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originally posted by: MrBlaq
A financial advisor should be competent enough to
appraise everything that affects your money, not just
complex sounding inflation charts.
Unfortunately Californian's are required to pay 13%
of their income via State tax. So a single person living
in California earning less than 91k is required to pay a
25% federal income tax + 13% State Sales tax.
25+13=38 ... 38% of income!
(Not including onerous sales taxes, property taxes, and health
insurance which is much higher compared to other states)
This is pitiable in the extreme. Any financial
advisor who does not inform their clients concerning
financial benefits of moving out the state of California
should be slapped.
If a client is able to move to a state with a lower State Tax,
such as Arizona they could actually use the
savings for investment. Or even better yet,
move to a state without a State tax like Florida.
Maybe these financial advisors fail to inform their customers
since such a move might lose clients?
This is just one of the reasons why so-called
experts are not always qualified. Be your own
expert, and research what's best for you.
originally posted by: dfnj2015
It doesn't matter what you pay in taxes. What does matter is the purchasing power of your take home pay.
California must being doing something right because there's a lot of people who like living there. I guess it depends on what you can buy with your take home pay. If it were just the tax rate part of the equation everyone would move out of California as quickly as possible.
originally posted by: TonyS
a reply to: MrBlaq
I never thought of that in terms of being a Financial Advisor. That's interesting.
But.........here's the question........is it even possible for someone to live in Kali without making a minimum 100k a year?
My guess is that a whole lot of people in Kali are working off the books for cash.