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I Googled this question and this thread was done on this very forum in 2012; poorly. It devolved into 12 pages of discussing the nuances of hurricanes vs earthquakes.
My question: if you were young and wealthy (15-25 million net worth), and you had to choose between these locations, which would you choose and why?
My only request is that you do not discuss hurricanes or earthquakes. Mentally healthy people will not take these things into consideration when choosing between these two cities; the myriad of other ways to die or have your life disrupted are so vast in comparison that it is a non-issue.
Thanks. I look forward to reading your replies very much!
My question: if you were young and wealthy (15-25 million net worth), and you had to choose between these locations, which would you choose and why?
A person that rich would have much better choices than those two places! However if the choice is limited to those two places the only and obvious choice is Miami. California has a 13.3% top income tax rate and Florida has a 0% rate. Assuming an average return on one's investments, the tax savings in Florida would pay for a new Nissan GT-R every year.
A person that rich would have much better choices than those two places! However if the choice is limited to those two places the only and obvious choice is Miami. California has a 13.3% top income tax rate and Florida has a 0% rate. Assuming an average return on one's investments, the tax savings in Florida would pay for a new Nissan GT-R every year.
While Hollywood unquestionably has a higher cost of living for a wealthy person, I think it's only fair to point out that Florida nickle-and-dimes wealthy people in every way possible.
Also if we're talking about investment returns were talking about capital gains tax, which narrows the "income specific" (for lack of a better term) taxation differential down to 8% (33 vs 25).
Not disagreeing, just nit-picking. Thanks for your contribution.
If you want hills and mountains, and prefer a dryer heat, then Los Angeles.
If you want better beaches and lush tropical scenery, and prefer a humid heat, then Miami.
If I was wealthy I would choose Miami as Florida is less expensive and has lower taxes. I also dislike some of California's Laws, in particular their anti-2nd Amendment policies.
Location: northern Vermont - previously NM, WA, & MA
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If I were a rich dreamer and Los Angeles was an option I'd certainly fulfill a better dream with direct ocean access in Malibu rather Hollywood Hills. Better yet I'd go down the road to San Diego and live in La Jolla. That would be living the dream for me.
LA is a much more conducive economic, social, and cultural environment for someone who is young, wealthy, and--let's assume FAIAP--educated, driven, and entrepreneurial.
OTOH, rich people in Miami are, for the most part, thugs. No contest.
Not even close - Hollywood Hills. Better weather, better local topography, better day trips, you name it. Not to mention better cultural choices with which to spend that money.
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