Fight or flight? Why it may be time to leave the big city

Hello Financial Healers,

I came across an interesting article, which you can find here.

SmartAsset, a consumer-based information provider, did some calculations and found that in certain cities across the US, “you need a salary of over $300,000 to bring home $100,000 after taxes and adjustments for the cost of living.”

Wait. $300,000?! That’s a lot of money.

In contrast, “in Houston, an employee only needs to gross about $125,000 to achieve the same purchasing power as someone making $312,000 in New York.” 

According to the study, federal, state, and local taxes are some of the biggest impacts on personal finances. Tax pressures like these drive families to states like Texas and Florida, which don’t support an income levy.

The article concludes that remote work “prompt[s] the question: Stick it out in big-ticket cities like New York and San Francisco, or head to states like Florida and Texas for warmer climes and a more affordable lifestyle?”

So, if you’re in a big city…

… ask yourself:

do you stay? Or leave?

God bless your Prosperous Soul,
Stephen K. De Silva