Share this Post
Investment News: ‘Following The Money’ Not So Easy In A World Of Remote Work
‘“I think societally we are realizing that we value our life balance more than our work balance,” said Leland Gross, who launched Virginia Beach-based PeaceLink Financial Planning in September 2021. “People are realizing I would rather live somewhere where the lifestyle is what I like, and I can keep my job remotely.”
Now, greater flexibility has combined with the fastest inflation in four decades. According to the government’s inflation gauges, the cost of housing had risen only 5.1% year-over-year as of April. Although that compares to overall inflation of 8.3%, increases for renters have been more dramatic. In New York, Los Angeles and Boston — already among the most expensive cities in the country — rents have risen 29.5%, 14.8% and 14.4%, respectively, over the past year, according to listing site Apartment List.
Moreover, even if rent and home prices are on the rise nationwide, since shelter represents roughly a third of a typical household’s expenses, regional differences in cost of living can make a substantial difference in a household’s finances. That represents an financial opportunity for newly flexible workers, according to Gross.
“If you can get the D.C. salary at the Virginia Beach cost of living, that’s a pretty big deal,” he said……
…. “I think having someone who understands where you are and has experience there is invaluable,” said Gross. “And that’s something a virtual adviser just can’t always provide if they’re out of state.”’