Chalabi argues financial panic defines American life regardless of income

The concept of financial security often feels distant to Americans, even those with high incomes. Pulitzer Prize-winning journalist Mona Chalabi explores this disconnect in her new book, Ten Lives: How What We Have Shapes Who We Are. The work is based on five years of research in which Chalabi followed ten Americans from different economic backgrounds. She sought to determine what amount of money would make people feel truly secure.

Chalabi explains that she chose the title to move beyond focusing solely on the wealthiest one percent of the population. She wanted to examine the power dynamics within the remaining ninety-nine percent. "I specifically didn't just want to focus on the 1%," she said. "Instead I wanted to talk about how the 99% of us aren't all in it together, and the kind of power differentials between us."

A primary finding from the research is that nearly every individual profiled expressed deep worry about their financial future. This anxiety was present even among those with substantial earnings. Chalabi attributes this widespread fear to the structure of U.S. capitalism. She describes it as a precarious system where a single crisis can trigger a major economic shock. "Across the board, everyone just seemed to be expressing this feeling of panic that I think is really, really particular to U.S. capitalism," she said.

Chalabi also observed that many participants identified as middle class, regardless of their actual income levels. She argues that this self-perception carries consequences for how people view themselves and judge others. Being perceived as poor in the United States often leads to assumptions about a person's intelligence or education. Consequently, some individuals signal wealth through clothing or vehicles to avoid potential discrimination. "I don't think it's simply aspirational," Chalabi said. "I also think it is them trying to avoid the discrimination that they might face if their real income level were disclosed."

The book highlights that parental wealth plays a profound role in an individual's economic stability. Chalabi notes that class identity is often tied to the household and professions of one's parents, rather than just a current salary. She points out that most people born into poverty in the United States do not escape it. Additionally, she identifies partner selection as a major driver of inequality. A study by the National Bureau of Economic Research found that from 1960 to 2005, the trend of dating partners with similar educational backgrounds became stronger. Chalabi states that who we date and how much money we inherit are two of the biggest factors affecting inequality.

To ensure transparency, Chalabi disclosed her own financial privilege to her subjects. She informed participants at the start of each interview that she was paying them forty dollars per hour. She also granted them the right to ask her the same financial questions she asked them. This approach was intended to address the power dynamic of her asking personal questions while profiting from the stories.

Chalabi also discusses how her British accent influences how Americans perceive her class. She notes that Americans often read her accent as posh, which confers specific social benefits. This perception helps counterbalance obstacles she may face due to her race and gender. In corporate environments, her voice leads to assumptions that she is educated and cultured. These assumptions, she says, have been beneficial in her professional life.

The book serves as a detailed look at how wealth shapes identity in the United States. It moves beyond simple income statistics to explore the emotional and social implications of money. Chalabi's work challenges the idea that high income automatically equates to financial peace of mind. Instead, it presents a picture of a society where anxiety is a common thread across the economic spectrum.