By Carl Richards, The New York Times
Income inequality can arise from a number of things, like gender, race, social class and education. We know it’s an issue. But the most recent recession revealed what may be an even bigger problem: wealth inequality.
When we talk about wealth, we’re referring to everything you can claim as an asset, including savings accounts, your home and all your investments. With wealth, we can gain access to better financial opportunities. It can mean having money to invest when stock prices are low, as they were in 2009. It can also qualify us for more favorable loan rates or allow us to avoid borrowing altogether because we have enough savings to cover large expenses.