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<style type="text/css"> @media (min-width: 1024px) { #positioning_container_554764963 { margin-top: -85px; margin-bottom: -55px; margin-left: -60px; margin-right: -52px; } } </style> <div id="positioning_container_554764963" class="positioning-container positioning-container--full "> <div class="positioning-container__wrapper"> <div class="aem-wrap--background-container section"> <section class="background-container background-container--full-bleed "> <div class="background-container__section " style=" "> <div class="background-container__wrapper " style="max-width:864px;"> <div class="aem-wrap--callout-container section"> <div class="callout-container"> <div class="callout-container__wrapper "> <div class="callout-container__content"> <div class="callout-container__aligment callout-container__aligment--left "> <h1 class="callout-container__headline"> Asian Americans and Pacific Islanders: Lifelong learners when it comes to their finances</h1> <div class="callout-container__text"> <p>Self-reliant and averse to debt, this multifaceted group is hungry for new ideas and tools to help them manage their money and pursue their goals</p> </div> </div> </div> </div> </div> </div> </div> </div> </section> </div> </div> </div> <div class="article-container__content" data-anchor="#rightrail_328111097"> </div> <div class="article-container__content" data-anchor="#more-for-you"> <div class="aem-wrap--text section"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <p> </p> <p>By Janice Chen</p> <p> </p> <p>I’D NEVER SEEN MY FATHER CRY, but there were tears in his eyes when he shared this story from his childhood in Taiwan with me. He was remembering the day he had to borrow money to repair a flat tire on the bike he rode to school. The youngest of five children growing up poor in a country devastated by war, he’d known that he wouldn’t be able to repay his classmate, and all these years later, he still regrets that. It’s experiences like this, I realized, that likely shaped my father’s frugal ways.</p> <p> </p> <p>As the first American citizen of my family — my parents and sister immigrated two years before my birth — there are vast cultural differences between us, but my parents instilled in me the desire to be financially self-reliant. According to a study of Asian Americans and Pacific Islanders (AAPI) from Merrill, “Diverse Viewpoints: Exploring Wealth in the AAPI Community,” this is an attribute that many AAPI individuals share.</p> </div></div> <div class="aem-wrap--background-container section"> <section class="background-container background-container--contained "> <div class="background-container__section background-container--paddings-small transparent-bg" style=" "> <div class="background-container__wrapper " style="max-width:770px;"> <div class="aem-wrap--media-kaltura section"> <script src="//cdnapisec.kaltura.com/p/4699762/embedPlaykitJs/uiconf_id/51133253/langs/en,es"></script> <uc-media version="media_3.10.2-WEALTHV7" class="uc-component uc-media" data-action="unityMedia" buttonAnimation="true" buttonPosition="center" entryId="1_f3jkghm0" infiniteCarousel="false" isAudio="false" isAuthorMode="false" isPlaylist="false" isVertical="false" partnerId="4699762" playerId="51133253" 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closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" data-video-id="1_f3jkghm0_AAPl_Manju_R7"> <div id="1_f3jkghm0" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <script 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Recorded on 10/14/2022. MANJU KULKARNI: I serve as executive director of AAPI Equity Alliance. [On screen text] Manju Kulkarni Executive director of AAPI Equity Alliance We are a coalition of over 40 community-based organizations that together serve and represent the 1.5 million Asian Americans and Pacific Islanders in Los Angeles County. [Photo of Manju giving a speech] And in 2020 we co-founded Stop AAPI Hate. [On screen text] How has your experience as a child of immigrant parents in America shaped your financial perspective? [Photo of Manju as a child with her parents] So I was born in India and came with my parents in 1971 at the age of two. My parents both happened to be physicians, but they took a keen interest in our financial well-being. [Photo of Manju’s parents as a young couple in India] [Photo of Manju’s nuclear family] Really instilling in us the value and benefit of ensuring that we had enough resources to take care of our children and provide support to extended family members. [On screen text] Does the research in the report accurately reflect what you’ve observed in the AAPI community? [Photo of Manju and friends in Indian garb in Washington, DC] [Photo of Manju and friends at South Asian Network event] I find the study to be really remarkable in how it's captured the viewpoints and really the attitudes and values of our communities. Achievement is critical and I'll tell you why. [Photo of Majnu giving a speech] In a place with a billion people, individuals in order to achieve both financial as well as professional success, you know you have to be at the 99.9 percent mark. You see that continuing to be a strongly held value. [Photos of Manju and her husband and daughters in traditional Indian clothing] [Photo of Manju and several Indian women in Washington, DC] Another part of the report I found really interesting is the way that women view