Latest / The Table with Anthony ONeal / If You Live in These 5 States, MOVE NOW - You'll NEVER Build Wealth

Transcript

If You Live in These 5 States, MOVE NOW - You'll NEVER Build Wealth · The Table with Anthony ONeal

0:00
[SPEAKER_00]: Family, I just read an article.
0:02
[SPEAKER_00]: I should just morning after I worked out.
0:05
[SPEAKER_00]: That's going by right now.
0:06
[SPEAKER_00]: And it had me thinking.
0:09
[SPEAKER_00]: I mean, it really had me thinking.
0:12
[SPEAKER_00]: There's a study that looked at all fifty states within the United States of America to find out where Americans are actually thriving and surviving when it comes to saving money and getting a head start when it comes to building wealth.
0:28
[SPEAKER_00]: And I was like, this is interesting.
0:30
[SPEAKER_00]: And as I was reading it, I was just, I got fired up.
0:35
[SPEAKER_00]: And if I'm being real with you, the results are going to shock some of you.
0:40
[SPEAKER_00]: There are five states in America that are literally designed to keep you broke.
0:47
[SPEAKER_00]: And if you're living in one of these states, I need you to hear this.
0:51
[SPEAKER_00]: I'm about to make some people a little uncomfortable today.
0:55
[SPEAKER_00]: And I don't know some of you all are going to be in the chat section in YouTube saying Anthony, no, no, no, no, no.
1:01
[SPEAKER_00]: But I care more about your financial peace, your financial health and your financial future.
1:06
[SPEAKER_00]: Then your feelings at this present moment when it comes to this particular state.
1:12
[SPEAKER_00]: And what I love about this is
1:16
[SPEAKER_00]: with me being a professor at Virginia Union University, one of the things throughout my course in the Consumer Economics and Financial Literacy course, I'm telling these young people, I'm like, hey, you're getting a degree.
1:29
[SPEAKER_00]: your biggest well-building tool is margin, right?
1:33
[SPEAKER_00]: So again, I've said to several times on a show, if your income is here, right?
1:39
[SPEAKER_00]: And if your expenses are here in between is your margin, I need to get a iPad in here so I can start drawing this stuff out so you all can really see it.
1:52
[SPEAKER_00]: And I tell young people, when you graduate college, don't go to the most popular state.
1:58
[SPEAKER_00]: Don't even look for the state that offers the highest income, because if your income is high and your expenses are high, you don't have margin.
2:06
[SPEAKER_00]: So you may need to look at what is the best state that gives me the best potential to have the most margin.
2:14
[SPEAKER_00]: So this means you may make less income, but if the cost of living is extremely cheaper,
2:21
[SPEAKER_00]: Then that means you're going to have more margin.
2:24
[SPEAKER_00]: When you have more margin, you could do more saving, more investing, more whatever you want to do with your finances to get you to the point where you can eventually move to the state that you want.
2:33
[SPEAKER_00]: So listen, I don't want you to get mad at me today.
2:36
[SPEAKER_00]: I'm just going to be telling you what the data says and family listen to me.
2:40
[SPEAKER_00]: This isn't just some random open opinion piece.
2:45
[SPEAKER_00]: These are researchers who looked at the seven key factors in cum levels.
2:50
[SPEAKER_00]: cost of living, taxes, housing costs, and the debt ratio and all the stuff that actually matters when you're trying to build wealth.
3:03
[SPEAKER_00]: And here's what this study found that blew my mind.
3:08
[SPEAKER_00]: You all think making good money means you can build wealth anywhere.
3:13
[SPEAKER_00]: That's absolutely wrong.
3:16
[SPEAKER_00]: Let me tell you what they discovered about Hawaii.
3:20
[SPEAKER_00]: The average family in Hawaii has a household income of ninety-one thousand dollars a year.
3:26
[SPEAKER_00]: That sounds good, right?
3:28
[SPEAKER_00]: We're nine thousand dollars away from a hundred thousand dollars.
3:31
[SPEAKER_00]: But according to the research, they still can't even save money.
3:35
[SPEAKER_00]: AKA, they're living paycheck to paycheck.
3:39
[SPEAKER_00]: Why?
3:40
[SPEAKER_00]: Because the state is designed to keep you broke.
3:43
[SPEAKER_00]: AKA, it is expensive to live there.
3:46
[SPEAKER_00]: And before you say Anthony, that's just Hawaii.
3:50
[SPEAKER_00]: Nah, family.
3:52
[SPEAKER_00]: This study identified four other states doing the exact same thing to your money.
3:58
[SPEAKER_00]: And the researchers look that everything and the results don't lie.
4:04
[SPEAKER_00]: So here's the thing.
4:10
[SPEAKER_00]: We've been lied to about the American dream.
4:14
[SPEAKER_00]: We've been absolutely lied to about the American dream.
4:19
[SPEAKER_00]: They told us, work hard, make good money, and you'll be fired.
4:25
[SPEAKER_00]: Work hard, make good money, go to school, join us through the loan debt, buy your home, you'll be fine.
4:35
[SPEAKER_00]: But nobody told us that where you worked hard matters, that where you lived matters just as much as how hard you work.
4:50
[SPEAKER_00]: I've been teaching financial literacy for years and I keep seeing the same pattern.
4:56
[SPEAKER_00]: Good people working good jobs, making decent money, but they can't get ahead.
5:02
[SPEAKER_00]: And when I look at where they live and how they live, there is the problem.
