front cover of Assets for the Poor
Assets for the Poor
The Benefits of Spreading Asset Ownership
Thomas M. Shapiro
Russell Sage Foundation, 2001
Over the past three decades, average household wealth in the United States has declined among all but the richest families, with a near 80 percent drop among the nation's poorest families. Although the national debate about inequality has focused on income, it is wealth—the private assets amassed and passed on within families—that provides the extra economic cushion needed to move beyond mere day-to-day survival. Assets for the Poor is the first full-scale investigation into the importance of family wealth and the need for policies to encourage asset-building among the poor. Assets for the Poor shows how institutional mechanisms designed to encourage acquisition of capital and property favor middle-class and high-income families. For example, the aggregate value of home mortgage tax deductions far outweighs the dollar amount of the subsidies provided by Section 8 rental vouchers and public housing. Banking definitions of creditworthiness largely exclude minorities, and welfare rules have made it nearly impossible for single mothers to accumulate savings, let alone stocks or real estate. Due to persistent residential segregation, even those minority families who do own homes are often denied equal access to better schools and public services. The research in this volume shows that the poor do make use of the assets they have. Cash gifts—although small in size—are frequent within families and often lead to such positive results as homebuying and debt reduction, while tangible assets such as tools and cars help increase employment prospects. Assets for the Poor examines policies such as Individual Development Account tax subsidies to reward financial savings among the poor, and more liberal credit rules to make borrowing easier and less costly. The contributors also offer thoughtful advice for bringing the poor into mainstream savings institutions and warn against developing asset building policies at the expense of existing safety net programs. Asset-building for low-income families is a powerful idea that offers hope to families searching for a way out of poverty. Assets for the Poor challenges current thinking regarding poverty reduction policies and proposes a major shift in the way we think about families and how they make a better life. A Volume in the Ford Foundation Series on Asset Building
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Building Financial Empowerment for Survivors of Domestic Violence
A Path to Hope and Freedom
Judy L. Postmus
Rutgers University Press, 2023
Each year, millions of women throughout the world experience violence and abuse at the hands of their intimate partner. Abusers coercively control them by using a variety of tactics ranging from physical or sexual violence to emotional or psychological abuse. An additional tactic often used includes financial abuse in which the abuser controls the money in the family, exploits the victim’s financial standing, and interrupts her efforts to be self-sufficient. The impact of financial abuse can leave women financially trapped in the relationship with limited financial management skills, knowledge, or self-confidence. Indeed, survivors often mention financial barriers as a top reason for keeping them trapped by the abuser in the relationship.
 
Curiously, little of the research on domestic violence has sought to either fully understand the impact of financial abuse or to determine which intervention strategies are most effective for the financial empowerment of survivors. Building Financial Empowerment for Survivors of Domestic Violence aims to address this critical knowledge gap by providing those who work with survivors of domestic violence with practical knowledge on how to empower the financial well-being and stability of survivors. Specifically, every practitioner, human service provider, criminal justice practitioner, financial manager, and corporate supervisor should be screening the women they encounter for economic abuse, and when such abuse is found, they should work with the women toward developing financial safety plans and refer survivors to financial empowerment programs to assist survivors to become free from abuse.
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Currency of the Heart
A Year of Investing, Death, Work, and Coins
Donald Nichols
University of Iowa Press, 2002
In 1998, Don Nichols returned regularly to Iowa from his life and job in Washington, D.C., to be with his dying father and to oversee his parents’ investments. A veteran investor and investment author, Nichols found that managing the portfolio entrusted to him brought a larger understanding of mortality, family, love, work, and the choices he had made as “an agri-kid who took the road out of town and kept going.” In this insightful and money-wise book that grew out of that experience, he merges the emotions of a dutiful son with the actions of a knowledgeable investor.

Nichols uses money in myriad forms—a grandfather‘s silver dollar, stocks and bonds, salaries, pallets of coins at the U.S. Mint, on-the-job dealings with coin collectors—as touchstones for reflections on relationships, motives, and a career "like one of those moving walkways in airports." His father's health is measured, tested, and evaluated in part by the health of his finances; at the same time, the turmoil and mystery surrounding both money and relationships are reflected in this memorable story.
Wry, unsentimental, and financially savvy, Currency of the Heart is about rediscovering family, managing a portfolio, honoring promises, grieving, and healing; it is about a father and a son who once “fought like medieval villagers in a Thirty Years‘ War” and the deepening bond between a middle-age son and his aging mother. It is a multilayered story for everyone who will manage, financially and emotionally, a parent's death.
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Faithful Finances 101
From the Poverty of Fear and Greed to the Riches of Spiritual Investing
Gary Moore
Templeton Press, 2005

