Net Worth Disparity among whites and blacks/hispanics

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

Ummm...you realize that the bolded part undercuts the first part? You may have not had inter-generational wealth but you married someone who did. And that relative wealth will pass to your children. That's one of the points of the article.

Right, however the person I married is a 1st generation immigrant that came from nothing. He isn't black but he still was highly disadvantaged and did well for himself.

I am a 1%er who is the first generation to go to college (lower class) married to a first generation to go to college (lower middle class). We benefited from no inter generational wealth transfer. In fact, the wealth transfer has been reverse.

And you will end up transferring a ton of wealth to your kids.

.

So? I have earned it.

But they didn't, and that is the issue of intergenerational wealth.

There is no "issue" of generational wealth except resentment and envy. I came from nothing and made something of myself. Others can do the same and their children can benefit. Envy and resentment...

No envy here. I am doing well for myself too. But as a minority who made it, I do appreciate certain things about my journey that others did not endure.

But consider this - many AAs and Hispanics work hard and try to make something of themselves. The advantages you had that are the essences of White privilege are that 1) You worked hard and you did not have to worry that the color of your skin would give someone cause to undermine your hard work (2 you could be reasonably confident that with hard work and a few breaks, you would be successful and 3) you did not have to assimilate culturally to be succesful.

Seriously, I applaud you for your hard work and success. But it is naive to think that everyone has the same opportunity for success that you did.

. You have no freaking idea what I had to overcome. Coming where I started I had NO reasonable idea much less confidence that I could be successful. Just stop with the stereotyping.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

Ummm...you realize that the bolded part undercuts the first part? You may have not had inter-generational wealth but you married someone who did. And that relative wealth will pass to your children. That's one of the points of the article.

Right, however the person I married is a 1st generation immigrant that came from nothing. He isn't black but he still was highly disadvantaged and did well for himself.

I am a 1%er who is the first generation to go to college (lower class) married to a first generation to go to college (lower middle class). We benefited from no inter generational wealth transfer. In fact, the wealth transfer has been reverse.

And you will end up transferring a ton of wealth to your kids.

.

So? I have earned it.

But they didn't, and that is the issue of intergenerational wealth.

There is no "issue" of generational wealth except resentment and envy. I came from nothing and made something of myself. Others can do the same and their children can benefit. Envy and resentment...

No envy here. I am doing well for myself too. But as a minority who made it, I do appreciate certain things about my journey that others did not endure.

But consider this - many AAs and Hispanics work hard and try to make something of themselves. The advantages you had that are the essences of White privilege are that 1) You worked hard and you did not have to worry that the color of your skin would give someone cause to undermine your hard work (2 you could be reasonably confident that with hard work and a few breaks, you would be successful and 3) you did not have to assimilate culturally to be succesful.

Seriously, I applaud you for your hard work and success. But it is naive to think that everyone has the same opportunity for success that you did.

. You have no freaking idea what I had to overcome. Coming where I started I had NO reasonable idea much less confidence that I could be successful. Just stop with the stereotyping.

If what you just said is really true, then you certainly understand how so many people would have no reasonable idea that THEY could be successful. And 95% of the time both you and they will be right. And once in a while someone like you will make it.

[Anonymous]

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

Yes, it's established fact. It's seen in IQ, ACT, SAT, NAEP, PISA, ASVAB etc. scores. Lots of discussions about what causes it, but very little argument that it exists. Of course it's not all minorities; Asians tend to score somewhat higher on these than whites and have household net worth similar to whites.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

Yes, it's established fact. It's seen in IQ, ACT, SAT, NAEP, PISA, ASVAB etc. scores. Lots of discussions about what causes it, but very little argument that it exists. Of course it's not all minorities; Asians tend to score somewhat higher on these than whites and have household net worth similar to whites.

then by that definition shouldn't Asians have a higher net worth than whites? So why don't they? Is it that ol' standby racism again?