5:09
[SPEAKER_00]: Why are you living in California making fifty-five thousand dollars a year?
5:15
[SPEAKER_00]: because this study just confirmed that what I've been seeing in my community, in our work community, your zip code is either working for you or it's working against you.
5:26
[SPEAKER_00]: And if it's working against you, we need to have a serious conversation about your financial future.
5:32
[SPEAKER_00]: Family, I told myself, I'm not going to scream at y'all this year.
5:37
[SPEAKER_00]: But this data has me really flipping out because I'm like, wait, wait, wait.
5:43
[SPEAKER_00]: Wait, my people out here grind it.
5:47
[SPEAKER_00]: My inner black community, they're out here grinding.
5:49
[SPEAKER_00]: They're getting up every single day and bust in their rare ends.
5:54
[SPEAKER_00]: Trying to be a good steward of what God has given them.
5:59
[SPEAKER_00]: But some of them, these states are picky, y'all's pockets.
6:05
[SPEAKER_00]: Let's be honest, most people are stressed and stuck in the paycheck to paycheck cycle because they were never taught how money actually works.
6:15
[SPEAKER_00]: That is exactly why I built this channel.
6:18
[SPEAKER_00]: Every week, my team and I are breaking down how to master your money, how to get out of debt, save, invest, and build wealth without borrowing a dime.
6:28
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[SPEAKER_00]: financially.
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6:40
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6:43
[SPEAKER_00]: And if you're tired of just surviving and you're ready to build wealth guys way, you're in the right place.
6:48
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6:56
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7:02
[SPEAKER_00]: So let's just watch.
7:04
[SPEAKER_00]: Hit that subscribe, family.
7:05
[SPEAKER_00]: Join this community.
7:07
[SPEAKER_00]: Let's build real wealth.
7:09
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7:12
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7:13
[SPEAKER_00]: Let's subscribe.
7:15
[SPEAKER_00]: Let's get back to the show.
7:17
[SPEAKER_00]: So I want to give you the five wealth killing states that if you're struggling financially and if you're living in one of these states, I hate to say it.
7:30
[SPEAKER_00]: It's probably time for you to move.
7:33
[SPEAKER_00]: Period.
7:35
[SPEAKER_00]: Period.
7:38
[SPEAKER_00]: Because according to this research, here are the five worst states for building wealth.
7:46
[SPEAKER_00]: State number five.
7:49
[SPEAKER_00]: Or this state came in fifth worst.
7:53
[SPEAKER_00]: And when you see these numbers, you'll understand why.
7:55
[SPEAKER_00]: The study found that in this particular state has a nine point nine percent income tax rate.
8:04
[SPEAKER_00]: Let me put that in perspective for you.
8:06
[SPEAKER_00]: That means if you make a hundred thousand dollars, they are going to be taking out almost ten thousand dollars just in state income tax before you even get two federal tax.
8:18
[SPEAKER_00]: but it gets worse.
8:19
[SPEAKER_00]: The research showed that over half of renters in this state, watch this, fifty percent plus are spending more than thirty percent of their take home pay in housing.
8:36
[SPEAKER_00]: This is what we call house poor family.
8:39
[SPEAKER_00]: And thirty five percent of homeowners are in the same boat.
8:43
[SPEAKER_00]: So let me do the math.
8:45
[SPEAKER_00]: Let me do the math, all right?
8:46
[SPEAKER_00]: So now we're at ninety thousand times that by thirty five percent.
8:53
[SPEAKER_00]: You're spending thirty one thousand five hundred dollars a year.
9:00
[SPEAKER_00]: A year.
9:02
[SPEAKER_00]: Just to live.
9:04
[SPEAKER_00]: Now this state does have one thing going for it.
9:08
[SPEAKER_00]: I'm beyond us with you.
9:11
[SPEAKER_00]: No state sales tax.
9:14
[SPEAKER_00]: But that one benefit gets wiped out simply by everything else they're taking from you.
9:21
[SPEAKER_00]: It makes absolutely no sense.
9:26
[SPEAKER_00]: Now state number four, let's go to state number four.
9:29
[SPEAKER_00]: Now this one surprised me when I read it because I lived here.
9:33
[SPEAKER_00]: I lived here when I was younger.
9:35
[SPEAKER_00]: It's Florida.
9:37
[SPEAKER_00]: The state everybody's moving to because of what no state income tax.
9:43
[SPEAKER_00]: But the study ranked it fourth, worse for saving money.
9:48
[SPEAKER_00]: How was that even possible?
9:50
[SPEAKER_00]: Here's what the data shows.
9:52
[SPEAKER_00]: Fifty six point eight percent of renters in this state, Florida, are house poured.
9:58
[SPEAKER_00]: That's more than half.
10:01
[SPEAKER_00]: And the cost of living is higher than most people even realize.
10:05
[SPEAKER_00]: So yeah, they're not taking income tax, but they're getting you everywhere else.
10:10
[SPEAKER_00]: Listen, listen, listen, I've lived in two state, no state income taxes, Florida, and Tennessee.
10:20
[SPEAKER_00]: And it sounds good on paper, but if you can't afford to live, what's the point?
10:27
[SPEAKER_00]: The research has found that Florida overall cost structure still makes it hard for people to save money and to build wealth.
10:35
[SPEAKER_00]: Your dad going right?
10:37
[SPEAKER_00]: What's this, minute number three?
10:38
[SPEAKER_00]: I'm not blown away by this one.