Faithful Finances 101 is a first-person narrative by an outspoken advocate of faith-based investing. A senior vice president of investments at Paine Webber before founding his own investment firm as "counsel to ethical and spiritual investors," Gary Moore warns that much of the economic advice emanating from some popular and influential evangelical authors and speakers is based on scare tactics and distortions of what the Bible has to say about finances. He draws on fifty years of studying the Bible, politics, and economics and presents insights for those who want to be faithful in their finances—to use 100 percent of the time, talent, and treasure with which they have been entrusted for the glory of God as well as for the benefit of others and themselves, and not just give 10 percent of their incomes to the church.

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A Feminist Reading of Debt
Luci Cavallero
Pluto Press, 2021

***Winner of an English PEN Award 2021***

In this sharp intervention, authors Lucí Cavallero and Verónica Gago defiantly develop a feminist understanding of debt, showing its impact on women and members of the LGBTQ+ community and examining the relationship between debt and social reproduction.

Exploring the link between financial activity and the rise of conservative forces in Latin America, the book demonstrates that debt is intimately linked to gendered violence and patriarchal notions of the family. Yet, rather than seeing these forces as insurmountable, the authors also show ways in which debt can be resisted, drawing on concrete experiences and practices from Latin America and around the world.

Featuring interviews with women in Argentina and Brazil, the book reveals the real-life impact of debt and how it falls mainly on the shoulders of women, from the household to the wider effects of national debt and austerity. However, through discussions around experiences of work, prisons, domestic labour, agriculture, family, abortion and housing, a narrative of resistance emerges.

Translated by Liz Mason-Deese.

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Financial Basics
A Money-Management Guide for Students, 2nd Edition
Susan Knox
The Ohio State University Press, 2016
Students are confronted with major financial decisions as they enter college, and yet they have little experience with personal finance. Their decisions, if not well made, could adversely affect them throughout their lives. This book is meant to empower students at the beginning of their financial lives with basic, straightforward information on managing bank accounts, creating spending plans, determining how much they can afford to pay for college, making student-loan decisions, establishing a credit history, and other money-management options.
This 2nd edition updates changes in online banking, smartphone apps, credit cards, and student loans but retains basic financial information that ensures students won’t learn about money the hard way. A chapter for parents has been added so they can help their students become financially knowledgeable, and it includes advice for parents about making decisions related to college costs. In addition, a chapter for grandparents contains suggestions on how to help college-bound grandchildren—financially and in other ways—without endangering their own financial security. A basic investments chapter is included for first-time investors.
 
