More often than not, the topic of personal finance is considered taboo in many Asian American families. Immigrant parents usually do not discuss money, wealth, and prosperity because they may lack the financial literacy to share with their children. Without transparency and open dialogue between parents and children about money can lead to unresolved expectations and limited knowledge about managing personal finances.
Meet two Asian Americans who share reflections of how their cultures have influenced their relationship with money. Each of them is redefining wealth on their own terms on their paths to prosperity.
Understanding cultural influences on our relationship with money
Name: Robin Nguyen (@robinhamchoi)
City: San Jose, California
Profession: Elementary school teacher
Annual household income: $50,000-$74,999
I manage wealth quite similarly to how my parents raised me, paycheque to paycheque. I don’t mind spending money on materialistic items or for an experience I know will bring me joy. This principle also applies to paying for others I care about.
My experience with personal finance may differ from other immigrant families because of how my mother treated money. She greatly influenced how I manage my cash and my perception of weal
My family came to America in the 1990s. When my parent’s relationship ended, my mom returned to Vietnam to live with my grandparents, who had recently returned from being prisoners of war. My mom and her family grew up with unresolved trauma from war.
Yet, with that, my mom and her siblings resisted hoarding and the scarcity mindset. Instead, they became very charitable or materialistic. For example, my mom liked to spend her money on things that would bring her joy, whereas my uncle spent his money on those he cared about.
As for me, my personal finance and relationship with money borders the lines of saving and spending as I live daily. On the one hand, as a teacher with…
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