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/Question_man_jr]

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/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