ING recently published a new study on retirement readiness in different racial communities. Asian Americans had mixed results in the study. There are some positive results. Asian Americans overall had saved the most for retirement, $81,000 in an employee sponsored retirement plan (versus $69,000 for the population in general). Not surprising, Asian Americans are more likely to contribute to a employee sponsored retirement plan, with 81% saying they contribute (compared to 75% of the overall population).

But Asian Americans don’t excel everywhere when it comes to planning their retirement. See where Asian Americans fall short in retirement planning and where else we excel after the jump.

Given the higher amount in retirement savings by Asian Americans, it should be no surprise that Asian Americans also contribute more to retirement accounts, 10.3% of a paycheck on average (versus 8.4% in the general population), and $324 on average per paycheck (versus $220 in the general population). Even with the higher contribution to retirement savings, Asian Americans also save more in general with 69% having savings outside of retirement plans (compared with 58% of the general population).

When it comes to routine savings and expenses, its generally considered a good idea to have an emergency cash reserve (90% of Asian Americans say they have one, versus 81% of the general population), and even better if that reserve can cover 6 months of living expenses (51% of Asian Americans have 6 months of reserve versus 32% of the overall population).

When it comes to debt, Asian Americans seem to manage it better than other groups. Only 15% of Asian Americans have student loan debt (compared to 25% overall), 23% of Asian Americans have a car loan (compared to 44% overall). Asian Americans use credit cards more (96% versus 91%), but have better control of them with 35% carrying debt on credit cards, versus 40% overall, and more likely to pay off credit cards in full every month (75% versus 50% overall).

So if Asian Americans are so great at their finances, is there anywhere they need help? The answer unfortunately is yes. Asian Americans are the least likely to have actually done any estate planning by writing a will and testament (26% versus 35%). This may be cultural, as it’s taboo to discuss death in many Asian cultures, with some believing discussion or activity around one’s death is inviting death into your home. Asian Americans are also the least likely to have actually calculated how much money they will need to continue their lifestyle after retirement (39% vs. 43%). Asian Americans are also least likely to work with a financial professional (22% vs. 28%).

The last place where Asians differ from the norm is concern for saving for short-term expenses (versus the long-term retirement savings). Asians are more concerned about saving for vacation (21% vs. 14%), and saving for a down payment for a home (12% vs. 8%).

My own parents were great examples of the results of this study. While they were successful in accumulating savings for their retirement, they didn’t think about it much, nor did they ever wonder if they’d have enough. They always figured they’d have their kids to depend on if they didn’t have enough. In addition, they really didn’t do any estate planning, as they were highly superstitious that it would bring bad luck, that is until it was pretty obvious they weren’t going to be around due to their terminal cancer diagnoses.

On the other hand I’ve probably well exceeded Asian Americans in retirement planning. I work with a financial planner, I’ve probably got way more life insurance than I need, and I’ve been contributing to a retirement plan since I was 22. Part of this drive, especially around life insurance and estate planning didn’t happen until my daughter was born. She was really the driving factor in setting up a living trust. So if you haven’t thought about life insurance or a will, and you have kids, you should get out and do some estate planning, not for yourself, but for your kids.

This past Monday, January 23, 2012 marked the arrival of the Chinese/Vietnamese/Asian Pacific Lunar New Year, the Year of the Dragon. The new year brings with it some well-known and some not so well-known side effects. It’s already pretty common knowledge that the Year of the Dragon means more births in the Asian and Asian American community, as a child born in the Year of the Dragon is considered auspicious and will have good luck. On 8Asians, Jeff has already written about how being born in the Year of the Dragon may give the child an advantage.

But there’s probably a few side effects of the Year of the Dragon you might haven’t heard about yet.

For starters, in an effort to ensure a child born in the Year of the Dragon, more would-be parents are turning to fertility treatments to help them reach their goal. One U.S. based fertility clinic reported a 250% increase in customers after advertising in Chinese language newspapers compared with a year earlier. The big increase in babies (in Taiwan there were 202,000 more babies born in the last Year of the Dragon, 2000, than the year prior, 1999), is expected to bring about a big increase in the demand for baby goods, like diapers, strollers, high chairs, and baby seats.

In addition to babies, the Year of the Dragon also means an increase in matchmaking and weddings, and with that matchmaking services and weddings are expected to bring in big dollars this year. The same belief that the Year of the Dragon will bring good luck to these new couples and spouses is driving the uptick in demand for wedding dresses, specifically red hand stitched dresses embroidered with the dragon and the phoenix. The jump in weddings is also expected to push up demand for gold, as much as 70%, as it’s used in many of the presents given to the happy couple.

The Year of the Dragon is also expected to heat up the real estate market in British Columbia, Canada and in China, as many new and existing families try to buy a family home in an auspicious year.

