Money & Investing | Asian American Poll

MONEY & INVESTING
(Updated Tuesday, Apr 1, 2008, 05:12:07 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%

This poll is closed to new input.
Comments posted during the past year remain available for browsing.

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WHAT YOU SAY

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

To Someone who was once very poor and Independent AM:
I think your comments to Be are very rude considering you don't even know him or her. I do not think that Be was trying to glamorize poverty and I do not think that he or she was trying to say money was not important. I think Be was simply criticizing people who are too greedy and materialistic and obsessed with money. I won't deny that money is important. It pays for food, housing, healthcare, education, and gives you the opportunity to travel. However, like Be, I think it is unfortunate that many people are obsessed with money and their image. Next time, please read other people's opinons more carefully before insulting them and being rude.
Someone who rejects greed, not money Tuesday, May 21, 2002 at 15:26:38 (PDT)

I agree with be, that alot of money is not necessary for happiness and nor well being. It would certainly help to be rich. I also agree that a lack of money would hinder happiness and well being(spiritual/physical). I came from a poor background, and looking back at it, the poorest times was the happiest time for me but probably not for my parents who had to work to live. At that time, i was a child, wealth affected me less.

I think people on the post need to agree upon what money/wealth is and the levels they are talking about. We are talking about mansions here or houses with mortgage? And does money = wealth? I personally think wealth = income/living standard. As there is a factor of assets verus income.

1/2LostSoul Tuesday, May 21, 2002 at 14:50:09 (PDT)

Hannybunbun-sweety,
Your story and your perspectives on life are amazing and you have a beautiful heart.

I (AM) come from a well-off family, but my wife (AF) family were not that well-off. Before we were married, her family used to sell noodles (street vendor in Bangkok). I would occasionally (once a week) help her family out because I loved her (and eventually married her). I think she was ashamed of this aspect of her life, but I was totally OK with it. In fact I admired her for her strength to help out her family, go to school, and sometimes ditch her daily chores to go out with me.

I do agree with what you said about some asian families frowning on poverty, but realize that not everyone is that superficial/materialistic.

However, we're doing pretty well now (can't complain about money) and she is kinda spoiled now. Buys alot of clothing, make-up, expensive bags. I am rambling now (more of a guy-girl problem). This pisses me off, but she's happy and I'm happy (I think she earned some peace of mind because she has always loved and supported me).

I've seen you on other goldsea boards and know that you're happily married to your wonderful AM. So I'm happy for you and hope that you are comfortable with your past now.
NotSoChicAM Tuesday, May 21, 2002 at 13:15:13 (PDT)

"Unless you're 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."

Agreed. But, 28K would go a long way in Rossville, Indiana or Cooper, Iowa, where you would be considered Middle Class. In NY City 28K means abject poverty.

Not everyone is college educated and can get unionized jobs.

Not every person who has a high paying job is qualified for the job and not all well qualified person gets a job for which he or she is qualified and gets an equivalent pay. I met a physicist driving a greyhound bus between Edomonton and Saskatoon, Canada, and I also met a customs officer in Alberta who was not familiar with the United Nations and World Health Organization, although that is part of his job. It is who you know rather than what you know or your qualifications. Having said this, it is very different in Engineering and Medicine. There it is what you know, because the boss and the Company does not want to get sued for a faulty product. At least this is the case in the US.

Electrical Engineer Tuesday, May 21, 2002 at 12:17:47 (PDT)

to Independent AM
re "...Most adult Americans have no clue about wealth. 50% have little or no net worth."

Sounds like me! All I have of any real worth is my car and my home (and neither are completely paid off yet), but I'm happy as a lark, and as long as I'm working and able to pay my bills, I have nothing to complain about. I guess I have to echo Sheryl Crowe's sentiments when she said, "it's not having what you want, it's wanting what you've got."

"...the difference between conspicuous consumption and true wealth."
I think the worst thing that could happen to me would be to have everything I ever wanted immediately because I have all the money in the world. I wouldn't have the pleasure of planning out a purchase and eagerly await until the day when it can happen. I remember when I saved for months to be able to get my new piano (it was only about 6K, but for me, that's a good chunk out of my liquidable resources)...I shopped all over the bay area and couldn't wait until I had enough. When the delivery man showed up with the piano, I was so ecstatic! I had worked hard for it, saved all the spare change that I had, and all that added to what was the absolute most thrilling experience. So now, everytime I play on my piano, the pleasure is doubled because I know how hard it was for me to get the thing into my house to begin with! And so the final, ultimate price for that piano--priceless.
MLK Tuesday, May 21, 2002 at 11:06:46 (PDT)

be,

You are so adamant about the wealth and emotional stability of children. I don't know what to say. There are a lot of wealthy screwed up kids and there are a lot of stable wealthy kids. The same could be said of kids from any economic background.

Independent factors, wealth and emotional stability of children. You're basically subscribing to the poor man's myth of the "Rich are unhappy." Which for the most part is untrue.

I think we only differ in age by 3 or 4 years. However, you should have more maturity of thought and clarity of thought in this aspect of your life, before you have kids and attain wealth. Or you might see some unexpected results in your future family life.

If it is emotional stability you want to provide your children, that can be achieve independent of your economic situation. However, if you wish to provide your kids with more opportunities in life, that unfortunately will be directly related to your economic situation.
AC Dropout Tuesday, May 21, 2002 at 10:58:42 (PDT)

Hannybunbun,

I sympathize with you. It was my vehement distaste for my poverty lifestyle as a new immigrant in this country that drove me to monetary success.

Being poor and moving up that ladder does let you appreciate the value of material items. Like for instance for $1.45 you can satisfy hunger for the day. Or for about $20 you can have clothes for the year and not walk around naked.
It is good to know the value of things before you spend your money.
AC Dropout Tuesday, May 21, 2002 at 10:49:01 (PDT)

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