7 Chinese Money Secrets That Will Make You Rich

[@humphrey]

Hope you're enjoying todays video, I'd love to hear more about your habits in our free Discord community: discord.gg/humphrey

[@chocolateboy3000]

I've never understood why some look down on Chinese and Indian "frugalness." I think it's actually quite beautiful that part of the culture is to ultimately take care of yourself in all aspects of life. Wishing everyone here in the comments good health and wealth!

[@DaniOchannel]

I heard this saying a lot when i was young, "No money, no talk."😅

[@CaptainPrice360]

Im gonna use that XD

[@jact12]

And my mom who doesn’t really speak proper English will say “No manee no tokking” 😅

[@DaniOchannel]

@@jact12 I can guess where she is from😂

[@WoodJacob-tt4de]

Building wealth involves good habits and risks like putting money into solid investments like digital currencies,having a good financial manager is what people tend to shy away from,and it keeps hunting them in the near future after many losses, be disciplined and get certified manager, I pray that anyone reading this will be successful!!!

[@charlesmougin884]

Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional ?

[@xiphoid2011]

The high savings rate has nothing to do with 1978, but has everything to do with Chinese history of lack of safety net. It's thousands of yeara of emperors and governments not care of peasants starve to death during bad times. This is the same reason why we Chinese really only care about family, and not care about others in society -- because you can only count on yourself and your family, so we save up a big rainy day fund.

[@humphrey]

thanks i see

[@Benedict.Lee88]

Dude is correct. Asians never knew peace and prosperity for the past 2,000 years..therefore we are always in 'danger' mode leading to hoarding and a sense of always needing to accumulate more.

[@Kingiam123]

Well, everyone should still consider these tips, regardless of their respective country's "safety net." 🤷‍♂️👍

[@Chemnitz1988]

Shout out to the Yang parents and their friends!

[@humphrey]

yay!

[@Jack_Clemans]

I LOVE your last point about how cultures benefit from more open communication about money. I posted a short encouraging folks to be more open about their financial experiences and it got the highest proportion of dislikes of all my videos 😂

[@humphrey]

right! jeez

[@user-ip8jn5np7y]

Very similar to Greek culture about money. Born in America and growing up here I was taught the opposite of my peers and co-workers. My grandfather got me involved in my first savings account when I was in my late teens early twenties. He gave me the philosophy of if you own 4 pairs of shoes you have 2. God bless him.

[@alejmc]

Ultimately only companies and governments benefit from people not knowing the details of what similar people are getting. If I get $10 and you get $9 for the exact same job at the exact same company, that company is basically wage stealing and pocketing a dollar (although the example is legal, wage theft is one of the most prevalent ways of robbery, even if you combine all rob assaults, bank assaults, car theft, etc all together… wage theft is still like 10 times higher). What’s worse, it is the citizen that don’t really know who’s making what for which activity; while companies and government organizations themselves have a detailed rap sheet of absolutely everyone and their financial activities.

[@northstar5919]

​@@alejmcsometimes even if you know you cant do anything about it.

[@theonlyopy]

Bless the day I come accross this channel. Changed the way I manage my finances.

[@humphrey]

sweet!

[@83dsvhtubb]

Not just Chinese, but Confucian values. That’s why East Asia is prosperous

[@humphrey]

yep!

[@Overlord277]

Nope. They're prosperous because the U.S. has conducted decades of business there to the point that China is catching up; as well as stealing IP. Not to say they are bad values. I agree with this stuff.

[@ketkimodi2825]

I am Indian and we too have similar values/teachings when it comes to finance. We feel proud is saving and try to avoid debt and living below our means.

[@SuccessMikeMatthew-gw5uh]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.

[@pedroAgondel]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@HighlightsSerieATIM]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@UsamaG-mq1jy]

I'm new at this, please how can I reach her?

