The Chinese Secret to Saving Money Revealed (Part 2)

In this video, I discuss seven financial habits I learned growing up Chinese. Chinese people are often stereotyped as cheap and resourceful, and these traits shaped the upbringing of many Chinese Americans. The best part is that you don't have to be Chinese to live these values! Let me know if you choose to apply any of these principles in your life or already do!

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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.

PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

⏱️ Timestamps:
0:00 - Start Here
0:29 - Pride in Saving
2:37 - Prioritize Paying in Cash
4:34 - Eat at Home
6:25 - Frugal Wealth
7:35 - Always Negotiate
9:27 - High floor careers
11:07 - Money Transparency

[TristanEdments]

borlest, rich decoded (thank me later)

[chocolateboy]

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!

[theonlyopy]

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

[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 😂

[Chemnitz]

Shout out to the Yang parents and their friends!

[ketkimodi]

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.

[heyogigi]

Your parents sharing your videos is really SWEET! 😭😭😭

[DaniOchannel]

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

[xiphoid]

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.

[suenov]

I am a Chinese and you are totally on point!

[valerieboileau]

I like this list <3 Its cute that your parents love you videos/YouTube career

[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 😊

[krisclements]

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

[toyatv]

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 💎

[dsvhtubb]

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

[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.

[jasonhopkins]

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,

[kamadelva]

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!

[jact]

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.

[thomaslee]

Grew up in asian family teaches me to save alot and well. Right now im saving 80% of my paycheque.