10:40
[SPEAKER_00]: The third worst state to live in, Massachusetts.
10:45
[SPEAKER_00]: See, Massachusetts came in, third worst.
10:47
[SPEAKER_00]: And this one is going to hurt some fillings.
10:50
[SPEAKER_00]: Because the study showed Massachusetts has the second highest cost of living in the entire United States of America.
11:00
[SPEAKER_00]: Even with the immediate household income of ninety three thousand five hundred and fifty dollars pause.
11:05
[SPEAKER_00]: I'm going to pause right there because when I start using these words and start quoting these stats, I'm going to understand.
11:11
[SPEAKER_00]: the difference between the word average household and median household average is if there's ten families making all this stuff they put all their stuff in that and then they divide that by ten that's the average when it says median it means that
11:29
[SPEAKER_00]: Fifty percent of their people are below ninety three thousand five hundred fifty dollars and fifty percent of their people are above ninety three thousand five hundred fifty dollars.
11:39
[SPEAKER_00]: So the median number is ninety three thousand five hundred fifty dollars for the families.
11:45
[SPEAKER_00]: Which is the second highest in America.
11:48
[SPEAKER_00]: But people are still struggling to save.
11:52
[SPEAKER_00]: Anthony, how is that possible?
11:55
[SPEAKER_00]: If the families make it almost a hundred thousand dollars a year.
11:59
[SPEAKER_00]: How was it?
12:00
[SPEAKER_00]: Why?
12:00
[SPEAKER_00]: Let me tell you why.
12:02
[SPEAKER_00]: Because the study showed that because nearly half of all renters and close to thirty six percent of all homeowners and Massachusetts are house poor.
12:15
[SPEAKER_00]: So you're making ninety four thousand, six thousand away from six figures and still can't get ahead because everything costs so much.
12:25
[SPEAKER_00]: This is what it means.
12:27
[SPEAKER_00]: This is exactly what it means when I say income doesn't equal wealth.
12:32
[SPEAKER_00]: You can make six figures and still be living paycheck to paycheck.
12:40
[SPEAKER_00]: Because a lot of us are fighting our location every single day.
12:49
[SPEAKER_00]: The second worst day to live in, I think all of you all will know that if you want to guess it, guess it.
12:55
[SPEAKER_00]: I grew up in the state.
12:56
[SPEAKER_00]: And I left the state because I just knew I can't, I can't win here financially.
13:02
[SPEAKER_00]: My family still lives there.
13:04
[SPEAKER_00]: And it's California.
13:07
[SPEAKER_00]: California, the land of dreams and broken bank accounts.
13:12
[SPEAKER_00]: According to research, California ranked second worst for saving money.
13:17
[SPEAKER_00]: And when you see these numbers, you're going to understand why.
13:20
[SPEAKER_00]: As the California has the highest top marginal income tax rate in the nation.
13:27
[SPEAKER_00]: Thirteen point three percent.
13:34
[SPEAKER_00]: I want to break this out for you.
13:36
[SPEAKER_00]: So you understand this.
13:37
[SPEAKER_00]: If you're successful in California, they're taking more than thirteen cents of every dollar you make just in state income tax.
13:47
[SPEAKER_00]: Then they hit you with a seven point two five percent sales tax on top of everything that you buy.
13:54
[SPEAKER_00]: But here's the kick of Hoda, the study found that fifty three percent of renters and forty one percent of all homeowners in California are also house poor.
14:07
[SPEAKER_00]: Even with the median, don't forget what I told you about, medium.
14:11
[SPEAKER_00]: The median household income is right around eighty five thousand three hundred dollars.
14:16
[SPEAKER_00]: People can't save and invest money because the state is designed to take the majority of it.
14:27
[SPEAKER_00]: I have family.
14:28
[SPEAKER_00]: I have friends in California making a hundred and fifty thousand dollars a year in a household and they're still living paycheck to paycheck.
14:39
[SPEAKER_00]: While some of the issues that we face when it comes to our finance is a personal finance problem, I think a lot of it, if you're living in one of these states, it is a location problem.
14:53
[SPEAKER_00]: And the worst state of living, sitting in the very beginning, is Hawaii.
15:00
[SPEAKER_00]: The worst state in America for building wealth, according to this study, is Hawaii.
15:08
[SPEAKER_00]: Now don't get a twisted man.
15:10
[SPEAKER_00]: I believe Hawaii and California are two of the most beautiful states ever.
15:16
[SPEAKER_00]: I know Hawaii is paradise, but paradise is expensive.
15:24
[SPEAKER_00]: Hawaii has the highest cost of living in the entire country.
15:30
[SPEAKER_00]: The second highest individual income tax rate and get this despite having a median household of ninety one thousand dollars.
15:39
[SPEAKER_00]: Hawaii residents have the highest household debt to income ratio in America.
15:45
[SPEAKER_00]: That means people are making over ninety thousand dollars and still going into debt just to survive.
15:53
[SPEAKER_00]: And studies show that over fifty-six percent of renters and thirty-eight percent of home owners are house poor.
16:02
[SPEAKER_00]: I want to say this upfront.
16:05
[SPEAKER_00]: When you're making ninety thousand dollars in your house and you still can't save any money, you still live in paycheck to paycheck, that's not solely a U-problem.
16:17
[SPEAKER_00]: That is a system problem.
16:19
[SPEAKER_00]: That is a state problem.
