Hey, it's Gabby Dunn. If you want to listen to Bad With Money without ads, the best way

to do that is by signing up for Stitcher Premium. Just go to StitcherPremium.com or the Premium

tab in your Stitcher app and sign up with the promo code Money to try a free month of

premium listening. You'll get ad free listening to Bad With Money as well as all Stitcher and

Earwolf shows. And your premium subscription supports our show directly too. That's StitcherPremium.com

promo code Money for a free month of premium listening. Thank you!

Hi, Aded Beats. I'm Gabby Dunn and this is Bad With Money. We know by now that there's

no catch all advice for everyone when it comes to money. So today we're going to be focusing

on Latinas and money, specifically on the Latinx community and intergenerational wealth.

So what is intergenerational wealth? Well, being rich is twofold. You have your income

and your wealth. Your income is what you're making right now, the money coming in. And

though that might be high, your wealth is the accumulation of what you own. All of it

cars, houses, boats, stocks, bonds. Wealth is usually generational, meaning that it is often

passed down through generations, right? So from grandparents to parents to children. And

generational wealth is typically only available to white people for many horrifying reasons,

slavery, immigration, redlining, all flavors of racism and xenophobia. No matter your income,

you can never catch up financially or have real economic stability if you don't build

a lot of generational wealth. Unfortunately, household wealth for Latinx and black families

is declining. A recent study from a nonprofit called Prosperity Now lays it out starkly.

In just over a generation, median black and Latinx households have seen their net worth

decrease by 75% for black households and 50% for Latinx households. Meanwhile, median

white households saw their net worth increase by 14%. If it keeps going like this, the

...