Money & Investing | Asian American Poll

MONEY & INVESTING
(Updated Tuesday, Apr 1, 2008, 05:12:08 PM to reflect the 100 most recent valid responses.)

Who handles the household checkbook in your family?
The Wife | 74%
The Husband | 26%

Which of the following ethnic groups attaches the most importance to making money?
Chinese Americans | 51%
Vietnamese Americans | 14%
Japanese Americans | 1%
Corean Americans | 30%
Filipino Americans | 4%

Which of the following do you consider to be your most important investment method currently?
Buy/Upgrade Own Home | 39%
Other real estate | 4%
Stocks/Options/Futures | 31%
Mutual Funds | 10%
Bank Deposits | 16%

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WHAT YOU SAY

[This page is closed to new input. --Ed.]

I agree with much of what "Basics" said.
Coming from an extremely poor family, everything has touched my life as a child from homlessness to welfare, to being hungry day and day again. I did not get to see a dentist until I reached adulthood and got my own job. I studied for my GED after leaving school to support myself and help support my family. My family never had health insurance, and I attended college while living in practical slums in Florida and taking 2 buses to college while working long hours at a dinner club late into the night. Many people have had it alot worse than me for sure. But it showed me that being poor is something I don't want to live with my whole life.

But being rich as in driving a different sports car everyday and flying to Hawaii on a whim has never been my goal. I do equate money with freedom. If I have more money, than I have more time to spend learning and enjoying life with my family and less time laboring.
As an adult I got to travel, work as an art teacher, and pull myself away from the bondage of poverty, to the extent that only my old close friends even know I was from poverty.
It is funny but the entire time being married to my husband, I know it would be unacceptable to his family if they knew I was from poverty. I never speak of my childhood, I never speak of anything about in front of them, except my husband, because instead of being curious and wanting to learn, they would be ashamed and feel as if I was suddenly trash. I don't agree with this attitude.
I do not lie about my past, but it is very hidden and I never talk about it, because I know it would not be appreciated. I see that poverty is unacceptable in any culture, yet the Asian culture thinks much less of you if you come from a poor family .
It is kind of funny to me when I see things that stress his family. Maybe his mom lost $200 in Mahjong game. I see that as $200 that could be used on paying a bill or food. I have lived in one room apartments in college that $200 would have over-payed my whole months rent! Or his cousin could not get the Limo she wanted for her prom. I did not even get to experience high school or a prom. Let alone even own an expensive dress at that age.
Even though poverty does not affect me in the same way today, it still always alters your outlook. I still order the cheapest thing on the menu, I always worry about our budget , and the smallest gestures still mean the most to me.
I say money is not everything, but in this world it determines how you are treated, what you look like, and how comfortable you live your life. It is important! And there are exceptions, but graduating from college and having the potential to make more money go together.
Hannybunbun Tuesday, May 21, 2002 at 04:52:45 (PDT)

Someone who was once very poor:
I was also 'once very poor'. There is absolutely nothing glamourous about the hardships of poverty. Of course, no one desires to live an impoverished lifestyle. I was simply stating that that money does not provide happiness, and the obsession for obtaining wealth creates family problems.

Independent AM:
If wealth is living a 'leisure lifestyle'...then no, I have not personally lived that way, nor do I desire it. I am satisified with a comfortable lifestyle, and I am not seeking to live luxuriously.

AC Dropout:
I dont know the financial details of the people that I was refering to earlier. Some of them may have made their car payments in a lump sum, but I doubt if they were able to do that with their houses. What I do know is that they live very materialistic lifestyles. So whats wrong with this? When someone is obsess with using money to create their 'image', they lose insights of real happiness. And it worsens when they have kids.

I find it appalling when the kids of these parents become troublesome...the parents are so eager to blame everyone (the classmates, the teachers, the media, their friends and neighbors, etc) for their child's behavior, but they're relunctant to see their own faults. They think they had provided so much for the kids...afterall, they gave them all the toys they could have asked for, the nicest clothes, the best education, etc. This is great for the child...but if the parents fail to interact with them, none of those monetary values matter. What these parents dont understand is that kids misbehave b/c they want ATTENTION. Kids need to be raised in a nurturing and caring environment. No amount of money can create a parent/child bond.

The basics:
I agree with you in that money for many asians become their religion. Its sad, but true. However, I disagree with your belief that the inferiority complex leads asians to desire wealth...I dont think asians in asia suffer from this as much as asians in america, yet they still desire wealth. In america, we have rights and opportunities. Even bums here are not suffering from starvation, and have a roof over their heads. Its different in asian...to obtain status, power, and freedom...you need money. This is probaly one of the main reasons asians are obsessed with being successful.
be Monday, May 20, 2002 at 19:18:06 (PDT)

be,

I have to agree with AC Dropout and gzus in NYC. Money is vital to living a happy life. You sound like a spoiled rich kid to me, who is rejecting their family's falseness and wealth, but you're still living off their money aren't you? Tell me how this would make you feel- worrying whether or not you can afford to pay the rent on time for your tiny, overpriced apartment overrun by bugs. Trying to decide whether to buy groceries or pay the electric bill. Having no health insurance and just letting your chronic health problems go on and try to ignore the pain. Until you really suffer true poverty you will never understand the importance of money.
someone who was once very poor Monday, May 20, 2002 at 08:18:32 (PDT)

To be:

Sorry, but you are speaking like a naive little girl. Save your comments, go back 20 years from now and reread them. You will cringe.

>"When you enter the "leisure class" lifestyle. Time is what you have an abundant of."
That's called 'retirement.' Most people who have the 'leisure class lifestyle' are not parents, but grandparents.<

AC Dropout is talking about a level of wealth which is a couple orders of magnitude above what you are thinking about. You are thinking way too small. It's pretty obvious you haven't really experienced true wealth, and have very little understanding of the difference between conspicuous consumption and true wealth.

A decade in the real world may help change your opinions. Then again, maybe not. Most adult Americans have no clue about wealth. 50% have little or no net worth. No doubt many think exactly like "be".
Independent AM Sunday, May 19, 2002 at 18:09:46 (PDT)

be,

"distribution of money"

First off I commented that it is extended families become problemsome. If their married they are not part of the nuclear family anymore. Second, I don't see how the distribution of money can cause martial problems when you are wealthy by my simplistic definition.

You're bringing in your family problems into this discussion. Not that I don't sympathize. But I did not experience those problems when I attained my wealth. It's a unique situation isolated to your family that you are experiencing.

I didn't not say 28K was the family salary. I said your mate was making 28K. Unless your the type to give up your job after you get married. Hate to break the news to you, but a good chunk of USA make 28K. Not everyone is college educated and can get unionized jobs.
AC dropout Sunday, May 19, 2002 at 13:34:34 (PDT)

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