[Anonymous]

This is a really dumb argument. It's obviously the level of education that whites have overall in comparison to blacks/hispanics. Generally, higher education = better pay. And as a %, more white people have college degrees than minorities, except as PP noted, for Asians.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

Yes, it's established fact. It's seen in IQ, ACT, SAT, NAEP, PISA, ASVAB etc. scores. Lots of discussions about what causes it, but very little argument that it exists. Of course it's not all minorities; Asians tend to score somewhat higher on these than whites and have household net worth similar to whites.

The effect of SES is more significant than intelligence, per APA's Intelligence:Knowns and Unknowns.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

This is a good summary: http://www.princeton.edu/~achaney/tmve/wiki100k/docs/Race_and_intelligence.html

The rest of the links go to Wikipedia.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

Yes, it's established fact. It's seen in IQ, ACT, SAT, NAEP, PISA, ASVAB etc. scores. Lots of discussions about what causes it, but very little argument that it exists. Of course it's not all minorities; Asians tend to score somewhat higher on these than whites and have household net worth similar to whites.

The effect of SES is more significant than intelligence, per APA's Intelligence:Knowns and Unknowns.

SES tends to go up with intelligence. As does the ability to earn college and graduate degrees. You really can't separate them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

Ummm...you realize that the bolded part undercuts the first part? You may have not had inter-generational wealth but you married someone who did. And that relative wealth will pass to your children. That's one of the points of the article.

Right, however the person I married is a 1st generation immigrant that came from nothing. He isn't black but he still was highly disadvantaged and did well for himself.

I am a 1%er who is the first generation to go to college (lower class) married to a first generation to go to college (lower middle class). We benefited from no inter generational wealth transfer. In fact, the wealth transfer has been reverse.

And you will end up transferring a ton of wealth to your kids.

.

So? I have earned it.

But they didn't, and that is the issue of intergenerational wealth.

There is no "issue" of generational wealth except resentment and envy. I came from nothing and made something of myself. Others can do the same and their children can benefit. Envy and resentment...

No envy here. I am doing well for myself too. But as a minority who made it, I do appreciate certain things about my journey that others did not endure.

But consider this - many AAs and Hispanics work hard and try to make something of themselves. The advantages you had that are the essences of White privilege are that 1) You worked hard and you did not have to worry that the color of your skin would give someone cause to undermine your hard work (2 you could be reasonably confident that with hard work and a few breaks, you would be successful and 3) you did not have to assimilate culturally to be succesful.

Seriously, I applaud you for your hard work and success. But it is naive to think that everyone has the same opportunity for success that you did.

. You have no freaking idea what I had to overcome. Coming where I started I had NO reasonable idea much less confidence that I could be successful. Just stop with the stereotyping.

If what you just said is really true, then you certainly understand how so many people would have no reasonable idea that THEY could be successful. And 95% of the time both you and they will be right. And once in a while someone like you will make it.

. Attitudes like yours are infuriating and perpetuate the myth that one cannot change one's life circumstance. Not only is what I said true, but I have a number of friends whose lives have taken similar paths and (Gaso!) they are even minorities.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is/are the root causes of this?

I'd guess if you corrected for IQ there wouldn't be nearly as much of a difference.

Did you just say that minorities have a lower average intelligence?

Yes, it's established fact. It's seen in IQ, ACT, SAT, NAEP, PISA, ASVAB etc. scores. Lots of discussions about what causes it, but very little argument that it exists. Of course it's not all minorities; Asians tend to score somewhat higher on these than whites and have household net worth similar to whites.

then by that definition shouldn't Asians have a higher net worth than whites? So why don't they? Is it that ol' standby racism again?

Actually, Chinese in the US do have a higher average net worth than whites. Before the economic downturn, Asians in the US did have higher average net worth than whites. Wouldn't be surprised if that's the case now. Some of this is obviously driven by the number of generations of Asians that have lived in the US. Give them 2-3 more generations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actually, most of the 1%ers I know earned their money. Only a couple inherited or are set to inherit.

