Relocation after receiving a remote role is a quite popular option for so many families and individuals.
Certain states have seen a massive influx of people including that of Florida and Texas. Property values in Florida have skyrocketed due to demand while Texas has not climbed as astronomically high.
A multitude of people left large cities due to a fear of being locked down again. Others have been given the ability to work remotely which has caused individuals to decide to move to a warmer location.
Texas has everything from the rural settings depicted in movies, to the beach, along with rolling hills in cities like Austin.
The move to Texas can be great due to the lack of state income tax. Certain earners can lose up to 13 percent in state taxes and even more if there are city taxes. The cost of living is also quite reasonable in the largest metropolises like Dallas and Houston.
Austin has seen a boom in the last decade that has made rental/home prices increase but is still affordable for many.
Thriving financially is all about managing assets, earning, and budgeting correctly. Living a lifestyle outside of your budget is an easy path to accruing massive credit card debts.
Below are a few tips to help you thrive financially when relocating as a remote worker.
Stay as Productive as Possible in Your New Role
Establishing a home office will allow you to maintain your productivity and even improve it.
You want to keep your main source of income and one of the huge reasons you could relocate. Stay in close communication is always important in a remote setting.
Setting agendas for daily tasks can be important so you can start being productive as soon as it comes time to work.
Companies will view productivity as the baseline with other factors coming as secondary for the most part.
Side Gigs
Side gigs have become a part of life around the world for those needing or wanting supplemental income. The beauty of a side gig is that this additional money can be saved and invested without real risks.
A newer resident of Texas that works remotely might want to freelance online which is a possibility. Others might want to work at a traditional job as a bartender or waitress to build a social circle in a city.
Your skillset should be grown annually to allow you to earn more in a shorter period of time. Earning hundreds of dollars in a few hours a day can change your financial health in a matter of months.
The most important aspect to remember is to set money aside for taxes if they are not automatically deducted from payments. Do not automatically turn to a more luxurious lifestyle as saving money for emergencies is imperative.
Investing money will always be an important aspect of growing wealth. Money invested rather than spending money on depreciating assets or entertainment is vital.
Read also: How to Get Rich in The Gig Economy
Preventative Home Maintenance
Preventative home maintenance is so imperative to avoid spending large amounts of money down the road. HVAC maintenance is a perfect example as it can help avoid major repairs. Another benefit is the system will be working efficiently which can save money on the electricity bill.
Cutting down limbs of trees near the home can be important for those on the coast during hurricane season. Inspecting the roof is another task that can be done as a leak can lead to the rotting of wood along with black mold.
Black mold remediation needs to be done by professionals as it can be a health hazard. Fix issues when they arise and do preventative maintenance in areas of the home regularly.
You Can Get Huge Homes on a Budget
The size of the homes in Texas is staggering to those coming from large cities with closets that seemingly act as apartments. Rental properties can also come at a discount depending on the area you choose to invest in.
Remote work might mean you rent out your home for a few months a year to travel while still working. Moving to a more rural area can provide the privacy that you have always wanted.
Short drives outside of large cities are usually quite easy in Texas. Others in rush hour in Dallas or Houston are nothing short of a grind.
Renting Out a Guest House
Building a guest house can be an option if you invested in a large plot of land. A guest house is so versatile as it can be great for family or even rental opportunities.
Airbnb can be a platform to use, or you can have a local property management company rent the home out for you. The extra stream of revenue can handle costs like that of property taxes or home maintenance.
The tough aspect in terms of renting the guest house on a long-term business can be the eviction process. The wording in a lease needs to be ironclad according to Texas law rather than a generic lease that does not protect you as a landlord.
Read also: What to Consider Before Airbnbing Your Home
Solar Panels Are a Great Option
Texas has quite a bit of sunshine with certain areas hitting triple digits throughout the summer. Solar panels can be put on the home or even on the property in a raised fashion.
Cultivation can be done under the panels as peppers grow great when they are not in direct sunlight. Looking into the policies in a state when it comes to grid power can be so important.
States might allow a homeowner to sell the electricity stored in their panels back to utility companies. The panels can even be tax-deductible along with being eligible for government grants.
Charging home batteries like that provided by Tesla are another option to get off of the energy grid.
Thriving financially in the Lonestar State is more than possible with a detailed plan. Careful spending is always recommended as is creating additional streams of revenue. A move to Texas can allow you to save on taxes and can potentially allow you to retire earlier.
