I currently make $71,500 -- I was offered a promotion at $130,000 but it would require me to move to Silicon Valley. How can I calculate cost of living differences to see if it is worth it?

I actually interrupted my Dragon Age Inquisition binge to pop into my office and type out a proper response. Feel special n stuff!

Former Cali resident, current Texas convert and fellow IT dude here.

So this kind of thing has actually come my way twice recently and I was in a similar boat as you. Tech aligned career in Dallas TX, was making mid 70s and got two opportunities floated my way; one in NYC and one in Palo Alto. The short of it is...you may just break even in terms of the raw numbers and tangible aspects on the table. Your cost of living will go up in things like groceries, rent/mortgage, transportation, fuel, state income tax, but also little things like vehicle registration (more expensive in CA). Simply put it is very very cheap to live in Texas compared to California, and especially compared to the Bay Area.

Now I somewhat agree with what has been said here as far as opportunities; you'll be in the heart of it as far as tech firms go. However what I see is a lack of really exploring opportunities in your nesting grounds first. As many opportunities as there are out there, I don't go two days without being contacted by recruiters for other positions here in DFW. Don't succumb to self inflicted tunnel vision for tech companies. Many non tech-aligned firms have flocked to the tax incentive rich state of Texas and setup large shops here with opportunities for people of your skillset. Many companies made a point of setting up their technical operations in Dallas/Austin specifically (Citi, United Healthcare, JC Penny etc).

If you're talented and ambitious enough, it would be of far greater benefit to position yourself for that six figure salary here rather than take a nominal bump in the hope of future opportunities. The work is right near you if you are willing to push for it.

To my earlier point of having been in your shoes...I turned down both (especially the NYC job good lord), and am now at $120,000 with my same firm. There is certainly an allure to being back on the west coast with other companies but once you are in Texas it is very hard to justify leaving.

/r/personalfinance Thread