And here’s one you probably haven’t heard of. The Year of the Dragon is expected to also increase sales of the dragonfish. The sales are helped by the fact, that it’s believed that dragonfish bring good luck, health, and happiness.

So as we enter the Lunar New Year, may you find health, wealth and happiness. And maybe you learned something new by reading this too.

When my daughter was around 3 or 4 we started having problems with her diet, or in other words, like any other little child, she refused to eat vegetables. The lack of fiber in her diet led to constipation, and lots of discomfort. A doctor we spoke to (who happened to be my cousin), recommended we try a bidet to help our daughter’s discomfort, so I decided installing a “washlet” was going to be my next DIY (do-it-yourself) project. I had been to Japan many times for business so I was already familiar with the all-in-one unit. The hard task was going to be finding one to buy here in the United States that would work with U.S. plumbing and electrical.

Like my previous DIY project on kitchen exhaust fans, the reasonable cost solution turned out to be ebay. If you’ve got the money, you can probably go to a high end plumbing retail outlet and buy a Japanese-made Toto washlet, but if you’re like me, and trying to save a buck, you’ll probably go for a Chinese or Korean off-brand washlet. I was able to locate a Chinese model made by Xime for under $200 on ebay. The model I picked up featured a heated seat, heated water spray, and movable spray action.

If you decide to tackle a project like this one, there are few things to keep in mind. A heated seat and heated water are a nice touch on a unit, but require an electrical hookup near the toilet. If you don’t already have an outlet near your toilet, you’ll need to wire one up or hire an electrician to get one installed. Don’t forget that for a bathroom the outlet will require a GFCI circuit. For the water, you’ll be tapping into the line that feeds the toilet, and it’s unlikely that the toilet seat will come with the correct sizes needed for an American plumbing system. The unit I bought was expecting the hookup at the wall to be a 1/2 inch pipe connection. That’s not the standard in most U.S. homes, which typically use a 3/8 inch compression fitting. So be prepared to be standing at the local home improvement center looking for the right adapters to get your hookup to work. You may also want to consider moving where the “tee” fitting is located in the installation. In my case I moved the “tee” from the water valve to the toilet fitting, and found the right adapters easier to locate in that configuration. See the diagram below for examples of the two scenarios.

It may take a little MacGyvering to figure out how to get the puzzle pieces together and find the right adapters. If you’re truly flummoxed by the installation, then it’s time to get a plumber involved. If you’re putting it together yourself, don’t forget the teflon tape on all the plumbing connections.

The reviews on washlets are pretty consistent, and range from “I never knew how I lived without one before”, to the “best thing ever”. If you’ve never tried one before, you’ll probably want to try one before getting one for your home, but it’s probably a decision you won’t regret.

If you’ve lived around Asian American immigrant households, especially Chinese ones, you’re already familiar with one side effect this has in the kitchen: There’s grease everywhere. It builds up over time, and it seems like no matter how much you clean, you can’t get rid of it. At my parent’s house as I was growing up it seemed like our whole kitchen was coated in it.

Eventually I left my parent’s house and found my way to the west coast. Many years later, when my parents retired, they wanted to move out west to join me. As part of getting my parents set up in a new house in California, I remodeled the kitchen in the house they were going to move into. During this remodel, I got my parents the one appliance they always wished they had when living on the east coast, a high CFM (cubic feet per minute) kitchen exhaust fan, aka range hood.

The typical modern American kitchen uses an integrated microwave oven and range hood, a useful convenience when you’ve got a small kitchen and need to save space. But these are also typically the worst performing range hoods, normally capable of moving between 100 and 300 CFM of air and definitely the worst choice for an Asian American kitchen. Of course the kitchen I was remodeling had an integrated microwave range hood unit, so it was the first thing to go.

Finding a replacement range hood was more difficult, as I did this remodel in 2001. Even today, finding high CFM (around 900 is a good number for a typical Asian American household) range hood is still relatively difficult. You can’t just walk into your local Home Depot or Lowe’s and expect to find a range hood that will fit your needs. These big box stores will carry some professional grade range hoods, but those aren’t exactly designed for an Asian American household either, especially one on a budget.

So where do you find a range hood, that’s high in CFM, good at eliminating grease, and relatively affordable? You could take a trip out to Chinatown (if you’ve got one within driving distance) and visit an appliance store there, or you can do what I did, and go online to ebay. Today you can probably find other online stores that will carry suitable range hoods at decent prices, so definitely shop around if you’re in the market.

I was able to locate on ebay a range hood that not only moved 900 CFM, but included the sought after “grease cups” (designed to catch the excess grease from cooking), something you don’t find on a typical range hood designed for the American market. The one I purchased was made in China of course, and immediately was my parent’s favorite appliance in the kitchen.

