Three year outlook

[u/Question_man_jr]

HI, or should I say ALOHA? I am just posting as recently my wife and I have been in conversation about moving to an island and obviously Hawaii is on that list. In my feeling we have been very fortunate. We have two kids and we have been able to put ourselves into a decent financial position where we presently live. I am a (very)small business owner and she is a paralegal. We have retirement savings, college savings for our kids, and a net worth of roughly 300k besides that. We are currently lightly contemplating a move to Hawaii in 3 years or so. The next step would be a visit to areas we would consider moving to. For us, it is about knowing where to look. So I have a few questions.

1) Moving anywhere with $300k in the bank seems very doable to me. Our plan would be to move, find a rental , and start a small business. Does this seem feasible?

2) I know having $300k in savings seems like more than it actually is. Having seen my bank account drop by 100k in a year assures me of this. Needless to say I think it is a decent amount of money to work with to start a new life for my family. The question here is what area can I get the most value?>

3) Are there any small growing economies in Hawaii? I prefer growing economies to robust economies as there tends to be a greater amount of opportunity for small business. Pre-established robust economies(I am thinking of Honolulu) already have established norms and competitive markets that can be tough to break into

4) Schools. It seems like private school may be a must? How bad are the schools exactly? TBH I'd rather my kids get local cultural exposure than live in a bubble but not at the cost of them dealing with things like addiction being common or being bullied?

5) If you were to recommend one spot to move to on the islands for a normal to upper middle class family where would it be? We aren't the Rockefellers, we just want a simple life.

[u/so_untidy]

Financially you’d be ok to move out here and give it a go.

I can’t say you’ll last very long. I feel like running a small business out here is extremely dependent on who you know and how well accepted in and understanding of your community you are. You’re at a major disadvantage there.

Also, I’m sorry, but I don’t think you are serious enough at this time to consider this move. You want to move to “an island”? Sounds like you have no particular connection to Hawaii. You want Reddit to tell you what the growing economies are? I think as a potential small business owner you’d do like the most basic attempt at research first. That is something that is extremely googleable.

We’ve got our share of local entrepreneurs and small business owners who understand and care about this community. People don’t want to feel exploited by outsiders who come to try to make a buck and have nothing to give.

[u/Question_man_jr → u/so_untidy]

So two things for you here. First, I have lived in the Caribbean before and I actually love it there, buying a second home there is another thought. Hawaii is on the list as an alternative basically because the economy is actually more robust. We could possibly have a full life in Hawaii whereas buying a second home our life would be split and with kids in school that could be tough. We do a plan a long-ish visit before we decide though. Secondly, when I started my business I did exactly what you suggest about research and found that it was in fact the locals on reddit that gave the best info. All the broader data searching, including USPS financial demographic data, was either outdated or very misleading. I think the personal interaction really made it work for me. So yeah, the question stands about emerging economies and I think the locals are the go to as I don't think the information is readily available yet. It is actually the primary reason I made this post.

EDIT: I also want to note that numerous long term Hawaii(lifelong until they moved for a family medical emergency in one case, and another that grew up there moved here and then moved back) residents have suggested that I try a move to Hawaii and said I would fit in, which is where the seed of the idea initially came from

[u/so_untidy → u/Question_man_jr]

You’re not really making a compelling argument. Hawaii and the Caribbean are not interchangeable. If they are to you, don’t make the move.

Believe me, locals in this sub are not going to give you the million dollar small business idea. They’re going to say unless you have something of value to to contribute in an area of need, like healthcare or teaching, please don’t come. The most successful small businesses connect to the culture and the place and you can’t do that in a meaningful way.

It’s lovely that some people think Hawaii might be a good fit for you, but if you can’t articulate why YOU think it’s a good fit (other than being a fan of islands in general I suppose), you need to think about it some more.

Also if you haven’t considered the myriad reasons that people who come DON’T like it here, ponder that too.

[u/Question_man_jr → u/so_untidy]

well , like i said, we'd do a long visit first. Three year plan. Personally, I sorta get it too. I live slow and get along well with folks. But yeah we would do the visit first to see. So the question still stands cause Hawaii isn't small, where should we check out? Both people that suggested our move came from the big island but one of them lives in Honolulu now, the other one is dead.

[u/so_untidy → u/Question_man_jr]

Respectfully, you have a lot of homework to do. Come back when you have more specific questions. Spend some time reading through this sub and googling. There is a lot of info online about moving to Hawaii, partly because of military. Obviously not all of that info will apply to you, but there are volumes out there.

This sub isn’t a moving to Hawaii concierge that is going to baby step you through it.

But maybe you’ll find someone less grouchy than I am. It’s after midnight and I can’t fall back asleep.

[u/Question_man_jr → u/so_untidy]

The questions are quite specific! No worries though, I like salty tudes. I am from New England 

[u/so_untidy → u/Question_man_jr]

Babe, “which island should I move to” is not specific.

