522: How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 23 April 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Moving is hard. But could relocating to a low-cost-of-living area help you lead a more fulfilling life and achieve financial freedom? As today’s guest came to find out, the benefits of living in an affordable area often outweigh the glitz and glamor of a big city! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Allison Irby Vu, a financial planner who made a huge cross-country move in pursuit of a better financial future. With roots planted in Washington, D.C., Allison hadn’t considered moving until she stumbled across a program that offered her $10,000 to relocate to Tulsa, Oklahoma! Little did she know that this MAJOR life change would not only improve her financial situation but also allow her to spend more time with her son and tight-knit community. In this episode, you’ll hear all about Allison’s journey from her hometown to Tulsa. She shares how she went from living paycheck to paycheck (despite earning close to six figures!) to having an abundance of time and money for the things she values most. Allison also highlights the pros and cons of living in an area like Tulsa and how remote workers can plan their next big move! In This Episode We Cover How to reach financial freedom by moving to a low-cost-of-living area Getting PAID to move to a more affordable city (and how to qualify!) How to pay off large amounts of debt as quickly as possible Creating a budget that allows you to spend money on the things you value How to take FULL advantage of your remote job (and live anywhere in the world!) The biggest pros and cons of moving to an area like Tulsa, Oklahoma And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 11 – Designing a Frugal But Luxurious FI Life by Age 32 BiggerPockets Money 500 – FIRE Advice from Codie Sanchez, Ramit Sethi, Money with Katie, and More! Learn More About the Tulsa Remote Program Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-522 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today we're talking about a question that we know has been on a lot of your minds.
0:04.0	How would my financial situation change if I moved from a high cost of living area to a medium or low cost of living area?
0:12.0	What would the trade-offs be? Would they be worth it or would
0:15.7	my social life and quality of life take too much of a hit? On today's episode, we bring
0:20.4	in Allison Erbie Voo to talk about her experience from moving from Washington, D.C. to Tulsa, Oklahoma.
0:28.0	Allison made her move using the Tulsa Remote Program, which offers money to incentivize people to move to the city and help revitalize it.
0:37.6	And while there's many programs like that out there, this episode is not to encourage you to specifically think about one of them,
0:44.8	but more we want you to consider whether or not your city is holding you back
0:50.3	financially and whether making a move like Allison's can help alleviate
0:55.7	your financial stress and further you down the path to financial independence.
0:59.9	Hello hello hello my name is Mindy Jensen and I am flying solo today
1:04.4	cuz Scott is out gallivanting around town just kidding he's taking a well
1:09.1	deserved day off and will join me again soon. As always, I am here to make financial independence less scary, less just for somebody else.
1:17.5	To introduce you to every money story because I truly believe financial freedom is attainable for everyone no matter when or where you're starting.
1:25.8	Without further ado, let's bring in Allison.
1:28.1	Allison Erbie Vu, welcome to the BiggerPockets Money Podcast.
1:31.4	I am so excited to talk to you today.
1:33.5	Thanks for having me. It's really great to be with you as well, Mindy.
1:36.5	Allison, right around the beginning of the pandemic, we started to hear about people who were
1:40.5	leaving big city life and moving to smaller towns.
1:44.0	During that time you hopped on board that bandwagon and you moved from
1:48.0	Washington DC to Tulsa, Oklahoma.
	...

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