Personal Finance
Neodesha, Kansas offers incentives to entice people to move there
Field of wheat in central Kansas is nearly ready for harvest.
Ricardo Reitmeyer | Getty Images
With a population of about 2,100, Neodesha, Kansas, is roughly 100 miles from Wichita and Topeka in Kansas and Tulsa, Oklahoma. Its claim to fame is the 65-foot-tall tower that supported the drilling framework for the first commercial oil well west of the Mississippi River, locals say.
But as an old oil town, Neodesha has struggled with a decreasing population and an aging housing supply for years.
When the refinery formerly owned by Standard Oil Co. closed in 1971, “the population was cut in half over night,” according to Neodesha’s mayor, Devin Johnson.
“We have seen that decline as every small community has over the last 50 years,” Johnson said. “The thing with small communities is, if you are not growing, you are dying.”
Last year, Neodesha partnered with MakeMyMove, an online relocation marketplace that connects workers with communities trying to attract new residents.
Incentives include tax waivers and free college
The town is now offering qualifying new residents incentives — such as waiving state income tax through 2026 along with property tax rebates and help with day care for working parents — as well as access to existing perks, including student loan repayment assistance up to $15,000 and free college tuition through the Neodesha Promise scholarship program.
MakeMyMove, which has worked with 88 communities across the U.S., screens applicants and connects them with local resources.
Since the program launched in 2024, more than 30 people are in the process of moving to Neodesha, according to Evan Hock, MakeMyMove’s co-founder and chief operating officer.
“We’ve awarded over $1 million in scholarships, and I feel like we are helping the community and making some real progress,” said Ben Cutler, who grew up in Neodesha and now funds the scholarship program, which started in 2020 and is available to any graduate of Neodesha High School in good standing. (Neodesha’s promise program will cover tuition at participating colleges or associate degree programs and vocational schools nationwide.)
“One of my key focuses was helping build the community, to help in any way I could to make Neodesha a more attractive community for young families, and I think we’re making some real progress in that regard — I certainly hope so anyway,” Cutler said.
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Meanwhile, efforts are also underway to construct hundreds of new homes, apartments and duplexes in the region, along with the development of retail and commercial spaces and the renovation of several historic buildings on Main Street.
“We’ve got to cherish what we’ve got but make sure we make Neodesha an attractive place for people to come,” Johnson said.
These cities will pay you to move there
Other communities across the country have also been upping the ante with cash incentives or voucher programs for people willing to move.
For example, workers relocating to Topeka can receive up to $10,000 for rent for the first year or up to $15,000 to put toward buying a home.
Another program affiliated with the West Virginia Department of Tourism is offering a cash incentive of $12,000 along with access to free coworking spaces and outdoor recreation packages for those who move to the state for at least two years.
The Shoals Economic Development Authority offers $10,000 in cash to full-time remote employees who are willing to relocate to the Shoals community in northwest Alabama.
“This is a cost-effective way of doing economic development,” said MakeMyMove’s Hock. The communities “usually get a return within the first year.”
However, “incentives are not the reason people actually move,” he said. Affordability is key, he said, but community also plays an important role.
“They are looking for quality of place, they want a community connection, that’s what is motivating the move,” Hock said.
‘A family-friendly place to live’
Incentive programs in Neodesha and other regions are gaining steam as residents from major cities across the country increasingly migrate to Southern and Midwestern spots where housing costs are less severe, and where construction is keeping up with the demand, reports show.
United Van Lines’ annual 2024 study found a growing shift away from the cities and suburbs of New York, Los Angeles and Chicago toward more “livable” locations with lower day-to-day living expenses.
Kaitlyn and Jack Sundberg with their dogs Max and Bella in front of the home they purchased in Neodesha, Kansas.
Courtesy: Kaitlyn Sundberg
Kaitlyn Sundberg never expected that she would move to Kansas. Sundberg and her husband, Jack, lived in Southern California but struggled to save enough for the down payment on a home of their own.
“We were living with my in-laws, and we were not able to afford anything,” said Sundberg, 27.
Sundberg’s husband, who worked as an estimator for a telecom company, expanded his job search — significantly — and found an opportunity as the program manager for Southeast Kansas Inc.
When they visited Neodesha, “it just seemed like a family-friendly place to live,” Sundberg said.
“We spent a Saturday looking for a house — there were kids riding bikes,” she said, “I just cried.”
The couple moved to Neodesha with their two dogs 18 months ago, even before the incentive program launched. Sundberg now works as the executive director of the new early learning center in town after a neighbor brought over the job posting and suggested she apply for the position.
“Being away from family is the hardest part,” she said, “but I would never want to move back.”
Jamie Grill | Getty Images
As U.S. markets continue to suffer steep declines in the wake of the Trump administration’s new tariff policies, you may be wondering what the next best move is when it comes to your retirement portfolio and other investments.