financial resources. And I think it's tied in very much to women across the globe. [Photo of Manju with several family members at a party] Taking an interest because they care about their family's well-being. [Photo of Manju and family in Chicago] How do you put food on the table? How do you ensure that your kids can go to college? The second, though, which I think is even more important is related to discrimination. So many of our community members have experienced that discrimination firsthand. [Photo of Manju in library] I think community members, including those who have been here five, six, seven generations, continue to probably invest in ways that are less risky and try to ensure that they have a stronger nest egg because they're never sure what might happen again. [On screen text] To explore more insights on wealth in the AAPI community, read the full report at ml.com/diversity [Image of AAPI report] [On screen text] Merrill® (logo) A Bank of America Company Bank of America® (logo) [On screen disclosures] IMPORTANT INFORMATION Manju Kulkarni is not affiliated with Bank of America Corporation. The opinions and views expressed do not necessarily reflect the opinions and views of Merrill or any of its affiliates. Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value © 2023 Bank of America Corporation. All rights reserved. 6160274","@context":"http://schema.org"}</script> </uc-media> </div> </div> </div> </section> </div> <div class="aem-wrap--text section"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <p>The study is part of a series of reports on the financial realities of diverse communities, including the <a href="/articles/financial-priorities-black-community.html" target="_self">Black/African American</a>, <a href="/articles/financial-realities-lgbt-community.html" target="_self">LGBTQ+</a> and <a href="/articles/family-financial-priorities-latino-community.html" target="_self">Hispanic-Latino</a> communities. “We’re always focused on how to serve our clients best. Having a deeper understanding of who they are culturally — and how their background and experiences shape their financial priorities — is an important part of that process,” says Sabeen Villani, North Florida market executive for Merrill Lynch Wealth Management.</p> <p> </p> <h2><b><span class="color-blue">We prioritize passing on wealth — and values</span></b></h2> <p>Creating stable wealth and planning across the generations are priorities in the AAPI community: Forty-six percent of affluent AAPI individuals consider <a href="/articles/creating-wealth-transfer-plan-for-heirs.html" target="_self">passing on wealth</a> a vital part of their financial plan, compared with 36% of the affluent general population. For software architect and Merrill client Alan Jiang, who immigrated to Austin, Texas, from Shanghai more than 20 years ago, providing support for family in both China and the U.S. is integral to his financial planning. “Our parents don’t need our help, but we still have a reserve, just in case,” Jiang says. As for the next generation, “We set up a plan for my daughter. She’s going to have her own life, but we can support her in achieving her financial future.”</p> </div></div> <div class="aem-wrap--background-container section"> <section class="background-container background-container--contained "> <div class="background-container__section background-container--paddings-small transparent-bg" style=" "> <div class="background-container__wrapper " style="max-width:770px;"> <div class="aem-wrap--media-kaltura section"> <uc-media version="media_3.10.2-WEALTHV7" class="uc-component uc-media" data-action="unityMedia" buttonAnimation="true" buttonPosition="center" entryId="1_vo2u07t5" infiniteCarousel="false" isAudio="false" isAuthorMode="false" isPlaylist="false" isVertical="false" partnerId="4699762" playerId="51133253" playlistAutoContinue="false" playlistFilter="false" playlistTheme="blue" showDisclaimer="false" theme="blue" 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closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" data-video-id="1_vo2u07t5_AAPl_Alan_R6"> <div id="1_vo2u07t5" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <script 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Recorded on 09/30/2022. [On screen text] Alan Jiang Chief software architect for an electric vehicle company ALAN JIANG: I was born in Shanghai, China. [Stock footage of Shanghai] And Shanghai is a huge metropolitan area like New York, so I grew up in a large city. I immigrated to U.S. in early 2000, so I’ve been here for almost 22 years now. [On screen text] How would you define success? I can decide what I want to do at the time I want to do it. That’s my definition for success. I just want to be comfortable. [Photo of Alan and extended family] I’m not chasing for, let’s say, “I have to have this much money by what time,” right? We basically make a lot of decisions based on the risk. We want to lower the risk. My wife and I, we agreed on approach, right? We are having at least several years reserve, a cash reserve, that we can have to maintain our current lifestyle no matter what happens. [On screen text] What is your financial priority? My biggest priority now is really two things. One is to secure our financial safety net so we can have a comfortable retirement life. Even though we’re probably not going to retire within another 15 years, but I’d like to be prepared. And second is