[@SuccessMikeMatthew-gw5uh]

she's mostly on Instagrams, using the user name

[@SuccessMikeMatthew-gw5uh]

FXMILLER15 💯.. that's it

[@krisclements6040]

Sharing is caring. We should all be rich together & that means talking & inspiring others

[@user-ip8jn5np7y]

I try but some just try to put me down. My brother in law argues that his home is an asset even though he pays monthly for it and only gets appreciation from it's value. Indeed, he continues to hackle at me aside from my sister and brother arguing that" The 3 of us own and you rent". His philosophy is about statues not equity. He makes a very good salary compared to me, however, his ideas about wealth are how to impress others and put down those who are different. I don't care if I am a minority in finance compared to others in the US. My goal is to build actual wealth not try to show off and look like I have wealth.

[@OtonasKancleris]

Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..

[@OtonasKancleris]

Linda Wilburn program is widely available online.

[@redeyesband]

In a field as rapidly evolving as cryptocurrency, staying updated is crucial. Linda’s continual research and adaptation to the latest market changes have been instrumental in helping me make informed decisions.

[@joshjhoward]

I'm all for transparency when it comes to how much people make and how much they spend on things. I think one of the things that made my life more difficult was my lack of knowledge on the cost of living before becoming an adult.

[@vladoffline]

I definitely like the eating at home part. I think it’s great to pick up some recipes and have friends or family over as opposed to going out. And that hotpot looks super delicious! Have to learn to cook some Chinese dishes 😊

[@jact12]

Always love your content HY, and especially relatable on the Chinese culture. However, not sure about your last point with transparency on salary and finance. Maybe within immediate family, but friends or relatives it’s mostly a taboo subject. They don’t like to reveal too much, possibly due to people asking to borrow money or have you foot the bill when there’s a gathering. Just my experience and observation here.

[@diabolox1272]

I'm Portuguese and will follow this.....

[@toyatv9130]

I like the wealth transparency habit. It’s still taboo to discuss personal finance in certain American communities, but the rationales you presented in doing so does more good than harm. Great vid 💎

[@TheIBROWman]

China is one of the world leaders in cashless payments. I studied abroad there in 2012 and cash was king. I went back in 2017 and everyone used mobile cashless transactions, although it was still cash technically and not credit

[@fs5775]

great way for the govt to track you

[@rebeltheharem7028]

Well, the saving money part is bad for recessions if you over do it. Its what happened to Japan, and what's happening in China right now. But on a general consumer level, its definitely a good thing, and people should save money for investment in general.

[@dineshvarma98]

Not only Chinese, its common among many asian countries. Negotiation/Bargain is an emotion.❤

[@valerieboileau8033]

I like this list

[@suenov19]

I am a Chinese and you are totally on point!

[@jasonhopkins8006]

Love your content, Humphrey. I'm also a big fan of ClearValue Tax, Brian Jung, Charlie Chang, John Liang, AskSebby, Chase Yokoyama, Kevin Yang, and Stan the Credit Frog,

[@humphrey]

Nice!

[@thomashuang8401]

I would buy things on credit but pay things off end of every month and get the cash back. Then, use the cash back to transfer to my brokerage account and buy dividend stocks/etfs. Rinse and repeat month over month while keeping dividend reinvestment on.

[@Cinthia-gk3ip]

What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.

[@Elizabeth-mh2dj]

There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist

[@MablePauls]

I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders

[@SirBenjamin-oq1wd]

Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

[@MablePauls]

Just research the name Angela Lynn Schilling. You’d find necessary details to work with a correspondence to set up an appointment.

[@SirBenjamin-oq1wd]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@user-yt4pd8km6h]

I am Taiwanese and I live in the states. I don't turn on my heater in the winter. 😂😂😂

[@shockwave44]

I think eating out less is definitely the money lesson I also learned as a child. Eating at home is healthier most of the time and allows for better family bonding time.

[@gharleschuan]

The no ac and heat was basically my entire childhood 😂

[@vincewoo3415]

I would say most young generation Chinese are losing these habits 😅

[@hawkdidi]

the putting on extra layers is dead on. you’re a real one 🤣🤣

[@Courtney-Alice-Gargani]

Great video. I am half Asian and I can relate to this.

[@humphrey]

Glad you enjoyed it!

