Asian Majority

If you were to buy into the stereotype, people think Asian Americans tend to be pessimistic, doom and gloom folks, but a recent MetLife seems to show quite the contrary when it comes to pursuing the “American Dream”

When asked about whether their personal financial situation will improve, only 35% of Americans felt that it would versus 47% of the Asian Americans. What is the underlying cause of this? One reason is that many have felt that they have already achieved the American dream, and even the ones that don’t feel that way believe they will be able to reach it eventually.

Part of the reason is that (stereotype warning! at least it’s positive, right?) many Asian Americans have a strong source of personal income and protection. In a survey, the Asian Americans tend to have a better safety net, or at least they believe they have more of a sufficient safety than the rest of the Americans. Other financially responsible actions, paying off credit card in full which almost half of Americans DO NOT do compared with 33% of Asian Americans.

So, for those looking for financial responsibility, take a page from the Asian Americans by having enough emergency savings to last a few months, pay off credit cards monthly, and plan for the future.

This all doesn’t come without baggage though as Asian Americans tend to feel more stress as they work harder to have a successful career and have more material possessions. Well, my advice is to simplify life with less material goods, donate to those in need, save more than you spend, and have enough emergency funds to take away some of that worry.

Original article: Article

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.