April 2021 Issue: Money and Culture: Red Envelopes, Traditions, and a Golden Teaching Opportunity-Money and Culture: Red Envelopes, Traditions, and a Golden Teaching Opportunity by John Eing

Money and Culture: Red Envelopes, Traditions, and a Golden Teaching Opportunity by John Eing

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In this article, the author highlights the importance of understanding the culture of Asian American clients in order to deepen relationships with them. The author uses the example of the Lunar New Year celebration, which is a significant event in many Asian countries. The Lunar New Year is celebrated for one to two weeks and involves traditions such as cleaning the house and preparing traditional meals. One aspect of the celebration is the giving of red money envelopes, known as hóngbāo in Chinese, to children. These envelopes are earned by showing respect and are seen as a financial reward. <br /><br />The author shares their personal experience of continuing the tradition of giving red money envelopes to their own children. They realized that they had not taught their children what to do with the money, so they decided to create a teaching opportunity. Their son was given the choice to spend the money, save it, or donate it to a charity. To their surprise, he chose to donate one-third of the money to a charity called Team Trees, which aims to combat deforestation. <br /><br />The author emphasizes the importance of teaching children about money and helping them align their financial decisions with their values. They suggest that financial planners working with Asian American families should consider discussing their thoughts on money, family, and gifting, especially during occasions like the Lunar New Year. The author believes that by understanding and respecting the traditions and values of Asian American clients, financial planners can build stronger relationships and offer tailored advice.

Keywords

Asian American clients

culture

relationships

Lunar New Year

traditions

red money envelopes

hóngbāo

teaching opportunity

donate

financial planners