Moving isn't just about a new address—it’s about what that change means for your finances. In this video, Russell Rivera explains how to assess your full financial picture before making a move. Whether you're expanding, downsizing, or relocating, it’s a conversation worth having.
Topics Discussed:
Deciding when it’s the right time to move
Evaluating the financial impact of relocating
Balancing lifestyle needs with financial realities
Understanding the full cost of homeownership
Transcript:
Hey everybody. Russell Rivera, founder and president of Voice Wealth Management, and this is month's version of Sidewalk Talk. So it's springtime, which is usually a huge time of year for looking for new homes. Obviously families thinking about moving, where they're figuring out where they're going to move for the summer, and so that their kids could start school in the fall. And buying a home, whether it's an apartment here in New York City or a home in the suburbs, can be a really challenging task because it's not just about gathering a down payment, which can take years in today's world. It's also about trying to figure out what are the costs to having the new home and to maintaining the new home. And so those things are really challenging when you're thinking about where and if you want to move. So let me tell you a quick story.
So I had a family come to me. They're a new family, right? They married and now they had a kid and they needed to go someplace a little bit bigger. They needed to understand how much could they afford in order to move, right? Did they need to stay where they were in cramped circumstances or did they want to consider moving out of the city? All those things play into the minds of new, young, and growing family. Well, here's what I did. Basically sat with them and said, let's take a look at what your income is, what your expenses are, what would be the cost of commuting, what would be the taxes in the new place? And we put all of it together. At least gave them the opportunity to make an intelligent and informed decision about whether or not the move was right for them in a financial sense.
Obviously, there's a lot of other things to worry about: schools, neighborhood, the house itself, but in terms of the finances, they were well covered. So if you're thinking about whether or not making a move is right for you and whether or not you can afford it, and whether or not you're upsizing or downsizing, it doesn't just have to deal with growing families. We can help you deal with what are those things look like and what will your new look like financially after the move, as opposed to what it is now.
I'm Russ Rivera, Founder and President of Voice Wealth Management. You can reach out to our website at www.voicewealth.com or just give us a call, 646-630-0980. Be happy to help you out. Thanks, and we'll see you next month.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.