The Racial Wealth Gap in America: Asset Types Held by Race

[J Money]

White Millenials and Gen-Z cacs will blow the inheritance left by Boomers and Gen-X....

Can't wait....

1000%, brotha

I've wanted to make a thread on this point to be honest. These young cacs, Asians etc my age are weak. Mentally spiritually they are weak. Once these damn baby boomers actually start dying off, I guarantee myself and other brehs who are hungry lions are gonna eat.

Our time WILL come. But we need to be putting in work RIGHT now to capitalise when the time comes to pounce. Cant be sitting on our hands or be like these other losers who just drift through life aimlessly, depressed all the time, no goals etc. They're gonna be left behind

 

[Originalman]

Good info OP. Though I am not sure how a vehicle is considered an asset unless they are talking collectors items. Which I am sure that is not what the states mean in the article.

 

[ajnapoleon]

Our Own love saying having "too much money is you being a devil worshiper"






Or you want to be a white person



But no one can tell me what's the dollar amount on what too much money is

 

[CreepyMcCreeperson]

A lot of this can be fixed, not completely resolved, but improved with not so many children out of wedlock.



We have to stop having all these kids that put women in the position to get on government assistance, section 8, and slow them down from moving up in life. The responsibility of those kids make you have to make decisions in a short amount of time in order to survive. And yes, people do get dependent, and are afraid to give those benefits up. Plus, a lot of the men are on child support, and that takes away their ability to save, put money down on a home, etc.

You have entire families where everyone has children out of wedlock, and it’s completely acceptable.

 

[NinoBrown]

1000%, brotha

I've wanted to make a thread on this point to be honest. These young cacs, Asians etc my age are weak. Mentally spiritually they are weak. Once these damn baby boomers actually start dying off, I guarantee myself and other brehs who are hungry lions are gonna eat.

Exactly, part of the three generation theory, 1st Generation (Boomers) built up some type of asset base, 2nd Generation (Gen X), maintained assets, 3rd Generation (Millennials and Gen-Z) will often squander the work and assets of the inherited wealth because they didn't work for it or bother to maintain it....Too many Asians losing their wealth because their 20-something grands and great grands want to pursue art and not want to work in Lo Sing's Chinese Food shop that has been here since the 1940s....

We are in an advantageous position as we have a lot more in common with our Silent Generation ancestors since they had nothing, but really prospered with their side hustles and business saavy....Black Millennials have mostly inherited nothing, but the long fight isn't over by a long shot....

Good info OP. Though I am not sure how a vehicle is considered an asset unless they are talking collectors items. Which I am sure that is not what the states mean in the article.

Anything that you own outright is considered an asset, the 07 Sentra is beat, but if you own it straight up, it is an asset.

A '14 Civic with 3000 left on the car note is a liability, not an asset since the bank owns it and not you....same goes for a house...Sure your house is an asset, but the mortgage, if one is there is a huge liability since you owe xxxxxx on it...

 

[Originalman]

Exactly, part of the three generation theory, 1st Generation (Boomers) built up some type of asset base, 2nd Generation (Gen X), maintained assets, 3rd Generation (Millennials and Gen-Z) will often squander the work and assets of the inherited wealth because they didn't work for it or bother to maintain it....Too many Asians losing their wealth because their 20-something grands and great grands want to pursue art and not want to work in Lo Sing's Chinese Food shop that has been here since the 1940s....

We are in an advantageous position as we have a lot more in common with our Silent Generation ancestors since they had nothing, but really prospered with their side hustles and business saavy....Black Millennials have mostly inherited nothing, but the long fight isn't over by a long shot....



Anything that you own outright is considered an asset, the 07 Sentra is beat, but if you own it straight up, it is an asset.

A '14 Civic with 3000 left on the car note is a liability, not an asset since the bank owns it and not you....same goes for a house...Sure your house is an asset, but the mortgage, if one is there is a huge liability since you owe xxxxxx on it...

I feel you, but I have never considered it an asset because it literally depreciates in value every year even if you own it outright. It almost like saying a color tv is an asset. Where as a home even if you owe on it normally goes up in value (equity). So a home is truely an asset (it makes money and you can borrow off of it).