[@mbank3832]

I am Hong Konger, and I approve

[@zaidkvex3339]

Believe it or not I’m from El Salvador living in the US and I do practice this habits and I’m broke as F****

[@fs5775]

👆 truth speaker here

[@rainetravels1410]

I'm definitely not sharing how much I make per year. Because I'm probably on the higher side than my counterparts. Partly because I have more experience😊

[@kamadelva1235]

cool insights in the chinese money philosophy ! my favorite will be the #7 and I agree with you that more transparency could lead to a better money future for anyone!

[@m444ss]

i do use credit cards for the vast majority of purchases, but I also pay off my credit cards every week or two, and I pay off larger credit card purchases the same or next day

[@CaedenV]

Yep yep! That is the way to do it! Most of my financial issues were credit card related, and getting it paid down felt so good! Thought I wouldn't touch them ever again... But that monster of efficiency wanted the rewards, and my paranoia wanted a firewall between vendors and my actual bank account, so I went back. But 2 years in, and no regrets! I get about $2-3k/yr of rewards, and the couple times I haven't been able to pay a card off because of large unexpected purchases has cost me $50 in fees... Yeah. Credit cards are dangerous. But if you keep it under control, the gains and protections far outweigh the risks. Having that year away to make sure I had it under control was a good move, but staying away would have been a mistake.

[@johnl9135]

Yes it's true regarding the AC/heater. We would rather be cold or hot until we can't bear it anymore. Then we will turn on the AC or heater.

[@2744ducksdman]

There are positives and negatives of this. Positives is for a vast majority of people, making more money isn’t what makes you wealthy, it’s how much you save. A negative, is the culture of working for US businesses, maximizing profits/revenues don’t follow the save philosophy as personal saving so you have to develop a different mindset to be successful at work.

[@bwabwa8810]

I lived in China for a bit and really focused on the negative aspects of their obsession with money. I saw it as greedy. There are so many impoverished people living on the streets, some even completely naked. I connected that with the obvious obsession with personal wealth building and greed. I used say that the only true religion in China is that of the Almighty Dollar. Also, I think I had such a negative perspective on it because I am white and everywhere I went, people were trying to rip me off. 😂 I did get really good at haggling, though. However, this video gives me a better understanding of their way of life. And now that I'm really focusing on building a comfortable future for myself, I understand it.

[@codyd.18]

Very interesting to get the Chinese perspective. American attitudes about money are strange by comparison. We seem to be split between valuing money as evidence of industriousness/intelligence and the puritanical attitude that material things have no value. I think this is where we get some of the shame associated with talking about money or wanting more money.

[@isaacl6402]

I will say that while the philosophy has benefited some in that they save a lot of money, it may have negative effects on the economy. China is widely considered to be in recession now, which may cause people to save even more making it difficult to try to restart the economy even with stimulus

[@noartservice4681]

That AC/Heater comment is so true, we just bake in the summer or wear 100 layers when it's somewhat colder.

[@xiphoid2011]

Especially for us shamghainese. Even though we are the richest we are also very frugal, which gives us a bit of a reputation for being stingy, but people say that because they are jealous of our wealth. 😅

[@vulpixelful]

In some parts of the US, it harms your home to let it bake during the summer or let it be too cold during the winter. For example, your pipes can freeze if you keep things too cold 🧊

[@palee8928]

That’s just pure greed. Why are you becoming rich then? To suffer in this life or to live better? The purpose for money is to live a good life. If your purpose is just to save to show it off then it’s just pure greed and foolishness? What good is money if your health is not taken care of and you live miserably in your home every winter and summer?

[@animefan4ever]

Great video. I love the Chinese attitude to saving money. I just hope that in China the value of a person is not determined by their salary. Because first and foremost, everyone is human and whether someone earns more or less should not be the most important thing. For me, everyone has potential and should have the freedom to make their own decisions. I think it's great that the children look after their parents in China, but haven't they already provided for their old age with the mentality of saving? Enjoy your life everyone 🤗

[@fs5775]

Do you like being around people who are "cheap"? No one does....

[@animefan4ever]

@@fs5775 That is not what i mean. Not everyone has to be a millionaire. And it not matters for me if my friends wear brand goods or not. The most important for me is their character. Sure all my friends have a job and thats nice but i dont think they are better humans if they make 40k, 100k or even more per year.

