A growing body of evidence suggests parental assets have positive effects on children’s well-being. Using 2004 data from the Survey of Income and Program Participation, this study tests the effect of parental asset holding on child educational outcomes, and explores whether parental involvement and expectations mediate this relationship. Results indicate that assets are a significant predictor of all child academic outcomes of our study; however, income is not a significant predictor for school outcomes when controlling for assets. The mediation analyses show the effect of assets on school outcomes is mediated by two of the three parenting measures: parental expectations and the number of parent-child breakfast days per week. We include implications for policy and practice.