The intent of Financial Basics is to enhance student readers’ financial knowledge and provide money-management options for finding their own best way to become masters of their money.
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Financing Low Income Communities
Julia Sass Rubin
Russell Sage Foundation, 2007
Access to capital and financial services is crucial for healthy communities.  However, many impoverished individuals and neighborhoods are routinely ignored by mainstream financial institutions.  This neglect led to the creation of community development financial institutions (CDFIs), which provide low-income communities with financial services and act as a conduit to conventional financial organizations and capital markets. Edited by Julia Sass Rubin, Financing Low-Income Communities brings together leading experts in the field to assess what we know about the challenges of bringing financial services and capital to poor communities, map out future lines of research, and propose policy reforms to make these efforts more effective. The contributors to Financing Low-Income Communities distill research on key topics related to community development finance. Daniel Schneider and Peter Tufano examine the obstacles that make saving and asset accumulation difficult for low-income households—such as the fact that tens of millions of low-income and minority adults don't have a bank account—and consider solutions, like making it easier for low-wage workers to enroll in 401(K) plans. Jeanne Hogarth, Jane Kolodinksy, and Marianne Hilgert review evidence showing that community-based financial education programs can be effective in changing families' saving and budgeting patterns.  Lisa Servon proposes strategies for addressing the challenges facing the microenterprise field in the United States.  Julia Sass Rubin discusses ways community loan and venture capital funds have adapted in response to the decreased availability of funding, and considers potential sources of new capital, such as state governments and public pension funds.  Marva Williams explores the evolution and recent performance of community development banks and credit unions.  Kathleen Engel and Patricia McCoy document the proliferation of predatory lenders, who market loans at onerous interest rates to financially vulnerable families and the devastating effects of such lending on communities—from increased crime to falling home values and lower tax revenues. Rachel Bratt reviews the policies and programs used to make rental and owned housing financially accessible.  Rob Hollister proposes a framework for evaluating the contributions of community development financial institutions. Despite the many accomplishments of CDFIs over the last four decades, changing political and economic conditions make it imperative that they adapt in order to survive.  Financing Low-Income Communities charts out new directions for public and private organizations which aim to end the financial exclusion of marginalized neighborhoods.
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Fringe Banking
Check-Cashing Outlets, Pawnshops, and the Poor
John P. Caskey
Russell Sage Foundation, 1994
"Cogently argued, fills an important gap in the literature, and is accessible to undergraduates." —Choice "Dismantles the mythology surrounding pawnshops and check-cashing outlets, and demonstrates that they are no longer on the fringe of our financial system but integral to it."—San Francisco Bay Guardian In today's world of electronic cash transfers, automated teller machines, and credit cards, the image of the musty, junk-laden pawnshop seems a relic of the past. But it is not. The 1980s witnessed a tremendous boom in pawnbroking. There are now more pawnshops thanever before in U.S. history, and they are found not only in large cities but in towns and suburbs throughout the nation. As John Caskey demonstrates in Fringe Banking, the increased public patronage of both pawnshops and commercial check-cashing outlets signals the growing number of American households now living on a cash-only basis, with no connection to any mainstream credit facilities or banking services. Fringe Banking is the first comprehensive study of pawnshops and check-cashing outlets, profiling their operations, customers, and recent growth from family-owned shops to such successful outlet chains as Cash American and ACE America's Cash Express. It explains why, despite interest rates and fees substantially higher than those of banks, their use has so dramatically increased. According to Caskey, declining family earnings, changing family structures, a growing immigrant population, and lack of household budgeting skills has greatly reduced the demand for bank deposit services among millions of Americans. In addition, banks responded to 1980s regulatory changes by increasing fees on deposit accounts with small balances and closing branches in many poor urban areas. These factors combined to leave many low- and moderate-income families without access to checking privileges, credit services, and bank loans. Pawnshops and check-cashing outlets provide such families with essential financial services thay cannot obtain elsewhere. Caskey notes that fringe banks, particularly check-cashing outlets, are also utilized by families who could participate in the formal banking system, but are willing to pay more for convenience and quick access to cash. Caskey argues that, contrary to their historical reputation as predators milking the poor and desperate, pawnshops and check-cashing outlets play a key financial role for disadvantaged groups. Citing the inconsistent and often unenforced state laws currently governing the industry, Fringe Banking challenges policy makers to design regulations that will allow fringe banks to remain profitable without exploiting the customers who depend on them.
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Hatching Ruin
Or Mark Twain's Road to Bankruptcy
Charles H. Gold
University of Missouri Press, 2003

In “Hatching Ruin,” Charles H. Gold provides a complete description of Samuel L. Clemens’s business relationships with Charles L. Webster and James W. Paige during the 1880s. Gold analyzes how these relationships affected Clemens as a person and an artist, most notably in A Connecticut Yankee in King Arthur’s Court.

The 1880s were a time when Samuel Clemens was more businessman than author. Clemens wanted to be rich. From an early age, he had dreamed of wealth. Suspicious of his previous publisher, Clemens started a publishing company and placed Charles L. Webster, who was married to his niece, at the head of it. He also invested large sums of money with James Paige, who was developing a typesetting machine. These were to be Clemens’s instruments of success—his way to bring technology to the world and become so rich that he would never need to earn money again.
 
Unfortunately for him, Paige was a perfectionist and a compulsive tinkerer who never stopped working on the typesetting machine. When, after early success, the publishing company began to fail, Clemens was unable to continue his investments in the typesetter. He blamed both Webster and Paige for his failure to “get rich quick” and for his eventual bankruptcy in 1894. Gold argues that these financial changes in his life helped to shape Connecticut Yankee, an important novel and cultural statement.
 
At the beginning of the 1880s, while life was still good, Clemens wrote Adventures of Huckleberry Finn, in part a nostalgic look at youth and innocence in preindustrial America. A Connecticut Yankee in King Arthur’s Court, written after the author’s financial failures, is a savage condemnation of the Gilded Age, especially technology’s role in it. Gold’s “Hatching Ruin” tells for the first time the full story of Clemens’s experiences as an investor, employer, and entrepreneur during the Gilded Age.
 
