Comments on: Why do immigrants save so much more money than you?

By: Hannah

Hannah — Sun, 16 May 2010 04:35:11 +0000

I’m British by birth, and try to go by my Grandma’s creed: if you can’t pay cash for it, you don’t need it! No “HP” (hire purchase, or credit) for her! Do I use a credit card now that I live in the US? Yes, but pay it off each month, and get rebates on what I spend on it (American Express, through my Costco Executive membership card – which also gives annual rebates). I also grow my own veggies, use the library, instead of buying books, and only buy on sale. And I save, so that I can travel!

By: Friday Links | Vicki Boykis

Friday Links | Vicki Boykis — Fri, 30 Apr 2010 11:08:10 +0000

[...] Ramit, from a while ago, on why immigrants save more money [...]

By: Siebrie

Siebrie — Tue, 05 Jan 2010 13:06:10 +0000

My dh is from an African country with a life expectancy of about 45. He and his family members do not save! Life is short, and if you have money to make it more enjoyable: do so! Retirement is not foreseen, because people just are not expected to live that long. He is slowly adapting to a more savings-savvy lifestyle, and I’m adapting to a more spendy-savvy lifestyle (my parents are the proverbial Dutch frugalites). Money is often discussed, and generally we agree on what to spend it on/save it for.

By: Barbara Saunders

Barbara Saunders — Thu, 31 Dec 2009 23:40:09 +0000

Another comment – earning tends to get left out of these discussions!

If I make, say, only $50K, and my husband makes, say, $50K, then we cannot save $100,000 per year. No way, no how.

By: Barbara Saunders

Barbara Saunders — Thu, 31 Dec 2009 23:36:15 +0000

I wonder – does this generalization apply to all (or even most) immigrants? Most of the examples here are of immigrant families from China and India. Some friends come to mind who immigrated from Europe or the Caribbean (all upper-middle class families with good financial outcomes.) Although they are definitely less impulsive than typical Americans in my experience – and less often buy a lot of branded junk just for the name – they are not tight-fisted in the ways described here.

By: Nicole K

Nicole K — Thu, 31 Dec 2009 00:27:39 +0000

I work in an office that’s 50% Chinese and 50% American. We just started a 401(k) for our employees, and none of the Chinese are participating, although I know that many of them having much larger savings accounts than me. I think that Chinese culture privileges the “money under the mattress” approach to saving. I’m not sure which is better in the long term, but I guess many of them believe that their children will care for them when they retire, whereas most Americans know that their children will not.

By: FinanceDad

FinanceDad — Tue, 29 Dec 2009 02:30:58 +0000

I was not raised with any financial sense whatsoever, it was only until I got myself into trouble did I realize the need for frugality. Unfortunately, I’m still learning it.

By: ldii

ldii — Sun, 27 Dec 2009 01:57:21 +0000

It’s common that guest works harder and save tougher than the native.

By: CESAR Vuitton

CESAR Vuitton — Mon, 21 Dec 2009 06:28:23 +0000

I HONESTLY BELIEVE SAVING IS A JOKE…. IM NOT SAYING SPEND YOUR MONEY BUT WHY SAVE 150k WHEN U COULD OF TAKEN THAT SAME MONEY AND INVESTED OR Bought INTO REAL ESTATE AMONGST OTHER INVESTMENT VEHICLES
(start a business,stocks,Bonds,Gold,a Growth Area) . Besides the fact that inflation beats down your money when you have it saved in a bank , the bank uses you as a Leverage to get into other businesses. As far as being frugal i believe being cheap doesn’t have to do with being rich or poor .why be frugal when you do need expenses and spoiling your self once in a while is good for the human mind. Im not condoning to keep up with the joneses or stop paying bills to buy luxury but why save every dime if you can die tomorrow. and i know there will be many people who disagree with me and thats the reason why 99% of people lack the wealth and 1% have it. I also don’t want to Hear that all these investment options are Risky , its just as risky as walking the street , as getting a new job and LEARNING HOW TO DO YOUR JOB . But with the financial investing options you need TO LEARN MORE ABOUT IT, the more KNOWLEDGE YOU KNOW THE LEST RISKIER.

By: lal

lal — Wed, 16 Dec 2009 23:46:14 +0000

Commenter # 95. That post is out and out racist. This is a great conversation about immigrants and financial habits….This is neither an opportunity to pay homage to a particular race/ethnicity nor to put them down in a manner that quite simply smacks of racist beliefs and convictions.