Your Money & Your Life Podcast

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Who is the Rich?

The word rich gets thrown around all the time but who actually falls into that category? It’s certainly subjective but the government’s definition by directly impact your future taxes. Let’s look at some statistics and get a better idea of how taxes are generated and who is actually paying them.  


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What we discuss on this episode: 

0:48 – Are we post-COVID?

2:37 – Clarifying comments from previous episode on New Jersey

5:02 – Who is the rich?

7:70 – $40,000 dilemma

8:48 – Issue of the wealthy not paying enough in taxes

10:33 – How much puts you in the top 1%

12:15 – Income tax rates

15:48 – Cash Connection question on long-term care policy rate increase

Moving to a Tax-Friendly State

When should you consider moving to another state? Sometimes tax benefits may be a motivator when making this decision. Don talks about the tax ramifications when living in certain states.


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What we discuss on this episode: 

0:48 - School’s coming to an end!

2:22 - The pandemic has changed the way people do things.

4:19 - New Jersey is number one in lifetime total taxes paid.

6:52 - Why are people leaving certain states?

14:55 - Why does Florida appeal to retirees?

18:40 - It’s important to work with an advisor.

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