Wednesday, December 20, 2017

Financial independence

May 30, 2017

My dad came to America with a few dollars in his pocket. 

Pre-note: I typed this up as a stream of consciousness on my phone because I couldn’t sleep. I sincerely hope you aren’t getting this as a notification. 

Yes, that is the line you will often see for not so recent immigrants. How practically true is that? (I hate people who exaggerate.) Well in my dad’s case, I’m sure he had more in a foreign bank account but that’s all he had on him. So that statement’s not false.

He arrived at JFK by himself. Imagine taking all that you have and moving it halfway across the globe. That’s quite daunting. I’ve only made it across the pond.

My dad was robbed the first day he was in the US. New York City in the early 1990s was another animal, and it’s amazing how much has changed since then.

He saw a familiar Asian face and began to chat him up…the familiar face being a stranger on the subway who took advantage of his naïveté, who subsequently demanded him to hand over all his money. This is something that my father does not like to talk about, as you can imagine. Nevertheless, he went on.

I came over to the US later, but was sent back to China to be raised by my grandparents because it was the only way they could manage. Same with my sis, many many years later. (There’s a long form on the net on the phenomenon of Asian immigrants sending their children back to be raised and the disconnect this causes.)

Some of my earliest childhood memories besides being in a camp in China (weird things, I only remember this because I had recount it for an assignment in elementary school) are of the early times in the US. When I came to the apartment, I was a little scardy cat who was afraid of sitting on the toilet, so my parents had to go buy one.

Things that run in other family I’ve tried to overcome: my grandmother, aunt, and mom being way too afraid and worried. My grandfather being naive in the streets of Shanghai, recovering someone’s wallet or money when it’s a scam.

I lived with my parents in an illegal basement rental in Elmhurst in Queens. Illegal because once I remember our landlord telling us to turn off the lights. That’s what we could afford on a NYU researcher’s salary. Those grad jobs are great…

There were mice. I distinctly remember this. Dad caught mice.

I never had a game boy. I’ve touched one for at most an hour. Lifetime cumulative. 

The only toys I had growing up were happy meal toys. 

My dad would take me around on his bike. I think I rode in the front, but I’ll have to ask him.

Good thing is, it was uphill from there. We gradually upgraded living situations. I remember keeping entries in my address book of all our addresses and telephone numbers (before porting was a thing) because of how often we moved. 

Never underestimate the cumulative effects of years and years of hard work and saving up. They lived the American dream and bought a house. 

My parents have always valued education and saved everything they could for it. They saw it as an investment that surpassed anything else. That’s the reason why they were able to climb up. One worked while the other went to get a masters. They made it work. 

My upbringing has shaped me, of course. I shop by looking at what’s on sale at the grocery store, and then say, I can make something out of this. Thrift comes from childhood. But who doesn’t love deals?
That’s also why I lived under a rock. When we could barely afford basics, how would I have anything for culture? How would my parents have any time for culture? They worked their asses off and only took vacation to go back to China to see family. They have never been to Europe until THIS YEAR.

I remember Wendy’s being an especially nice treat.

Now here I am. Look, I still have a grand penchant (weakness? soft spot?) for fast food. 

Habits are engrained. Habits die hard, so I can never be rich. Haha. 

Where were the social services when we needed it? We didn’t know how to use the system, so there wasn’t that support. 

My mom is a nurse. She tells me she turned republican because of all of the waste she saw in the system. People take advantage of all that they can get and milk it (chuckling as they do, but of course the rich also chuckle as they roll their trusts.) She sees this first hand. I don’t blame her for seeing this as waste when she worked hard to not depend on social welfare while people purposely come to NYC for the welfare benefits. 

She sees in the dead of winter, the heat is on so high that all of the windows must be open to breathe.

My mom told me not to give money to the homeless because they can get support through proper channels. Who knows what they spend it on, she said. Got scolded on an essay by my liberal English teacher for saying this. 

NYC has a lot of social services. Half the apartments are rent controlled. You can imagine what that lack of supply does to the market rate of rentals. It’s a much bigger problem because those workers are needed. 