really help our daughter to get on her own feet and be over time in a good financial situation. [Photo of Alan with his wife and daughter] [Photo of Alan and his daughter] We started to educate her when she was very young, and we train her to have a budget and train her to have a planning when she started owning her own allowance. She have a pretty good big picture about how to spend so she would never overspend, but also she understands the importance for investment. [Photo of Alan with his wife and daughter] So overall, I’m not saying she’s the same as us, but I think she, you know, she’s mature from a financial perspective. She is going to have her own life, but we can support her, you know, in some extent to achieve her financial future. So both parts are part of our planning. [On screen text] To explore more insights on wealth in the AAPI community, read the full report at ml.com/diversity [Image of AAPI report] [On screen text] Merrill® (logo) A Bank of America Company Bank of America® (logo) [On screen disclosures] IMPORTANT INFORMATION Alan Jiang is not affiliated with Bank of America Corporation. The opinions and views expressed do not necessarily reflect the opinions and views of Merrill or any of its affiliates. Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value © 2023 Bank of America Corporation. All rights reserved. 6159974","@context":"http://schema.org"}</script> </uc-media> </div> </div> </div> </section> </div> <div class="aem-wrap--text section"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <p>Family members also act as role models, with 49% of affluent AAPI individuals stating that parents have had a positive influence on their financial choices. Says Shweta Sanghvi, a marketing vice president at Bank of America who emigrated from Mumbai, India, to attend graduate school in the U.S., “Our mother taught my sister and me to always have a plan for giving back. She led by example — pitching in time and money towards causes she supported. It’s a part of who we are.”</p> <p> </p> <h2><b><span class="color-blue">We’re self-reliant, risk averse and don’t like debt</span></b></h2> <p>Almost half of affluent AAPI individuals in Merrill’s survey said they prefer to make their own investment decisions compared with just a third of the affluent general population. Related to this self-reliance is a tendency to avoid risky financial situations. Over half of the study’s respondents said they are apprehensive about holding debt, other than a mortgage; a full 72% feel it’s important to be totally debt-free, compared with 65% of the affluent general population.</p> </div></div> <div class="aem-wrap--background-container section"> <section class="background-container background-container--contained "> <div class="background-container__section background-container--paddings-small transparent-bg" style=" "> <div class="background-container__wrapper " style="max-width:770px;"> <div class="aem-wrap--media-kaltura section"> <uc-media version="media_3.10.2-WEALTHV7" class="uc-component uc-media" data-action="unityMedia" buttonAnimation="true" buttonPosition="center" entryId="1_20entiki" infiniteCarousel="false" isAudio="false" isAuthorMode="false" isPlaylist="false" isVertical="false" partnerId="4699762" playerId="51133253" playlistAutoContinue="false" playlistFilter="false" playlistTheme="blue" showDisclaimer="false" theme="blue" 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closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" data-video-id="1_20entiki_AAPI_Shweta_R6"> <div id="1_20entiki" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <script type="application/ld+json">{"@type":"VideoObject","name":"AAPI_Shweta_R6","description":"5366487","thumbnailUrl":"https://cfvod.kaltura.com/p/4699762/sp/469976200/thumbnail/entry_id/1_20entiki/version/100071","uploadDate":"2024-05-21T08:44:31Z","contentUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_20entiki/format/url/protocol/https","embedUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_20entiki/format/url/protocol/https","width":1920,"height":1080,"duration":"PT2M24S","transcript":"[Music in background throughout] [On screen text] Voices from the AAPI community The joy of being debt-free Please see important information at the end of this program. Recorded on 9/26/2022. [Lower 3rd] Shweta Sanghvi Financial services company vice president SHWETA SANGHVI: I'm originally from Mumbai, India, and I now live in California. I moved to the U.S in 2006 for my master's degree in communications. [Footage of San Francisco with American Flag] [Footage of Golden Gate Bridge] And my mother and my sister, they followed in 2007. When we moved here it was a whole new environment. [Image of Shweta and her sister with their mother] It was very different learning the financial systems and the way things work here in the United States. It's very different than what she was accustomed to in India. [Image of Shweta and her sister as children with their mother] The early years we were very frugal; think about how we want to spend the money that we have, but also keep an eye on saving. [On screen text] Does the research in the report resonate with your own life experiences? One of the key learnings of the research: We've been taught to be very aware of debt and try to be debt-free, you know, as much as possible. And the approach to money or financial planning has always been, you know, you plan ahead. You kind of