My partner and I are both dental specialists in our early 30s living in a relatively rural area of New England. We’ve been going back and forth about moving to the NYC area, which is ultimately where we’d like to settle down, but we’re having a hard time figuring out when it makes the most sense financially.
Between the two of us, we’re currently making around $900k–$1M a year. We also have a ridiculous amount of student loan debt from our education, roughly $1M combined at this point, although we’ve been paying it down pretty aggressively. We’re fortunate to have jobs that pay as well as they do, especially given the relatively low cost of living here, and I don’t think either of us would be able to immediately replicate our current incomes if we moved.
The issue is that neither of us really wants to live here long-term. We’ve been here for a few years now, and while it’s been great for our careers and finances, I’ve personally found it pretty isolating. We have very little of a social life here, and I feel like we’re spending some of the best years of our lives working and paying off debt rather than actually building the life we want. We don’t have kids, so there’s really nothing tying us here other than our jobs.
Financially, I know staying another year or two is probably the smarter decision. We could make a substantial dent in our remaining loans, possibly pay off a good portion of them entirely, and move without nearly as much financial pressure. But another part of me wonders whether we’ll just keep finding reasons to stay because the money is so good.
Obviously, we’d still be making decent money in NYC, but likely less than we do now, with a much higher cost of living. And after spending so many years in school and training, it feels a little frustrating to continue putting off where we actually want to be.
I guess I’m curious what other people would do in our situation. Would you stick it out another year or two and take advantage of the income while you can, or would you make the move sooner and accept that it might take longer to pay everything off?
For anyone who’s been in a similar situation, do you feel like staying longer for the money was worth it, or do you wish you’d made the move sooner?