There are a lot of things we could learn from other cultures, especially those that are doing better financially than we are. Some of those nations could be China, Taiwan, India, or any other emerging power in Asia. What makes them different from us, besides the obvious racial traits? For one thing, Chinese are traditionally a saving nation. Their traditions, their philosophy, their religions, all revolve around money: How to make money and how to save money.
Chinese are known for saving money and saving face. The first is a must, the second is a need. This wise nation has suffered a lot throughout history, to the hands of dictatorships and totalitarism, they have gone thru wars, famine, poverty, sickness, etc. They are used to working long hours every day, without much free time. But they have a goal, and it is to save money in order to assure their own retirement or that of their parents. Chinese, being very practically minded, like to also invest in solid things like real estate and gold. Knowing how precious and safe this metal is, and how much it is valuated in the market, Chinese like to hoard on gold. Nothing less than 99% pure gold, or 24K gold, will ever satisfy a Chinese that buys gold as an investment.
Tradition requires that relatives offer gifts of 24k gold jewellery to infants when they turn one year old. They also will buy presents of pure gold to newly wed couples. This ensures that the baby has already some heirloom to his name, and that the new couple -if things would go wrong in their financial endeavours, could at least benefit from the sale of their wedding gold bracelets, gold rings, gold earrings, gold necklaces, gold coins, etc. They like to invest in gold ingots as well. Some banks offer you the possibility of buying an ingot in some installments, sometimes even sharing the ownership with others.
Another good trait the Chinese have is that they rarely use their credit cars to buy anything. If they have cash and they need it, they will buy it, but if they don’t have cash, they will abstain from buying. They don´t like to incur in debts. This is totally different from our western culture, which spends money it doesn’t have to buy items it doesn’t essentially need, therefore incurring in debt or liabilities.
If you have some extra money and are wondering where it would be a safe place to invest in, think about buying some pure 24K gold bracelets. Your wife will sure appreciate it.