All depends on how you define earned. For most earned means being paid for you time. You work 8 hours you get paid for 8 hours. The only way you can become a 1%er is to be getting a whole bunch of money when your doing nothing.

Let's take a book for example. You decide to write a book and you spend 8 hours a day for 3 months writing the book. That's roughly 720 hours of work. The publisher takes the book, markets it, and it sells 1 million copies. You get a royalty check for 5 million dollars. So you basically "earned" $5,000,000 / 720 = $6,944.44 an hour to write the book. Now if you hired someone to work for you would you pay then $6,944.44 an hour?

Or another more drastic example, the lottery. You take 15 minutes of your time and go by a lottery ticket with numbers you laboriously pick. That night they draw the number and you win $250,000,000. Did you "earn" that money?

Getting money is one thing, earning it is another. There not the same thing.

What a skewed view of "earning" you have.

According to Webster
earn = to receive as return for effort and especially for work done or services rendered

. So the effort the author puts is indeed earnings... Just because he or she didn't Ypsilanti away at a minimum wage job doesn't mean the proceeds of the sale aren't earnings. The same applies to the software developer, the doctor, the attorney, e scientist, etc. just because they aren't low paying jobs doesn't mean that the product of their labor does not qualify as earnings.

And the same can be said for the lottery ticket guy. He put in effort to pick the numbers and get the ticket. He was just highly compensated for his effort, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

Ummm...you realize that the bolded part undercuts the first part? You may have not had inter-generational wealth but you married someone who did. And that relative wealth will pass to your children. That's one of the points of the article.

Right, however the person I married is a 1st generation immigrant that came from nothing. He isn't black but he still was highly disadvantaged and did well for himself.

I am a 1%er who is the first generation to go to college (lower class) married to a first generation to go to college (lower middle class). We benefited from no inter generational wealth transfer. In fact, the wealth transfer has been reverse.

And you will end up transferring a ton of wealth to your kids.

.

So? I have earned it.

But they didn't, and that is the issue of intergenerational wealth.

There is no "issue" of generational wealth except resentment and envy. I came from nothing and made something of myself. Others can do the same and their children can benefit. Envy and resentment...

No envy here. I am doing well for myself too. But as a minority who made it, I do appreciate certain things about my journey that others did not endure.

But consider this - many AAs and Hispanics work hard and try to make something of themselves. The advantages you had that are the essences of White privilege are that 1) You worked hard and you did not have to worry that the color of your skin would give someone cause to undermine your hard work (2 you could be reasonably confident that with hard work and a few breaks, you would be successful and 3) you did not have to assimilate culturally to be succesful.

Seriously, I applaud you for your hard work and success. But it is naive to think that everyone has the same opportunity for success that you did.

. You have no freaking idea what I had to overcome. Coming where I started I had NO reasonable idea much less confidence that I could be successful. Just stop with the stereotyping.

If what you just said is really true, then you certainly understand how so many people would have no reasonable idea that THEY could be successful. And 95% of the time both you and they will be right. And once in a while someone like you will make it.

. Attitudes like yours are infuriating and perpetuate the myth that one cannot change one's life circumstance. Not only is what I said true, but I have a number of friends whose lives have taken similar paths and (Gaso!) they are even minorities.

I didn't say that one could not change one's life. But the idea that anyone can become a 1%er if they just work hard is not true. You said it yourself. You had no reasonable idea that you would be successful. By your own estimation at the time, it was improbable.

[Anonymous]

I didn't say that one could not change one's life. But the idea that anyone can become a 1%er if they just work hard is not true. You said it yourself. You had no reasonable idea that you would be successful. By your own estimation at the time, it was improbable.

However, that did not stop me from trying and succeeding--neither dud it stop my friends. Perhaps, therein lies the difference between success and failure--those who try against all odds vs those who give into defeat before ever trying. Once again, it is pessimistic attitudes such as yours that lead people to give up without a fight.