 Should Asians save money for the future or should they live life now? This video is all about Asian frugality. So if you're excited about this conversation, please hit that like button right now Oh, man, this article just went viral on Nexshark and Yahoo! It is about a Japanese lady who ate for a dollar and fifty cents every day very very frugal lifestyle for 37 years and was able to buy three properties But this actually sparked a debate about how Asians should live. Did she deny herself a fun life? Should she have lived in the moment? Or did she do the right sensible Asian thing to do today? Joining us for this discussion is get the Lambo now Eric Pham. I mean What should she had done man? Was she right? Was she wrong? Does she have a bad life? Did she make a smart choice? Well, I know it's like I would not be able to do that I need that Lambo now not later you heard Right, you try to live and get the dope of me now But I mean I've seen it on both ends though like on one end Like I know a friend of mine that has a background that's super formally educated and they are very frugal on the other end I got a buddy of mine that's super fast money get a fast spending fast and then just spend it on then Yeah, I mean even in my own life I would say that my dad came from more one of those families where it's like, you know What you study really hard you get one good salary Maybe like yeah pretty much that's it and then you just like maybe make some really sensible low-risk investments But then another side of my family. It was just like double down Let's go big and go home. Let's take the profits and dump it all into the next investment and let's get rich Maybe and I see the pros and cons of both sides Yeah, and I think it's really important that people out there understand what type of family they come from so in the comments down below Let us know what type of family you were or even your parents are split, right? Yeah, maybe your parents have different types of thinking when it comes to money But what is your type of thinking? What was each background because you have to know because ultimately man You got to know what you saw growing up how you saw that money come in if you saw the money come in and how you saw it Spend so we're gonna get into some specifics here But I guess Eric you were telling us that your mom is kind of frugal on a lot of things And she's not frugal on certain other things Picked her spots where she likes I think I think for her She's always spending on like what she considers assets so like the LV bag the Rollies right because you could resell it You make that money right and so she thinks of those as investments property But when it comes to like something like food she will never spend on like if I get myself a hundred dollar wagyu steak She will always question me. Why are you getting them? We get a twenty dollar Appleby's steak Yo, why are you thinking you just like basically Why are you going out to eat you just eat at home? Yo, did you ever take your mom out to eat and then she's only criticizing the food being like I could make this at home with This in this every time me three dollars to make ten times we got to eat ten times She's gonna say right so I guess like let's just say here is the ultra educated super frugal way and here's like your gambling uncle That's like always up big or down way big and he's always looking over his shoulder for the bookie Where would you say like I mean I guess most parents are in the middle But like how do they decide where they're like lines are I mean for my parents I think they are kind of in the middle because they've saved up quite a sum of money My dad's really good with saving but his philosophy to us that he's instilled upon his kids is like What are you making money for so? You know make it while you make it and then spend it while you have it Do you think that that is at all driven by like the history and how they got to America and like possibly even like the whole Refugee experience 100% my dad always talks about when he came here at 16 years old by himself with like a 5% chance of living So every day he's talking about like tomorrow we can die So why not spend it now and I think when it comes to this whole aspect of we're talking about like we've said the word educated and not formally educated and I'm not trying to say like The just because you have your parents have degrees or went to college that they don't spend money But there is a pattern that we've seen through many parents talking to all my friends that if you look at the macro statistics It backs it up as well Yeah, where if your parents like our college educated and they went through life that way Oftentimes they're probably more frugal when it comes to material things and maybe will save up and spend all the money and splurge on Education or the things that they truly value while maybe you're more like merchant or business family They're gonna be always on the hustle and that's kind of like their lifestyle is to maybe just buy a few nice things to keep them Feel to keep their hustle field You know I think it really depends on what you enjoy because you were saying you're two Chinese friends, right? Yeah, one they run like buffets and restaurants. Yeah, and they have fast money and they don't even really care about going to school Right now and then you said your other friend dropped out of high school. It's really educated and he has a good salary But he's not living the fast life. Yeah. Yeah. No not at all So I guess would you say that they would hate to switch places with each other like they wouldn't like I think so I would not enjoy each other's lives. No, I think so, but they're both great people at the end of the day You know I'm saying but no, I don't think they would want to switch Which one are you would you rather go to Vegas with all right go face one boy that likes to go to the strip club You know which one that is right That's the fast money guy. Yeah Because that is a fujinese stereotype. I don't think so. I don't think so. I think he's mainland Yeah, it's probably Talking about I got to bring the culture into it. Yeah, because Kanto people are notorious for being Defensive with money like whatever they make they're very much like either just gonna save it and just Stop there or put it in a very very low risk investments I would say the way Cantonese people talk about fujinese or Vietnamese people is that they like to double down They're both Cantonese. I just remember. Okay, but they like they like to double down And would you would you agree that that is like yeah, I'm not saying a hundred out of a hundred I'm just talking about stereotypes because doubling down means investing and at least in my family's perspective So high-risk high-risk high-reward Well, like where have you seen it go good and where have you seen it go bad? You know when you risk too much that you can't afford to risk Like if you invest too much like if you buy a Lambo like if I were to buy a Lambo right now I I maybe could do that But my lifestyle might die right away and I might not be able to afford that lease or that might just not be a good financial Decision now if you can afford something like ten times