As for sports, if Asian families focused on athletics more, I will guarantee this trend can change. James, how do you know Asians students work harder compared to other students? Has there been some sort of study done? Or, is this a stereotype? Those are good examples. Less violin and piano, more basketball, baseball, football, tennis, and golf! However, every data consistently shows that Asian American students outperform other ethnic peers in standardized testing, get better grades, and are overrepresented in the top universities relative to their population.
Unless these Asian students cheated in greater numbers to obtain their better academic performance, they had to have outworked their peers. Also in L. Very nice post Sam! A lot of costs scale better with bigger population. Other examples of small nations that are doing well include Hong Kong, Austria, and Monaco. Good stuff here! They grew up overseas and we moved to the US when I was 3 years old. The same is true for many of my relatives. I was just talking the other day to a friend that if he wanted to learn about finance start hanging around Chinese people.
Many of my friends are Chinese and we always casually talk about investments, savings, business, retirement, taxes, etc when we hang out. It has greatly helped me get on track. Most whites I know think its rude to talk about money and are not financially literate so I appreciate the open conversations I can have with my Chinese friends. Very few of my white friends enjoy discussing those topics lol. But I have a few who do here or there. For the most part, you are correct though. I know everything about my family finances personally though, but my brother and sister know nothing.
Haha I am a Korean and I think it is a lot to do with their home education while they are growing up under frugal parents and grand parents and great grand parents etc….
In my opinion, the two biggest factors which explains the higher Asian incomes are: 1 cultural emphasis on education 2 pessimistic belief that no one will take care of us if we fail. The emphasis on education helps us a lot. This is a huge advantage. In Asian cultures, we thrive on it.
The downside to this is TOO much emphasis on grades and little else. We end up being socially crippled, with low self-esteem, and being inept with networking. This holds us back when it comes to climbing the corporate ladder and starting businesses. Our anxiety about failing and not being taken care of motivates and drives us to working insanely hard.
Which helps us get ahead. Wow, such a strong sweeping generalization. I doubt Asian people have higher instances of suicide, depression, and lower self esteem compared to people of other ethnic background in U. The primary reasons why Asian people as a group in U. It has nothing to do with having stereotypical Asian cultural traits you ascribed.
Fascinating post, Sam! I do believe culture has a lot to do with the income disparity amongst races.
As you mentioned with education and a few other areas, Asian families are typically hyper focused with their children being successful in this regard, and it transfers over into higher paying jobs. I see it within my own family, as well as friends that are Asian American as well. Interestingly enough, the Asian American kids seem to rise to the expectation even if begrudgingly. Where is that perfect balance of expectation and letting a child find himself freely? I think the key factor here is education and most in most cases speak at least one more language on a native level.
Education is the best investment you can ever make in your entire life. If you write a post about income levels of different educational degrees, it would be interesting to see how good investment college fees actually are. And the rest of the world would be shocked even more if they knew the Truth of US, against their perceptions. None have any idea about the true state of affairs within US. They think of US as NY sky scrapers, none think of mile no-man land drive through Wyoming, they think of US as easy and tons of money, none have any idea of the folks sitting on the couch collecting food stamps, or others working their ass off in multiple jobs.
If you were to ask me, the folks on this site work their ass off to seek financial freedom, which rest of the world thinks we get it too easy.
I may not necessarily agree with stereotyping people but they do exist for a reason. I too am an Asian, but I am certainly not fresh of the boat. I am more or less 3rd or 4th generation since my family immigrated to the western world. But my family stuck to our culture roots, especially when it came to marriage even after leaving the homeland. It certainly proves that the other stats are not far off in how in general Asians have a higher median income. And shows asians certainly spend more time reading financial blogs and any thing money related. We are on a financial website, seeking financial freedom, and you forced me to think as to when, how and why ethnicity got confused between region and skin color.
Asian is based on Geography, White and Black on skin color, and Latino based on language. No consistency I say, hence I could be anyone.
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I speak English better than most whites I have met in America, my daughter tops her Spanish class, my son is fairer than most white, and I am darker than blacks. Who am I? We are who we choose to be, the environment we are given, the lessons we have been taught, and the hard work, or lack of it, that we do. It is NOT the difference of the Race — as your title suggests — and ends up giving reasons for it.
But the difference of how one is raised, how much one works harder, the values and virtues — that is the true definition that divides us. I have not been raised in US. But I love the values this adopted country of mine represents, foremost — Freedom. More later. But I just dont like correlation between Language, skin color, and Region with Income. The saving rate is a lot higher in Asian families which makes it more obvious as well. Most Asian families emphasize only buying stuff when you really need something and first looking for coupons or a sale before purchasing something.
When I got older, and saw real estate transactions by Asians, many of them would make a lower end offer. If it never went through, they looked elsewhere or just waited. You would never have guessed by his old truck he drives. There is no surprise that your neighbor who owns multiple properties in SFO drives an old vehicle. In fact, none of the financially free people enjoy money or what money can buy.
They just like the sense of freedom. Of being content. At some point in time in your life, you would realize that finance, emotions, health, and family not just you — parents, kids, spouse — are all interlinked. Why is Medical cost so high in this country? I face this situation with my non-US citizen parent now. As a fellow Asian American Korean I agree with the majority of your statements.
It allows me to think in two terms one perspective from Asia and one perspective from the US. Time to get cracking! Do you feel pressure to make a lot of money as a Korean American? What type of pressure do your parents give you nowadays?
My parents knew I worked a lot during college and they actually wanted me to work less. I worked because I enjoyed working so I think the desire to make money and be financially secure came from within. Coming from an East Indian perspective here. We came from middle class back in India and education in the stem fields is really pushed hard. When I was growing up I did not want to be an engineer but my parents pushed me into by having regular conversations and explaining the importance of choosing a field that would pay well.
I really thank my parents for that. I wonder how many parents say this to their children.
Yes taking debt on even for buying house is not common in India. My parents and in laws all buy property with cash. My husband had a really hard time taking a loan to but our primary residence. To this day except for mortgage primary and rental we do not have any debt.