6 AAPI Financial Influencers to Follow in 2023

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by Lindsey Francy May 20, 2023 News
6 AAPI Financial Influencers to Follow in 2023

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The median annual income of Asian households in the US was 39% higher than the rest of the country, according to a study.

Living experiences are more complex.

Max Do says that money doesn't come up often in Asian American households. It doesn't come up until there is a problem.

Asian Americans and Pacific Islanders have differing income and poverty rates, according to a study.

Her family loves talking about money. The diversity of financial exposure within Asian American and Pacific Islander households is highlighted by their experiences.

To learn more about financial challenges faced by Asian Americans, how to balance money and family responsibilities, and the importance of focusing on your financial journey, we spoke to six Asian Americans.

Responses have been edited to make them clearer. Below, you can learn more about each financial pro.

What do you think are the financial challenges Asian Americans face?

There is a person named "Vinnie Tu."

The culture of saving is ingrained in our community because so many Asian Americans have parents or grandparents who are immigrants. The fear of scarcity is passed on to the children of upper-middle class families.

Saving is important, but it is also important to enjoy your life. Money is used to purchase goods and services. Saving money under the mattress is a bad idea because it will lose money over time to inflation.

It's called a Dang.

As a fourth- generation Asian American, no one in my family taught me about money. I didn't hear about savings or how hard it was for my parents to support me when I was young.

The catalyst for my six-figure debt was my inability to get into a good school so I could get a good job. We naively thought that going to out-of-state private schools was necessary for a promising future. I struggled with debt for a decade, but that experience indirectly taught me the importance of financial transparency and savings, even though that didn't happen.

There is a person named Kim.

Many second and third generation Asian Americans grew up in working class immigrant families where frugality and saving were the default. Our parents were scared of the new world and saved as much as they could.

We respond to our parents' culture of saving in two different ways. We carry on the tradition and find comfort in it as our parents did. We retaliate because we feel like we were kept away from the luxuries of our parents. I was 888-609- 888-609- 888-609- 888-609- We need to find our own approach to managing money because each generation has a different view of the world.

How do you think the culture of saving influences how second- or third-generation Asian Americans manage money?

Simran Kaur is related to the late Simran Kaur.

"We have the challenge of understanding that our parents or elders came to us with limited resources and their main goal was stability and safety for our finances." We have more appetite for risk and are able to focus on creating long-term wealth than the other way around.

It is a unique financial challenge for many of us to live in and support a multigenerational household.

It's more than just supporting yourself and your family, it's also supporting your parents as they retire, and possibly also your grandparents. How do you support multiple generations while still paying student loan debt?

It's important to remember that the best way to support our family is by putting ourselves and our needs first so we can make sure we're in a solid financial place to be able to support other people.

Financial literacy is a challenge for Asian Americans. Many of us were raised by immigrants who didn't understand how the economy worked.

The next generation of Asian Americans don't talk about 401(k) contributions, insurance, or investing in general. Many of us fall into the trap of financial marketing. We think buying high fee investments, risky bets, and unnecessary insurance is what we should do with our money. Financial literacy needs to be prioritized from an early age.

How do finances show up typically in Asian American households, and what tips would you give on managing money with family or relationships?

Money conversations may or may not be normal depending on your ethnic background.

My relatives love to discuss money with me. What was the price of that TV? How much did you spend on that trip? How much of a discount did you get? Talking about money can be seen as rude in other cultures.

I encourage young people to know more about their finances. It's easy to learn more about money early on in life, so that you can navigate those experiences yourself.

In most Asian American households, the husband earns a large share of the income working a corporate job while the wife stays home with the kids or earns a part-time hourly wage."

Chris Chung is a person.

In the last 10 years, I've seen a big shift as both spouses focus on growing their careers and bringing in more money.

If you want to manage money with your family or spouse, focus on being a team and be completely transparent. You should talk to your spouse about your financial goals if you keep separate bank accounts.

Family dynamics can be difficult due to money. The only people who need to know the details of your finances are you and your spouse.

Managing money in an Asian American household is not something that comes up often. It doesn't come up until there is a problem and you assume it is being taken care of. It feels like it's almost taboo to discuss. Talking about how much money you make, how you save your money, and how you invest it is my tip.

It's Max do.

Do not give or lend money to friends or family that you can't afford. Don't believe anyone if they say they will pay you back. Don't be afraid to say no to things you can't do. Do not feel pressured to support multiple generations. If you can't pay for it, don't do it. It is the right thing to do to not put yourself in a state of financial stress.

What advice would you give to Asian Americans who feel as though they're not yet in the same financial situation as their peers?

Max Do says to focus on your own financial journey and not compare yourself to others. It's important to set your own goals and work towards them at your own speed. It can feel like parents are competing to see who is the most successful. Immigrant parents who came to the U.S. with nothing are particularly proud. Extra pressure can be created by this competition.

One of the best parts of our culture is the celebration of educational, career and financial success. It is easy to compare who has more, who bought their home first or who got the promotion first.

We are proud of those around us who have hit milestone early on, but that doesn't mean we don't compare ourselves to others. As long as we are getting better than our past selves, that is all that matters.

Chris Chung said that there will always be someone earning more money than you. Put the energy into improving yourself and what you can control.

There's never been more free resources to discuss entrepreneurship, investing, real estate, and how to build financial freedom. Don't worry about what your peers are doing, use the resources to build financial literacy of your own.

I started my first job working for a company that made a lot of money. I realized early on that I needed to put in the work to create a new reality for myself, instead of wasting my energy asking myself, "Why not me?"

It's okay!" Some people start their financial journeys at the same place. Some people face more adversity than others. It's called personal finance because it's a way of life. Make smart money decisions for yourself and prioritize your well being. If you feel like you have a bad life, don't let social media make you feel that way.

More about the influencers

Aja Dang, Mstrpln

Mstrpln is a company founded by Aja Dang. She used the layout she created for herself during her debt-free journey to build the Mstrpln budgetplanner. Thousands of people have been helped by Mstrpln since it was launched.

I use the handle #ajadang on my social media accounts.

Chris Chung, The Everyday Millennial

Chris Chung is a creator of a platform that helps people with their finances. Financial literacy is something he wants to bring to the forefront. Over 175 students have been helped by Chris to invest and take control of their finances.

There is an account called The.Everyday.millennial.

Max Do, Max Miles Points

Max Do is a content creator who teaches his over 400,000 followers and subscribers how to maximize airline miles, hotel points, and credit card points on social media.

Maxmilespoints has an account on social media.

Max Miles points are on the video.

Simran Kaur, "Girls That Invest"

Simran Kaur is the creator of a popular investing show for women. She wants to give access to investing education for women and minorities. She has appeared in several magazines.

The girls that invest have an IG account.

Tae Kim, Financial Tortoise

Financial Tortoise focuses on building wealth slowly. After paying off his student loans, he wanted to share his knowledge about money. He was a finance director and captain in the Army.

The Financial Tortoise is a video on the internet.

Vivian Tu, Your Rich BFF

A former Wall Street trader, Tu is now an educationalist and host. She is the founder and CEO of Your Rich BFF, which aims to make personal finance advice accessible and easy to understand for non experts and marginalized communities. She is the host of a new show.

TikTok was written by Yourrichbff.

NerdWallet published the original article on 6 AAPI Financial Influences to Follow in 2023.