If there is something we should learn from others it is to honestly assess, analyze, admire, and emulate the things they are doing better than we do. If we are from the West and thinking about which nations are doing good financially, there is no doubt that we should turn our eyes towards the East, those developing countries in Asia; China, Taiwan, India, Thailand, etc. They are well on their way to become the next financial giants. So, what do they do to prosper like that, while the West is sinking deeper into economic recession?
I would say that the most important difference is their saving mindset, that unfortunately has been almost lost in our western culture. The use of credit cards has become the norm amongst most of us, because following the dictates of the consumer’s society and the media, we want to purchase goods for which we do not have cash. Credit has been encouraged and our Western societies have bought too much on credit and are now in debt. Some families have lost everything, others are struggling to make their monthly payments and there are no savings in the bank. In our societies, we try to work as few hours as possible and at the same time we insist on our social rights for holidays, medical care, retirement, etc. We expect that the government will take care of us for paying our taxes faithfully.
Chinese culture is different. They buy with cash. They don´t use credit cards if they can help it. Traditionally they are taught to save their money, to put aside a percentage every month in the bank, to buy some gold ingots or gold jewelery in order to build wealth for their family. They work long hours and rarely have days off. They live to work and to save. This is why Chinese are not in debt. This is why Chinese have money and have gold.
Their traditions and customs dictate that every newborn child, when it reaches one year of age, should receive presents of pure 24k gold from its relatives, in order to ensure a good start in life. Same thing goes for newlywed couples. Parents and other relatives give the bride and bridegroom gifts of pure gold, as an investment in their marriage. Brides can expect to receive beautiful gold bracelets, gold bangles, sets of gold necklaces and earrings, gold rings, etc.
The Chinese, Indians and Thais, always purchase 99% pure gold, as they know it has more real permanent value. But in the West, we alloy gold with other metals and bring its purity down to 18K, 14K, and even 10k, which does not make such a good investment.
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