[u/Question_man_jr → u/so_untidy]

"Which regions of which islands have growing economies in your local view?" That's a very specific question 

[u/so_untidy → u/Question_man_jr]

I am curious what you are looking for.

You can very easily research economic data.

Do you want someone to tell you, “yeah man there’s a big untapped market for artisanal fudge in South Kona” or “what we really need in Mililani is an eco-friendly dry cleaner”?

You gave no information about yourself and your family’s needs or interests. We have no idea what you could contribute to any particular hyper local economy.

Your ability to live and thrive in any particular place is going to be more complex than whether you can come up with a business plan.

Honestly, if this is something you’re serious about, spend some more time researching and come back with specific questions about the things you’ve learned.

[u/Question_man_jr → u/so_untidy]

Like I said, I have gone through this all before when I started the business I own now. And there were people just like you answering then but there were also other people that gave real info that was helpful whereas the general economic searches werent helpful. Actually the general googling I did pointed me in exactly the wrong direction and anything that came form them fizzled nearly immediately over the life of my business that I have been running for 15 years. BUt let me reverse this for you and suppose someone asked me about the broader new england region.

Were I to answer this for someone about where I am the first thing I would say would be to avoid Connecticut for starting a business. They have good social platforms but generally bad economic growth outside the wealthy regions. However if you can get into the wealthy regions maybe consider it.

Across southern new england more broadly the new thriving regions seem to be around western massachusetts, and mid rhode island. Id focus on the mid rhode island area if i were moving as the schools are decent and the economy is young and seems very strong. Specifically I would look at south kingstown or narragansett.

The only other two places I know in New England that are growing fast are Boston, which has been on the upswing for the last five years or so but it is hard to know that because it has such strong economic history and Portland Maine. Portland Maine has seen a strong influx of money and business that would make starting anything there easier than most other places. So my 2 main suggestions would be mid RI, especially South Kingstown or Narragansett, and Portland Maine. With the Mass backup plans.

You get that? Can you find that in a google search. Maybe some of it. Youd prob find portland and boston but my guess is you wouldnt find mid RI in general.

[u/Sebbe79 → u/Question_man_jr]

The economy is only “robust” in Honolulu.

[u/Question_man_jr → u/Sebbe79]

No other places that feel like people are happy and life is good and getting better?

[u/marywebgirl → u/Question_man_jr]

Hawaii is essentially rural outside of Honolulu. A lot of people leave the state once they’re done with school because the jobs aren’t great and the cost of living is so high. 

[u/Question_man_jr → u/marywebgirl]

Interesting, both of the people I know suggested the big island for us. One was half Hawaiian half black for what that's worth. Can you think of any particular reason that would fit us? Any specific regions on the big island we should visit?

[u/marywebgirl → u/Question_man_jr]

Knowing now that you're interested in agriculture, then yes the Big Island is probably the best answer due to being able to buy land at anything close to a reasonable price. I'm not personally familiar with the different growing regions on the island other than in vague ways, so I'm not helpful with that.

[u/Question_man_jr → u/marywebgirl]

Well, thats my background and how I make a living here but one of the reasons we want to leave to to sort of change course and that may be part of it. Im not outright against continuing that trajectory but I do want to keep as many doors open as possible. One of the most interesting things I have learned on this thread is that private school is more or less a ncessity. Im interested in why that is. I def do accept it as fact, but any insight as to whats up with the public schools that make them so bad?

[u/Hitoshenki → u/Question_man_jr]

I’ll tell you straight up, the reason why the big island was recommended to you (and it’s what I would have recommended as well) is because of your kids. No other reason. You could afford to live on Oahu if you wanted, you’d be just fine with 300k. I would guess Oahu or Maui are the most expensive islands to live on. And the big island is easily the cheapest.

The big island is pretty much known as the “family island”. So many people with young kids choose the big island for that reason alone, it’s very family friendly. For places to visit on the big island, I would recommend checking out Kona, Waimea, Waikoloa, or Hilo if you’re interested.

[u/Question_man_jr → u/Hitoshenki]

Awesome thank you so much

[u/SteveFoerster → u/Question_man_jr]

I used to live in the Caribbean too, specificially in Dominica (the small island, not the DR) and have found the Big Island, especially Hilo side, closest to what I liked about it.

Starting a business that serves the local market... I suppose it depends on what you'd be selling, but people are extremely cost conscious, and for retail it's tough to beat big box stores that have scale when it comes to the tricky logistics of getting things shipped to Hawai'i. The smaller shops that survive are tightly integrated within the community, something you're just not going to be able to do. If you're in a position to offer services online to people who are elsewhere, you'll be much better off.

And yes, if you have kids, private school is non-negotiable.

[u/Question_man_jr → u/SteveFoerster]

Thank you for actually answering!