Couple With $100K Income Calls Dave Ramsey With Dilemma — 'Should We Move Somewhere Less Expensive To Build Wealth'

One of the easiest ways to save money is by moving somewhere with a lower cost of living. 

This is easier said than done. Most people don't have the luxury of picking up and moving without considering details such as their jobs, children and family. 

A woman recently called into The Ramsey Show to ask his opinion on moving somewhere less expensive with the goal of building wealth.

Don't Miss:

• Average retirement income in America has been revealed – Will you make enough each month?
• Are you rich? Here’s what Americans think you need to be considered wealthy.

She started by explaining that she and her husband earn $100,000 annually and live in San Diego, California, but they're considering a move to nearby Arizona.

Ramsey jumped in, asking the woman whether she wanted to move.

"No," she said, adding that the only reason they're considering moving is because of money.

"Right now I am working so hard to keep my daughter in private school, in Christian school," she said. "We have help right now with our family." 

Ramsey finished the call by explaining that they have two options: Change careers to make their situation more financially sustainable or make different choices, such as not going to private school.

"The math isn't working," he said. "What's going to change: private school, career change or move?"

Trending: Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.

Choosing The Right Change Is Key

The woman is facing a difficult situation. She must decide how to adjust her finances to remain in San Diego or get on board with moving to a cheaper place to live. 

There's no right or wrong approach. As Ramsey noted, it's all about making the choice that's best for you. 

Some things that can help make the choice easier include:

• Consider your values: Think about what's most important to you. Once you know your priorities, you can weigh them against the potential benefits and drawbacks of each option.
• Research thoroughly: If you're considering a move, don't just focus on housing costs. Look into job opportunities in your field, the quality of schools and the overall cost of living in your target location. You might be surprised by hidden expenses that could eat away at your savings.
• Create a budget: This will help you see where your money is going and identify areas where you can cut back. Having a clear financial picture will make it easier to determine whether a move is necessary or whether adjustments to your lifestyle could solve the problem.
• Consider all options: There might be a middle ground you haven't considered, such as a more affordable private school. Explore all possibilities before making a drastic decision.

Anyone in this position should remember this advice from Ramsey: "Choose your pain or it'll choose you."

A financial adviser can help you create a personalized plan to reach your financial goals. They can also provide guidance on the financial implications of a move and help weigh the pros and cons.

Read Next:

• Breaking records, mortgage loans generated $12.25 trillion of household debt nationwide – What are the other major categories of debt?
• For many first-time buyers, a house is about 3 to 5 times your household annual income – Are you making enough?

*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Chris Bibey has written about personal finance and investment for the past 15 years in various publications and for various financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.