Maximize Your Wealth: Head To The Heartland

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It’s no secret that big city living is expensive. We’ve all heard stories of starving artists sleeping 6 to an apartment in Boston, aspiring actors working three jobs to make ends meet in Chicago, or the infamous $500,000 closet-sized apartment in New York City. Talk to people you know who live in big cities and you’ll hear more of the same- usually accompanied by complaints about just how hard it is to get by.

But then again, big cities do offer some things that small towns simply cannot- the hustle and bustle of the crowds commuting, the big buildings towering overhead, the nightlife, the shopping, the scenery, the people-watching, the street fairs and the culture. But, those perks come at a high cost for anyone who isn’t already well-to-do, especially for Gen Yers.

The Financial Benefits of Midwestern Living

According to the U.S. Census Bureau, the Cost of Living Index “measures relative price levels for consumer goods and services in participating areas for mid-management standard of living. The national average equals 100 and each index is read as a percent of the national average.” So basically, the COL Index is a theoretical price index that is used to measure the relative cost of living in a specific place and time.

As you can see by this list, the cost of living for the biggest cities in the U.S. is almost twice that of some of the smaller, Midwestern regions:

How to Get Rich in the Midwest

Rather than taking your savings and purchasing a million–dollar home in the Midwest, the real way to get rich in the Midwest is to take advantage of the low housing prices, low taxes, and low cost of living. Instead of going big, try to buy a house on the low end of what you find acceptable and stash all of your money away instead. Companies like Personal Capital can then help you keep track of your savings.

If you’re living in the big city and struggling to get by, consider moving to a place where even a modest income can make you instantly rich. After all, the money you can save could mean the difference between struggling to get by or getting rich, renting forever or owning your dream home, and traveling the world or staying home.

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