An Asian American’s View On Why Asians Save And Earn So Much

[GBCW 397]

that's kind of sad. you're dad should have coddled you instead and passed on his allergy to debt. then you'd stop taking vacations and buying new work shirts.

You just reminded me of a conversation I had with him a few months before he passed. He was asking me why I don't buy a bigger house since I have a wife now and will probably have a family at some point. I said because the home I currently own is worth less than I bought it for so where am I supposed to get the money? He was quiet for about a minute and then he said the unthinkable... he suggested I take on a larger mortgage. It was obvious that the idea pained him but that was the only solution to the problem he imagined I had. More debt.

My wife is Asian and I'm white. We have pretty much the exact mentality towards work, education, and money. What's up with that? And she was even born in Asia, OMG!!!!!

Yeah, things are different now. These "allergic to debt" stereotypes are pretty valid for the older set. Not so much the younger generation, which likes bling and hip hop.

[GandD 5,966]

You just reminded me of a conversation I had with him a few months before he passed. He was asking me why I don't buy a bigger house since I have a wife now and will probably have a family at some point. I said because the home I currently own is worth less than I bought it for so where am I supposed to get the money? He was quiet for about a minute and then he said the unthinkable... he suggested I take on a larger mortgage. It was obvious that the idea pained him but that was the only solution to the problem he imagined I had. More debt.

Yeah, things are different now. These "allergic to debt" stereotypes are pretty valid for the older set. Not so much the younger generation, which likes bling and hip hop.

Yeah no joke, her sister and husband lease a benz. And they were trying to talk their parents into doing the same. Yeah right. The wife and I prefer to buy cheaper cars straight up. We make comparable amounts of money given all the factors. I guess there must be other factors for the differences outside of race.

[decocker 7,198]

We don't have any debt so I haven't put it to the test.

what does that mean? -we don't have any debt-

i take claritin d for my allergies.

[GBCW 397]

The differences are cultural, not racial. Cultures change rapidly... the popular 'culture' (outlook towards work and wealth being part of it) has changed dramatically in Asia over the last few decades as jobs have poured in and brought capital with them.

Turns out people with the ability to pay today and the confidence they'll be able to pay tomorrow aren't quite as allergic to debt.

[decocker 7,198]

You just reminded me of a conversation I had with him a few months before he passed. He was asking me why I don't buy a bigger house since I have a wife now and will probably have a family at some point. I said because the home I currently own is worth less than I bought it for so where am I supposed to get the money? He was quiet for about a minute and then he said the unthinkable... he suggested I take on a larger mortgage. It was obvious that the idea pained him but that was the only solution to the problem he imagined I had. More debt.

wow. maybe he was taking some claritin d?

[GandD 5,966]

what does that mean? -we don't have any debt-

i take claritin d for my allergies.

It means we don't have any debt so I can't tell if we're allergic to it. I used to have some debt but I don't remember sneezing.

[decocker 7,198]

It means we don't have any debt so I can't tell if we're allergic to it. I used to have some debt but I don't remember sneezing.

hives maybe?

[lostinblue 1,989]

I don't think anyone would argue that hard work and dedication to a goal isn't a good thing.

The focus is on why and how it is achieved, .In many cases They come with almost nothing parents with limited english Every Chinese that my wife knows works .. the majority more than one job, Work a full time day job then find a house to clean or yard work to do ... Work in a chinese kitchen or whatever. If a home is bought often it will have an apartment to help pay the taxes. one thing I found that is in place in major cities.... Rooms in the home are rented to arriving chinese immigrants. . Get off the plane find a Chinese newspaper.. It is filled with rooms to let. One or two weeks max that you can stay. Years ago it was 15-20 a night.. 4-5 folks being put up. . Downstairs the owners lived ...upstairs the renters. They had a common kitchen and bathroom. The owner would drive folks around for a fee and help them with some of the major questions. Where is this where is that ... where to find employment ... even if it is for bottom of the rung. work. Not uncommon for a engineer just arriving to bus tables for a few months until he can find real work. .

[decocker 7,198]

The differences are cultural, not racial. Cultures change rapidly... the popular 'culture' (outlook towards work and wealth being part of it) has changed dramatically in Asia over the last few decades as jobs have poured in and brought capital with them.

Turns out people with the ability to pay today and the confidence they'll be able to pay tomorrow aren't quite as allergic to debt.

my personal take is that my generation is pretty comfortable with debt. we know we've got plenty, if not personally than as a country. like i always tell my mom (who was more of a penny pincher, though not asian) what's the point in working every day of my life if i can't spend some of the money i earn as i please? i'll never be rich, i'll never be without debt in some form. i've got to live it up when i can.

[GandD 5,966]

The differences are cultural, not racial. Cultures change rapidly... the popular 'culture' (outlook towards work and wealth being part of it) has changed dramatically in Asia over the last few decades as jobs have poured in and brought capital with them.

Turns out people with the ability to pay today and the confidence they'll be able to pay tomorrow aren't quite as allergic to debt.

This is true, what's true of Asia's current generation, and by Asia I mean China, is that they're not unlike "the greatest generation." But as they are becoming richer, their children, the upcoming generation, are getting more and more reckless with spending. Not unlike our parents generation. Its not culture as much as availability of increased wages.

[GBCW 397]

Well, I see popular attitudes towards spending and wealth as being a component of the overall culture.

[Teddy B 17,252]

It means we don't have any debt so I can't tell if we're allergic to it. I used to have some debt but I don't remember sneezing.

No debt? You both must be defective. Just don't procreate, I hear there's a 50% chance of passing on a birth defect between debt deficient couples.

[GandD 5,966]

Well, I see popular attitudes towards spending and wealth as being a component of the overall culture.

Culture takes a back seat to a nice paycheck and keeping up with the jones's. And if it doesn't for you, it will for your kids, assuming they stay away from drugs. That's the Murcan culture, ASSIMILATE!!

[GBCW 397]

my personal take is that my generation is pretty comfortable with debt. we know we've got plenty, if not personally than as a country. like i always tell my mom (who was more of a penny pincher, though not asian) what's the point in working every day of my life if i can't spend some of the money i earn as i please? i'll never be rich, i'll never be without debt in some form. i've got to live it up when i can.

Old Asian Man Answer would be that you save for your children. So they can have an easier life.

But yeah, that most likely wouldn't be Young Asian Man Answer.

Although, I don't know. I have Asian immigrant friends my age who are going neck-deep into mortgage debt so they can get their kids into a top 10 school district.

It's like old Asian wisdom turned upside down. EMBRACE MORE DEBT... for your kids.

[GandD 5,966]

No debt? You both must be defective. Just don't procreate, I hear there's a 50% chance of passing on a birth defect between debt deficient couples.

I didn't think about that. I just made sure my wife was Asian so i had no chance of producing ginger offspring. AMIRITE???