Quote:
Originally Posted by whitev70r
I do believe there is a lot of generational wealth though. People in their 50's and 60's will help their kids get their foot in the market by helping out with $100-200K (or more) down payment.
At least that's how it works in the Asian culture.
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Imo and speaking from my personal experience, Asians that came here in the 70's/80's were dirt poor. My dad arrived in Canada with $10 in his pocket. Vacations / Family outings were PNE opening day's when it was free. Taking time off was only to work on things around the house. They don't want that hard work to go for nothing.
Asian culture doesn't understand the concept of blow it all before they go. Like the Patek Philippe slogan, "You never actually own a Patek, you merely just look after it for the next generation."