16:21
[SPEAKER_00]: That is a cost of living problem.
16:25
[SPEAKER_00]: Because here's what the financial gurus who are social media influencers only won't tell you.
16:33
[SPEAKER_00]: Where you live matters more than how much you make.
16:40
[SPEAKER_00]: I'm sitting at one more time.
16:41
[SPEAKER_00]: Where we live matters more than how much we actually make.
16:49
[SPEAKER_00]: And this study just proved it with hard
16:54
[SPEAKER_00]: You see, God gave you a brain.
16:55
[SPEAKER_00]: He gave you a brain to be a good steward of the money that he trusts you with.
17:01
[SPEAKER_00]: And part of stewardship is making smart decisions about where you plant your family.
17:09
[SPEAKER_00]: I've seen people making fifty thousand dollars in North Dakota building more wealth than people making hundred thousand dollars in California.
17:15
[SPEAKER_00]: Why?
17:16
[SPEAKER_00]: Because they're not fighting their location.
17:18
[SPEAKER_00]: They're working with the location.
17:21
[SPEAKER_00]: And can I be honest with you?
17:22
[SPEAKER_00]: Some of you are getting defensive right now watching this.
17:26
[SPEAKER_00]: You're thinking, Anthony, I can't just up and move.
17:28
[SPEAKER_00]: And I get it.
17:29
[SPEAKER_00]: I'm not saying that because I understand moving is hard.
17:32
[SPEAKER_00]: I've moved five times my entire life.
17:35
[SPEAKER_00]: Moving is expensive.
17:37
[SPEAKER_00]: Moving means leaving family, leaving friends, leaving church, leaving your community, leaving your comfort zone.
17:44
[SPEAKER_00]: But here's what I also need you to understand.
17:47
[SPEAKER_00]: If you stay somewhere, that's designed to keep you broke.
17:50
[SPEAKER_00]: You're not just hurting yourself.
17:52
[SPEAKER_00]: You're hurting your children.
17:54
[SPEAKER_00]: You're also hurting your grandchildren.
17:56
[SPEAKER_00]: You're also hurting your community.
17:59
[SPEAKER_00]: You're also hurting your local church because you ain't tired then.
18:04
[SPEAKER_00]: You're breaking the cycle of generational wealth before it even starts.
18:12
[SPEAKER_00]: Listen, listen.
18:15
[SPEAKER_00]: This isn't about being this loyal to your state.
18:20
[SPEAKER_00]: This is by being loyal to your family's financial future.
18:34
[SPEAKER_00]: Oh man, watch this.
18:35
[SPEAKER_00]: This is not even being this is not even about being this loyal to your family.
18:40
[SPEAKER_00]: I know some of you are saying, man, if I leave, then my mama, my daddy, my grandma,
18:47
[SPEAKER_00]: So you're gonna say live in paycheck to paycheck.
18:50
[SPEAKER_00]: You're gonna stay having no margin because of your family.
19:01
[SPEAKER_00]: Building credit the traditional way is slow and confusing.
19:05
[SPEAKER_00]: And most credit cards want you to rack up debt just to boost your score.
19:09
[SPEAKER_00]: You see, I used to think that you had to choose between staying debt-free or having a good credit score.
19:15
[SPEAKER_00]: But, but, but.
19:17
[SPEAKER_00]: Here's what I've discovered.
19:18
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19:27
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19:30
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19:38
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19:46
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19:49
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19:57
[SPEAKER_00]: Some even see watch this up to eighty four points within the first twelve months.
20:01
[SPEAKER_00]: These aren't just numbers.
20:02
[SPEAKER_00]: These are real people getting approved for homes and getting better interest rates.
20:07
[SPEAKER_00]: Here's the shirt.
20:08
[SPEAKER_00]: Every month you wait is another month of paying higher interest rates on everything.
20:13
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20:15
[SPEAKER_00]: A lot of money.
20:16
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20:22
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20:25
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20:29
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20:32
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20:39
[SPEAKER_00]: One of my assignments that I gave to my students, average and alien was to, they had to come back and write a two page paper.
20:47
[SPEAKER_00]: The first page paper was, what do you want to do?
20:52
[SPEAKER_00]: They had to give me three careers that they were starting to research on when it comes to their degree.
21:00
[SPEAKER_00]: So the career has to be aligned with their degree.
21:03
[SPEAKER_00]: Because I don't believe that you just get a degree for a sheet of paper to show that you did something consistently for three to four years.
21:08
[SPEAKER_00]: If that, I don't know.
21:11
[SPEAKER_00]: I want you to get a degree that you can use.
21:13
[SPEAKER_00]: If you paid all this money for it, use the degree.
21:17
[SPEAKER_00]: And so I have all my students, hey, all right, man, I want you to write out what are the three careers
21:22
[SPEAKER_00]: that allows for your degree.
21:24
[SPEAKER_00]: Okay?
21:27
[SPEAKER_00]: Once you give me no three careers, the next step is, give me the average salary for those careers.
21:31
[SPEAKER_00]: Okay, cool, great.
21:33
[SPEAKER_00]: Then the next is, I want you to find the best state to start your career in.
21:43
[SPEAKER_00]: And when I give this to them, man, they all come back with the best state that has the highest paid income.
21:53
[SPEAKER_00]: They bring the presentation and at the end of it, I shock them all.
21:57
[SPEAKER_00]: I'm like, okay, cool.
21:58
[SPEAKER_00]: Let's talk about margin.