over then you can probably afford it That's always the model for me. Yeah, I think there's cultural aspects to you know What's your family do Andrew ultimately you have a really interesting point about this where you're saying that whether you're like a Flashy person that likes to spend your money or you're like a person who likes to save it. It seems like the person who likes to save it Obviously, they're not necessarily driving the same amount of dopamine from deploying the capital, right? I will tell you this from my friends who make like to make money and spend money They really know what their dopamine triggers are they know what makes them tick They know what gets them up in the morning. They know what lights up their eyes They know what brings them joy whether it's food or watches or cars or clothes They know like the people who spend money. They know what they're spending money on. They're like, yeah Oh, well, I like to get bottles at the club I'm gonna spend 3k because I like that and that brings me a lot of joy No, whereas you were saying you're educated from when you get him to spend about at a bottle at the club He's cringing the whole time. Yeah. Yeah. Yeah, and what I'm saying is like I think for especially for the people who are not used to spending a lot of money and splurging on things Oftentimes they don't fully understand what brings them joy and I think it's very important that you figure this out So whatever money you spend you want to deploy it Efficiently and effectively maybe you don't even have a fun group of friends Maybe you don't have maybe your friend group is not fun to go to the club So you shouldn't spend money on a bottle for your friends because it's not gonna be worse It's not even gonna be fun, right? And and some guys they do if you have the aids here hang over One two three and four squad where you guys are just gonna have crazy core memories whether good or bad Then it might be worth it spend on Vegas, right? Yeah, and and again also if you have trustworthy friends that are really deep in a real estate or something Then that's something that you could look into but maybe you don't have friends like that You know what I mean? I think a highly overlooked aspect when people talk about should I be like this Japanese lady and spend $1.50 On udon or should I be like the crazy uncle who's like always betting on parlays on this site? There are this gambling website is like what are the circles around you doing right? I was about to bring that up to like who are you meeting and what type of people are you meeting? Like if you have that Lambo you have that Rolex on you You're most likely gonna be surrounded by people that might actually have that as well because they're gonna value it Right because if you know with people who don't even care about the Lambo or the Rolex or the AP whatever And I talk to you why would you know not not to mention like obviously when you buy some of those luxury goods You can join those clubs like literally the meetups like the Porsche meetup the Lambo meetup You know whether or not you're scraping by and you're just barely making that Porsche payment You can still kind of be in that car club where you meet other people and that can lead to something It doesn't always but that's why a lot of people do buy certain things right because the attention that it attracts Well, and some of it is bad attention right because you become a target right and so you got to watch yourself a little bit more And that's why a lot of people who are frugal and humble. They're like, yeah, see I just don't want to wear anything I'm gonna be safe Sunset Boulevard, and I'm never worried about getting stuck up All birds and all birds people don't get All birds got big bread and assets, but they just look like last year a lot of Rolex Wow, I lost a role. You got it got Taken off me. I was going out and being you know flashy and everything and then I got a roofy that the bars I miss a purple woke up Rolex gun wallet gun phone gun So like it's high wrist higher word if you take that route is what I'm saying. Yeah. Wow. I guess some people Despite all the things that just happened you they gotta you gotta live that way, right? Because that's how you're wired right to Andrew's point the you make a lot of money and you spend a lot of money And that's what fuels you right? Do you want to live? Engines, you know how like the the gas combustion fuels the hybrid and like it's all synchronized the recycle Yeah, I mean for me, too Like I think about that little baby lyric where he like he lost a Ferrari and Las Vegas Nevada I woke up and went harder and got it again I mean I went I got another Rolex within a couple months So I'm gonna work harder all my via friends think like that. Yeah, not a 10 100 out of 100, but a lot do I mean I guess it comes down to like Just knowing whether I don't know. I guess it has to do with like your sense of like is tomorrow gonna come or not Right. Yeah, I guess you know what everybody watching Hopefully this discussion was helpful so far but let us know in the conversation where you fall in the spectrum because like we said like you can be everything from this Japanese lady who you know is probably a cat lady and is probably single I would say that I would say you would think that Japanese are not really like that new vorich new money Yeah, they like they have a lot of Shinto Buddhism Chinese and Vietnamese they have my my Hiana Buddhism, which is more wealth centric and more fortune gold centric Shinto is different from to Ben which is different from taravata like different even religious value systems different types of Buddhism to be honest Yeah, I think even can impact Your desire for fortune or not. Do you got the gold chain Buddhism or you got the more Shinto the Buddha is skinny in Shinto. Yeah, obviously the Chinese Buddha is very like luxurious a good Yeah, so I mean let us know what type of family you guys come from I mean, I think it's good to discuss and think about as you get older and when you start thinking about money and making money You have to know So yeah, I will say this my overall takeaway is just like Especially if you come from a family that's very defensive with money I think you can analyze and get around people who are more offensive and work to Make more money and then you might feel more comfortable with spending more right because you got to play offense and defense It's just I was compared to like tennis or ping-pong Like the best players of course some people are better at offense some people are better at defense Which is like making money or spending money deploying capital and other people are better at just like saving or being like Smart or frugal or thrifty, but it's like you need both. All right, everybody Thank you so much for watching that episode of the hot pop boys Again, let us know in the comments down below what you thought about our advice our perspective and also What type of spender are you or are you a saver or are you a mix and what do you spend money on? because certain things People value more than others. So all right, everybody. Thank you so much for watching Shout out to Eric for joining us and until next time we out. Peace