Young professionals are in a unique situation. While they may have stable finances, they have a lot to think about in terms of the future. We recently helped one of our clients tackle the big question of where to settle, eventually guiding them through a 1,700-mile relocation to a beautiful new start in the state of Texas. Here's what we did.
Challenge: Money Management Through a Relocation
We were approached by a young professional couple who was interested in relocating from the Bay area to Austin, Texas. They needed answers to a variety of questions about home buying, financing, and the feasibility of relocation. While any move can present challenges, this one was uniquely difficult as it involved relocating over 1,700 miles away to an area with a distinctly different cost of living.
Solution: Thoughtful Budgeting Between Cities
We helped them evaluate the differences between San Francisco and Austin so they could budget properly for their move. We collected a great deal of input about their lifestyle, finances, and future goals so we could give them the information they needed to determine whether this move was a sound and affordable option. Our team researched the cost of living, tax rates, and other essential details that are easily overlooked in the bustle of a major move.
After completing our research, we met again to help our clients plan for their move. At this meeting, we were able to address essential questions they had like:
- How can we save for our children's future education?
- Is a relocation conducive to the kids' education?
- Can the family go from two incomes to one comfortably?
- What's the best way to handle the move?
Results: Financial Stability for the Future
Our clients ultimately decided to make the move. With our help, they were able to relocate confidently and start their exciting new life in Austin. They kept their Bay area home and rented it out while buying a new house in Austin, saying, "Without your help, we never would have come to that conclusion."
Once these clients are well established in their new home, we will continue to work closely with them to assist with future planning. This includes preparing the family's finances for retirement and making wise investments for the future.
Our team at Parkes Financial looks at both the big picture and the little details. We'll make sure you remember to think about things like tax rates between cities while still keeping an eye on long-term goals like college funds and eventual retirement. We have extensive experience with young families who are purchasing their first homes, getting ready to have children, and launching their careers. If you're in this stage of your life, we can help you keep your finances on track for all the things that matter most.
Dave works with hundreds of Bay Area dentists, physicians and their families. He has a deep understanding of the financial needs of the medical/dental practitioner. He makes planning simple and clear by coordinating both business and personal finances for his clients.
He also works with Silicon Valley executives, professionals, and their families.