Team Tony cultivates, curates and shares Tony Robbins’ stories and core principles, to help others achieve an extraordinary life.
The top 10 states for tax-light living
Legal Disclosure: Tony Robbins is a board member and Chief of Investor Psychology at Creative Planning, Inc., an SEC Registered Investment Advisor (RIA) with wealth managers serving all 50 states. Mr. Robbins receives compensation for serving in this capacity and based on increased business derived by Creative Planning from his services.
Have you ever thought about making a change? A big change, like moving to another state?
Your first reaction may be “absolutely not!” You may think finding a new address is just too drastic. But that’s exactly the point! If you want to create big change in your life, you have to be willing to make big moves, literally.
Did you know that with one single move you could increase your income by 10-30%? That’s because not all tax systems are created equally. Income tax, sales tax, gas tax and property tax differ wildly across the country.
Instead of paying 12% income tax in California, how about paying no income tax in Florida? Rather than living in a cramped apartment in New York City, how about living the good life on a sprawling lot in Greenville, South Carolina?
Imagine what your life would look like if you moved to a less expensive state. What would you do with the additional money you’d have? Would you invest it? Would you share it? Would you start your own business?
It’s one thing to be tax efficient with your investments, but it’s quite another to be tax efficient with your life. Why wait until retirement to pick up and move to a more cost-effective city? Why not move now so you have even more time to reap the benefits?
There are tons of reasons why you may find it unthinkable to move — friends, family, work. But there are also tons of reasons why moving makes sense. So consider what it would mean to change your zip code. Open up to the idea of raising your family somewhere that allows you to scale down your cost of living and amp up your quality of life. You owe it to yourself to explore your options, because what you find may surprise you.