Yahoo Finance I’m a Self-Made Millionaire: Here Are My Top 4 States for Getting Rich
There’s the state of being uber wealthy and then there are the states where you can get uber wealthy. Do you know the difference?
While America is known as the land of opportunity, those opportunities vary from place to place, with your return on investment often linked to where you are standing. GOBankingRates spoke to a self-made millionaire to learn about which states are the best to make not just a living, but a killing when it comes to money.
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As the CEO of Premier Staff, a luxury event staffing agency that’s gone from a $4,000 startup to a multi-million dollar enterprise, Daniel Meursing shared, “I’ve learned that location can indeed be everything — but perhaps not in the way you might think. Grab a coffee — or a champagne if you’re feeling fancy — and let me take you on a cross-country tour of the best states to strike it rich, as seen through the eyes of someone who’s done just that.”
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California
For Meursing, it’s a Golden State of mind. California dreaming can end up being California earning, if you know how to work it correctly.
“Let’s start our journey in California, where I built Premier Staff from the ground up,” began Meursing. “Now, I know what you’re thinking — ‘Daniel, isn’t California notorious for high taxes and cost of living?’ And you’re not wrong. But here’s the thing: sometimes you have to spend money to make money, and California offers opportunities that can make those high costs seem like pocket change.”
Meursing offered up Los Angeles as a prime example of a city that offers the potential to get rich, provided you are able to keep up.
“This city isn’t just about Hollywood glamour [sic],” said Meursing, “it’s a melting pot of industries and opportunities. One day, you’re staffing a Ferrari launch event, the next you’re coordinating logistics for a Netflix premiere. The diversity of clientele here is like a buffet of business opportunities — and trust me, I’ve learned to pile my plate high.”
“I remember the day we landed our first big Hollywood contract,” Meursing recalled. “We were tasked with staffing the Oscars after-party-talk about a make-or-break moment! As I watched our team seamlessly navigate the crowd of A-listers, I realized that California wasn’t just a state — it was a state of mind. A place where dreams are currency and networking is the exchange rate.”
Meursing claimed that in California, “you’re not just building a business — you’re crafting a lifestyle” that goes beyond the sizzle and shine of Tinsel Town.
“California’s startup ecosystem is like a fertile soil where ideas can grow into empires,” Meursing added, noting the state’s progressive policies and focus on innovation create an environment where taking risks is not just encouraged — it is what is expected.
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Texas
Or, in Meursing’s terminology: The Lone Star State of Opportunity.
“Now, let’s mosey on down to Texas, a state that’s been on my radar for expansion,” Meursing said. That’s due to two words: business friendly.
“Texas is like that generous uncle at a family barbecue — always ready to help you out and never asking for too much in return,” Meursing described. “The lack of state income tax in Texas is like music to any entrepreneur’s ears. It’s as if the state is saying, ‘Hey, we trust you to reinvest that money back into your business and the local economy.’ And let me tell you, as someone who bootstrapped a company with just $4,000, every dollar counts.”
But according to Meursing, it’s not just about the tax benefits. Texas has a diverse economy that’s not tied to any one single industry.
“It’s like a well-balanced investment portfolio — when one sector dips, another rises to keep things stable,” Meursing said, recalling a recent business trip to Austin. “The energy there was palpable — you could practically feel the entrepreneurial spirit in the air.”
Meursing is currently exploring expansion options within Texas, a big dream in a state known for everything being bigger.
New York
When it comes to business and the world of money, nowhere else is like New York — especially New York City. The Empire State is the perfect example of a multi-opportunistic state to go from bust to boom. According to Meursing, the diversity of industries in New York is staggering.
“From Wall Street to Madison Avenue, from tech startups in Brooklyn to fashion houses in Manhattan — it’s a smorgasbord of business opportunities. And let’s not forget the networking potential,” said Meursing. In New York, your next big client or game-changing connection could be riding next to you on the train, and you might not even know it.
“I cut my teeth in the event staffing world in New York City, and it was like getting a Ph.D. in hustle,” Meursing admitted, noting that the pace of business in New York is relentless. “… It’s like trying to drink from a fire hose of opportunities. But if you can make it here, well, you know the rest.”
“New York taught me valuable lessons about scaling a business,” remarked Meursing. “I remember staffing a high-end fashion event on 5th Avenue, juggling the demands of designers, celebrities and finicky clients. It was like playing 3D chess while riding a unicycle — challenging, but exhilarating.
“‘New York,’ I often say, ‘is where you go to test your mettle. If you can build a successful business here, you can do it anywhere.'”
Florida
Meursing dubbed the Sunshine State as a place for reinvention and with it, the opportunity to make some big bucks.
“Last but not least on our tour is Florida — a state that’s about more than just beaches and theme parks,” Meursing said. “Florida is like that friend who’s always reinventing themselves — always exciting, always full of surprises.”
Brenda Christensen, CEO of Stellar Public Relations, echoed this sentiment and said she left California for Florida, “… where the business climate is much more conducive to success — lower taxes, expenses, no state tax and the list goes on and on.”
“I just saw a stat that Florida was in the top three states with new businesses. I believe it,” Christensen added. “It very much reminds me of the tech startup culture in California of the 1990s. We’ve realized a total savings of 20% per year just by relocating here. And we’ve convinced other Cali tech friends to move, including another startup CEO and IBM VP.”
Meursing said the “… lack of state income tax is a big draw, much like in Texas. But what really intrigues me about Florida is its ability to attract talent and capital from all over the world. It’s like a magnet for opportunity.”
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: Here Are My Top 4 States for Getting Rich
