Why the focus on the worst of the worst in today’s blog? Namely because some US states are friendlier to you, economically, than others.
According to TheFinancialWord.com, New York tops the list as being the least economically friendly. With a cost of living that is over 120% of the national average and health care costs 4.5% higher than the other 49 states, you can see why. Washington D.C. isn’t much better. With prohibitive property and income tax rates, a 5.75% sales tax and a violent crime rate which is 3.5 times that of the nation’s average, our nation’s capital city isn’t very economically friendly.
The Golden State of California comes in at 48th on the descending scale of economically friendliness. High cost of living, trailing New York and the nation’s capital only by a hair’s breath, California has the highest tax rates on income and sales in the country. Add to that the cost of housing, with the median home value double the national average, and rent, which is extremely high, and California loses its golden luster fairly rapidly.
Finally, according to the Council for Community and Economic Research, Portland, Oregon rent costs are more than double the average in the United States. Exorbitant gasoline taxes of 11.7% and a 9.9% income tax rate, further prove how unfriendly economically Oregon has become. And then you have to reflect on the 27.7% higher cost of medical care compared to the rest of the country, and Oregon comes in as a rather unfriendly economical state in the union.
Again, why focus on the worst? Because of this: Knowing your options can save you time, resources and money. But it takes effort on your part to find out the facts. You see, it really doesn’t matter what state you live in geographically. What is going to make the very most impact on the state of your personal finances is your state of awareness, of what is happening around you, AND the action you take to overcome what the negative effects of what is happening around you while optimizing your personal economic growth.
Today people are in a hurry, and too few take the time to discover the facts about investing, saving or planning for their future.
That is where we come in. At McFie Insurance, we share the facts with you so that you can make the right choices which will directly affect the outcome of your future. Knowing the facts can prevent you from ending up with the worst of the worst. But even more importantly, understanding all the facts gives you an edge and the opportunity to alter the future you’re headed for by exchanging it for a brighter future that is more economically friendly for you.
The words, “I wish I had known about this before,” are words we hear frequently. The point is that every moment you delay is wealth you destroy for your tomorrow. Don’t try to pinch a penny today when it’ll end up costing you thousands more pennies in the future. Compounding is exponential! Don’t get caught up letting it work against you any longer. If you are not leveraging your time, talent and money today, it’s time to start. You are allowing somebody else to make more than you on your resources because of your lack of understanding and control. Discover today how you can recover that control and retain the exponential growth that rightfully belongs to you. Call 702-660-7000 now.