[quote=andymajumder][quote=carlsbadworker][quote=flu]Maybe they just have more money then the average bear and/or manage their finances better…Yes, this is as ridiculous of any generalization than anything else suggested…… Anyone else care to have any brilliant ideas?[/quote]
OK. Since this is a thread about stereotype and ridiculous generalization, I will go some extra length here. Yes, they have more income than average, and save better, which results in a better qualification for home ownership, but then they are blinded by the home ownership because they have skins in the game.
So on one hand, we know that poor math skills would result in terrible financial decisions, but on the other hand, the Asian population proves that being good at math does not equal to being financially smart.
Asians are generally not good investors, mostly because they lack the investment options in their homelands, so they are not trained to think like an investor. As a result, they lack the good perspective in analyzing the investment options (e.g. factoring in property tax differences between US and their homeland country). The education system results in many PhDs who are experts in their own subject but are idiots outside their own domain.[/quote]
While..whether or not asians are bad investors is debatable, investment options in asia have increased dramatically in the past decade. In fact, Hong Kong may become the center of financial markets this decade. What’s happened in the past 20 to 30 years shapes the financial behavior of folks, most younger asian immigrants have seen housinghomes to be a great investment in their own country and have seen the impact of currency devaluation while growing up (like the asian crisis in late nineties which lead to some currencies loosing significant value overnight). Hence, they are attracted towards to hard asset such as homes, gold etc. That’s all I am trying to say, its not about being dumb or smart.[/quote]
Let’s put it in perspective. Folks that bought a place say in Shanghai in 2003, are probably seeing 400% gains today. Selling said place and buying say a $1million place say in San Marino(even though folks might think is expensive, overpriced, etc) is still probably “safer” than keeping it in Shanghai. Plus, even if things depreciate, I’m sure folks would still come out ahead.
If folks want to talk about stereotypes, just go to almost any new sales office here. All the builder agents/etc don’t seem to have any issues bending over backwards when they see an asian couple walk in.. It’s so obvious, it’s almost ridiculous.
But for your “average asian couple”, Most asian couples (not all, but most)…also are dual income with woman making same as men (chances are both are relatively equal in profession/experience and tend to be in professions…. Also, tend to be more miser on everything else.
Where you start seeing deviation, are in the second and third generations that have been corrupted by american vices…like me.. who tend to be much more materialistic than my ancestors, wanting cars, booze, and boobs.
