There are dozens of reasons that millions of individuals choose the Miami metro area to work, study, live, and invest. The bottom line and common element of all the rationale is personal finance. The area is home to more banks and financial institutions than any other municipal zone in the US, which makes it easy for families, single people, and companies to manage their money.
But the area stands out when it comes to job opportunities, the chance to build a business, and the opportunity to find an excellent entry-level job in any sector of the economy. What is it like for young people, middle-aged adults, and retirees to live in Miami’s bustling environment, and how do they take advantage of the many financial perks that come with remaining in a growing economic environment? Consider the following facts to gain a deeper understanding of the city’s ability to attract people from all walks of life.
There’s a Vast Supply of Skilled and Unskilled Labor
Miami’s reputation for having one of the nation’s best supplies of skilled and unskilled labor is still in force. Not only does the state’s top-rated college system deliver thousands of educated young people into the labor pool each year, but the hundreds of vocational institutions do the same for trades, like construction, personal services, and countless others.
College Students Can Get Credit Cards
For so many youngsters who attend college in Florida, it’s next to impossible to get approved for a first credit card. But because Miami is an international financial hub, the task is not as formidable as it might seem. Even full-time students can get a card if they can handle their monthly income and expenses. Of course, the first step is to review a complete guide on the subject and find out how to select the right card. It’s a major decision and one that young adults should think about before hand.
Getting a card opens a whole new world of personal finance potential. Account holders can smooth out their expenses during volatile months and maintain low balances throughout the year. It makes sense to keep balances at zero or very low to minimize interest charges. One of the main advantages of credit cards is that they provide a form of emergency financial backup in all sorts of situations. There are plenty of merchants who require having a card on file if you want to do things like rent an automobile, lease an apartment, or rent equipment.
People Love Living In Miami
What’s the advantage of working at a good job and earning enough to take care of personal financial needs? For residents, the answer to that question is “Living in Miami, of course.” Not only is the city the global cruise ship capital, but it repeatedly ranks high for being one of the most fun places to live among all age groups. The proof is in fact that more than 10 million people head to Miami every year for their vacations. What is the attraction?
In addition to endless beaches, there are hundreds of restaurants, dozens of golf courses, an incredible nighttime social scene, family-friendly resorts, and every imaginable outdoor activity. Known by its nickname, The Magic City, Miami has hosted many top-rated Hollywood film crews as background locations for major movies. To get around town, no one needs a car because there are several low-cost forms of public transportation. Add to the fact that the area is the gateway to international business markets and a major technology hub, and it’s no secret that so many people want to live and vacation there.
Tax Structure is Finance Friendly
For busy college students, hard-working young professionals, and entrepreneurs who struggle to meet monthly financial goals, the area’s tax structure is a huge plus. Individuals pay zero income tax in Florida and a sales tax rate of only 7%, but in Miami-Dade County, the rate is a super-low 1%. For those who own companies, the corporate tax rate stands at just 5.5%, which encourages businesses to relocate to Florida.
It’s a pleasant surprise for people who move to the area where disposable income is higher than elsewhere in the US. For individuals who are planning to start side businesses, there are free local resources for management advice, tech help, general training, and more. It’s rather common for locals to boost their personal finances by establishing small companies that they can operate from home.
The Area’s Growth is Second to None
It’s not just a favorable tax environment and the chance to connect with Latin America and other international markets that make the city a top choice. Another reason so many owners and entrepreneurs in every industry flock to the region is summed up in one word: growth. Recently, the city’s government expanded the light-rail train system so that it covers a much broader expanse of the area. Plus, the local airport is one of the busiest in the world and features direct connections, via non-stop daily service, to dozens of points in Latin America, South America, the Middle East, Europe, and Canada. Working adults who enjoy the freedom of remote jobs head to Miami’s wide-open beaches and streetside coffee shops to put in a day’s work on their laptops while soaking in the gorgeous scenery and invigorating climate.
Along with a half-dozen other US metro areas, Miami’s technology hub is a worldwide leader in innovation, growth, and expansion. In the banking sector alone, the metropolitan complex is the center for financial operations for not only Latin America but Florida and the Southeastern US as well. There are currently more than 225 financial entities in the area, and the city is home to more global and national banking firms than any city in the US. Tech and finance lead the way, for sure, but all other major industries are well-represented in the city, which boasts an average wage of $55,000. Growth is the hidden incentive for millions of entrepreneurs who have their sights set on the biggest city in Florida.
McClatchy newsroom and editorial staff were not involved in the creation of this content.