Gold uses previously unpublished material from family correspondence and Clemens’s autobiographical dictations to present a far more complex picture of the man most people know only as Mark Twain. He also offers a fuller depiction of Charles Webster and his relationship with Clemens than was previously available, while answering many questions that have hung over that relationship. This book will have a wide appeal to both Twain students and scholars, as well as anyone interested in social history.
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Insufficient Funds
Savings, Assets, Credit, and Banking Among Low-Income Households
Rebecca M. Blank
Russell Sage Foundation, 2009
One in four American adults doesn’t have a bank account. Low-income families lack access to many of the basic financial services middle-class families take for granted and are particularly susceptible to financial emergencies, unemployment, loss of a home, and uninsured medical problems. Insufficient Funds explores how institutional constraints and individual decisions combine to produce this striking disparity and recommends policies to help alleviate the problem. Mainstream financial services are both less available and more expensive for low-income households. High fees, minimum-balance policies, and the relative scarcity of banks in poor neighborhoods are key factors. Michael Barr reports the results of an in-depth study of financial behavior in 1,000 low- and moderate-income families in metropolitan Detroit. He finds that most poor households have bank accounts, but combine use of mainstream services with alternative options such as money orders, pawnshops, and payday lenders. Barr suggests that a tax credit for banks serving primarily disadvantaged customers could facilitate greater equality in the private financial sector. Drawing on evidence from behavioral economics, Sendhil Mullainathan and Eldar Shafir show that low-income individuals exhibit many of the same patterns and weaknesses in financial decision making as middle-class individuals and could benefit from many of the same financial aids. They argue that savings programs that automatically enroll participants and require them to actively opt out in order to leave the program could drastically increase savings ability. Ronald Mann demonstrates that significant changes in the credit market over the past fifteen years have allowed companies to expand credit to a larger share of low-income families. Mann calls for regulations on credit card companies that would require greater disclosure of actual interest rates and fees. Raphael Bostic and Kwan Lee find that while home ownership has risen dramatically over the past twenty years, elevated risks for low-income families—such as foreclosure—may well outweigh the benefits of owning a home. The authors ultimately argue that if we want to demand financial responsibility from low-income households, we have an obligation to assure that these families have access to the banking, credit, and savings institutions that are readily available to higher-income families. Insufficient Funds highlights where and how access is blocked and shows how government policy and individual decisions could combine to eliminate many of these barriers in the future.
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Orpheus in the Marketplace
Jacopo Peri and the Economy of Late Renaissance Florence
Tim Carter and Richard A. Goldthwaite
Harvard University Press, 2013

The Florentine musician Jacopo Peri (1561-1633) is known as the composer of the first operas--they include the earliest to survive complete, Euridice (1600), in which Peri sang the role of Orpheus. A large collection of recently discovered account books belonging to him and his family allows for a greater exploration of Peri's professional and personal life. Richard Goldthwaite, an economic historian, and Tim Carter, a musicologist, have done much more, however, than write a biography: their investigation exposes the remarkable value of such financial documents as a primary source for an entire period.

This record of Peri's wide-ranging investments and activities in the marketplace enables the first detailed account of the Florentine economy in the late sixteenth and early seventeenth centuries, and also opens a completely new perspective on one of Europe's principal centers of capitalism. His economic circumstances reflect continuities and transformations in Florentine society, and the strategies for negotiating them, under the Medici grand dukes. At the same time they allow a reevaluation of Peri the singer and composer that elucidates the cultural life of a major artistic center even in changing times, providing a quite different view of what it meant to be a musician in late Renaissance Italy.

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Overcoming the Saving Slump
How to Increase the Effectiveness of Financial Education and Saving Programs
Edited by Annamaria Lusardi
University of Chicago Press, 2009
The great majority of working Americans are unprepared to face the difficult task of planning for retirement. In fact, the personal savings rate has been holding steady at zero for several years, down from 8 percent in the mid-1980s. Overcoming the Saving Slump explores the many challenges facing workers in the transition from a traditional defined benefit pension system to one that requires more individual responsibility, analyzing the considerable impediments to saving and evaluating financial literacy programs devised by employers and the government.
 
Mapping the changing landscape of pensions and the rise of defined contribution plans, Annamaria Lusardi and others investigate new methods for stimulating saving and promoting financial education drawing on the experience of the United States as well as countries that have privatized their welfare systems, including Sweden and Chile.  This timely volume pinpoints where human resources departments, the financial industry, and government officials have succeeded—or failed—in bridging the way to a new retirement system. As the workforce ages and more pensions disappear each second, Lusardi’s findings will be invaluable for economists and anyone facing retirement.
 
