This New Jersey Hotspot is Losing Residents Quickly
When looking at moving data, many of the countries biggest cities are losing residents. It seems to be a trend where large, metropolitan areas are losing residents. New Jersey isn’t immune to this trend, unfortunately. The latest data shows that one New Jersey hotspot is losing residents quickly. They’re heading to other areas in hopes for a new life. So, let’s get into the latest numbers.
This New Jersey Hotspot is Losing Residents Quickly
PODS, or Portable On Demand Storage, is a moving and storage company based out of Clearwater, Florida. On their blog, PODS has a new feature up about the areas of the country where people are moving to and from. There are a number of factors that go into why people want to move to or from a city. One major factor, of course, is the cost of living. If the cost of living is too high, people want to move out and find a less expensive area to live. “As we’ve seen in our data from previous years, expensive metro areas have put the squeeze on residents who are fleeing to cities and states with lower overall costs of living (and, often, better access to the outdoors),” PODS explains. In addition, “Rising rent prices, a housing struggle, high tax rates, and overcrowding are common issues in many of the cities that top this year’s move-out list.”
The city that the most Americans are leaving is Los Angeles, which is losing a lot of residents. Other big metropolitan cities are also losing residents, such as San Francisco and Miami. As for cities that most Americas are heading to, Florida used to rule almost the entire top 10. But, now, North and South Carolina are getting major love, with Myrtle Beach, South Carolina and Wilmington, North Carolina being No. 1 on the roster of the cities that are attracting the most new residents. Still, Florida is strong, with a few cities in the top 20, including Ocala, Florida, at No. 2; Jacksonville at No. 9; and Orlando at No. 18.
Now, onto New Jersey and the area that is losing residents. We have some good news, in that’s we’re not No. 1 on PODS’ top 20 tally of the cities that people are moving away from, because, as I mentioned above, that city is Los Angeles. We’re not No. 2, either, which is Northern California. But, No. 3 is close to us. The No. 3 city in America that people are moving away from is Long Island, New York, which serves parts of New York City. Then, as for that New Jersey hotspot that is losing residents, Northern New Jersey, also serving parts of New York City, is No. 19.
Simple Habits of Millionaires, According to Experts
They Buy Their Cars (Instead of Leasing) and Keep Them As Long As Possible
Cars lose their value quickly. That’s why buying a used car is usually much less expensive than a new car. The second that car is off the lot, it’s considered used and drops in value thousands, even with just another mile on the car. That said, according to CNBC.com, wealthy people buy, don’t lease, their cars and keep them long-term. That way, they can save money between car purchases.
They Buy Their Cars and Keep Them
They Delay the Pleasure of Having the Finer Things in Life
According to RamseySolutions.com, “Millionaires spend most of their lives sacrificing temporary pleasures for long-term success. They have no problem buying an older used car, living in a modest neighborhood, and wearing inexpensive clothes. They don’t care about keeping up with the Joneses.” So, instead of picking up all the hot, expensive new stuff, wait it out.
They Delay Pleasure
They Educate Themselves on Money
If you’re a newbie to financial planning, listen to some podcasts on the subject or find a helpful book. Finance.yahoo.com says, “knowing how to become a millionaire isn’t innate, even for most wealthy people.” Research from certified financial planner and CPA Tom Corley shows that “63 percent of wealthy people listen to audio books during their commute to work versus 5 percent of poor people,” says Finance.yahoo.com.
They Educate Themselves on Money
They Network and Meet New People
In the same Finance.yahoo.com story, Corley says that networking is huge when it comes to becoming a millionaire. “On his Rich Habits blog, Corley revealed 79 percent of wealthy individuals network at least five hours per month, compared with only 16 percent of poor people,” they explain. So, get out there, and meet new people who could make up your network.
They Network
They Live Below, Not Within or Above, Their Means
Millionaires are frugal. They don’t splurge like you might expect. According to RamseySolutions.com’s The National Study of Millionaires, nearly half of millionaires in their poll said they save at least 16% of their monthly income. They often use it for an emergency fund or liquid cash.
They Live Below Their Means
They Make Use of Their Money By Investing
CNBC.com’s Select asked Faron Daugs, certified financial planner, founder and CEO at Harrison Wallace Financial Group, “about the financial habits his wealthiest clients all share that could apply to the average person.” One big thing he mentioned was building up emergency funds and then investing. “Daugs says his clients have organized investment plans, whether its in stocks, bonds or exchange-traded funds (ETFs),” CNBC explains. He also recommends having a “monthly or bi-monthly automatic transfer of cash from your checking account into an investment account.”
They Invest
They Invest in Particular Things
According to Fool.com, the wealthy “invest in stocks, real estate, and their own businesses.” They add that, “Millionaires put their money into appreciating assets (assets that can grow in value).” Also, “people with net worths of $1 million or higher tend to have more of their money” in stocks and mutual funds; real estate; and business interests.
They Invest in Specific Things
They Look at the Bright Side
Whatever your financial situation, look at the bright side. Look for opportunities for working with what you have and growing your nest egg. Reach out to experts in the financial field if you’re really stumped and see how they can make your financial dreams come true.
They Stay Positive
Don't Give Up
Wherever you are on your financial journey, don’t give up. It can be temping to just throw everything to the wind, but if you take a more level-headed approach, you’ll have a better chance of coming out successful. Good luck on your financial journey.
They Keep Trying
