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Relocating to a new city is a huge commitment鈥攏ot just mentally and emotionally, but also financially. From funding the physical move to a new hometown to paying for the roof over your head and everything that daily life involves, money is always at the forefront of a major move. And the process begins well before you cross the threshold of your new residence and lasts long after you鈥檝e settled into your forever home. Here, we ask financial advisor (and former news anchor for WSB-TV in Atlanta), for his advice about how to get your financial house fully in order when you鈥檙e ready to call a city like Atlanta home.

What financial considerations should I think about first when planning a move to Atlanta?

There鈥檚 some initial homework you need to do. You first have to think about where you鈥檙e going to work and what part of town you want to target for where you want to live. Are you going to be in the city proper or are you considering a suburb? There are some pretty large property tax variations depending on what part of the greater metro area you鈥檙e choosing. Also, Atlanta is an automobile-dependent city, and you need to account for the expense that comes with a commute, including the wear and tear on your vehicle, the gasoline and more. If you prefer living closer in to the city, do you want to live near the Beltline or Chastain Park? You need to try to define how you want to live your life, how you picture yourself living your life in your new city of Atlanta, and make decisions from there.

How should I prepare my finances before my move?

The period heading into your move is a great time to declutter your life financially. Try to cut some expenses, like subscriptions you don鈥檛 use anymore and won鈥檛 use once you鈥檙e in the Atlanta area. Get rid of credit cards that aren鈥檛 used and close any bank accounts that you鈥檝e left open that just have a small balance. See if you can build a little savings account for yourself not just for the direct expenses of a move, but also for when you get to your new place, which you may want to spruce up. Account for the fact that you鈥檙e going to be excited about your new place and that you may want a bit of money for a new welcome mat or some wallpaper. Also, when it comes to your moving expenses, you can prepare for that. Declutter and clean out your closets; it will lower the cost of moving. You can also go online and purchase inexpensive moving boxes and some packing tape and begin packing yourself; don鈥檛 rely on the movers to do everything because it鈥檚 very expensive. Knock out some items that you don鈥檛 need them to do.

What should I do regarding my finances when I arrive in town?

I would make a point of getting a financial advisor. Even if you鈥檙e young and feel like you don鈥檛 have enough money yet to need that kind of professional, I would respectfully disagree because you can always get your financial house in order. It鈥檚 not just about investing; your finances may be tight when you get to town, and a good financial advisor can give you really sound advice on setting up your whole living situation. Should you lease a car or buy one? Do you own your own business or did you just take a job with a new firm? How do you want to set up your 401K or should you think about an IRA? Is it time for you to start thinking about starting a 529 savings plan if you are building a family or you already have children? You鈥檙e starting a new chapter in your life in a new town. If you can get these decisions made, then it鈥檒l lower your stress and you can focus on building a new community of colleagues and friends鈥攁nd there鈥檚 a lot of joy in that.

Who else should be on my financial team?

At a minimum, you鈥檒l want to meet a banker. There鈥檚 so much digital banking now, and that鈥檚 great for convenience, but I think it鈥檚 nice to be able to go into a branch, even once or twice a year, and have a human being you can talk to about a car loan or other financial needs. If you have a good financial advisor, they are pretty well tied into their communities and can be extremely helpful to you in recommending a bank. They can also recommend a good insurance professional; make sure that you鈥檙e properly insured for home, life and auto. A really good insurance agent can again alleviate your stress because if you can sort out your insurance needs and get your financial foundation in order, then you can have more success in the kinds of things you want to achieve in your new town.

What do I need to know about the cost of living in Atlanta?

If you鈥檙e coming from New York or California, you鈥檙e going to feel like you鈥檝e hit a home run here. Your state income tax in Georgia will be much lower than in a state like New York. Your city taxes and other municipality taxes will be lower as well. If it鈥檚 a lateral move or if you鈥檙e coming from a more rural area or state, then Atlanta is going to feel pretty expensive. Some states like Arizona, Florida and Texas have no state income tax; Georgia does have a small income tax. But we鈥檙e also such a large and diverse metropolitan area, and so much of it depends on where you live, that it just depends. Our cost of living in Atlanta is on a massive scale of variety. You can live inexpensively in some parts of town, and it can be quite expensive to live in other parts of Atlanta. It鈥檚 all relative.

I want to own a home. What can you tell me about mortgage rates in Atlanta?

My favorite phrase about mortgage rates is, 鈥淒ate the rate, marry the house.鈥� Mortgage rates are elevated right now. We all got spoiled after the pandemic with people getting two and three percent mortgages. Those days are gone. Right now, 30-year mortgage rates are right around seven percent. That鈥檚 painful, but I don鈥檛 think those rates are going to stick around forever. I think a five percent rate would be very attractive, but we鈥檙e not there yet. But if you find a house that you are excited about, go ahead and get it. Pay the higher mortgage rate; it may be uncomfortable for 24 months. But get the home you want and then watch for those rates to tick down and refinance. Don鈥檛 rent for six years waiting for mortgage rates to come down. If you find a place you can afford, date the rate and marry the home.

What should I know most about my financial prospects in metro Atlanta?

Atlanta done right is a wonderful place to live. Part of the strength of our city is the diversity of our economy. I think that sets us up so well for the next multiple decades. With such a vibrant economy, if you want work, you can find work. There are so many fields you can be in, we have a huge EV ecosystem; we have tech, the medical industry, the financial payments industry, a robust real estate market and so many high-quality labor-oriented jobs. You should be very optimistic about your future here. Use this new chapter in a new town to do a health check on your finances. If you get onto a smart path forward with your financial health, then you can set up the next decades of your life and think, 鈥淚鈥檓 so glad I moved to Atlanta.鈥�

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