Live in LD. Used to use up all my money to buy all sorts of stuff. Started saving a couple of years ago due to kids plans. Now I feel this pandemic will change my spending behaviour permanently. I felt so safe when the lockdown started by looking at my bank accounts and thinking: OK I definitely have enough money to hang on until this ends. We are lucky that we can work from home and we have been paying our mortgages despite of possible payment holiday arrangements. Now saving makes me happy!
@jerrykowal10074 жыл бұрын
Glad to hear, I have a lot of friends in the FIRE crowd. Financial Independence Retire Early
@pozolan104 жыл бұрын
You and Jerry are both right. The key is delayed gradification. For 30 years, my family operated under $50k annual income (pre-tax.) With budget sensitive vacations and entertainment, we put both kids through college, paid off houses and cars, and saved up for retirement now I am enjoying. Save, save, save. Delay gradification. Good luck to you all.
@Paul-fk2sz4 жыл бұрын
及时享乐!哪天死了都不知道。牛六妞纽6
@MsFavorate4 жыл бұрын
Chak ItOut London
@MsFavorate4 жыл бұрын
Jerry Kowal 我是郭杰瑞 Personally I would still aim to retire at round 60 years old. First I really enjoy career recognition and progression. On the basis I can maintain my current work life balance, I prefer to have stable increasing guaranteed salary, even being able to achieve fire. Second I want to set up a good example (at least in my view - good) for my kids and show them what kind of life they can live if they work hard like I do.
@billinsf884 жыл бұрын
Non-saving is not just on a personal level, the US has been running on loans for a long time.
@chinchang51174 жыл бұрын
So any plans to repay the loans and start saving up?
@billinsf884 жыл бұрын
Chin Chang I have no idea, I think the only time we didn’t have debts were when Clinton left the office.
I can already see from expats in China, especially for renting, they want as close as possible to their workplace, they want to live in a big apartment, and when it comes to food, they only eat luxury food, not all expats are like this, but most does. As an Asian, my father always teach me to live simple, simplicity is a mindset not a lifestyle. Buy what you need, not what you want, and what we want is not always what we need.
@caoyi54204 жыл бұрын
不回家讲中文吗?
@essentialeconomist1844 жыл бұрын
@@caoyi5420 英文实力压倒你们
@rebeccawan30884 жыл бұрын
The video is practically saying that Asians likes to save more comparing to average American? Dun understand where you comments is coming from.
@rebeccawan30884 жыл бұрын
It is not wrong to enjoy nice stuff and pursue a luxury lifestyle. As long as you are smart about money and only buy stuff you can afford.
@shirleyshen44194 жыл бұрын
Mark Levinsen, This is exactly what I told my 80 some years old neighbor whenever we went out together to have some fun. They are the one that can be considered as middle class retirees with annual income no more than 50K. Here my after tax income is about 2x more and in my early 50’s. With many times of me asking do you really need it, it becomes a joke between her, her kids and me. I think most of Asian especially the first generation of immigrants are having feeling of insecurities. We need to save up for the rainy day that may never come.
@@chaunceychin5671 消費刺激經濟,與消費主義的滿足慾望與情緒instant gratification是有差別的。政府給錢為的是解決民生問題也是刺激消費,帶動市場經濟,而消費主義本質上造成滿足慾望的而不是必要的消費越多,造成環境垃圾就越多。現在歐美國家很多年輕人不再相信Keeping up with the Joneses,貸款買大房換新車的慾望所造成的財務負擔在次房貸危機中展現無疑。現今歐美年輕人流行極簡風Minimalism也是看到人類的自私慾望對地球環境造成的負擔和傷害。地球只有一個,既然是地球主人,應該有責任永續經營,資源回收,減少垃圾為後代子孫留淨土。
We Chinese are the opposite 、in the past 200 years, our parents had gone thru so many crisis. We were taught to save for the rainy days。
@elgs19804 жыл бұрын
Saving money is not necessarily good for the society. Your saving money is discouraging better products and services from being created.
@Haiuser-st9pl9so3u4 жыл бұрын
@@elgs1980 when people are saving money, those seller need to provide better service and productions to create income. Those who saving money will spend more in the future. However, those who keep spending money without thinking will resulted bankrupt. Than the government need to provide money to them.
@yuancheng40704 жыл бұрын
Hai Han Pea like he said, delayed gratification.
@krakken8584 жыл бұрын
未雨绸缪
@VocadimCutuy4 жыл бұрын
@@elgs1980 Spending for non-essential, luxury products does not promote the "positive" productions that create better life. Money saved in the bank reduces that kind of spending (otherwise, you will spend your extra money anyway) and is used by banks and loaners for investments that promotes productivity.
I pay my credit bill clear per month to avoid wasting my money in usual. I will be afraid if I lose my job without saving. Other hand, I can usually full pay for what in need but I must be able to take upon first. Bless all you guys to cheerfulness in your living.
When I was in high school and worked at McDonald's as a cashier, I witnessed two young ladies coming in, ordered one medium fries, tried ALL the cards in their wallets, and had to give up & left empty handed because they failed to cough up 3 bucks for fries. It was my first wow moment since I came to Canada.
