Stuck Between Staying Home and Chasing Career Growth: Should I Relocate for a New Job?

Ans: That's an excellent decision you have made. I'm so proud of your decision to support your parents and family. India definitely has a significantly better lifestyle in terms of domestic help, family and in-person social engagements.

Ans: To evaluate whether the job offer in Kuwait is better than your current situation in India, you'll need to consider several factors:

1. Cost of living: Kuwait's cost of living may be higher or lower than in India, depending on various factors such as housing, groceries, transportation, healthcare, etc. You should research and compare the cost of living between the two countries to understand how far your salary will go in Kuwait.

2. Taxation: India has income tax, while Kuwait generally does not have income tax for expatriates. However, there may be other taxes or fees in Kuwait that you need to consider.

3. Quality of life: Consider the quality of life in Kuwait compared to what you currently have in India. This includes factors like safety, healthcare, education, social life, climate, etc.

4. Career advancement: Evaluate the potential for career growth and professional development in both locations. Will the job in Kuwait provide better opportunities for advancement or skill development?

5. Separation from family: Consider the impact of being away from your family. Are you comfortable with the idea of living and working abroad without them? Can you manage financially and emotionally without their immediate presence?

6. Future plans: Consider your long-term goals and plans. Will this move align with your career aspirations and personal objectives?

Once you've considered these factors, you'll be in a better position to decide whether to accept the job offer in Kuwait. It's not just about the salary figure; it's about the overall package and how it fits into your life and future plans. You may also want to negotiate the offer to see if there's room for improvement in terms of salary, benefits, or other aspects of the job. If you're still unsure, you could consult with a financial advisor or career counselor for personalized advice.

Ans: The new offer is Rs. 6 LPA more than your current salary.
This is a 40% increase in your CTC.
Such a big jump is usually considered good.

Relocation Factors

Moving from Mumbai to Pune involves relocation costs.
Consider expenses like new house rent, moving charges.
You might need to buy new furniture or appliances.

Cost of Living Comparison

Pune is usually cheaper to live in than Mumbai.
Your salary might buy more things in Pune.
You may spend less on rent and daily expenses in Pune.

Purchasing Power

The same amount of money can buy more in Pune.
For example, house rents are often lower in Pune.
Food and transportation might also cost less in Pune.

Lifestyle Adjustment

Your Rs. 21 LPA in Pune might feel like more.
You might be able to save more money in Pune.
But check if your lifestyle needs will change in Pune.

Budget Impact

Make a list of your current expenses in Mumbai.
Research how much these would cost in Pune.
This will show you how far your money will go.

Savings Potential

With lower living costs, you might save more in Pune.
Compare your current savings with potential savings in Pune.
This can help you decide if the move is financially beneficial.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ans: Too have started only one metric, ie; salary. I think you need to evaluate the graduation other company job profile, growth prospects and the saving potential of the two jobs. Consider the living conditions in Canada, including weather that in some regions in Canada can be harsh. Also take into account your long term plans to return in Canada or India.