5 Reasons Why Immigrants Are More Wealthy Than You

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Did you know that immigrants are 4 times more likely to be millionaires than those that are born in the USA? This is a staggering statistic that I learned a few years ago and I don’t think I’ll ever forget it. Those of us that have grown up with this amazing opportunity should be ashamed of our complacency.

My Encounter

For those of you that know me, you know that I’m a hamburger and hot dog kind of guy. While I don’t think this will ever change, my wife is still trying to expand my very selective palette. Just a couple of weeks ago she decided that my taste buds were in need of an awakening, so off we went to China Kitchen.

This restaurant was quite small and was designed to handle mostly take-out. As I viewed the employees, it was fairly evident that they were a family. The young boy (I pegged him as an 11 year old) took our order and the adults were cooking and cleaning. The operation was fairly simple, but you could tell they did quite a lot of business.

I would dare say that my wife and I were standing amongst millionaires. If they were not at that moment, I bet they are well on their way.

5 Reasons Why Immigrants Are More Wealthy Than You

1) They Are Not Materialistic

Immigrants do not come to the United States to expand their credit and put their furniture on a 50 month 0% interest plan… They are content if they have a roof over their heads and food in their stomachs. They couldn’t care less about the new 60″ television that can pause and rewind.

2) They Are Savers

Americans might just be the worst savers in the world. Even when things are bleak, we save only 5% of our earnings. It’s not unheard of for immigrants to save 15-20% of their income. Therefore, less of their money is going to depreciating assets. Instead, much of the immigrants’ income is appreciating,  either in a savings account or another investment fund.

3) They Are Risk-Averse

While Americans tend to save very little, the amount that we do save is often placed in unsafe markets because we are greedy. We want to make more than 10% on our money each year, and most of the time it gets the best of us. Rather than earning our massive return, we often enter into a few bad deals which negate much of our overall profits.

Immigrants take a much different approach. Rather than try to “beat the market”, they are content to gain a smaller return on their savings and decrease the overall risk tremendously. In the end, they often earn a higher return that us Americans because they hardly ever choose a losing investment.

4) They Keep Their Expenses Low

The family we met at China Kitchen most likely consists of grandparents, uncles, aunts, nieces, and nephews, but rather than renting 3 or 4 different apartments, they all live together and travel together. This reduces their expenses in a huge way! When the bills are divided among 8 people rather than 2, it really makes a big difference.

5) Profits Are Reinvested in the Business

Many immigrants are entrepreneurs and earn quite a hefty sum each year. If we Americans were earning a large amount of money, we’d most likely buy a brand new sports car or a house on the lake to show off our wealth. Not the immigrants. They’ll take those earnings and reinvest in their business, which will earn them a much larger sum in the future.

Don’t Take This Opportunity For Granted

If you are currently reading this article within the United States (or Canada), I suggest you get off your duff and learn something from those 1st generation immigrants. We have a great opportunity in this nation and we should not squander it.

What are you currently doing to take advantage of such a huge opportunity?

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