Is it Impossible to Build Wealth in Your State? (Ranked)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 11 February 2026
⏱️ 65 minutes
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Summary
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| 0:00.0 | Could AI help you do more of what you love? |
| 0:03.0 | Workday is the next-gen ERP powered by AI that actually knows your business. |
| 0:08.0 | We help you handle the have-to-dos so you can focus on the can't-wait-to-do's. |
| 0:13.0 | It's a new workday. |
| 0:19.0 | Here's a question. Is it impossible to build wealth in your state? |
| 0:25.2 | I am so excited to talk about this because we know that different geographies and different states are different. |
| 0:33.8 | No two states are the same thing. No two states have the same benefits and the same |
| 0:37.7 | attractions. And realistically, no two states have the exact same cost of living. And depending on |
| 0:43.2 | where you live in this country can have a big impact on what your financial life looks. |
| 0:47.2 | Yeah, I mean, this is, look, we've done shows on taxes. We've done shows. This one will |
| 0:51.1 | focus specifically on cost of living. And we want to talk to you, |
| 0:55.5 | you don't always get to control where you live. So you can at least pay attention to how do you |
| 1:01.1 | make the most of the situation? But in the meantime, let's talk about what the high cost of living |
| 1:06.7 | states are. Yeah. And this isn't going to be a huge surprise because we know that some states |
| 1:11.7 | are much more expensive than others. According to the U.S. Bureau of Economic Analysis, they |
| 1:17.6 | determined that the national average for cost of living for a single adult is about $56,000 |
| 1:24.3 | a year. So that's the baseline on which we're going to operate. Well, if we think about |
| 1:29.1 | the highest cost of living states, California came in at the highest. It is 12.6% above the national |
| 1:37.3 | average. Yeah, by the way, if we had to do a list of the three, I mean, I would tell you none |
| 1:42.8 | of these three, because the next one was New |
| 1:44.4 | Jersey at 8.9% higher than the average. Yep. And then Hawaii, I mean, they at least have |
| 1:50.4 | the excuse that they're on top of the eight point six percent from the national average. So |
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