Also wanted to say some of the so called black middle class and upper middle class wealth left in the 70s, 80s and 90s when their children didn't want to take over the busineses that they had (like up north for example). So the famliy had a business the kids get degrees and decide to not run the family business. The parents die and the family business goes under or is sold to non black folks.

Seen this shyt happen multiple times in chicago.

 

[NoGutsNoGLory]

You know what I've noticed about these graphs? they never include Asians/Indians. Wtf is others?

 

[Kyle C. Barker]

I feel you, but I have never considered it an asset because it literally depreciates in value every year even if you own it outright. It almost like saying a color tv is an asset. Where as a home even if you owe on it normally goes up in value (equity). So a home is truely an asset (it makes money and you can borrow off of it).

Also wanted to say some of the so called black middle class and upper middle clase wealth left in the 70s, 80s and 90s when their children didn't want to take over the busineses that they had (like up north for example). So the famliy had a business the kids get degrees and decide to not run the family business. The parents die and the family business goes under or is sold to non black folks.

Seen this shyt happen multiple times in chicago.

I totally understand why you feel that way about cars.

It is an asset, just a depreciating one. You won't build wealth from it due to how it depreciates.

 

[Genos]

What's the other option? The average person in America needs money to live and we do not have a choice in which family we are born into...

The other option is to not demonize people who didnt take the same route as you.

 

[NinoBrown]

You know what I've noticed about these graphs? they never include Asians/Indians. Wtf is others?

Native Americans more than likely....

The other option is to not demonize people who didnt take the same route as you.

Demonize how?

 

[Originalman]

I totally understand why you feel that way about cars.

It is an asset, just a depreciating one. You won't build wealth from it due to how it depreciates.

Nope and you can't borrow off of it to buy others things or to invest. We know for a fact you can put your home up for collateral for a say a business. Or you can borrow off your 401k / IRAs to invest or pay for college and etc.

We can't do that with a car in a normal situations (maybe if its some rare collectable but how often does that happen) unless its a bull shyt cash for title loans and we know thats a scam at 25 to 40 percent interest rates.

 

[Kyle C. Barker]

Nope and you can't borrow off of it to buy others things or to invest. We know for a fact you can put your home up for collateral for a say a business. Or you can borrow off your 401k / IRAs to invest or pay for college and etc.

We can't do that with a car in a normal situations (maybe if its some rare collectable but how often does that happen) unless its a bull shyt cash for title loans and we know thats a scam at 25 to 40 percent interest rates.

You're comparing a depreciating asset (a car) to an appreciating asset (home, 401ks, stocks). And yes, you're right, you can not borrow against it for obvious reasons (it would be harder to collect on default). Nevertheless, it's an asset you can still sell.

Here's the definition of a business asset:

An asset is an item of value owned by a company. Business assets span many categories. They can be physical, tangible goods, such as vehicles, real estate, computers, office furniture, and other fixtures, or intangible items, such as intellectual property


So if you owned a car rental business, best believe your fleet of cars would be considered an asset. They're just worth more today than they will be worth tomorrow due to thier depreciating nature.

 

[dora_da_destroyer]

Not sure what these wishful thinking posts are about white millennials squandering inheritance is about. These wealth transfers are cascading. Look at white millennials who own homes and likely half of them state getting (large) down payments from parents is how they were able to purchase. But supposedly they won’t know what to do with the 800k they inherit when their parents die?

their kids will continue to go to college taking on less debt than us, they will pay off their mortgage in full, pay off other liabilities, start investment funds for future grandkids...wealth gap ain’t magically disappearing because you think white millennials are “weak”

 

[analog]

You know what I've noticed about these graphs? they never include Asians/Indians. Wtf is others?

Curious about it as well considering how well they're doing. Are Jews included in other or white?

 

[Captain Crunch]

/Thread

Also, if you haven't, start getting your friends and fam to be reparationists(shouts to Be The Power). From there, start pressing local officials to push for reparations specifically for ADOS at the federal level.