Whether you grew up expecting an inheritance, or had to scrimp for every last penny, chances are that your attitude about money was shaped by how your parents handled their finances.
Recent research indicates that economic disparity between races is rooted in the disparate ways wealth is accumulated over generations – or not. For many whites, wealth is built over generations and passed on, giving succeeding generations a chance to move up. That’s much less the case for people of color, who are less likely to own homes or retirement accounts, and more likely to be “unbanked.”
In a census survey released earlier this month, Los Angeles is ranked 5th among America’s poorest major cities, following Detroit, Phoenix, Miami and Riverside.
Larry speaks to financial planners today about what they’ve learned working face-to-face with a diverse clientele, both in SoCal and nationally.
What did your parents teach you about money? Was it important to have a bank or retirement account? To own a home? Is that achievable for you? What financial advice do you pass on to your children? And how can these disparities be addressed?
Delia Fernandez, fee-only certified financial planner and investment advisor with Fernandez Financial Advisory, LLC
Matthew Murawski, a fee-only investment advisor at Encino-based Goodstein Wealth Management
Dorothy Brown, professor of law at Emory University
Series: A Nation Engaged
Much of the anger and anxiety in the 2016 election are fueled by the sense that economic opportunity is slipping away for many Americans. As part of our collaborative project with NPR called "A Nation Engaged," this week we're asking: What can be done to create economic opportunity for more Americans?