I always enjoy Olivia Mellan’s columns in Investment Advisor magazine, and typically they are the first that I read, but the most recent one titled “Minority Report” (July 2008) caught my attention and I enjoyed the in depth analysis that she did.
I have noticed similar cultural differences in my practice, most notably the difference between Hispanics and East Indians. As a generalization I have noted that Hispanics typically work hard, don’t seem to stress the value of education or saving, however they are very family oriented and it is not uncommon for them to be subsidizing other family members, either here in the United States or through sending money back to Mexico.
As a generalization, the East Indians that have immigrated here, although they don’t know the language, have seized the American dream, starting by working low skilled jobs, save money very well, eventually buy farms or other local businesses, and almost invariably value education and send their kids to college. I have been fascinated with my own little cultural experiment in my office.
I look forward to reading your next installment. Keep up the good work.
Neal A. Bittner
Bittner Financial Services, Inc
The second half of Olivia Mellan’s two-part report on providing advice to members of specific ethnic groups, “Minority Affairs” appeared in the August issue of Investment Advisor. Both articles can be found online at www.investmentadvisor.com.–Ed.