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What does matter: consider living in a state that doesn't have state income tax: Texas, Florida, Alaska, Washington and Wyoming. Also, "And residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck on April 15, though they do pay tax on dividends and income from investments."
I know wealthy Californians who moved out because their taxes are insane. One moved to Texas, the other to Florida.
Blue state/area will be more expensive but will offer more opportunity. One can make it big anywhere but due to the factor of more opportunity, I'd say to go blue.
If you were a poor person, but you desire to become a wealthy person, then should you live in a:
Politically liberal, blue state or region (i.e. California, PNW, NYC metro, New England, greater DC, Chicagoland, etc.) or,
Politically conservative, red state or region (i.e. Texas, most regions in southern USA or Midwest, non-coastal western USA, etc.)
Let me know what is better no for the poor person who is satisfied staying poor, but a poor person with intelligence, education, work ethic, drive, interpersonal skills, good habits, etc. who desires to become $$$wealthy$$$ and move towards a more affluent social class.
A blue state, and here is why.
One of the best ways for poor people to become more affluent is by acquiring education.
Blue states tend to have better rated institutions of higher learning. Also, they tend to try and do more assistance wise for poorer students than red states (red states believing more in "pull yourself up" approach). Some blue states are even starting to offer "free" community college. Minimum wage is usually higher in blue states (sure COL and (sometimes) taxes are also higher (usually on middle/wealthy earners though), but you can always live with roommates, live frugally, etc.).
If you wanted to be an entrepreneur, the better education in blue states can also be a benefit depending on what type of company you are trying to open (e.g. starting a construction company would probably be better in a red state/developing a new iPhone app in a blue state/region). The blue state higher taxes and regulation though will cancel some of this benefit out.
Now - that's if you are starting out poor.
If you are solidly middle class/upper middle and want to become more affluent, then probably a red state. Your taxes will be lower, housing and other expenses will probably be lower, and the business climate will be friendlier. By saving more of your middle/upper-income take-home pay, you can save and invest more money and will probably build up more wealth over time vs. in a blue state.
So if you're poor, start in a blue state, then migrate to a red state once you've reached middle class status.
New York is the only place where you can make something outta nothing, become broke to a millionaire in 10 years.
Quote:
Originally Posted by fishbrains
Absolutely correct. That is exactly why Steve Jobs, Warren Buffet, Jeff Bezos, Bill Gates, Mark Cuban and Mark Zuckerberg all started their businesses in New York, rather than California, Nebraska, Washington, Washington, Texas, or Massachusetts.
Mostly correct, but technically, Microsoft was founded in Albuquerque, New Mexico, in April 1975. Gates and Allen moved Microsoft to Bellevue, WA in Jan. 1979, and to its current location in Redmond, WA in Feb. 1986. Gates and Allen were both from Seattle, hence the move of the company to their home metropolitan area.
So if you're poor, start in a blue state, then migrate to a red state once you've reached middle class status
What about a poor person who has already earned multiple credentials in STEM fields, and is living in a liberal, blue state but is unable to find a job. Should that person seek opportunities in more conservative, red states, where perhaps competition may be less intense and the percentage of highly educated people lower?
What about a poor person who has already earned multiple credentials in STEM fields, and is living in a liberal, blue state but is unable to find a job. Should that person seek opportunities in more conservative, red states, where perhaps competition may be less intense and the percentage of highly educated people lower?
With fewer jobs available, at lower pay.
This is a false dichotomy. Your scenario treats all blue or red states as a monolithic block with equal access and visibility. In reality, it doesn’t work that way.
A mechanical engineer isn’t going to look for jobs only in NY, ignoring Massachusetts, then going directly to Alabama as a second choice. The realistic scenario is to conduct a nationwide search, disregarding political bias in favor of balancing job availability, compensation, and COL.
It so happens that most of the hottest job markets have been and still are in blue states. I have no desire to engage in the why and hope this thread doesn't go that way (although it seems to be destined to).
IMO, if one is looking for wealth, it is more likely to happen in a wealthy State so my answer to the OP is Blue.
Agreed. I moved out here from the east coast after the recession. I'm here because the money's good. I don't care one bit about this being a blue state. I'm a conservative Republican by the way who loves his job and spends far too much time at work.
Didn't respond to the poll.
Quote:
Originally Posted by Alicia64
What does matter: consider living in a state that doesn't have state income tax: Texas, Florida, Alaska, Washington and Wyoming.
Another big plus. No state income tax is huge when you make $100k. Sales tax is a bit high but can always drive to Oregon for no sales tax on big ticket items.
I've lived in both red and blue states...currently living in California and I'm sinking. We're middle class so we're not poor but at times we feel that way because its so expensive here.
When I lived in Houston I made more and cost of living was less. Here in San Diego I'm making less but cost of living is more.
We're trying to find ways to leave but this is my husband's hometown and family is here so its complicated. This state is a mess though. I don't trust any politician.
And this is why we left California for South Carolina. California does not want the middle class and will soon be a two-class State (Rich and the Poor serving them).
Living in California is like shopping for a wedding. As soon as you mention the word "wedding" everything is 40% more for the exact same service or product that you would buy for any other special occasion or event.
What about a poor person who has already earned multiple credentials in STEM fields, and is living in a liberal, blue state but is unable to find a job. Should that person seek opportunities in more conservative, red states, where perhaps competition may be less intense and the percentage of highly educated people lower?
Blue or red won't really matter in this scenario, for the most part.
You would need to go to a major metro area that has the most employers in your field/level of expertise.
If you're moving without a job, then a red state may be better due to a likely lower COL, but it would still need to have a major metro area with many employers in your field. Of course, benefits may be better in the blue state (e.g. Medicaid availability).
You could in theory have an advantage if there are fewer educated people competing for jobs, but keep in mind this would only be true if the area had a robust healthy professional job market.
Your best bets would probably be places like Dallas, Houston, or Atlanta.
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Microsoft founded in New Mexico
