This study examined the effects of mothers' assets (i.e., home ownership and savings) on their expectations and their children's educational achievement in female-headed households. The study used data from the National Survey of Families and Households, which involved interviews with a national sample of 13,017 respondents (including 3,374 blacks and single parent families). The dependent variables were measures of children's educational achievements (academic performance and high school graduation). Mothers' expectations for their children's educational achievement were measured with a question that asked how much education they believed their children would probably get. Data analysis indicated that single mothers' assets had significant positive effects on their expectations and their children's educational achievement, and mothers' expectations had significant effects on children's outcomes. Savings had significant effects on the probability of high school graduation, and home ownership had significant effects on academic performance. The positive effects of household income on children's outcomes occurred mainly through mothers' assets. (Contains 65 references.) (SM)