21:59
[SPEAKER_00]: Then I teach them about margin.
22:04
[SPEAKER_00]: Then after I teach them about margin, okay, listen, this is the key thing you're looking for.
22:09
[SPEAKER_00]: Now I give them another assignment.
22:11
[SPEAKER_00]: Now I want you to go back to the exact same paper.
22:16
[SPEAKER_00]: I need you to come back and give me the five best states.
22:21
[SPEAKER_00]: that will position you to have the most margin.
22:28
[SPEAKER_00]: And I did a research for you all.
22:32
[SPEAKER_00]: If you're looking to get back on your feet, if you're looking for a fresh start, especially in the day of time of working virtually, I'm going to give you the top five stakes.
22:45
[SPEAKER_00]: that you should consider moving to to give you some breathing room to help you build margin number five is Nebraska.
22:52
[SPEAKER_00]: Nebraska came in the best and here's why the median household income is seventy eight thousand dollars.
23:00
[SPEAKER_00]: And that money goes further than almost anywhere else because the sales tax is only five point five percent.
23:06
[SPEAKER_00]: And the property tax rate is so reasonable at one point four percent.
23:11
[SPEAKER_00]: But here's the key.
23:13
[SPEAKER_00]: Only forty two percent of renters and twenty six point four percent of homeowners are house board.
23:18
[SPEAKER_00]: So this means over half of individuals are not house poor.
23:25
[SPEAKER_00]: So let's go deeper.
23:26
[SPEAKER_00]: This means that most people can actually afford where they live and have money left over to save an invest.
23:36
[SPEAKER_00]: Here's number four, South Dakota.
23:40
[SPEAKER_00]: South Dakota ranked fourth, best.
23:44
[SPEAKER_00]: And this is where it gets interesting.
23:46
[SPEAKER_00]: The median household income is out to Dakota is six to seven thousand dollars.
23:52
[SPEAKER_00]: Lower than some of those wealth killing stakes that we talked about.
23:58
[SPEAKER_00]: But here's the thing, right?
23:59
[SPEAKER_00]: South Dakota has no state income tax.
24:02
[SPEAKER_00]: That means you keep more of what you earn.
24:06
[SPEAKER_00]: And the study found that only twenty four point six percent of all homeowners are house poor.
24:14
[SPEAKER_00]: I mean, seventy five percent of people again can actually afford to live there.
24:19
[SPEAKER_00]: Your money can't actually, yeah, I'm sorry, not can't, but your money can actually work for you instead of just covering basic expenses.
24:29
[SPEAKER_00]: Number three, Iowa.
24:32
[SPEAKER_00]: Iowa came in third, and the numbers tell the story, median household income of seven to six thousand dollars was a reasonable three point eight percent top income tax rate and six percent sales tax.
24:47
[SPEAKER_00]: But here's what really matters in Iowa.
24:50
[SPEAKER_00]: Iowa had one of the lowest household debt to income ratios in the entire country.
24:56
[SPEAKER_00]: So this means, and Iowa, a lot of people are not going into debt just to live.
25:02
[SPEAKER_00]: They're living within their means and building well.
25:06
[SPEAKER_00]: Number two, Wyoming.
25:09
[SPEAKER_00]: Wyoming ranked second best and this state is a wealth builder's dream.
25:15
[SPEAKER_00]: The cost of living is low, the median income there is seven to three thousand dollars.
25:22
[SPEAKER_00]: And they have some of the lowest property tax rates in the country.
25:27
[SPEAKER_00]: But the best part about Wyoming is that they had the lowest percentage of renters burden by housing cost.
25:37
[SPEAKER_00]: Your housing money can go toward building equity instead of just surviving.
25:44
[SPEAKER_00]: Number one, North Dakota.
25:50
[SPEAKER_00]: North Dakota.
25:53
[SPEAKER_00]: Here's why.
25:54
[SPEAKER_00]: Media and household income is seven, eight thousand dollars.
25:56
[SPEAKER_00]: One of the lowest costs in America when it comes to tax rates, right?
26:03
[SPEAKER_00]: The study found, particularly in Iowa, I mean, I'm sorry, in North Dakota, that less than forty percent of renters and less than twenty three percent of homeowners are house poor.
26:15
[SPEAKER_00]: This is pretty much letting us know that people have money left over after covering their bills.
26:24
[SPEAKER_00]: Family DRC, the difference in the wealth killing sites, most people are house poor.
26:30
[SPEAKER_00]: and the well-building states, most people are not.
26:33
[SPEAKER_00]: It's that simple.
26:35
[SPEAKER_00]: So I wanna give you some practical action steps as we in today's show, right?
26:43
[SPEAKER_00]: Anthony, you gave me the top five places not to live.
26:48
[SPEAKER_00]: I might be in one of them.
26:49
[SPEAKER_00]: Anthony, you also gave me the best five to live, but all of those states, we can see why.
26:55
[SPEAKER_00]: They'll do some boring states.
26:58
[SPEAKER_00]: Those are some boring states.
27:02
[SPEAKER_00]: Nothing out there.
27:03
[SPEAKER_00]: Much of rural area.
27:05
[SPEAKER_00]: If I'm a black man, probably a bunch of white people, which is not wrong with that.
27:12
[SPEAKER_00]: Probably it's probably not, you know, a state that got a lot of things going on for itself.
27:16
[SPEAKER_00]: So of course, it's going to be cheap to live there.
27:23
[SPEAKER_00]: But what's most important?
