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Millennial Money: Is Moving Now Your Best Financial Move?

Amrita Jayakumar spoke with Lazetta about financial considerations while moving during the pandemic.

You may not have started 2020 thinking about a move. But like it or not, many of us have had to reconsider our living situations during the pandemic.

Maybe you’re one of the lucky ones who can now work remotely, or maybe you’re out of a job like millions of others. You may be wondering whether living where you are is really worth it anymore.

Before you decide to relocate, you have many things to consider: the cost of living, proximity to your loved ones — and whether you’ll need a winter coat. Here’s how to go about making the decision to move.

Figure Out Your Priorities

For some, moving home is the obvious choice, whether “home” is the town you grew up in or where your family lives now. For others, it can be hard to zero in on a particular place, especially if your loved ones are scattered all over the country or world.

Take the pressure out of the decision — this move doesn’t have to be your last.

“Many people delay relocating, even if it’s the right move to make, because we can get stuck thinking that it’s a permanent move,” says Phuong Luong, a certified financial planner at Just Wealth in San Francisco.

She suggests narrowing your focus to the year ahead and reflecting on your priorities.

“What’s missing where I am now? Is there anything I’ll miss about where I’m living now? Make a list of your responses, because this can help narrow down your priorities that you’ll want your next location to meet,” says Luong.

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