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Akron is among cities where GenXers are best off

Akron is a good place for Gen Xers, according to a recent story in Grow, an online personal finance magazine.

Overhead view of downtown Akron.

The magazine ranked the Rubber City seventh among the 100 largest metro areas in the country where Gen Xers, those born between 1965 and 1980, are doing the best financially.

While Gen Xers, who have a median household income of $85,000, might be more established in their careers, they still have to contend with the financial responsibilities of raising children, taking care of aging parents and saving for retirement, the magazine says.

But in Grow's top 10 metro areas, financially speaking, "Gen Xers enjoy a mix of strong pay and ample job opportunities, as well as more reasonable housing costs, particularly for metro areas," the story says.

The magazine said it used data from Credit Karma, the Federal Reserve Bank of New York, the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, ValuePenguin and Zillow "to find the top 10 metros where Gen Xers are best positioned to earn above-average salaries, pay down debt and buy homes."

Helping to land Akron in the top 10 were these statistics, according to the magazine:

  • Median household income:  $62,882 (2.5% above the national median)
  • Median home price:  $168,000 (26% below national median)
  • Share of Gen X household income that goes to housing:  15.8%

Des Moines, Iowa, ranked first on Grow's list.  Others in the top 10 were Madison, Wis.; Minneapolis; Omaha, Neb.; Milwaukee; Cincinnati; St. Louis; Indianapolis; and Pittsburgh.

The common denominator of the top 10?  Yep, they're all in in the Midwest, where cost of living and homes are more affordable and where the job opportunities are growing, the magazine said.

"I have quite a few clients that live in California," says Katie Brewer, a Dallas-based certified financial planner who runs Your Richest Life, a financial firm focused on Gen X clients.  "I always say that if they moved, they'd be swimming in money," as the cost of living in the Midwest is lower than in many coastal cities.

Crain's Cleveland Business, September 19, 2019

 

Fluresh Cannabis’ Bank Loan: Moving Into the Mainstream

The announcement by Fluresh, a vertically integrated Michigan based cannabis business, of the closing of loans from a federally insured commercial bank totaling almost $50 million represents an important landmark for both Fluresh and the cannabis industry writ large. For Fluresh, perhaps as important as the bottom-line benefits of lower cost financing, the fact that its operations and financials passed muster with a substantial commercial bank can be regarded as an important rite of passage. For the industry, it reflects its inexorable movement out of the shadows and into the mainstream. This substantiates the view that, whether or not any of pending the federal legislation is enacted, bank lending to the cannabis industry will continue to accelerate.

Out of the Shadows | An Investor Summit Recap

After a COVID hiatus of more than 2 years, I rejoined the institutional cannabis investment speaker circuit, offering the closing remarks at the Kahner Global Cannabis Private Investment Summit in Coral Gables, Florida. My remarks addressed how banking developments are increasingly impacting cannabis investment, operating and financial strategies and decisions, for both plant touching and the growing array of ancillary businesses serving the industry.

BMD Announced in Best Law Firms 2022 List

We are excited to announce that BMD is included in the 2022 Edition of U.S. News – Best Lawyers “Best Law Firms,” recognized for professional excellence with consistently impressive ratings from clients and peers. The full firm report is included.

Key Takeaways from BMD’s Banking and Cannabis Webinar

Estimates have shown that the cannabis industry is one of, if not the, fastest growing industries in the United States in recent years, with no sign of slowing. Growth requires capital. Banks need loans, and cannabis companies, which are rapidly becoming bankable need access to lower cost bank lending. While cannabis remains federally illegal, an impediment to access to financial institution credit, banks and credit unions are nevertheless entering the market in increasing numbers.

American Heart Association's 2021 Go Red For Women

The BMD Season of Giving in 2020 was a great way to help out organizations that help others. Continuing community involvement in 2021, we will be looking to the American Heart Association's Go Red for Women campaign. Healthcare and Hospital Law Member and Vice President Amanda Waesch is the Chair of Go Red for Women for the American Heart Association, which is kicking off the 28 days of Heart Health. Show your support on February 5th with “Wear Red and Give” Day. Consider hosting a Jeans Day every Friday in the month of February at your place of business in support of Go Red For Women, even encouraging remote employees to participate. Snap a pic of your team members in their red gear and post on social media (socially distanced in person or a virtual group photo will work, too!) – see the toolkit here for sharing on your favorite social platforms. Click here to learn more and donate to the GRFW Campaign.