@wuweiwei86863 жыл бұрын
the point is they still wanna spend 3 bucks for a medium fries. no wonder they have so many cards with so less money.
I’m sick of the way Americans saying “This is my absolute cost of living”. Really? Do you really need a 3 bedroom home? Did you really need to have that Mustang when a used Kia would do? Did you really need to buy a new PlayStation 4 for your kids? Did you really need to drink beer every weekend? Complete bullshit. America really needs to see a huge war on its shores so that people will understand.
@user-qm1kw6ff5i4 жыл бұрын
好的
@mado15674 жыл бұрын
Meh, mustang is old school. Cool kids want Tesla because in Elon Musk we trust. Would be nice to have a 3 bedroom home but I can barely afford a two bedroom house in San Francisco. Nah, I don’t drink beer nor do weed. I dont have kids can’t afford any. How can I have savings when my mortgage is 4000 dollars a month and HOA is 800 dollars a month?
In China, every children are told saving money is a virtue, and we should have a bitter life first then we can have sweet future. This is common but shape the personal future in a good way.
@kevinj22614 жыл бұрын
Just cann't agree w/ you more, I opened banking account for my daughter when she was 16, too much). and saved every lucky bag money for her. It's also kind of education. I know she will appreciate it.
(bi)Weekly Salary might be the key reason as well. it seriously affects your spending habits and mindset, but also gives you better cashflow than monthly paid.
@wuweiwei86863 жыл бұрын
true! in aussie, ppl get rich on friday and get poor on monday!!
@yiw.22444 жыл бұрын
living on paycheck is a terrible choice. However in most cases, it's the only option.
I chatted with a friend from Spain. He said one point of view about the situation and I'm agree with him... Chinese is living for making money. European is making money for living. I think both need to be balanced. Regarding the money, I'd promote a specific book... "Thiaoouba Prophecy"
@George929904 жыл бұрын
There is no such thing "living for making money" or "making money for living". All people want better life, but someone just get more consumption by overdrafting their future life.
@rebeccawan30884 жыл бұрын
@@George92990 Dats not true. My parents and many older Chinese people I know live a very frugal life ( eat out once a month,only spending money on the absolute necessity) even though they have millions of dollar(rmb) sitting at their bank account. Of course not all chin people are like that but the traditional belief is that you become "rich" by becoming frugal.
@rebeccawan30884 жыл бұрын
@@George92990 Whereas people at the west define "rich" not by the exact amount of saving but quality of daily life. There is def a clash of culture here
The US citizens' irresponsible spending habit is also due to America' long running artifically low interest rate and low inflation, relative to all other nations, because of dollar hegemony as the world reserve currency.
When you have a couple thousand of saving, all government benefits are gone.
@rebeccawan30884 жыл бұрын
This welfare system is universal in the world. That there is a income limit to certain benefits to help only the people in need. This system is def not to blame for the situation in US.
Hey Jerry, when will your fibo coffee be available in US? Can't wait
@jerrykowal10074 жыл бұрын
Hi, we actually had the coffee beans made already in the US, but because of the virus was unable to sell them. Now unfortunately, because of the virus, I'm unsure right now when it will be.
@joea28164 жыл бұрын
@@jerrykowal1007 Have you prepared to sell them on amazon?I think its maybe a good idea????
@swiftie_love_ya49904 жыл бұрын
@@joea2816 He sell it on Taobao,Chinese people could buy it,if u want to buy the coffee,u can buy it on it
@joea28164 жыл бұрын
@@swiftie_love_ya4990 However American are used to use amazon instead of Taobao.
@zalacheung73804 жыл бұрын
@@swiftie_love_ya4990 I bought some from Taobao when I was at China end of 2019 and the coffee was pretty tasty. But I am now stuck in the US. I knew Jerry posted a video talking about making his product available in US and that's why I asked
Thank you, Jerry. Your analysis is very good. The Asia idea of money saving is very different from U.S. Many Asia countries do not have good and complete society security system so Asia people need to depend on their own, and always have the mind panic to force them to save more money on their life. This cause the reason that western people wonder why Asia people love to save much money. Actually, the common psychology crisis for Asia people is that they really worry they may die from poverty and get too poor, so they tried to save more and more money.
@johnnyyang384 жыл бұрын
True!
@tonysun44894 жыл бұрын
Asian people take more responsibility for Kids and delay the gratification for themselves.
@francisleo96954 жыл бұрын
There is no free money here, if we do nothing we get nothing. So we save money, just in case there is an emergency expenses. And the tax rate in U.S. is very high, so you really can't compare.
@kelvinngdesign4 жыл бұрын
Main reason is for children.
@jackyao19444 жыл бұрын
No,main reason is for children,not for security system.You go on a wrong way!
@timothybolt36373 жыл бұрын
我们这边澳华笑话纽西兰移来澳的华人:开一部破车,房子拥有7、8幢。他们更省、更会积累财富。
@wingwing14734 жыл бұрын
美国行为经济学家,richard b thale, 在中文版的著作〈不当行为 〉,提到早期的美国人是有储蓄的习惯,后来是一个政策措施改变了习惯,变得爱花钱。