The Dallas Business Journal recently reported that almost 36,000 millionaires call Dallas, Texas home (January 20, 2006).
By 2010 that number will swell to nearly 60,000.
The number of millionaires will grow at a 65% clip over the next five years. Only Atlanta will have a faster rate of growth among this mega-rich class of Americans.
Dallas is rich.
The article goes on to describe the challenges facing wealthy Dallasites in preparing their heirs for wealth.
Financial managers work hard to develop investment products and training to assist wealthy entrepreneurs in just how to pass the wealth along without destroying their children.
The essay is more than worth reading.
One of the ways the super-wealthy can prepare for passing the financial torch is to remember the poor.
Establishing family foundations, naming competent non-profit organizations that are located close to communities of need in wills and being creative about estate planning and the use of insurance vehicles can insure that the wealth will continue to work after life ends for the financially successful.
At the same time, such steps can protect the children of the wealthy from the pitfalls of wealth without work, risk or effort.
The parable Jesus once told about the rich man who tore down his barns to build bigger barns instead of placing his surplus in the empty barns of his poorer neighbors comes to mind just here (Luke 12:13-34).
Low-income communities cannot rebound or grow to health without money, opportunity or economic advancement.
The rich of Dallas and other urban areas can make a real difference by simply managing their wealth and their amazing estates with intelligence, faithfulness and creativity while never forgetting the poor.
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Larry James' Urban Daily
A repository of ideas, resources, commentary and opinions concerning the issues facing low-income residents of the inner cities of the United States and how mainstream America largely forgets or, worse, ignores the day-to-day realities of urban life for the so-called "poor." Written and edited by the President & CEO of CitySquare. Please visit CitySquare.
Today and throughout 2013, we need your support to continue our life-changing work in inner-city Dallas. Every day hundreds of our wonderful neighbors arrive at our doors seeking our assistance, offering their help and prepared to pursue a better life. Frankly, the folks we "serve" make essential contributions to the scope, nature and soul of the work we attempt. At CitySquare we honor and recognize the amazing value and richness of our low-income neighbors. During 2012, almost 55,000 different people received the benefit of our wide-ranging services designed to assist in the process of building better lives. We need your help TODAY as we continue to respond to the needs of our community. Even more, we need you to become our PARTNER in the work of compassion and community renewal--work that continues day after day at CitySquare.