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The Price of Misfortune
Rights and Wrongs in Indebted America
Daniel Platt
University of Chicago Press, 2023
A history of the struggle for debtors’ rights from the Civil War to the Great Depression

What can be taken from someone who has borrowed money and cannot repay? What do the victims of misfortune owe to their lenders, and what can they keep for themselves? The answers to those questions, immensely important for debtors, creditors, and society at large, have changed over time. The Price of Misfortune examines the cause of debtors’ rights in the modern United States and the struggles of reformers who fought to establish financial freedoms in law.
 
Daniel Platt shows how, in the wake of the Civil War, a range of advocates drew potent analogies between slavery, imprisonment for debt, and the experiences of wage garnishment and property foreclosure. He traces the ways those analogies were used to campaign for bold new protections for debtors, keeping them secure in their labor, property, and personhood. Yet, as Platt demonstrates, those reforms tended to assume as their ideal borrower someone who was white, propertied, and male. In subsequent decades, the emancipatory promise of debtors’ rights would be tested as women, wage earners, and African Americans seized on their language to challenge other structural inequalities: the dependency of marriage, the exploitation of industrial capitalism, and the oppression of Jim Crow. By reconstructing these forgotten developments—and recovering the experiences of indebted farmwives, sharecroppers, and wage workers—The Price of Misfortune narrates a new history of inequality, coercion, and law amid the early financialization of American capitalism.
 
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Rainy Day Ready
Financial Literacy Programs and Tools
Melanie Welch
American Library Association, 2020

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The Rent Trap
How We Fell into It and How We Get Out of It
Samir Jeraj and Rosie Walker
Pluto Press, 2016
Deregulation, revenge evictions, corruption, and day-to-day instability: these are realities becoming ever more familiar for those of us who rent our homes or apartments. At the same time, house prices are skyrocketing and the promise of homeownership is now an impossible dream for many. This is the rent-trap, an inescapable consequence of market-induced inequality.
 
Samir Jeraj and Rosie Walker offer the first in-depth case study of the private rental sector in the United Kingdom, exploring the rent-trap injustices in a first-world economy and exposing the powers that conspire to oppose regulation. A quarter of British MPs are landlords; rent strike is almost impossible; and sudden evictions are growing. Nevertheless, drawing on inspiration from movements in the United Kingdom, continental Europe, and elsewhere, The Rent Trap shows how people are starting to fight back against the financial burdens, health risks, and vicious behavior of landlords, working to create a world of fairer, safer housing for all—lessons that extend well beyond the borders of the UK.
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Spiritual Investments
Wall Street Wisdom From Sir John
Gary Moore
Templeton Press, 1998

Gathered here are seventeen sound investment principles that will help people make sensible choices for financial security. What is surprising, however, is how applicable these principles are to life.

Sir John Templeton, founder of the Templeton Mutual Funds, shares the basic rules he has used to create the world's best-performing mutual funds. For the first time, the underlying moral or spiritual principle is also explained to investors.
 
Through the inspiration of this accessible book, we can see how interconnected our money is with the other choices we make in our lives. Through a consistent pattern of decision making, we can learn to judge the true value of our investments—materially and spiritually. Using these simple guidelines, we can learn to create peace and harmony in our approach to life and, at the same time, create financial security.

 

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Striving to Save
Creating Policies for Financial Security of Low-Income Families
Margaret Sherrard Sherraden and Amanda Moore McBride
University of Michigan Press, 2010
"Striving to Save will inform and inspire social policy with its breakthrough approach in understanding how low-income families make ends meet while striving to make a better life for themselves and their families. Scholarly work in savings, debt, household finance, and behavior economics will benefit from this pioneering study that provides real-life context for some of the most important issues of our day."
---Tom Shapiro, Brandeis University
"The central contribution of the book is to use original qualitative research to provide readers with a nuanced understanding of the financial difficulties facing low-income households, their financial decision-making processes, and their paths to saving and building assets over time. The
book provides an essential corrective to the unidimensional view of poor households as unable and unwilling to save."
---Michael Barr, University of Michigan
In Striving to Save, Margaret Sherrard Sherraden and Amanda Moore McBride examine savings in eighty-four working families with low incomes, including fifty-nine families who participated in a groundbreaking program of matched savings and financial education. In-depth interviews with these families, along with savings and survey data, shed light on saving in low-income households.
The book concludes with recommended public policy approaches for increasing savings in households that are striving to save.
Margaret Sherrard Sherraden is Professor of Social Work at the University of Missouri, St. Louis.
Amanda Moore McBride is Assistant Professor of Social Work at Washington University, St. Louis.
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