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Set Priorities: Surviving the ‘Great Recession’

By |April 21, 2009|News|

4/20/2009, 5:40 p.m. EDT

Steve Garmhausen

The Associated Press Health News

AUSTIN, Texas (AP) — AUSTIN, Texas (AP)  Welcoming a first child would be more than enough to keep most couples busy. But Abby Williamson and Matthew Young, who started a family in December, have a few more life changes planned.

Despite the recession, Matthew, 31, wants to change careers  ditching his successful but grueling carpentry and construction business to become a chiropractor. The change would mean relocating from their Austin, Texas home to be near one of Matthew’s schools of choice, in Dallas or Atlanta. Still, the couple seems to be in an enviable position: They recently became homeowners and came into an inheritance of $130,000.

Yet there is reason to be concerned about the couple’s financial plans. Their nest egg has taken a beating. Given the state of the economy, the couple needs to take a breath and think critically about their career and relocation timetable, according to two experts who analyzed their situation. (more…)