27:26
[SPEAKER_00]: to get the margin, to get yourself out of healthy place financially, to get your income up, so that you can eventually move to the say that you desire.
27:37
[SPEAKER_00]: Because if you're stuck in a wealth killer state, here's a very first thing that you need to do.
27:42
[SPEAKER_00]: First, we need to maximize your savings rate.
27:45
[SPEAKER_00]: The say they mentioned that the national average interest rate for savings account is only at point zero, three, eight percent, and that is one hundred percent garbage.
27:55
[SPEAKER_00]: You need to get your money into a high yield savings account.
27:59
[SPEAKER_00]: That is paying like four percent of more.
28:02
[SPEAKER_00]: There is a long list of high yield savings account that are offering.
28:08
[SPEAKER_00]: My favorite is sofa, but what I'm going to do is I found a list of like four of the top ones.
28:14
[SPEAKER_00]: We're going to put that
28:16
[SPEAKER_00]: Inside of today's show notes, all you have to do is go to anthinnerno.com for slash savings.
28:21
[SPEAKER_00]: Again, that is anthinnerno.com for slash savings.
28:25
[SPEAKER_00]: And I want you to move your money.
28:26
[SPEAKER_00]: If you're getting anything less than four percent or anything less than three point five, I need you to move your money out of that and put it into this.
28:34
[SPEAKER_00]: No matter what state that you're really in, we need to start maximizing and making sure that our money is making more money.
28:40
[SPEAKER_00]: All right?
28:41
[SPEAKER_00]: So go to amphonyo.com for us at savings.
28:43
[SPEAKER_00]: We're going to have that inside of today's show notes, but your money needs to work harder since your state is working against you.
28:50
[SPEAKER_00]: Second, I need you to attack your taxes like your life depends on it.
28:56
[SPEAKER_00]: max out to four one k max out your IRA max out your HS every deduction you can find you got to max it out if your state is going to take your money away at least reduce what they can take why are you giving your money to the state
29:16
[SPEAKER_00]: when you can be given your money to your future.
29:18
[SPEAKER_00]: When you can be invested in it and building your wealth up, third, stock being house poor, just to impress people.
29:27
[SPEAKER_00]: The study show, it did show.
29:29
[SPEAKER_00]: The housing costs are the biggest wealth killer in these expensive states.
29:35
[SPEAKER_00]: So I need you to downsize.
29:36
[SPEAKER_00]: I know I know Anthony downsize.
29:39
[SPEAKER_00]: No, what?
29:41
[SPEAKER_00]: My sister and brother and love with my four nephew and three nephews and one niece, family of six.
29:51
[SPEAKER_00]: They downsized.
29:52
[SPEAKER_00]: They went from a four-bedroom to a tube.
29:57
[SPEAKER_00]: bedroom on a ranch.
29:58
[SPEAKER_00]: If y'all follow, belief in fatherhood, event, and Glenn Henry, they downsize.
30:05
[SPEAKER_00]: They downsize one to get closer as a family but in two to create more margin for some of their dreams that they desire.
30:12
[SPEAKER_00]: They wanted to buy a RV and travel the world with their kids and expose them to different things because the vet is super educated.
30:20
[SPEAKER_00]: She's a smartest at all of all of us, right?
30:24
[SPEAKER_00]: And she homeschool.
30:25
[SPEAKER_00]: So she wanted to expose their kids to some things and do different things.
30:29
[SPEAKER_00]: And so they wanted to downsize to create more margin and it's hard to do that in California.
30:34
[SPEAKER_00]: So they downsize a family of six into two bedrooms.
30:38
[SPEAKER_00]: Husband wife had one bedroom and a kid's four kids had one bedroom.
30:42
[SPEAKER_00]: You gotta do whatever it takes to get your housing costs under third percent of your income.
30:47
[SPEAKER_00]: You gotta do whatever it takes to go further.
30:54
[SPEAKER_00]: When you want to shoot an an arrow.
30:57
[SPEAKER_00]: You don't just shoot the arrow like this.
30:59
[SPEAKER_00]: You got a brain at arrow back.
31:01
[SPEAKER_00]: You got to let it sit there and gather all the tension up and then you release it and it goes forward.
31:06
[SPEAKER_00]: So sometimes stepping back positions us to shoot forward even faster.
31:13
[SPEAKER_00]: But a lot of us know we care more about the image.
31:15
[SPEAKER_00]: We care more about being comfortable.
31:17
[SPEAKER_00]: No, nothing happens inside of your comfort zone.
31:22
[SPEAKER_00]: Nothing happens.
31:24
[SPEAKER_00]: We have to be willing to be uncomfortable.
31:27
[SPEAKER_00]: We have to.
31:29
[SPEAKER_00]: This season for me is uncomfortable.
31:31
[SPEAKER_00]: I'm working my butt off.
31:33
[SPEAKER_00]: I'm running a brand new book.
31:35
[SPEAKER_00]: I'm building a company and shifting the company.
31:37
[SPEAKER_00]: I'm in school, finishing my, my, my, my, my, I finish my MBA in the month of September.
31:43
[SPEAKER_00]: Same list plug.
31:44
[SPEAKER_00]: Your boy is super educated now.
31:45
[SPEAKER_00]: And then I start my doctorate in October.
31:49
[SPEAKER_00]: That's right.
31:49
[SPEAKER_00]: Your boy and a doctor, doctor, degree in finance and investing.
