One of the first things you notice when moving from a high-tax coastal blue-state to a low-tax red-state is how much farther your money goes.
You can buy a bigger house for example, but you don’t need to.
I’ve been following the small house movement for years and I enjoyed this piece written by Katherine Roth for the AP on finding one the “right” size. She writes:
With the current trend toward de-cluttering and downsizing, there are plenty of books about how to winnow down possessions to the few that are truly necessary and loved. This book shows how you can live well once that’s done.
In “Downsize: Living Large in a Small House” (2019, The Taunton Press), author Sheri Koones focuses on practical ways to live well at home once you’ve streamlined your belongings and are living more compactly.
“It scares people to think of moving into a smaller space, but every single person I interviewed who has made the transition says they are so happy they did,” Koones says. “Time and again, people used the word ‘liberated’ to describe their move to a smaller space, with homes requiring far less time and money to maintain.”
Downsizing is an effective way to lower your monthly costs and could help you put more money into saving for retirement. The small house movement fits well within a FIRE! (Financial independence, retire early) lifestyle. Coupling saving techniques like FIRE! and moving to a low cost of living state can help you build the financial security you need to enjoy a happy and long retirement.
- The FIRE Movement by the Numbers
- Low Cost of Living Isn’t Just for Retirees
- Will You Outlive Your Money? FIRE!
- California’s Government Makes Living Hard
- Living Your Best Life: FIRE!
- Does Your State Just Cost Too Much to Retire In?
Originally posted on Your Survival Guy.