Behavioral finance experts warn now is the worst time to make any drastic moves.
“It is dangerous for you — unless you can read what is going to happen next in the political world, in the economic world — to make a decision,” said Meir Statman, a professor of finance at Santa Clara University.
“It is more likely to be driven by emotion and, in this case, emotion that is going to act against you rather than for you,” said Statman, who is author of the book, “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance.”
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That may sound easier said than done when headlines show stocks are sliding into bear market territory while J.P. Morgan is raising the chances of a recession this year to 60% from 40%.
“When the market drops, we have sort of a herd instinct,” said Bradley Klontz, a psychologist, certified financial planner and managing principal of YMW Advisors in Boulder, Colorado. Klontz is also a member of the CNBC FA Council.
That survival instinct to run towards safety and away from danger dates back to humans’ hunter gatherer days, Klontz said. Back then, following those cues was necessary for survival.
But when it comes to investing, those impulses can backfire, he said.
“It’s an internal panic, and we’re just sort of wired to sell at the absolute worst times,” Klontz said.
‘Never trust your instincts when it comes to investing’
When conditions are stressful, our frame of reference narrows to today, tomorrow and what’s going to happen, Klontz said.
It may be tempting to come up with a story for why taking action now makes sense, Klontz said.
“Never trust your instincts when it comes to investing,” said Klontz, particularly when you’re excited or scared.
Meanwhile, many investors are likely in a fight or flight response mode now, said Danielle Labotka, behavioral scientist at Morningstar.
“The problem with that, in acting right away, is that we’re going to be relying on what we call fast thinking,” Labotka said.
Instead, investors would be wise to slow down, she said.
Just as grief requires moving through emotional stages in order to eventually feel good, it’s impossible to jump to a good investing decision, Labotka said.
Good investment decisions take time, she said.
What should be guiding your decisions now
Many investors have experienced market drops before, whether it be during the Covid pandemic, the financial crisis of 2008 or the dot-com bust.
Even though we’ve experienced volatility before, it feels different every time, Labotka said.
That can make it difficult to heed to the advice to stay the course, she said.
Investors would be wise to ask themselves whether their reasons for investing and the goals they’re trying to achieve have changed, experts say.
“Even though the markets have changed, why you’re invested, your values and your goals probably haven’t,” Labotka said. “These are the things that should be guiding your investments.”
While there is the notion that life well-being is based on financial well-being, it helps to take a broader view, Statman said.
At any moment, no one has everything perfect when it comes to their finances, family and health. In life, as in an investment portfolio, all stocks don’t necessarily go up, and it’s helpful to learn to live with the good and the bad, he said.
“Things are never perfect for anyone,” Statman said.
Anchiy | E+ | Getty Images
As the stock market continues to fall, some investors are eager to “buy the dip,” or purchase assets at temporarily lower prices. Financial advisors, however, urge clients to stick with long-term investing plans amid the latest volatility.
U.S. stocks plunged on Thursday after President Donald Trump issued sweeping tariffs on more than 180 countries and territories. The sell-off continued Friday after China unveiled plans to impose a 34% retaliatory tariff on all goods imported from the U.S.
As of Friday afternoon, the Dow Jones Industrial Average was down more than 1,700 points following a 1,679.39 drop on Thursday. Meanwhile, the S&P 500 was off 4.8% after losing 4.84% the previous day. The tech-heavy Nasdaq Composite slid by 4.9% after plummeting 5.97% on Thursday.
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If you’re looking for buying opportunities while assets are down, here are some things to consider, according to financial advisors.
Timing the market is ‘impossible’
When asset values fall, there’s often chatter in online communities like Reddit about whether to “buy the dip.” Typically, investors aim to buy at a discount and expect an eventual recovery, which could lead to future gains.
While buying cheaper investments isn’t a bad idea, the strategy can be tricky to execute since, of course, no one can predict stock market moves, experts say.
“We never recommend timing the market, mostly because it is impossible to do without simply getting lucky,” said certified financial planner Eric Roberge, CEO of Beyond Your Hammock in Boston.
Instead, you should “stick to a thoughtful, rules-based investment strategy designed to get you through to your long-term goals,” he said.
Keep a ‘disciplined approach’
When buying assets during a market downturn, you need a “disciplined approach,” according to CFP Jay Spector, co-chief executive officer of EverVest Financial in Scottsdale, Arizona.
For example, some investors linger in cash while waiting for rock-bottom prices. But no one can predict the bottom of the market, experts say.
Waiting on the sidelines can be costly because the best returns can follow the biggest dips, according to research from Bank of America.
Rather than trying to time the bottom, you should consider “dollar-cost averaging,” which systematically invests your money at set intervals, Spector said. The strategy can capture lower prices while reducing risk, he said.
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