31:53
[SPEAKER_00]: We're going to have a soul about that later.
31:54
[SPEAKER_00]: We can celebrate that later.
31:56
[SPEAKER_00]: So not only am I in school, fight, I am uncomfortable, but I understand.
32:02
[SPEAKER_00]: Because I'm doing all this, I had to scale back on my business.
32:04
[SPEAKER_00]: Downside's my team.
32:07
[SPEAKER_00]: But I understand, I got to come back, instead of where I can shoot even further.
32:13
[SPEAKER_00]: And the fourth, because you don't start planning your exit strategy, I'm not saying you have to move tomorrow.
32:20
[SPEAKER_00]: but start researching jobs in both building stays.
32:25
[SPEAKER_00]: Listen, the five states that I gave you today were just the best five.
32:29
[SPEAKER_00]: Do your own research like how I had my students do.
32:33
[SPEAKER_00]: Do your research.
32:35
[SPEAKER_00]: My students are freshmen and sophomores and college.
32:37
[SPEAKER_00]: You got three, three years, three to four years to figure this out.
32:41
[SPEAKER_00]: Start doing the research now while you're saving while you're investing while you're downsizing.
32:47
[SPEAKER_00]: Start coming up with the plan, okay, I meant Texas.
32:50
[SPEAKER_00]: Texas, I think is a great state.
32:52
[SPEAKER_00]: It didn't make the top five lists.
32:55
[SPEAKER_00]: I think Texas is a great state.
32:57
[SPEAKER_00]: Maybe not Dallas, maybe not specifically Houston, but if you can get on the outskirts and if you can work from home, if you have your own business, if you can work virtually, man.
33:09
[SPEAKER_00]: Start building skills that are portable.
33:13
[SPEAKER_00]: Start preparing for the possibility that moving might be your family's best financial decision.
33:23
[SPEAKER_00]: Because if you can move, you gotta do the homework.
33:27
[SPEAKER_00]: And please, and this is what I told my students at VU, you don't just look at the salary.
33:34
[SPEAKER_00]: You have to look at the cost of living within that particular state.
33:40
[SPEAKER_00]: And in second, you also got to factor in taxes at that particular state at every level.
33:45
[SPEAKER_00]: Your state income tax, your sales tax, your property tax, because all that adds up.
33:51
[SPEAKER_00]: And if I'm being honest with you, I move to the DMV area without considering that information.
34:00
[SPEAKER_00]: Because DMV is expensive.
34:02
[SPEAKER_00]: It is expensive.
34:04
[SPEAKER_00]: And if I were to step back,
34:07
[SPEAKER_00]: Before leaving Tennessee, I would have left Tennessee.
34:10
[SPEAKER_00]: I had to get about a Tennessee.
34:11
[SPEAKER_00]: I ain't gonna lie about that.
34:14
[SPEAKER_00]: But I don't know if DMV would have been it.
34:16
[SPEAKER_00]: If I would have looked at the stuff I'm teaching you now five years ago, I probably would have ended up in Texas.
34:24
[SPEAKER_00]: I probably would have ended up in North Carolina, South Carolina.
34:30
[SPEAKER_00]: Because as I was doing some studying on a man, I kind of slipped up on this one, Ale.
34:36
[SPEAKER_00]: The study looked at all of these factors and so should we.
34:41
[SPEAKER_00]: Don't be surprised.
34:43
[SPEAKER_00]: That within the next three to four years, Anthony and Nila's going and honestly, I ain't gonna lie to you.
34:47
[SPEAKER_00]: I am gonna be going.
34:49
[SPEAKER_00]: I'm finishing up my degree.
34:52
[SPEAKER_00]: Um, I should be graduating with my doctorate in May of twenty twenty seven.
34:56
[SPEAKER_00]: My goal is to be married for sure by then and me and my wife were moving to a wealth building state that will give us more margin to invest into our future to invest into our kids.
35:12
[SPEAKER_00]: Move my whole team.
35:14
[SPEAKER_00]: Like, oh, this is where I'm going.
35:15
[SPEAKER_00]: Like, I was suggestive going here too.
35:19
[SPEAKER_00]: because I want to be thinking generational wealth.
35:22
[SPEAKER_00]: I want to be thinking about my kids and how I want them to set them up to thrive.
35:29
[SPEAKER_00]: I want to build something to where we can build something that lasts.
35:39
[SPEAKER_00]: Listen, as I end this show, and I'm doing better.
35:45
[SPEAKER_00]: We're almost at thirty five minutes.
35:49
[SPEAKER_00]: I can't stress this enough.
35:52
[SPEAKER_00]: Makes saving and investing a non-negotiable monthly expense.
35:58
[SPEAKER_00]: Pretty soon, I'm going to lay out the escape plan, which is my version, my money practical steps.
36:10
[SPEAKER_00]: And I call it the escape plan.
36:17
[SPEAKER_00]: I told you as I'm growing, as I'm evolving, as I'm maturing men and as I'm back in school and as I'm studying whole life.
36:24
[SPEAKER_00]: The reason why I call our community in the black is because the majority of us are in the red.
36:32
[SPEAKER_00]: And I want to help us get in the black.
36:33
[SPEAKER_00]: And the only way to get in the black is we have to escape.
36:37
[SPEAKER_00]: the red.
36:38
[SPEAKER_00]: We have to escape some mindsets.
36:40
[SPEAKER_00]: We got to escape some of the systems that we've been taught.
