debt, began investing and set up a will, a trust, and 529 plans to pate for their kids college educations. we can pass that wealth or those assets onto our kids with a $1.5 million tax exemption. reporter: but this family is the exception. according to the brookings institution, the median net worth of black americans is about $28,000, compare that to $140,000 for the median house hold nationwide. what were your parents saying to you to make sure it was so important. you work, you save. reporter: while marvin is a spender, kathy is a saver, so the couple makes all big financial decisions together. kathy had this guiding principle if she spent $100 he got a headache. as we got married and had more resources, you can add another zero, a few thousand dollars. reporter: valerie coleman
you to make sure that it was so important. that you knew it? you work, you save. reporter: while marvin is a spender, kathy is the saver. so they make all big financial decisions together. kathy had a guiding principle. if she spent $100 she got a headache. as we got married and had more resources you can add another zero. it was like a few thousand dollars. reporter: valerie coleman morris who focuses on financial literacy for women, young people and people of color points to a couple of reasons black americans are so far behind creating wealth and passing it on. money is still a very much off limits topics but in the african-american family it s almost taboo. the second is the 401(k). we re not parts sitting and when we do we re contributing far less than other people. in addition there is this overwhelming need to become more financially literate and we aren t. i m not talking about rich.
to happen, more dialogue, but for the poor families in this country, they don t have more money to put away in savings whereas the more money you bring in, the more likely you are to save. we need a shift and we need families to talk about it. s valerie coleman morris said to me, families can talk about it now or fight about it later. that pertains to everybody, black, white, hispanic. black folks, we need to do better. get the skill set to increase your learning and earning potential. talk about it with your kids. let them know that there s a difference between needs and wants. we don t always do that. stephanie, good to see you. thank you. if you think there is less in your house hold piggy bank, black, white, asian or hispanic, you are ready. fighting a financial crisis from the pulpit.
breaking news, now, the recession is over, so says a group of economists tracking it. let s get straight to poppy harlow in new york. poppy, i got to tell you here, it doesn t feel like the recession is over for a lot of folks in america right now, particularly if you don t have a job right now. it s exactly the point, tony. news flash the recession is over. we certainly don t fee it s over but this comes from the only group in this country that says we are officially in a recession and officially out of a the recession, the national boor reof economic research, the biggest nonprofit group of economists in the country, and they declared back in 2007, december of that year, that we were in a recession. that said it began then. they didn t tell us that until a year later, and now they re telling us the recession ended in june of 2009. so more than a year ago. you have to say, why does it take so long? they take a while to come out with the numbers so they can pore through a
public education. my mission, help you figure out what s going on around and how it fits into your life. let s get started. on the rundown, a crucial moment for don t ask, don t tell. the senate taking it up again just ahead of a crucial vote. we ll look at the policies turbulent history and possible outcome. plus, his job. his heart. or both. a closer look what might have triggered a big 10 coach s heart attack this weekend. and when sentenced now, they won t just look at the perpetrator but the price tag. considering the cost of prison in the judge s bench. supporters say it s about time. critics say it has no place in the justice system. well, the recession is over. in fact, the national bureau of economic research, the folk whose decide when it starts and when it s over says it s been over a long time. more than a year. they say it ended in june of 2009. making it the longest recession since world war ii. when a lot of americans are probably saying, well, it doesn t r