[@animefan4ever]

@@fs5775 Better a little bit cheap with a good character, then rich with a bad character 🤣

[@Garbimba1900]

I liked the 10-to-1 rule, it instinctively makes sense to me! Frugal Wealth is another concept I liked a lot too.

[@Canuckoperafan]

Absolutely true.....except for the bit about haggling while making a purchase. I find the idea of haggling in shops while making a purchase very embarrassing, especially here in North America. And I can't say I've seen it among my Chinese friends and relatives.

[@rickyhawley3482]

I learned my financial sense from my mom. She learned it from her dad, who was once a president of a small local bank and then became my city’s assessor.

[@shelleygebhardt3609]

I am enjoying these concepts...I have had some political and financial challenges that have caused me to have to completely start over... The philosopher aspect makes the ideas less sterile and more interesting...I'm trying them out...What a great channel!!! Operation live in harmony!

[@NixProfessor]

Good video! Any chance you can do a follow up video (after the dust settles) to your original Gamestop video regarding the whole Roaring Kitty drama? 😂 Would love to hear what the issues were regarding the screenshots and why people were freaking out lol

[@JJTheLion]

Woooooooo, hell yes. I love all my Benjamins on my messed up walled. I have a friend that has a LV bg and she has inside is daily make up No money! Thank you for all you do! You are helping many people that want to use your info. 🙏👏🦁

[@fiverareblanks]

15 years ago, 55F in the winter & 83F in the summer. Now more 67F in the winter and 78F in the summer. saves lots of money :)

[@vfrank222]

I would love if schools in the US taught these skills as opposed to “y = mx + b”

[@bhupalgurung3040]

You can you that equation for lot of things though. You just have to think. Be grateful you learned something and think outside of the box.

[@vfrank222]

@@bhupalgurung3040 you must be fun at parties 💀

[@bhupalgurung3040]

@@vfrank222 I see what happened, you spent all your school years in parties trying to be fun instead of trying to think and learn. No wonder you complain now. FYI, I don't go to much parties, I'm not into it. But when I do I'm pretty fun. Thank you.

[@Outspoken2012]

Great video as usual. I’m glad to hear your parents are proud of you and don’t consider you as a failure 😂

[@angooredcow157]

An excellent and insightful analysis. My neighbors spend freely and travel continually. I do not know where they get their money from since we all live in the same type of houses in the same neighborhood.

[@CarlosKTCosta]

With the advent of financing companies and low value personal loans, I find that offering to pay "money in hand" or immediately is becoming less and less of a negotiation tool. Case in point, my mother bought a car a year ago or so and she did not want to finance it. At the dealer we said the typical phrase: "so what's the price if we pay in full right now?" and the seller looked at us and said "This is the price if you are not financing, if you finance I could give you a discount because the loan company pays us a fee for every new customer we bring to them."

[@shilpab9685]

A new subscriber here ! I come from the Indian culture. I think most Asian cultures are so alike with pride in saving 🙂

[@DoubleBob]

Besides haggling, I love every one of those points.

[@aggarza7613]

Thanks! Very insightful. Please consider presenting a video exploring how these same constructive habits can have a dark side. Also, if you can connect them to practice of avoiding the sun that would be very helpful. Thanks again, appreciate your work!

[@timothyy7]

As a Chinese-Korean American, I didn’t realize I was following the Chinese way of money mindset until I watched this video. 😂

[@TheFirstRealChewy]

I want to know where taxes fall when people say they are saving X%. There is a big difference if saving 50% before taxes or after taxes.

[@SarahPearlpence]

I am grateful to know this platform

[@stevenluo9516]

Yes, as we can see that China is an exceptionally rich country with a whopping GNI/capita of $12,850 in 2022 with an impressive median net worth of $27,273. For a reference, $76,370 is the GNI/capita and $107,739 is the median net worth in Humphrey's country of citizenship: United States.

[@Bishopinthemaking]

Good stuff.

[@Fayman889]

I always thought Humphrey yang is mix bleed kid im glad you make a video about chinese spending habits 😊

[@wtf-qr3vq]

Mix breed? What are you? A neanderthal?

