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GOLDSEA | ASIAMS.NET | POLL & COMMENTS

MONEY & INVESTING
(Updated Tuesday, Apr 1, 2008, 05:12:02 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: LA Korean

I have to agree that real estate is a great investment, but I’m not too much of a fan of 1031’s. When you sell in a good market, you have to buy in a good market, and with the time pressure of identifying 3 properties in 45 days, you really don’t have much choice. Of course, if your exchange company is “flexible” (you know what I mean), you can have more air to breath. Otherwise, your choices are a bunch of crap everyone else wants to unload in a good market or premium properties with an even bigger premium price. But of course, capital gains plus depreciation recapture really sucks as well. So I’m more of a fan of buy-and-hold (and get cash flow).

Another great thing I like is paper depreciation. But that comes at a cost of having to be there in the vicinity of the property. Do you manage your own properties? I’ve never found trustworthy property management firms. They’ll always manage to make a property that cashflows to just break even with “expenses.” Things like $100 plumber calls every month for each unit.

“Can you say "foreclosure"?”

One person’s problem is another person’s opportunity. I’m sure I can find you at the Recorder’s office. ;)

Repost    Wednesday, June 26, 2002 at 20:41:25 (PDT)
LA Korean :
As a young guy who has been interested in getting into real estate what initial advice could you give? Do you have to have alot of capital to start? What do you think of no money down concept? Thanks
Need some advice figopete@hotmail.com    Wednesday, June 26, 2002 at 19:40:09 (PDT)
"The stock market is something I really dislike now. I hate always having to keep up with the news, or watching the charts, etc. Plus you have no leverage, it's slow, and you have no control over how the company does."

Because the stock market is so volatile, I never put any more than 20 percent of my cash assets into stocks. Some friends/coworkers recommended putting 50% or more into stocks. I'm sure glad I didn't listen to them, especially in this market!

B. Lee    Wednesday, June 26, 2002 at 19:21:08 (PDT)
Suppose I am 27 and make 65K a year. I live a rustic life. How should I invest my money in these next 10 to 20 years to ensure I'm sitting on a good pot when I retire? I don't have a clue about investing. Could someone point out some good websites or books I could refer to? Thanks.
Lacking Investment Skills    Wednesday, June 26, 2002 at 12:58:37 (PDT)
To, LA Korea;

Just to say, he only makes about 4 million dollars after clearing all the taxes and bills. 11 million is a pain, 40% income tax takes off A LOT. And their employees and such also. Cleared all he gets 4 million in his bank. It was discussed and such when my great uncle died, no one knew he made that much, people thought he was well off, then they went over his stuff and will and such when he died.
Boy    Wednesday, June 26, 2002 at 12:04:18 (PDT)
To, LA Korea;

I hear you. From what I can see rich people are thrifty with their money. They have a mentality that that every penny is important, hence their success in business, where every penny is important.

Real estate? That's a pretty good field to go into these days. My great uncle kind of did to grocery and grocery supplies like what your grandfather did with real estate. He opened a small grocery store in a local chinatown to supply food for the vietnamese people there when there was no vietnamese grocery store, but there were like 10 thousand viets around, who before him shoped in Canadian owned and chinese own stores which didn't provide what they need to provide traditional vietnamese food, which they of course love. Within weeks he was more then well off, he then opened a store in calgary, then vancouver, then moved his edmonton store to a bigger place. Hey then made an importing company to get the grocery supplies to supply his stores, then made a storage compound to store his shipments, which he shares with other people who pay for rental, he then widened it up to sell supplies to chinese stores. Next he opened a whole bunch of restaurants, in edmonton he has three restaurants, calgary he has two, in vancouver he has four, all vietnamese Pho restaurants. He then went into the real estate business, he bought buildings for his restaurants and his grocery stores and moved them there making them even bigger. Now he owns three apartments, with edmontons rising economy the rent is goig up and profit is rising/gaining. He makes like 11 million Canadian dollars a year, that's pretty good for a group of immigrant who just came here no more then 20 years ago. But when you see my great uncle around he wears the oldest clothing (people think he wore the same clothes for 20 years since he came from vietnam). So he's well off, he has an average house close to his first grocery store, he lets his son take care of the importing company. My dad is an honorable contribution to the creation of his first store, my dad actually named it too, but sure whatever. They're still pretty cheap, but their grandkids (my cousins) all get a mercedez when they turn 16, and a house when they turn 18 etc... They didn't experience the same hardship their parents have so they don't really penny pinch as much.

