From the article in the Atlantic:
A seminal study published in the Journal of Economic Perspectives on wealth accumulation estimates that as much as 20 percent of wealth can be attributed to formal and informal gifts from family members, especially parents. And it starts early. In college, black and Hispanic Millennials are more likely to have to work one or two jobs to get through, missing out on opportunities to connect with classmates who have time to tinker around in dorm rooms and go on to found multibillion-dollar companies together. Many of them take on higher levels of student debt than their white peers, often to pay for routine expenses, such as textbooks, that their parents are less likely to subsidize.
“Student debt is the biggest millstone around Millennials, period, and an even larger and heavier one around the necks of black Millennials,” said Tom Shapiro, the director of the Institute on Assets and Social Policy. “It really hits those doing the right thing. [They’re] going through all the hoops.” He explained that, unlike in previous decades when college tuition was drastically lower, the risks of educational costs are now passed down to the individual.
Again, I really like this article in terms of talking about what makes wealth from the perspective of informal gifts and familial subsidies and responsibilities.
But where are we in all of this?
Don't we as Asian Americans have some of the same types of issues when looking to truly gain wealth?
Yes - we do.
So why are we kept out of the conversation?
Oh yeah...that's right...
