When it comes to money and personal finance, there are so many things that apply to some and not to others. For example, some are learning how to buy real estate, some how to buy stocks, and others just simply trying to retire. A young person might be interested in long-term capital growth while an older person getting ready to retire might be looking for income.
Not All Areas are Economically Equal
Today I want to speak to individuals who are stuck in a situation where opportunities are limited, and the cost to achieve your goals are high. A simple phenomenon that I am learning is that not all areas are economically equal. I’m realizing this is true more and more as I visit new areas and explore what it’s like to live in different parts of the country.
Where I’m from in California, it’s common for students and young adults in their 20s, to work themselves to the bone to barely get by just to live in a one or two bedroom apartment, having almost nothing to show for their hard work. Even many older adults who didn’t establish themselves in their finances, might be getting squeezed as well in overpriced regions that offers a small likelihood of advancements with the limited amount they are able to produce. California is one of many areas where owning a home is difficult, and earning enough money to afford a nice home is virtually impossible.
Many of you know exactly what I’m talking about because you too live in areas that are priced higher than what the average person can afford. However, what is interesting is that prior to the 1990s, California was a place that was affordable and the opportunities were plentiful; those who locked into old prices for their homes and built up their careers in high cost areas like California, have less of a reason to leave now that they’ve made it.
Think of the Pioneers
No matter what situation you are in, the tendency for anyone, is to get complacent and accept the situation that they are facing is normal, and therefore having no other choice but to accept it. I find so much encouragement when I think of the pioneers and the things that they faced to get to the places they wanted to go. Talk about sacrifice and the risk of dying to provide a better opportunity for their families and themselves. For these people, they were all in — no going back.
Not to mention, when they left their friends and family their goodbye was for good. But there was something in the hearts of the millions of immigrants to accepts the challenges to do it. They followed the opportunities and seized the day. Today, the exponential advancements in travel and globalization has made this process much more doable and significantly less drastic.
As most of you know, the U.S. is in an extended depression that has and still is affecting millions of people around the world. The truth is, there are cities in this country where people could be clueless to this fact because the cities they live in are booming and opportunities to thrive are littered everywhere. Most of these areas have tax friendly environments and affordability is ideal. Affordability is a huge deal when considering where to build your future considering the high cost of living takes away from dollars that can be allocated towards investments.
Potential Cities for Entrepreneurs
After doing some research and traveling around the U.S., I’ve been able to compile a short list of cities that have the most potential for entrepreneurs and young families for that matter to start their lives and thrive. Not all of these areas are created equal in regards to cost of living and affordability, but I have found that each one of these cities do have ideal economic climates that deserve your consideration.
- Nashville, TN
- Austin, TX
- Phoenix, AZ
- Memphis, TN
- Virginia Beach, VA
- San Antonio, TX
- Seattle, WA
If you are someone who already does live in an area that offers great affordability and opportunities, consider what you can do to further capitalize on that simple fact. My job here at CrushTheStreet.com is to provide information for you to absorb and be inspired by. If you feel like you are trapped in the rat race and barely getting by, there are options for you.
Chief Editor at CrushTheStreet.com