Split Location Living
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Sam discusses optimizing living arrangements between multiple locations to balance lifestyle preferences with tax advantages. The strategy involves maintaining residences in different states to maximize both quality of life and tax benefits.
Key Points:
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Tax Implications:
- Texas: No state income tax
- New York: Combined ~13.5% additional tax (city + state)
- Example Cost: Additional $11,500/month in taxes on $1M income in NY vs TX
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Housing Costs:
- Austin mortgage: $4,000-5,000/month
- Brooklyn rent: $11,000-12,000/month for family-suitable space
- Total Additional Housing Cost: ~$7,000/month increase in NY
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Split Living Alternative:
- Live 6 months in Texas, 6 months in New York
- Cost effective enough to include private flights between locations
- Total cost still less than full-time NY living
- Maintains tax advantages while getting NY lifestyle benefits
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Total Cost Comparison (On $2M Income):
- Additional NY Taxes: $280,000/year
- Additional NY Housing: $150,000/year
- Total Extra Cost: $400,000-500,000/year to live in NY full-time
- Split living provides significant savings while maintaining lifestyle benefits
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.