KJ:We’ve mentioned it before but as a reminder, AJ and I were both born and raised in the DFW area. Careers and family brought us back here and keep us here, and we love to see what’s happening in our area that bodes well for our community. Across two recent articles we’re excited about two ways in which DFW is standing a head above: as it relates to individuals (and families) and their net worth and as it relates to lessening the gender gap in compensation.
I came across an article the other day that was quite fascinating as it relates to the DFW area. According to the Dallas Business Journal from April 24, 2015, “DFW is the fastest-growing major metro area in adding high net-worth individuals” AND “DFW is the fastest-growing major metro area in adding high net-worth accumulation.” What’s the difference you may say? Well one is having people move here (or inherit) and the other is commonly with people selling their business or saving like a chipmunk to build their portfolios to get to that level.
This statistic is exciting for several reasons, and here’s why it’s important:
1) Higher incomes and savings can bode well for a relatively inexpensive housing market (compared to a lot of areas in the U.S.) as people are able to afford more. Though like we’ve talked about before…just because you CAN afford more, doesn’t mean you SHOULD buy more 🙂
Especially in major metro areas in California and New York, it begs the question of how high can real estate prices realistically go for people? Fortunately for many of us in DFW, prices could have a long ways to go yet before they get to unsustaintable levels.
This also makes us really appealing to outsiders who have established wealth previously and are looking to relocate, which is great for our economy and our overall development.
2) It creates a lot of job opportunities in areas serving the high net worth families and individuals. From lawyers to accountants to high end retail to investment advisors (woohoo! – I’ve tended to avoid mentioning my employment in this blog, so as to keep an arm’s length from my work life, but this trend can create a lot of opportunities to be able to do what I really enjoy doing and that is helping people and their families grow even further).
We Texans like to think of ourselves as a generally simple people who enjoy a certain way of life, but the reality is that we’re an incredibly diverse population who makes their money in a fascinating variety of ways. People making more while here and people saving more has awesome long-term potential for our future generations which is exciting for AJ and me as we establish our family in an area where our families have an established legacy.
With regards to those doing the accumulating, particularly for those who are in ramp-up mode (Gen X & Y, my niche within my firm), but also for those business owners and suddenly single high net worth individuals (death or divorce), there’s significant opportunity for us as advisors to help. As your complexity increases and schedules get busy with family(ies), sometimes a DIY approach just won’t do it anymore, and you need some more guidance to help you get on track (or even in identifying what that track looks like to begin with!).
3) Employment opportunities abound in our area. From a diverse range of financial occupations, robust education and healthcare, our engineering and technology corridor, energy related companies, there are a lot of job functions here, not even mentioning a lot of the new careers coming to the metroplex with the likes of Toyota, L’Oreal, etc. expanding their operations in the area.
The second major area that excites us is as it relates to incomes and wealth in the DFW area around the gender pay gap. According to NerdWallet, this gap has effectively been closed in Dallas city limits. Noting of course issues with averages like this, assessing the whole metropolitan area, differences in industries, etc. it’s another example of some of the inner-workings of Dallas.
The gender gap closing is obviously important on a national and personal scale for us, as AJ falls within this sector, but bigger picture it means that as an entire working population our community is making strides ahead of the national average. As we look at long-term priorities for us and our family, it’s crucial that we maximize our opportunities in order to reach our goals and getting paid for the quality and quantity of the work we both produce is a huge factor in doing so. Why accept making less for your contributions?
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