Not to burst your bubble but I’m not financially independent and I haven’t quit working for the man to start a new exciting business. What I did do though, is attain the fabled “remote work” arrangement from my employer (for a six month period)!
I don’t delve into my personal life too much on Fervent Finance, besides my personal financial life of course, but my significant other lives in the Midwest. We have been doing the whole long distance thing for going on two years now, and it’s just getting old. We have talked about her potentially moving to NYC or perhaps us both moving to another major US city where my job has offices as well. To be blunt, I’ve had my fun in Manhattan these last two plus years and I’m ready for a change from city life. I was born and raised in a very small town in New England and kind of miss the slow pace of life. Don’t get me wrong, I’ve had a blast in Manhattan but I’d like to move away from a culture where people pride themselves on how much they work and how much cash they blow on brunches, bars, dinners, and rent. I’m ready to slow down a little and of course be closer to the ole GF.
Here are the quick details. In about a month I’ll be moving to a small city in the Midwest into a condo my girlfriend rents. I’ll still be based out of NYC for work and will travel as usual for work, but I won’t have to report to the office. Can anyone say Manhattan salary with a Midwest cost of living??? Geographic arbitrage for the win! After six months of this remote work arrangement my boss and I will sit down again. I’ll most likely try to squeeze some more time out of him, but he could ask me to report back to NYC at that time. I’m not worried about that yet, I’m going to enjoy my remote work arrangement and worry about that when the time comes. There are a ton of potential opportunities at that point which may include saying no and playing hardball, getting another job, just moving back to the NYC area, starting my own business, etc. Only time will tell.
Now let’s discuss what everyone has been waiting for – how the arrangement will affect my finances:
- Rent – Off the bat it appears my rent will go down by over two thirds and I’ll be living in a space that is more than twice as big as my current apartment. No surprise here, as Manhattan real estate is a tad on the highly priced side.
- Utilities – I’ll be moving to a bigger space and splitting utilities with one person instead of two, so this will naturally go up a little.
- Travel – Unfortunately I won’t have as many big airports nearby so personal travel will be more expensive. Luckily since my rent is decreasing, I will be able to recoup some of the extra potential cost of personal travel to fly back to the Northeast to see family and attend the multitude of weddings I have this year in that area. Why can’t eloping become the new hot thing to do? I kid, I kid.
- State income taxes – I’ll be moving to a state whose income tax rate will be less than half what I’ve been paying in NYC, and also has lower sales tax. One of the disadvantages of living in Manhattan is the NYC resident tax which is on top of NY state income tax if you live within the five boroughs. This is an additional ~3.5 percent tax on my income for the privilege of living in NYC.
I’ll definitely miss Manhattan. I’ll miss my reasonably priced gym within walking distance of my apartment, with four squat racks. I’ll miss the farmer’s market on my block with incredible produce and very reasonable prices. I’ll miss the convenience of walking everywhere and public transportation. I’ll miss three airports within an hour’s travel which made personal travel cheap. I’ll miss the overall convenience and buzz.
I won’t miss dogs doing their business anywhere they please, tourists walking four-wide on the sidewalk, staying at the office for long hours as a badge of honor, inclement weather when I need to walk somewhere, smokers blowing their pollution at my face, among other things.
I do look forward to time with the GF, more easily accessible outdoors, new adventures, slower pace to life, and of course being in a lower cost of living area.
For those wondering how I was able to convince my employer to let me do this, I’ll share that story in my next post. Hopefully it will benefit others looking to do something similar.
Who wants to help me move? Has anyone negotiated a remote work arrangement with their employer? Personally, could you go back to working at an office after working remotely for six months?