[@madibaim]

Money Transparency is my favorite. We suffer in silence

[@nathanbutler5605]

Cash doesn't give you more negotiating power. Most places the offer finance get a kick back from the lender, so in most you actually have worse negotiating power as a cash buyer. That said paying in cash is often the cheapest way to buy something.

[@jlye01]

My parents saved money because there are next to zero social benefit program in China. Everything costs money. They had to pay for their medical bill, their children's education, retirement living expenses. If they don't save money they are screwed. That being said, I did benefit from good money spending habit. We have saved enough money to purchase a second hand car without getting a lease or financing when it was time, we carry cash and order take out expecting 10% off with cash payment, completely avoid tips.

[@Wutang3737]

You bring great honor to your famiry Humphrey

[@BasicBeachCommunity1]

awesome!!! i love money and culture!!

[@humphrey]

woohooo

[@shaw7598]

As a Chinese I approve the habits

[@henryha2285]

Omg look at baby Humphrey! 😍 woo woo woo

[@nodsib]

That’s funny, I guess I’m Chinese, just calculated my Savings Rate and it was 46% 😂

[@charletfoster8917]

Great needed wisdom😊🙏🏿💰💰💰

[@TheLovely990]

Great money habits. This is how my grandparents were able to purchase a home for $16,000 and work 1.2 million dollars today.

[@johnmaloney1784]

Love the channel and what you do. However, the GDP per capita in China is $12,700 (USD). I find it hard to believe that the average person is saying 46% gross.

[@DrezioMota]

Like my polish roommate says: "No money, no Honey!" All do I guess he's not referring to saving money 😅

[@humphrey]

hahah

[@marklechadores5574]

Being Christian, saving is derived from having enough provisions to last though the winter before planting season in the spring.

[@saeedhossain6099]

so don't allow aspirational lifestyle dictate your finances. aka be cheap

[@jesseroozendaal2700]

That’s also a pretty normal lifestyle here in Europe. Americans tend to want to live expensive or spend a lot on things that are unnecessary.

[@nonbruh]

I didn’t realize my parent were Chinese

[@TheLeedgelodge]

Hi Humphrey. I'm early here today

[@humphrey]

you are early!

[@summerbaby4600]

One time, I was binge watching the debt-free screams on the Ramsey show, and I was like wait, I don't think I've watched a single sceam by an asian. Not even one! I wondered if it's cause we are (I'm Japanese) too shy? too embarresed to admit to having debts, or just never in debt in a first place??? Watching your vid, I think it's all of the above 😁

[@HighwaytoHobbs]

Upvote for proud parents! 🎉

[@alxtan1]

My Chinese mom was buying me a suit and we went to this Jewish owned store. The Jewish lady and my Chinese mom looked at each other, and swear I heard “Let’s get ready rumble!!!” In the background. lol!

[@meluvYT]

not sure about the transparency one

[@nae4830]

Favorite, save 46%.

[@tigerlily48]

its better than eat outside

[@SK1MD]

Your dad was quite handsome😊

[@momoko7859]

This is not Chinese, it is just money saving habits that work if you can practice them from person experience. Dining out really takes a toll on people’s wealth without them realizing

[@kittycat6195]

🙏🏻 thank you

[@myleneaquino9801]

When money talks, everybody listens....

[@daveschmarder-1950]

I'm feeling Chinese already! neehow

[@humphrey]

hahaha

[@happyhunter]

Boost Your Health next...

[@nitinprasad3842]

This is the same thing in india .

[@Queen-rc6ue]

A lot of corporations encourage their employees not to discuss salaries or pay increases with each other...very sad & proof of possible immoral practices.

[@TomHokan]

My ethnically Chinese wife does NOT subscribe to any of these methods. Guess she is more Californian than Chinese. LOL! I'm gonna make her watch this!

[@darksideofthemoon19]

My father in law flexes how much he saves on electricity and he lives at home 🤣

[@chejy062]

No 8, buying real estate when you are young but never sell if possible.

[@noName-kn1lx]

The puzzling thing is how the Chinese can live under a wealth despising class warfare system like communism with these beliefs..

[@fitta74]

Asians in general are good with money

[@sheldon94666]

Debt is bad lol check evergrand. Who’d thought they bankrupt

[@AnamolAdhikari]

1st🎉