 What's happening? It's Shane here. And in today's video, we are going to be talking about how much money you need to earn in every state. How far does your dollar get you, depending on which state you live in. And we're also going to be going over which states are the most tax friendly, which ones are the best for single people, which ones are the best for people who might want to start a business, etc. So this is going to be a very interesting one. And there's really a lot to it. It's a lot more than just the basic, you know, oh, how much does it cost to live in this state. It also has a lot to do with how much opportunity there is and a bunch of other things. So we're going to get right into it right after you gently tap that like button, hit the subscribe button and ring the notification bell if you haven't done it already. All right, so CNBC came out with a list of states and how much it costs for you to live on a single person income in every single state. And just to go over a few of these, Alabama, for instance, has a total required income before taxes of $28,652. And that is an estimated housing cost of about $7,300 a year and an estimated food cost of $3,100 a year. So Alabama definitely was one of them that was on the cheaper side there. Usually the ones that were relatively cheap were in the high 20s. So 27,000 a year, 28,000 a year, etc. But let's look at a state that was even more affordable. The most affordable state on the list was South Dakota at about $26,000 a year. The estimated housing cost was $6,500 a year and the estimated food cost was $3,200. So that means a normal person would be paying a rent or mortgage of about $545 a month and they'd be spending about $270 a month on their grocery bills. And the most expensive state for a single person was Hawaii, which makes a lot of sense. They're basically living in paradise there. Everybody would love to live in Hawaii. But the total required income before taxes was over $40,000 a year. So the estimated housing cost per year was $16,337. And that comes out to $1,361 a month for either rent or mortgage. So that's about two and a half to three times higher than what it was in South Dakota. And then the food cost per month was about $316. And that makes a lot of sense because they probably have to import all of the food since it is an island. So you can definitely check out that list. I'm not going to read all of them off to you because you can just read it yourself. And chances are the average person likely doesn't want to live in South Dakota. So I'm going to go over a few others on this list that might be more desirable location for young people. So Arizona was about $31,000 per year. Not bad. That's kind of in the mid to medium low side. California was $38,000 a year. Not surprising there. One of the most expensive states. Colorado was $34,000. So it's kind of in the mid to higher side of things. So it's getting pretty expensive. Florida was pretty low at about $30,000 a year. Michigan wasn't bad about $28,000. Nevada was really good as well about $28,000 a year. New Jersey was a little high at $33,000. New York was one of the highest at $38,000 a year. Ohio was really good around $27,000 a year. Pennsylvania was $27,000 a year as well. Tennessee was $27,200. Texas was pretty good at around $29,000 a year. Washington was on the mid to high side at $33,000 a year. So yeah, those are a few that are kind of more well known, more populated states that have bigger cities that younger people would likely be more interested in living in. Now how much it costs to live is a good metric to look at, but I think it's also important for you to look at the cost of taxes. Another thing that you should look at is the state income tax. So there are currently nine states that do not have a state income tax. Alaska, Tennessee, Wyoming, Florida, New Hampshire, South Dakota, Texas, Washington and Nevada, right? Because that previous list was pre-tax, right? How much do you need to earn pre-tax? Now we're going to be talking about how much the state itself taxes you. Now to put this in perspective, there are states that have a 0% income tax. California on the other hand has a 13.3% state income tax. Absolutely ridiculous. Hawaii has an 11% state income tax. So not only does it have the highest cost of living, but it has the second highest state income tax. Now it's actually not fair and not smart for you to only look at the state income tax when you're trying to think of how expensive the state is going to be. It's better to look at what's known as the total tax burden because there's more than just state income tax. You've got local income tax. You've got property tax. You've got sales tax, etc. There's a lot of other things that you should consider. And California does get a lot of grief for how high their taxes are, but actually if you look at the total tax burden, they're only the 10th highest. They are number 10 at a total tax burden of 9.48%. Illinois is number 9 at about 9.52%. Rhode Island is number 8 at 9.69%. New Jersey is number 7 at 9.98%. Minnesota is number 6 at 9.99%. Connecticut is number 5 at 10.44%. Maine is number 4 at 10.5%. Vermont is number 3 at 10.75%. With an absolutely ridiculous 5.04% property tax. Hawaii is number 2 at 12.19%. And the reason they're so high is because their sales tax is really high at 6.65%, which makes a lot of sense because they have so many tourists coming in and buying things. And New York comes in number 1. They are actually the worst at 12.79%. Now when it comes to the states that have the best total tax burden or the cheapest total tax burden, Montana comes in at number 10, 7.45%. Alabama is number 9, 7.45% as well. South Dakota is number 8, 7.37%. Oklahoma is number 7 at 7.13%. Florida is 6 at 6.97%. New Hampshire is 5 at 6.84%. Delaware is 4 at 6.21%. Wyoming