Anyways, I have gone on about anything and everything here. 

Everything that I saw growing up has taught me to secure financial stability and independence. Because I didn’t have the social safety net from family. 

When it came time for me to go to college at UChicago, my parents had saved up sufficiently. Of course we didn’t know anything about financial aid. We filled in everything honestly and got…nothing in aid. Scholarships of a thousand or two barely make a dent. 

Was this fair? Maybe. The middle and upper middle class gets screwed. What if we couldn’t afford it? Even with some income before tax, do you really think we can afford to pay a quarter of a million dollars? Twice?

Tell me how it is the hell that savings and home equity are penalized. 

My friend got a full ride to an Ivy League institution. Family had a house in Brooklyn. When I asked lightly he said, oh we don’t report it, expecting that everyone else did the same. How honest and naive I was. I thought to my uber liberal self, it’s only fair that we pay what the formula says we can afford. It’s become a game like tax. 

My parents paid for tuition, on the condition that I pay half of my sister’s tuition. Agreed. 

I got a job after finishing high school and have not required a cent from my parents since then other than most of college tuition. Books, housing, food on me. 

TBC

Monday, December 2, 2013

Left Unsaid

deal

uncomfortable
physical
sensations
numbness
asleep

mindful
present
notice
let
go

scan
focus
warmth

de-stress

--
I owe a post on The Wheel.

Saturday, May 25, 2013

Americans are WEIRD


"Western urban children grow up so closed off in man-made environments that their brains never form a deep or complex connection to the natural world. "

Humans are not homogenous.

Sunday, May 5, 2013

Options

Volatility priced in before earnings report

Implied volatility

USD/JPY option play/structure

Monday, March 18, 2013

“This sentence has five words. Here are five more words. Five-word sentences are fine. But several together become monotonous. Listen to what is happening. The writing is getting boring. The sound of it drones. It’s like a stuck record. The ear demands some variety. Now listen. I vary the sentence length, and I create music. Music. The writing sings. It has a pleasant rhythm, a lilt, a harmony. I use short sentences. And I use sentences of medium length. And sometimes, when I am certain the reader is rested, I will engage him with a sentence of considerable length, a sentence that burns with energy and builds with all the impetus of a crescendo, the roll of the drums, the crash of the cymbals–sounds that say listen to this, it is important.”

― Gary Provost

Sunday, December 2, 2012

Hmm...

"We squander health in search of wealth; We scheme and toil and save; Then squander wealth in search of health, But only find a grave. We live, and boast of what we own; We die, and only get a stone."

- F.S. Cozzens

Tuesday, November 6, 2012

IM

The asset classes have different market dynamics and interaction effects.

Institutional investors are some of the biggest shareholders of companies.

Defined benefit pension plans are being phased out.

Small cap, junk/high yield bonds risky. 

Thursday, July 5, 2012

I'd like to plug a charity

The Cara Program has a mission I really like. It is rated 4 stars on Charity Navigator (http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=7698) and they work locally in Chicago.

Since its founding in 1991, the Cara Program has evolved as not only a best-in-class job training and placement provider for individuals affected by homelessness and poverty, but also a vehicle for true life transformation. Since its inception, they have placed over 3,250 individuals into quality, permanent employment (at one-year job retention rates of 77%), catalyzing the same number of families to stop the transfer of poverty from one generation to the next.

In addition, The Cara Program boasts two social enterprises - one in neighborhood beautification and the other in property preservation - that achieve a triple bottom line: over $2 million in revenue annually, more than 250 transitional jobs per year for the hardest to employ, and a steady strem of permanent jobs created within our own growing business. For every dollar invested into The Cara Program, $5.02 is generated out over five years, in contributions to society and public costs saved.

More information is available at www.thecaraprogram.org.

Thursday, May 17, 2012

Draft

Sometimes, when I focus on a issue in the U.S., I can't help but think that the issue would only come up in a developed country.

I think about the larger issue at hand. The more important issue. And I wonder if I should be focusing on that instead.

There needs to be people who tackle issues in the developing world. There also needs to be people tackling issues that matter locally or nationally as well.