Just read the "State Income Tax" thread started here. I've moved a few times for just that reason. Seems there are really great areas to live for a beginning trader, financially. I'm currently planning a move to Las Vegas soon, and would think it would be very easy to start a small "trader-community" there. 1) Nevada- Very low cost of living, no state income tax, just watch out at the gambling tables!! Also flexible employment offered at night in casinos while learning profitable trading. 2) Vancouver, WA - If you can get by the rainy winter, great place to live. 5 minutes from Portland, OR; no state income tax in Washington; no sales tax in Oregon. 3) Southern New Hampshire- Half hour from Boston; Hampton Beach is nice, NO state sales or income tax!! Worst (most expensive state) imho: Rhode Island!! Ripoff on state income and sales taxes, property way too expensive. Other income tax free states: Alaska, Florida, S. Dakota, Tenn., Teaxs, Wyoming
Let's see...one of the Wizards lived at the Y. And southern New Hampshire is turning into northern Mass. Yeeeuck.
or San Diego........ for different reasons.... Yeah we have a higher cost of living, taxes , bad morning hours and so forth. .......But we have the beach, nice weather, incredible scenery ( that walks around the neighborhood) , we are finished by 1 pm and an office full of traders doing exceptionally well. Robert
Live where you can learn the most from successful traders. Once you make enough to start worrying about taxes from your trading income, go to where the tax conditions are most favorable (as long as you like living in the area - money isn't everything).
That's what people who make alot of money start saying. They turn into Paul Tudor Jones or George Soros, lecturing people about the dangers of money.
firms in Las Vegas. Bright, ECHO.......any others? I'd rather move to Vegas or Ft. Lauderdale and pay zero taxes than live anywhere else and take a "pay cut" in taxes. Of course this may only be true for a young single person who can move about and has no children/house yet.
The last thing you need to worry about as a starting trader is state taxes....what you should worry about is making money. If you have to go to the ends of the earth to learn the business, then GO!!!!!!! When you have to worry about state taxes, you are not making enough money.
1) No state income taxes 2) No federal income taxes 3) Cost of housing - free - just learn to pack some snow. 4) Cost of cooling a bank of computers - free - built in 5) Weather, not too bad if you can put up with the summer's -15 F. Now, if I can just get five other traders to join me, I can probably talk Don or JW to let me open an office there... nitro
Best place to live when you begin trading is with your parents. Keeping your expenses down gives you a greater chance of success and keeps you in the game longer. I wouldn't even worry about state income taxes until you're already established as a trader and profitable.