is 3 at 6.14%. Tennessee is number 2 at 5.74%. And Alaska is number 1 at 5.1%. So you see Tennessee, Florida, these keep on coming in as one of the best options over and over again. Alaska also does, but let's be honest, I don't think most people want to live in Alaska. Everything freezes. Same with South Dakota. It also is coming in at the top of the list over and over again. But again, I don't think very many people want to live there either. Florida, obviously, a lot of people go there to retire. It's one of the best destinations for people traveling and vacationing. Tennessee is great, especially if you live in the Nashville area. There's a lot to do there. But a lot of these on the list, unless you want to live out in the country kind of rural living, probably not going to be the best choice for everyone. Now with that being said, the total tax burden is one thing to look at, but even more importantly, it kind of depends on your own lifestyle. So for instance, you probably don't care all that much about property tax if you don't own property. However, if you are a real estate investor, you plan on buying lots of property, property tax is going to be very important. And then on top of that, this is not just a financial thing. Moving to a state is also an emotional and a personal thing as well. So you might move to a state because you have a family there or because you just really enjoy the area, you're really happy there, etc. So a financial part of it is one piece that you should definitely consider. You don't want to ignore that, but it's not necessarily the most important thing. Now the last thing I'm going to touch on is the best states for people who want to start a business, the best states for entrepreneurs, the states that are going to give you the highest chance of having a successful business. And if you do have a successful business, how easy is it to operate it, right? How easy is it to get licensed and stay licensed. And then on top of that, how much money are you going to save, etc. Now when it comes to looking at the best states for small business owners and entrepreneurs, it's really difficult to be honest with you because it really depends on what type of business you're starting. It also depends on what area you want to be in. So for instance, a state like California isn't necessarily very business friendly, has a lot of things you have to go through. It's very expensive, very difficult to keep employees. So there's a lot of headaches that go along with being a business owner in California. However, there is also a massive amount of opportunity, like a ridiculous amount of opportunity. So people will move there, start businesses just because of the fact that there's so much money there. There's so much opportunity and it has a really nice climate and there's a lot to do. So people will basically put up with all of the BS just because living in California is such a good experience. But with that being said, I found two lists. One of them is more purely, you know, how business friendly the states are. And the other one combines business friendliness with opportunity. So on the first list, Montana came in at number 10. And the reason for that is because high economic growth rate in Montana, and it has a very good 10 year business survival rate. Now, only about three out of 10 businesses survived the first 10 years. And if you're in a really competitive marketplace, like certain types of businesses, it's going to be more like one out of 10 or sometimes like one out of 50. Kansas came in at number nine. And the reason for that is high economic growth as well as low cost of living. Missouri came in at number eight, low filing fees for business licenses, et cetera, strong economic growth and low cost of living. Massachusetts came in at number seven. And the reason for that was a well educated workforce. So for instance, if you're trying to start like a tech company or something like that, you're going to be able to find people who have the degrees and the skills and the knowledge that you are looking for. And then a high business survival rate. Minnesota came in at number six, low unemployment and a high business survival rate. Alaska came in at number five. And the reason was because they had the highest amount of money made by people who own sole proprietorships, which is the most basic type of business. North Dakota came in at number four, and they had a very high 10 year survival rate. And they also have very low unemployment. Louisiana came in at number three. And the reason was because they have low labor costs. And they also have a steady growth rate. Michigan came in at number two. And the reason was because they have low business formation costs. And then they also have high growth and business survival rates. And then Texas came in at number one. And the reason was because they have low unemployment and a high growth rate. And then the second list considers a lot of those things, but they basically put a little bit more weight on how much opportunity there is in the area. And so number 10 on this list is going to be Wyoming. Number nine is going to be Georgia. Number eight is going to be Oklahoma. Number seven is going to be Idaho. Number six is going to be North Carolina. Number five is going to be California. Number four is Colorado. Number three is Texas. Number two is Florida. And number one is Utah. So yeah, I hope you guys enjoyed this video is getting a little bit long. So I decided to cut it off there at the end. But if you haven't done it already, check out my other videos right here. I made them just for you. Go ahead and gently tap the like button, hit the subscribe button, ring the notification bell, and comment down below any thoughts, comments, criticisms, et cetera that you have on the video. And I will see you next time.