• Play the "Spent" simulation (http://playspent.org/

Step two:

Add up the amounts for the Total Assets Column and calculate a total

Add up the amounts for Total Liabilities and calculate a total

Step three: For EACH FAMILY PROFILE, subtract the total liabilities from the total assets. THIS IS THE FAMILIES TOTAL NETWORTH.

Net Worth Profiles

Family A

Assets	Market Value	Liabilities	Amount
Automobiles	$22,000	Auto loans	$14,000
Clothes	$3,000	Other loans	$17,000
Household goods	$25,000	Credit card debt	$3,000
Stocks/bonds	$35,000	Home mortgage	$185,000
Bank accounts	$7,000	Health insurance	-0-
Home	$350,000
Retirement fund	$45,000
TOTAL ASSETS		TOTAL LIABILITIES

TOTAL NET WORTH OF FAMILY A: _______________

Family B

Assets	Market Value	Liabilities	Amount
Automobiles	$7,000	Auto loans	$1,500
Clothes	$2,000	Other loans	$15,000
Household goods	$8,000	Credit card debt	$9,000
Stocks/bonds	-0-	Home (rent/year)	$10,800
Bank accounts	$1,500	Health insurance	$2,500
Home (rents)	-0-
Retirement fund	-0-
TOTAL ASSETS		TOTAL LIABILITIES

TOTAL NET WORTH OF FAMILY B: _______________

Family C

Assets	Market Value	Liabilities	Amount
Automobiles	$6,000	Auto loans	$5,000
Clothes	$4,000	Other loans	$12,000
Household goods	$8,000	Credit card debt	$7,000
Stocks/bonds	$2,000	Home mortgage	$108,000
Bank accounts	$3,500	Health insurance	$8,500
Home	$120,000
Retirement fund	$4,000
TOTAL ASSETS		TOTAL LIABILITIES

TOTAL NET WORTH OF FAMILY C: _______________

Step four: Answer these questions:

(1) Which asset tends to make the biggest difference in family wealth?

(2) how does race impact a family's ability to accumulate net worth?

Readings:

• Korgen/Atkinson, Sociology in Action, Chapter 7
• Textbook part VII (Henslin):
  • "The uses of poverty: The poor pay all", Ganz