New book profiles 10 Americans to explore why financial security feels so hard to reach

Pulitzer Prize-winning journalist Mona Chalabi has released a new book titled Ten Lives: How What We Have Shapes Who We Are. The book examines why financial security feels so difficult to achieve for Americans. Chalabi spent five years following ten specific individuals to answer that question.

The subjects of the book range from people living paycheck to paycheck to those earning hundreds of thousands of dollars a year. Chalabi says she chose ten people specifically to avoid focusing only on the wealthiest one percent. She wanted to show that the other 99 percent are not all in the same boat. The book details the power differences that exist between those groups.

Chalabi found that almost every person she profiled felt deeply worried about their financial future. This worry existed even among those with high incomes. She describes a widespread feeling of panic that she believes is unique to U.S. capitalism. She calls it a precarious and cruel system where a single crisis can cause a major economic shock.

Many of the individuals in the book considered themselves middle class, regardless of their actual income. Chalabi notes that this disconnect between real wealth and class identity has consequences. It affects how people see themselves and how they judge others. She argues that being poor in the United States creates a large number of obstacles. These include assumptions about a person's intelligence and education level.

Chalabi says it is rational for people to present themselves as middle class to avoid discrimination. Some may try to signal wealth through the clothes they buy or the cars they drive. She does not believe this is simply about aspiration. It is often an effort to hide a real income level that might invite judgment.

The book also explores the role of parents in economic security. Chalabi states that understanding who a person can turn to when times get hard is essential. A household is an imperfect measure of that support. People sometimes live with spouses they cannot rely on financially. She notes that the amount of money one's parents have profoundly shapes economic security.

Class identity is often tied to the household where a person grew up. It is also connected to the professions of their parents. Chalabi points out that most people born in poverty in the United States do not escape it. She argues that class is more than the number on a pay slip or in a bank balance.

Younger generations are increasingly choosing partners for economic compatibility. Chalabi cites a study published by the National Bureau for Economic Research. The study compared trends from 1960 to 2005. It found that people are more likely to date partners with a similar educational background. Education has a large impact on income. Chalabi says who we date and how much money we inherit are two of the biggest factors affecting inequality in the country.

Chalabi was transparent about her own financial situation during her research. She told each subject at the start of their interview that she would pay them 40 dollars per hour for their time. She also gave them the right to ask her the same financial questions she asked them. She felt her subjects had a right to understand her economic privilege and vantage point.

The author also discussed how her British accent affects how Americans perceive her class. She notes that Americans often read her as posh because of her voice. She believes this assumption that she is educated and cultured has provided her with class benefits. These benefits have helped counterbalance obstacles she might face because of her race and gender in corporate environments.