Which US State Is Best for You and Your Business?
In case you haven’t noticed, the world is going digital. With this digital revolution, comes a physical revolution as well. No longer do as many people need to live in a certain area merely because that’s where they have found employment. More workers than ever are working remote and some jobs are location independent to begin with. This means the task of deciding which US state is right for you is a question we should all ask ourselves.
The following article is a list of factors you should consider. Now, I hope you’re not disappointed. This post will not tell you exactly where you should live. That would be too tall of a task. Why? Because here in the United States, every state is pretty great. That’s why there’s no obvious answer of where a person who can work from anywhere should live. California is nice. Texas is nice. New York is nice. They all work. There’s no one place where the successful people live. But the following post article will give you hints as to what location would work best for you. Here we go:
Are You an Entrepreneur?
If you’re an entrepreneur, where are the opportunities for your business? This is the first question to ask. But if you work online, the next question to ask if which state will treat you right. The definition of ‘right’ varies the next person’s. But generally you want a ‘tax-friendly’ state. The most tax-friendly states for entrepreneurs are Texas, Nevada and Delaware. These states have low corporate tax rates (or none) and are very welcoming to entrepreneurs.
Do You Make a Large Income?
If you make a large income, it may be worth looking into living in a no income tax state. There are quite a few of them. And it’s cool how they are spread out throughout the country. So what a person can do is ask themselves, “Which region of the US do I like the most?” Then they can pick the no state income tax state that’s in that region. Here are the states with no income tax: Alaska, Washington, Texas, Wyoming, South Dakota, Florida, Tennessee. Though Tennessee does tax dividend income.
The people who should really consider this are people who make a large income. Because if you pay something like 7% in state income tax in one state and 0% in another, if you earn $100,000 per year, that’s $7,000 you’ll save. But if you only earn $30,000 per year, that’s only $2,450 saved per year. It’s also important to keep in mind that many zero income tax states make up that revenue in other ways such as with higher than average property costs.
Keep in Mind Long-Term Happiness
It’s often said that poor people think only to that day, middle class think only think month-to-month, the wealthy think only to that year but the super wealthy think to the decade. Keep this in mind. Where might you be happy long-term? That may be the place to go right now. Plus, as you get integrated into an area, there will be less chance of you moving. So if you pick a low cost of living area in your 20’s but meet someone and get married, it may be much harder to strike out to the promise land. Think long-term.
Each state is great. Choosing the right one is up to you. In America, there is no horrible option.