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Thinking of moving?

 
tomav
(@tomav)
Active Member

Been pondering to make the big move. How is the economic situation? And just to get started what kind of bankroll would one need to be situated for about a year, if nothing develops? And what areas offer potential jobs? Am 56 semi-retired, can work service, sales , hotel, even have experience in beauty field... Is there any hiring going on? Can pull up stakes by Thanksgiving and worst case scenario move back in a year or two, if it doesn't pan out...with no financial harm. If it's just going to be a year or two hiatus.. that would be fine.. have checked out rentals-- not too bad--have I missed the seasonal hiring period?
Any ballpark suggestions?

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Topic starter Posted : October 25, 2010 1:17 pm
Linda J
(@Linda_J)
Expert

Are you coming alone? If so I would suggest a nest egg of about $10,000. This will get you set up in housing, get you an island car, and keep you going until you find a job.

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Posted : October 25, 2010 3:09 pm
speee1dy
(@speee1dy)
Expert

if for some reason you dont have a job for a year you are going to need a whole lot of money just like or maybe more than you need to live in the states for a year. have you decided which island, have you done a pre move visit?

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Posted : October 25, 2010 3:52 pm
Afriend
(@afriend)
Trusted Member

Questions like yours come up a lot but the truth is no one can tell you how much YOU WILL NEED as a nest egg - only YOU can answer that question.

When you get to the island you'll need the equivalent of 3 months rent (assuming you are going rent rather than purchase) to get an apartment - first month's rent, last month's rent and one month security deposit. How much will that be??? - it depends on your lifestyle but figure anywhere from $850 to $1,000/mo for a basic no frills apartment. You'll need a car - again probably going to cost more than you'd like - figure around $3,000 for an "island beater" or much, much more if you want something fairly new and an exhorbident amount if you want something new. Now add to that the amount you need for food - figure 25% more than what you now pay and you'll be in the ballpark.

Those are just the basics. Don't forget utilities (electricity costs are very high here especially if you use a/c in your apartment), gas for your car, laundry costs, insurance, dinning out (if you can afford it), entertainment, etc., etc., etc.

Figure what your living costs are where you now live and you can pretty much assume you'll spend anywhere from 30% to 50% more to maintain the same lifestyle.

Good luck following your dream.

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Posted : October 25, 2010 7:40 pm
East Ender
(@east-ender)
Expert

tomay: If you are flexible and have a work ethic, you will find work. If you are coming down for an extended stay, which I gathered from your other post, you will be able to see the lay of the land.

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Posted : October 25, 2010 11:11 pm
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