36:44
[SPEAKER_00]: We have to escape even some of the thinking that we've been thinking.
36:49
[SPEAKER_00]: That's why I call it this gay plan because we all want to escape living paycheck to paycheck.
36:57
[SPEAKER_00]: So we have some major things coming that is going to really help us and I believe it's going to transform our community.
37:08
[SPEAKER_00]: I can't wait to teach it.
37:10
[SPEAKER_00]: I genuinely cannot wait to teach this because we have to escape not saving an investing and start saving an investing.
37:22
[SPEAKER_00]: We have to escape not having a budget because we're scared to see our actual numbers.
37:27
[SPEAKER_00]: Two now is like, yo, I got a budget and I live off of a budget.
37:32
[SPEAKER_00]: That's the only way you can cut the fact.
37:34
[SPEAKER_00]: It's the absolute only way.
37:38
[SPEAKER_00]: Because when I budget, I know where my money is going, I know what I'm going to do.
37:42
[SPEAKER_00]: And watch this, I'm already budgeting for the next three to five years.
37:45
[SPEAKER_00]: Because I know I want to move.
37:47
[SPEAKER_00]: So I'm already setting money aside to build my dream home with my wife down the road.
37:51
[SPEAKER_00]: They're future wifey.
37:54
[SPEAKER_00]: Come on, let's hear this.
37:55
[SPEAKER_00]: Right?
37:57
[SPEAKER_00]: I'm strategizing about what I want.
38:00
[SPEAKER_00]: I'm studying, looking at the states.
38:04
[SPEAKER_00]: But what you all have to do is you gotta start eliminating your debt.
38:08
[SPEAKER_00]: All of us.
38:09
[SPEAKER_00]: Because your credit card debt is killing your wealth, y'all.
38:13
[SPEAKER_00]: The interest is killing your wealth and one of the main reasons why some of you all can't move as quick as because you don't have the margin to set aside the save for investing and to save for the move because you're paying out so much money in debt.
38:27
[SPEAKER_00]: So listen, look for ways to increase your income.
38:31
[SPEAKER_00]: Look for ways to get out to get out of your consumer debt.
38:39
[SPEAKER_00]: Start saving.
38:43
[SPEAKER_00]: Let me say this before I end this episode.
38:47
[SPEAKER_00]: Some of you are sitting there and you are making excuses right now.
38:54
[SPEAKER_00]: Anthony, I can't move because of my family.
38:56
[SPEAKER_00]: Anthony, I lived here my whole life.
38:58
[SPEAKER_00]: Anthony, this is all that I know.
38:59
[SPEAKER_00]: Anthony, my job is here, and I get it.
39:02
[SPEAKER_00]: I understand the emotional attachment, but here's what I need you to understand.
39:09
[SPEAKER_00]: God wants you to be a good steward of what he's giving you.
39:13
[SPEAKER_00]: If you're living somewhere that's designed to keep you broke, unfortunately, that's not good stewardship.
39:18
[SPEAKER_00]: Sometimes being faithful means making the hardest decision to move your family.
39:22
[SPEAKER_00]: to where they can thrive financially.
39:25
[SPEAKER_00]: Abraham left his homeland when God called him to something better.
39:31
[SPEAKER_00]: Maybe God is calling you to something too.
39:36
[SPEAKER_00]: And the reason why you're not experiencing better is because you're more loyal to people than you are loyal to what God is trying to give you.
39:46
[SPEAKER_00]: And for those who absolutely just cannot move, I'm not judging you.
39:51
[SPEAKER_00]: Life is complicated, I get it.
39:53
[SPEAKER_00]: But you cannot use your location as an excuse to get up on building wealth.
39:58
[SPEAKER_00]: You just have to work harder, and you got to work smarter.
40:02
[SPEAKER_00]: The study showed us to truth, and we're going to honestly put that study inside of today's show knows.
40:08
[SPEAKER_00]: So I'm going to try to see it for yourself.
40:10
[SPEAKER_00]: I know it's not just Anthony, and he'll just give it his opinion.
40:12
[SPEAKER_00]: We're going to start doing that.
40:14
[SPEAKER_00]: When I start doing some study in it, and I'm quoting studies, I'm going to make sure that I put this study inside of the show note, so that way you all can see it and read it for yourself.
40:23
[SPEAKER_00]: All right?
40:24
[SPEAKER_00]: Now, I've got a question for you.
40:26
[SPEAKER_00]: What are you going to do with this truth?
40:27
[SPEAKER_00]: Comment below if you're watching this on YouTube.
40:30
[SPEAKER_00]: If you're listening to this on a podcast, hey, get over to my YouTube channel or shoot me at email.
40:34
[SPEAKER_00]: Anthony and Anthony on Neil.com.
40:35
[SPEAKER_00]: Let me know what you thought about today's show.
40:37
[SPEAKER_00]: And let me know if you're living in one of those states that I mentioned today, worst states, bad states.
40:42
[SPEAKER_00]: Let me know your honest thoughts and opinions about those particular states.
40:47
[SPEAKER_00]: And we'll have a, we'll continue to have this conversation.
40:49
[SPEAKER_00]: Listen, in the black community, we get it.
40:52
[SPEAKER_00]: It's your boy Anthony O'Neill.
40:54
[SPEAKER_00]: I love you.
40:55
[SPEAKER_00]: God bless you.
40:56
[SPEAKER_00]: I'll see you in the next show.
40:57
[SPEAKER_00]: Peace.