Should you relocate for a new job? First, ask yourself these critical questions

Making the decision whether to move to a new city for a job opportunity can be a pivotal moment in your career, especially if the new job promises significant advancement. However, this decision also comes with many questions that you might need to consider before taking the leap. 

In his recent story for Forbes, contributor Sho Dewan explores some of the potential questions to ask yourself before considering a move to a new city for work, especially if you’re unsure of how you feel about the idea.

For instance, a personal question I would pose to myself when considering relocating is: Am I comfortable being on my own, hundreds or even thousands of miles away from my family and support system, leaving behind the city I’ve known for years? (What can I say—I love my family.) If you have similar familial ties to your current home, you should ask yourself if you’re ready to embrace the emotional challenges that come with a big move. 

Another relatable question that Dewan posed: Can I actually afford to relocate to a new city? From finding new housing to transporting your belongings across the country, the cost of a move can be significant. This makes many people hesitant to relocate, even with a promising job opportunity, because it might simply be out of their budget.

It’s crucial to weigh the financial benefits against the quality of life in the new location. Make sure the city’s charm and opportunities are worth the investment. Before committing to the move, investigate if the same role is available closer to home. Many companies have multiple offices, so it might be a good idea to ask management if there’s an opportunity near your current location. Additionally, consider the possibility of remote work. In 2023, 28% of workers worldwide worked remotely, whether full-time or part-time, according to data from Statista. If the idea of uprooting your life doesn’t seem possible, explore options like remote work or travel arrangements instead of a complete relocation.

For more insights about the idea of relocating for work, I recommend reading Sho Dewan’s full article.

Read the full story: Should you move cities for a job opportunity?

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Financial Corner: Sometimes ‘FDIC-Insured’ Doesn’t Actually Mean FDIC-Insured

If you’ve ever engaged with personal finance content on the internet or social media, odds are good you’ve seen ads from many new fintechs or other online finance companies offering high-yield savings accounts, travel and cash rewards-based credit cards or apps like Yotta Savings, which offers users a chance to win cash and other prizes on top of regular interest.

But the traditional safety net that protects the money you keep in old-school banks, the promise of FDIC insurance up to $250,000, isn’t always so straightforward when it comes to these newer fintechs. Thousands of Yotta customers recently found this out the hard way, when an intermediary company Synapse filed for bankruptcy, and those customers have since been denied access to their money, despite it being held in “FDIC-insured” accounts. 

With so many new fintechs popping up, it’s important to know that they handle customer funds in different ways—some offer protection through “pass-through” insurance by partnering with a bank covered by the FDIC, but it’s not always easy for a customer to discern where their money is being transferred or held. 

So if a bank itself fails, and a fintech (or other third party) has good records, the fintech’s customers should be able to collect their insured deposits fairly quickly. If a nonbank fintech, particularly one with deficient records, implodes, all bets are off. 

“There’s a huge gap, frankly, in the financial structure in many ways,” says Paul Clark, a senior counsel and financial regulation expert at Seward & Kissel in Washington. “Most people hold their financial assets through a broker, a bank, a trust company, somebody who’s robustly regulated and regulated for that purpose. The fact is you can be a custodian for people’s assets in certain contexts and not have to register as anything.”

Read the full story: Is Your Money Really Safe In An ‘FDIC-Insured’ Fintech Account?

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Thank you for reading! We'll be back later this week with another edition of Forbes Edge. 

This edition of Forbes Edge was written by Tavon Thomasson and Sarah Whitmire.