect that there will be ancillary costs for you to pick up in a move, but moving costs and travel to find new housing are two important ones to ask your benefits or human resource expert.
Mike entered the financial services industry in 1997 after graduating from Trinity College in Hartford, Connecticut and moving to San Diego. After spending over 16 years with a Fortune 100 Financial Services Firm as both an Advisor and a Branch Manager, Mike moved his practice to The Wealth Consulting Group in late 2014, where he is a Managing Partner.
Mike has built his practice, and continues to measure his success, by the strength and longevity of his relationships with his clients. He strives to continuously provide his clients with a level of service that goes beyond their expectations, and acting as his client’s Personal CFO, works diligently to help each client simplify their life by helping identify their personal definition of true wealth and by being the catalyst in filling any gaps in their wealth plan.
Working with individuals, families and businesses, Mike focuses on each client’s specific needs and objectives and delivers customized strategies in assisting his clients to make the most important financial decisions of their lives. He strives for his clients to have clarity regarding their finances that allows them to enjoy life instead of worrying about it.
Mike enjoys traveling with his wife, golfing, and watching baseball and football.
Mike Woitkoski is a registered representative with and securities offered through LPL Financial.