Learning with Sherise

You recently started making 6 figures and now you’re curious what you should be doing with your money. So, you went on Facebook and now you randomly saw this post without looking for it. Bet. Learning with Sherise is here.

First thing that you will establish are 4 bank accounts.

1. Checking account for all of your living expenses. Typically, 50% of your income goes into that account. You’ll use that account to pay for rent, groceries, your car payment, etc. You can make this account a joint account with your significant other.

2. Your second checking account is for your balling money. This is the money you use when you’re out at the club, brunch, and vacations. Moving your RV for fun? That goes from this account. This account will typically have 30% of your income

3. This is your savings account. You’d want this account to be a high interest yielding account. Some people use part of this account to fund their stocks and crypto. This will typically be 10% of your income. Investments are usually also funded by this account or your second checking account.

4. This is another savings account, but this will be for your emergency expenses. This will typically be 10% of your income. I call it the Rainy Day fund.

I keep explaining to people that you can’t just really live anywhere when you make enough money. What state you choose to live in makes a difference. There are states that do not use income tax. This makes a huge difference when selecting where to have your residency.

Let’s use the number of a household income of $180,000

I’ll use some common examples of extra tax that you may pay if you live in a State with income tax. You pay these annually in addition to your annual federal tax.

State Income Tax:
Florida: $0
California: $13,429
Georgia: $9,758
Nevada: $0
Utah: $8,881
Texas: $0
Alaska: $0
Tennessee: $0
Washington: $0
Wyoming: $0
New York: $10,506

Choose the State that you live in wisely to maximize your income.

Thank you for Learning with Sherise

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