Are you dreaming of escaping high taxes by moving to a no-income-tax state, thinking it’ll save you a fortune? Many people are, but what if those states aren’t as affordable as they seem? In this episode, host Ralph Estep Jr., a seasoned financial expert with a passion for helping people navigate the complexities of taxes and budgeting. Ralph’s practical, no-nonsense approach will help you avoid the costly mistakes others have made, like his client Jim, who thought he’d struck gold by moving to Tennessee, only to be blindsided by hidden expenses. Don’t get caught off guard—discover the real costs of living in a state with no income taxes.
https://www.askralphpodcast.com/state-with-no-income-taxes/
Podcast Timestamps:
00:00 Episode Overview
02:17 Listener’s Question: Dana’s Worries About Moving to Florida
03:20 Bible Verse: Proverbs 14:15 – Be Prudent in Financial Decisions
04:11 Real-Life Story: Jim’s Move to Tennessee and Unexpected Costs
05:54 Hidden Costs of Living in No-Income-Tax States
08:30 #1 High Sales Taxes
08:44 #2 Property Taxes That Offset Savings
09:00 #3 Business and Other Hidden Taxes
09:13 #4 Increased Cost of Living in Desired Areas
09:45 Actionable Steps to Evaluate Moving to a No-Income-Tax State
09:57 #1 Do a Comprehensive Cost Analysis
10:20 #2 Consider Your Lifestyle and Spending Habits
10:36 #3 Think Long-Term and How Costs Could Change
10:54 #4 Consult a Tax Professional for Full Guidance
11:08 #5 Visit Before You Move
11:41 Recap and Conclusion
Websites Mentioned:
Team page for the Alzheimer’s Association Walk to End Alzheimer's®- https://nclvm.com/2yziv
What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
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