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In this paper, we build upon theories of segmented assimilation and wealth attainment to construct a theory of wealth accumulation that emphasizes enduring advantages. Enduring advantages are human and physical capital advantages that encourage positive selection from immigrants' home countries and persist throughout the immigration experience, resulting in disparate patterns of economic mobility. Using the Survey of Income and Program Participation (SIPP), we first situate Chinese and Indian immigrants within the U.S. wealth distribution by comparing their wealth to native wealth and confirm the presence of the Chinese/Indian wealth advantages. We describe the wealth of established immigrants who have lived in the U.S. an average of 15 years, and predict their likelihood of belonging to the middle or upper class. Using the New Immigrant Survey (NIS), we analyze asset ownership and net worth of new immigrants to the U.S., whose average U.S. tenure is less than 3 years to establish a starting point for immigrant wealth. Our research presents three key findings on immigrant wealth. First, while both Indian and Chinese immigrants experience a wealth advantage, different factors contribute to the successful wealth accumulation of these groups. Second, new Indian immigrants arrive in the U.S. with a wealth advantage that Chinese immigrants, as a group, do not have. Finally, foreign assets are an important contributing factor in the Chinese/Indian wealth advantage. Importantly, this research emphasizes the effects of processes occurring throughout the life course on immigrant economic incorporation, including events occurring outside of the U.S. and prior to migration. [ABSTRACT FROM AUTHOR]

What accounts for racial and ethnic differences in household spending in the United States? Previous research has emphasized cultural processes leading to greater conspicuous consumption among blacks and Latinos especially in low-income inner-city neighborhoods. Few studies, however, have extended their focus beyond differences in key symbolic goods and attempted to examine overall spending disparities. In this article, we propose that racial/ethnic differences in price and access constraints account for overall spending variations. Using nationally representative data from the Consumer Expenditure Survey, we examine white, black, and Latino household differences in levels of total expenditures, essential expenditures, and nonessential expenditures. We find that controlling for racial/ethnic differences in family structure, human capital, and housing characteristics greatly reduces observed gaps in expenditure levels, but important disparities still remain. Notably, we find higher black and Latino household spending on certain key essential expenditures when compared to white households. We also find lower black and Latino spending on non-essential goods and services. We explore the theoretical implications of these results and conclude that external constraints have a greater impact than conspicuousness motives on household spending decisions. [ABSTRACT FROM AUTHOR]

Household wealth is extremely unequally distributed. While facts about the distribution of wealth are readily available, less is known about the family dynamics that underlie this important component of inequality. An increasing number of households are single female households, and the number of single mothers among these households has grown in recent decades. We explore differences in net worth and portfolio behavior by marital status, gender, and single parenthood. We focus on young baby boomers and find that there is minimal gender gap in the wealth and portfolio behavior of single adults. However, when controlling for parenthood, we find strong evidence of a family gap in household wealth accumulation and portfolio behavior. We find that single females and single males are both significantly economically disadvantaged in comparison to married couples, with single mothers suffering the most severe economic penalties. Our results have implications for understanding wealth ownership, inequality more generally, and the nature of gender inequality. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]

Household wealth is extremely unequally distributed. While facts about the distribution of wealth are readily available, less is known about the family dynamics that underlie this important component of inequality. An increasing number of households are single female households (both never married and divorced), and the number of single mothers among these households has grown in recent decades. This paper explores differences in wealth by marital status, gender, and single parenthood. We focus on young baby boomers, a generation that witnessed unprecedented educational and occupational opportunities for women and that has been entering their peak wealth ownership years in recent decades. We argue that there will be minimal gender differences among never-married people in this cohort. However, we also propose that single mothers and fathers will be economically disadvantaged compared to their peers who do not have children. Our analyses provide support for these arguments. We find the greatest gap in wealth between single mothers and single females with no children. We also find that single mothers accumulate the fewest assets overall. These findings provide insight into the effect of gender and marriage on financial well-being, and they also isolate ways that adult family processes impede saving and asset accumulation. [ABSTRACT FROM AUTHOR]

We test the theory that personal financial resources are an important factor in becoming an entrepreneur. Using data from the Panel Study of Entrepreneurial Dynamics (PSED), we examined the role of financial resources (e.g., household income and wealth) and human capital (e.g., education, prior work and entrepreneurial experience, and influence from family/friends) on the decision to become an entrepreneur. We found that financial resources were not significantly associated with becoming a nascent entrepreneur. Several human capital variables, including education, full-time work experience, previous start-up experience, current self-employment, and percentage of relatives who are entrepreneurs were significantly associated with being a nascent entrepreneur. We suggest that viewing the founding of new organizations through a founder's resources perspective can enhance our understanding of the emergence of new organizations. [ABSTRACT FROM AUTHOR]

Wealth inequality receives substantial scholarly attention, but the processes underlying this financial disparity have only been recently explored. This study examines the relationship between early labor force participation and wealth accumulation. I argue that high school employment develops human capital, improves educational attainment, and ultimately increases adult wealth. Through work experience and business exposure, employed high school students develop practical life skills, knowledge, abilities, and resources that shape educational attainment, career outcomes, and adult financial decision-making. These processes then shape investment decisions and overall net worth. I use the National Longitudinal Survey of Youth (NLSY79) to study these ideas empirically. This study extends the wealth literature by identifying an important adolescent process that has the potential to improve adult net worth and well-being. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]