plan for what you need in the future early, so if you want to, you know, save for college you start planning for it really early in your life. [Image of Shweta and her sister with their mother in India] There is not a need for a loan. [On screen text] Why is being debt-free so important to you? It's just a cultural, I guess, influence from years and years ago. [Image of Shweta and her sister as children] [Video of a young couple in front of a home for sale] So, one of the big set of changes for me recently has been we bought a home here and so that has come with a 30-year mortgage. And this is the first time I will say in my life that I have a substantial loan and a debt. [Images of Shweta and her partner] My partner and I, we talk about it often and we try to think of “Okay, what are the ways we can maybe pay it off early?” Maybe there is another way to kind of invest to supplement. [Image of Shweta and her sister with their mother] My biggest financial priority is to pay off the home loan sooner than 30 years. Being debt-free is pretty up there in terms of a financial goal. [On screen text] To explore more insights on wealth in the AAPI community, read the full report at ml.com/diversity [Image of AAPI report] [On screen text] Merrill® (logo) A Bank of America Company Bank of America® (logo) [On screen disclosures] IMPORTANT INFORMATION Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results. The opinions and views expressed do not necessarily reflect the opinions and views of Merrill or any of its affiliates. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value © 2023 Bank of America Corporation. All rights reserved. 6161900","@context":"http://schema.org"}</script> </uc-media> </div> </div> </div> </section> </div> <div class="aem-wrap--text section"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <p>“The historical discrimination we have experienced as a community may have caused some of us to spend less and be more risk averse — we feel the need to be prepared financially should something happen again,” notes Manju Kulkarni, executive director of AAPI Equity Alliance, a Los Angeles-based AAPI advocacy organization. The desire to be debt-free may also stem from cultural experience. “My parents came from a country where credit was not common,” says Merrill’s Villani, the daughter of Pakistani immigrants. “If you needed to go to the hospital or buy a car, you paid cash upfront.”</p> <p> </p> <p>Merrill client Lynda Sun Lee, a recently retired director of global business development for a pharmaceutical firm, grew up observing self-reliance and frugality in her father, who moved from Taiwan to New York City with $250 in his pocket. “No matter how much wealth he eventually accumulated, my father followed his own instinct about saving as much as possible,” Lee recalls.</p> <p> </p> <h2><b><span class="color-blue">We’re lifelong learners — even in the areas of investing and managing money</span></b></h2> <p>Another shared value in the AAPI community is an emphasis on education and lifelong learning. A quarter of affluent AAPI individuals cited learning new things, seeing new places and having new experiences as top life motivators. That curiosity extends to finances as well, with respondents expressing more interest than the general affluent population in topics like <a href="/articles/tax-smart-investing-strategies.html" target="_self">tax-aware investing</a>, asset allocation and diversification strategies, online investing tools, preparing for healthcare costs and estate planning. Lee notes, “Since I retired, I’ve thrown myself into all sorts of different opportunities to learn and grow.”</p> </div></div> <div class="aem-wrap--background-container section"> <section class="background-container background-container--contained "> <div class="background-container__section background-container--paddings-small transparent-bg" style=" "> <div class="background-container__wrapper " style="max-width:770px;"> <div class="aem-wrap--media-kaltura section"> <uc-media version="media_3.10.2-WEALTHV7" class="uc-component uc-media" data-action="unityMedia" buttonAnimation="true" buttonPosition="center" entryId="1_40wshdnn" infiniteCarousel="false" isAudio="false" isAuthorMode="false" isPlaylist="false" isVertical="false" partnerId="4699762" playerId="51133253" playlistAutoContinue="false" playlistFilter="false" playlistTheme="blue" showDisclaimer="false" theme="blue" 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closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" data-video-id="1_40wshdnn_AAPI_Lynda_R9"> <div id="1_40wshdnn" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <script type="application/ld+json">{"@type":"VideoObject","name":"AAPI_Lynda_R9","description":"5366510","thumbnailUrl":"https://cfvod.kaltura.com/p/4699762/sp/469976200/thumbnail/entry_id/1_40wshdnn/version/100071","uploadDate":"2024-05-21T08:49:10Z","contentUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_40wshdnn/format/url/protocol/https","embedUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_40wshdnn/format/url/protocol/https","width":1920,"height":1080,"duration":"PT3M08S","transcript":"[Music in background throughout] [On screen text] Voices from the AAPI community Where do our saving – and spending – habits come from? Please see important information at the end of this program. Recorded on 09/21/2022. LYNDA SUN LEE: My parents immigrated to the U.S. from Taiwan. [On