My great uncle is dead now, his kids now control the company. They now give the jobs to their own kids, even though they all have an engineering/accoungint/teaching degree at the U of Toronto, becuase they get paid more working for their parents. It think that's cheap.
Boy    Wednesday, June 26, 2002 at 12:01:42 (PDT)
AC Dropout,
why did you not say it was a convertable prefer GE stock? if that's the case,it depends on if you like GE stock or not.

LA Korean,
i agree, rental estate is the way to go if you can deal with tenants. Tenants can be pain.

MLK,
hmm.. you know, you got a lot whole bunch of guys drooling on your intelligence and playfulness, what ever happen to the picture?

SOG,
i agree i lost because of my lack of emotional control (stop loss). but in my defense, i was winning until 3/02.
1/2LostSoul    Wednesday, June 26, 2002 at 11:46:33 (PDT)
SOG,

Preferred Stock. Like part bond part stock. Not Common stock. Not Bond. Preferred Stock.
AC Dropout    Wednesday, June 26, 2002 at 11:23:33 (PDT)
Fan

So you don't want me poluting the Goldsea airwaves with my little inane bantering either, huh? Maybe I should take a break from Goldsea for a little while. I really don't want to make a pest of myself, nor do I want to seem as if I'm trying to forward any agenda.
MLK    Wednesday, June 26, 2002 at 10:58:11 (PDT)
to LA Korean

Then I guess my little silicon valley rose garden cottage really is a good investment after all, huh? How about I throw in my puppies? Would the value go up just a tad bit? :)

I agree with your assessment on stock market gambling. I got into a bit of trouble with the stock market a couple of years ago (I really didn't lose very much, but that money could have gone into another house, which would have given me better returns even if I broke even with it at this point).

I am actually looking at a tri-plex (also in the bay area) to put a down payment on, and I was going to use all the equity on my home to do so, but I was afraid of losing all my "old-maid's nest egg" if things didn't quite pan out the way I wanted it to go. Then I would really be in trouble and would have to shop around for a loaded sugar daddy. (just joking!) Not a cool prospect since I'm doing pretty OK right now. :)

I drive my little Miata around. It's a cheap (26K) fun car, and I get good gas mileage + a cool suntanning booth to boot. And I don't have a shopping habit. I wear any old thing I feel like wearing and give not a hoot about looking in high style.
MLK    Wednesday, June 26, 2002 at 10:51:14 (PDT)
LA Korean. Thats awesome man. Glad you did so well. Every one has their forte. How long did you take to become good at real estate??? and the options market. It took me well over 5 yrs to be proficient at stock option market. Even now i have to do psychological training constantly to succeed.

I actully started studying the real estate market, but it was boring as hell. Ditto for stocks. I actually learned options first before learning stocks. Crazy I know. But that was the only reason i stuck with the subject. The lure of 10000% returns hyped me up. As a result i aint too good at real estate.

Yeah well, rich people got rich by being wise. Most of them anyways. I dont care too much about my net worth. I like the idea of making big bucks but, I spread the money around. I figure i dont need couple million bucks, and other people are starving to death. It gives me much much more pleasure to feed the children than seeing many zeros behind the net worth.

I am glad we have some decent posts about investing finally!!!.
SOG    Wednesday, June 26, 2002 at 10:03:15 (PDT)
LA Korean,

Well if your relative foreclose, you can pick up their homes for cheap.
AC Dropout    Wednesday, June 26, 2002 at 09:30:05 (PDT)

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