Sobering Truth: Black Households Lose Half Of Wealth Despite Having College Degrees
difference between buying your house in the 2000s because of lenient (shady) banks and working with your house/land thats been in your family for 2 generations bought dirt cheap. not to mention blacks and hispanics who went to school on loans that are accruing interest vs mom and dad helping you out
That explains the Boomers, but what about the Gen-Xers and Millenials?
What I want to see from the study is the breakdown of debt levels used to go to college and the types of degrees obtained. Just because you "got an education" doesn't mean that all education is equal. Equally, if someone went to school with no debt, whereas another went to school with a significant amount of debt, that will cut significantly into future wealth building potential due to the time value of money.
Instead of reading the blog, I went straight to the source:
Job-market difficulties specific to Hispanic and black college graduates probably played a role, especially over the longer term. Financial decision-making appears even more important in explaining large wealth declines among Hispanic and black college-educated families during the Great Recession and its aftermath.