screen text] Lynda Sun Lee Retired pharmaceutical company executive Initially my father came into the U.S. with something like $250. [Archival footage of statue of liberty] [Photos of Lynda’s parents in Taiwan] Scraped together enough money; borrowed some money from acquaintances. [Photo of Lynda’s father in his tie shop in NYC] [Photo of Lynda’s mother in tie shop] And then he purchased his first business, his first store in Manhattan, which is selling neckties. [Stock photo of Times Square] [Stock video of Times Square] So, at the height he had five retail stores all on Broadway or very close to Broadway. For almost all his life, no matter how much wealth he had accumulated; [Photo of Lynda’s father in Times Square] He basically just followed his own instinct, saving as much as possible, investing in stocks and real estate. So, I think the real estate is a very, you know, Asian or Chinese concept, which is that; [Photo of Lynda’s family] [Photo of Lynda’s father in front of his tie shop in Times Square] A hard asset is something that you could always have and hold on to and it would only appreciate. [On screen text] How have your heritage and family shaped your approach to money? I learned about saving and not spending from my parents. [Photo at Lynda’s daughter’s wedding] Nose to the grindstone, spend as little as possible. The other key concept, being in terms of family and caring for the family; it’s not so much in terms of financial, because my mother who survived my father, she's financially independent and secure. But in terms of just, you know, making sure that her needs are met. [Photo of Lynda’s family at Brooklyn Bridge] She lives very close to me, so I'm always checking up on her, making sure that she has what she needs. I think that that emphasis or value is something that is very strong in my culture. [On screen text] How did the value of self-reliance help you in your financial life? Then in 2004, my marriage was on rocky ground then and I saw down the road that we were probably going to be going our separate ways and I needed to take control of my finances. I was the sole, you know, income earner for the family. [Photo of Lynda’s family] And I had a young daughter. I think the concept of self-reliance, the emphasis on achievement and success are very, very strong values that I retain. [Photo of Lynda’s family] And I think I’ve also passed along to my daughter. Her character is different from mine fundamentally and she is much more savvy and educated. [Photo of Lynda with her mom] And she is self-sufficient, self-reliant. [On screen text] To explore more insights on wealth in the AAPI community, read the full report at ml.com/diversity [Image of AAPI report] [On screen text] Merrill® (logo) A Bank of America Company Bank of America® (logo) [On screen disclosures] IMPORTANT INFORMATION Lynda Sun Lee is not affiliated with Bank of America Corporation. The opinions and views expressed do not necessarily reflect the opinions and views of Merrill or any of its affiliates. Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value © 2023 Bank of America Corporation. All rights reserved. 6161709","@context":"http://schema.org"}</script> </uc-media> </div> </div> </div> </section> </div> <div class="aem-wrap--text section"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <p>For my own father, who came to America on a graduate student visa, an education for my siblings and me was his primary financial goal. In fact, he overcame his aversion to debt only twice: first to move us to a better school district and then to pay our college tuition. And while taking out a car loan didn’t pain me as much as my father’s bicycle repair had distressed him, I live well within my means, and I save to take care of my parents and my children. And that loan? It was for the car my daughter drives to school every day.</p> <p> </p> </div></div> <div class="aem-wrap--background-container section"> <section class="background-container background-container--contained " style="max-width:850px;"> <div class="background-container__section transparent-bg" style=" "> <div class="background-container__wrapper "> <div class="aem-wrap--vendor-snippet section" data-cmp="vendor-snippet"> <uc-vendor-snippet version="functional_3.10.2-WEALTHV7" class="uc uc-vendor-snippet"> <div class="knotch_placeholder"></div> </uc-vendor-snippet> </div> </div> </div> </section> </div> <div class="aem-wrap--text section"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <hr/> <p> </p> <p><i>Janice Chen is a writer specializing in technology whose work has appeared in publications ranging from </i>The New York Times<i> and </i>BusinessWeek<i> to </i>Parenting<i> and </i>People<i> magazine.</i></p> </div></div> </div> <div class="article-container__content article-container__content--footnotes js-footnotes-init"> <div class="text"> <div class="text js-rte-tagging" data-cmp="enhancedText"> <p><b>Investing involves risk. There is always the potential of losing money when you invest in securities.</b></p> <p><b> </b></p> <p>This article features third-party individuals not affiliated with Merrill or any of its affiliates and is for information and educational purposes only. The opinions and views expressed do not necessarily reflect the opinions and views of Merrill or any of its affiliates.</p> <p> </p> <p>The videos were recorded in September and October 2022. 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