THE OTHER
AMERICANS
cording to the survey. For nonwhites and Hispanics, the amount
was just over $20,000. The data
also showed that the median value
of immediately available financial assets for white families was
$37,000. For non-whites, it was
just $6,000.
Studies have also shown that
anywhere from a quarter to a third
of white families will, at some point
in their lifetimes, augment their net
worth with an inheritance of some
kind—but even the majority who
don’t receive such endowments
often fail to recognize the variety
of other windfalls that come their
way. Citing research from Thomas
Shapiro, a professor of sociology
and public policy at Brandeis University, Lui explains in her book:
“These numbers show that most
white people do not receive any
inheritances from deceased relatives’ estates. But in interviewing
black and white working-class families, Shapiro found that modest
amounts of money passed down by
living relatives were also far more
common in white families than in
black families. Whites who get such
help often don’t think of themselves as inheritors, but consider
such transfers to be just a normal
part of family life. Contributions
HUFFINGTON
10.21.12
to a down payment on a house and
college tuition are the most common forms of family financial aid.
Shapiro calls these ‘transformative
assets,’ because they boost lifelong
prosperity and security.”
“Transformative assets” or
“transformative wealth” are key
words in the study of persistent
poverty. These are the sorts of
windfalls, even small ones, that can
lead upward to new rungs on the
economic ladder. It’s cash to buy a
reliable car, for example, which can
lead to new job opportunities and
upward progress. For some, it may
simply be enough money to buy a
decent suit