Thursday, February 16, 2006

Millionaires


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.

5 comments:

Anonymous said...

Staggering figures, especially in light of the increases you cited in your February 8 blog....

Anonymous said...

Back in 1986 when I had my first job I talked to a financial manager about my retirement. He said I would need $2 million saved to retire at 65! I was shocked. But we have to realize that a million dollars is valued differently every year. My parents tought they had saved enough for retirement and now they are worried about their finances. I am convinced that I will never have saved enough no matter what I do save. Health care has eaten away at my parents savings. What will it be like in 25 years when I retire?

Of course there will be 60,000 millionares in 2010. We will all have to be millionares to take care of ourselves.

steve said...

Like Jesus' story you cited, I too worry about the arrogance of the rich, and the Lord's response. BUT His grace extends incredibly to rich and poor alike, I guess. I appreciate your graciousness to the rich ones also.

I just finished a look at Deuteronomy, and was impressed with what I gather was an important, if not central theme:

Moses’ goodbye speech to the generation he has raised:

“You think that:

IF you work hard and prosper, THEN you will have to give to the poor

God says:

IF you act justly, and give to the poor, THEN you will prosper.

It’s all by HIS grace, and so HE gets to set the rules “

It really is simple, ( re your "do unto others" blog) but we rich Americans do not like the simple facts, and so hire theologians to assuage our very real guilt in the face of our brothers' very real needs.

Steve said...

Your post on wealth is especially enlightening after watching the Invisible Children documentary about Ugandan kids (who have nothing anyway) being abducted to fight in a rebellion against the government. I feel sick about America's wealth when I watch things like that.

Everyone needs to read 1 Cor. 7:29-31 today...

I don't think I'd ever read that verse, but in light of America's poverty, injustices around the world, and the in-breaking of the kingdom of God all around us, it has been boldfaced, highlighted, underlined for me the last day or so.

Friend of CDM said...

Larry,

I think you're right about millionaires. If there's any sign of the apocolypse of wealth coming to Dallas, it's Trump:

http://dallas.bizjournals.com/dallas/stories/2006/02/20/daily1.html?jst=b_ln_hl

Build that affordable housing while you can.