When Bankrate came out last October with their best and worst cities to build wealth, while Houston residents felt proud, San Diego was hit hard. Local news outlets followed up with their own analysis and seemed to agree that while San Diego may attract the wealthy, wealth does not get built here. Bankrate used the following criteria to rank the nation’s largest cities: after-tax savable income, job market, human capital, access to financial services, and local housing market. So why did our beloved city come in dead last out of the 18 metropolitan cities that were ranked? The hefty cost of living–specifically the cost of housing–paired with the then unemployment rate of 8.7% (averaging through 2010-2014). These are the top challenges San Diegans face when trying to stay San Diegans (Read more from the U-T). Interestingly though, these don’t change the fact that many wealthy individuals relocate to San Diego and call it home. Some of the richest of Southern California’s neighborhoods are located in San Diego County (BusinessInsider.com). And with San Diego attracting nearly 34 million visitors every year, its beautiful beaches, sunny climate, and laid-back lifestyle undoubtedly converts quite a few tourists to residents.

So let’s take a closer look. The San Diego unemployment rate in 2015 had a drop to 4.7% by December. The cost of housing, whether considering home purchases or rental costs, is hard to deny. However, not only have the home values in San Diego increased in the past year, so have the number of pending sales throughout the county according to the San Diego Association of REALTORS®. Indications like these point to out that San Diego is not getting any less desirable. With that, the question becomes what a San Diego resident can do to increase his or her wealth.

Here at WorthPointe, we can tackle at least one area of Bankrate’s criteria for building wealth–access to financial services. Specific life goals may vary from individual to individual but everyone wants to save for something, to increase their wealth, and protect themselves and their loved ones. Commission-based financial planners can eat at an individual’s profit which is why a fee-only financial planner becomes much more affordable for a broad range of income levels. On top of that, a CERTIFIED FINANCIAL PLANNER™ professional holds a fiduciary duty to their client so that whether they have an after-tax savable income of a $100 or $10,000+, the client’s best interest is at the forefront of every investment strategy employed. Understanding that savable income is precious, WorthPointe CFP® professionals can help you put your income to work for you and your family and prove that wealth can be built in sunny San Diego. If you would like to increase your financial health, call 800-620-4232 to schedule a complimentary consultation session with a WorthPointe CERTIFIED FINANCIAL PLANNER™ professional.

about the author: WorthPointe Wealth Management Team

WorthPointe is a fee only financial planning firm with offices in Austin, San Diego and Dallas / Fort Worth. Our advisors are credentialed, experienced and owners. Worthpointe provides advanced financial planning, investment consulting, tax planning, asset protection and insurance, estate planning, or charitable giving support.

Our team of CERTIFIED FINANCIAL PLANNER professionals has been quoted or published in The Wall Street Journal, San Diego Union Tribune, Financial Planning, Smart Money, Financial Advisor, Boomer Market Advisor, MSN Money, Wealth and Retirement Planner, thestreet.com, Bloomberg Wealth Manager, Del Mar Times, Money Magazine, MorningstarAdvisor.com and much much more.

Learn more about our team and/or Contact Us

Continue Reading

Other articles filed under LA/OC CFP Team Posts

Start With the End in Mind

May 14, 2019 - The younger you are, the less you’re likely able — or willing — to think about what your retirement might be like. That’s OK, but you probably do know one thing, even if you’re a millennial with years and years...
Continue Reading

Are You Too Paralyzed to Plan?

May 8, 2019 - Analysis paralysis — we’ve all been there at some point. I know I’ve been guilty of it. As a financial advisor, I see it all too often with millennials and Gen Xers when it comes to financial planning. And for...
Continue Reading

Congratulations to John Chapman, WorthPointe’s Newest Partner

April 30, 2019 - John Chapman joined WorthPointe in 2018, to bring our presence to Orange County. Since then, his entrepreneurial drive has helped us expand our reach throughout the region. Initially attracted to our company culture and tailored investment approach, John found a...
Continue Reading

No Goals? No Problem — If You Focus on Habits and Systems

April 17, 2019 - Having clearly defined goals is critical to financial planning — or is it? For financial advisors, goals are ingrained in the way we talk and think, but I’ve found not everyone thinks about managing money this way. Pre-retirees who’ve spent...
Continue Reading

2018 Year-End Investment Market Report

January 30, 2019 - This was the year the long, seemingly endless bull market came to a crashing halt — and U.S. investors finally, for the first time since 2008, experienced the normal definition of a bear market (down 20% from the S&P 500's...
Continue Reading

Return to Blog Home