As a DIY (Do-It-Yourself) project, replacing a range hood is probably one of the easier projects a homeowner can do. It’s all about making sure you’ve bought the right size range hood in advance, and being willing to work with electrical, as you’ll need to disconnect the old range hood, which may be hardwired into the home. You may also need to re-orient the back of the exhaust fan to match where the vent is in your kitchen (either against the back wall or above the range hood).

So if you’re looking to upgrade your home, and want a project that’s sure to please the Asian American cook in your household, this is one project that will definitely help save the wear and tear on your kitchen.

A new study examining almost 40,000 auto accidents from 2002-2006, where children were injured, determined that Asian Americans were most likely to have their child restrained, either with a seat belt or child seat, with 59.3% of Asian American children involved in auto accidents actually having used restraints, compared with an overall rate of 47.5 percent of child accident patients who were restrained. Of black patients, 39.5 percent were restrained at the time of the accident, while 39 percent of Hispanics, 36.8 percent of native Americans were restrained, and whites at 48.8 percent.

Personally, I can’t believe anyone would put their child in a car without a seat belt or car seat. I’ve had to make do with just a seat belt in a taxi cab with my daughter in Las Vegas, but whenever we’ve rented a car or driven her anywhere since we took her home from the hospital, she’s been in a child car seat, that is with one exception. That exception was the week I took my daughter to Taiwan. In Taiwan, Taipei specifically, it was normal to take taxis where we needed to go, but it was rare to have enough room that my daughter could actually get to use a seat belt. Typically we were crowded with family, and she sat on my lap for most taxi rides.

During that week, I worried constantly about the lack of seat belts, the crowded transportation rides. Of course nothing happened, and I probably worried more than I needed to. None of my relatives in Taiwan used child car seats for their children. But it’s interesting to note that Taiwan did implement car seat rules for children under 18kg in weight, effective June 1, 2004. And perhaps more interesting, that rules for back seat passengers wearing seat belts took effect last year on August 1, 2011, with fines going into effect this year in 2012. But sadly even with the new rules, in Taiwan, 4 to 12 year olds riding in the back seat of a taxi are exempt (meaning they do not need to buckle up).

But I digress. It’s actually sad to see so many children were allowed to travel without seat belts or child safety seats. I’m sure the lack of either contributed to their injuries. While it’s good news that Asian Americans are more diligent in this respect, this is one topic that race shouldn’t matter in. All children should be buckled up for safety, and once you do it’s a habit they take with them where ever they go. My own daughter was probably even more distraught than I was at the lack of a seat belt in many of the taxis we rode in during our trip to Taipei. And that’s a good thing.

The Immigrant Learning Center (ILC) has released a report examining the issues related to children of immigrants growing up in immigrant entrepreneurial families.

The study focused on the children of U.S. immigrant entrepreneurs, specifically Asian American and Latino graduate and professional students. Study participants grew up in households in the U.S. The main common shared experience among the study participants was their immigrant entrepreneur parents and their experiences growing up around the family business. Both of which heavily influenced their desire to pursue an education in the U.S. and determined their job choices and decision to work in the States.

It’s no surprise, that children of parents who owned their own businesses would be more likely to pursue advanced studies. Immigrant business owners have to work hard to survive and grow a business, and the children see that work, effort and sacrifice their parents put into keeping the family and business solvent. The study also noted that in several cases, the children, who often usually had more advanced English language skills than their parents, served as translators for their parents. Some parents also consciously shielded their children from working in the family business, particularly from activities that involved manual exertion.

Study participants related how their immigrant parents wanted them to excel educationally, get good, stable U.S. jobs, and live more comfortable lives in the U.S. than their parents had. ILC found that “there is an inherent appreciation among the adult children of immigrant entrepreneurs for the sacrifices their parents made to ensure that they have successful careers and lead normal lives in their adopted homeland”.

My own parents were immigrants and always regretted not starting their own business in the U.S. My dad instead went the safe route of becoming a professor at a local university, and always worried about finances. He also tried various schemes of starting home based businesses while we were growing up, none of which succeeded. But his strive for independence, his hard work, and my parent’s sacrifices were certainly not lost on me, and I did my best to work just as hard, pursuing not only a college degree, but a graduate one as well. In that respect and in the fact that my siblings and myself were the language brokers for my mom, my experiences aligned closely with those of the study participants.

Where my parents differed, is that when they came to the U.S. they always thought they would return to Taiwan. But years passed, and their kids became too American to ever move back. And they decided the U.S. was home, for them and for us.

I first joined the bone marrow donor registry in the early nineties, after reading about a Chinese boy with leukemia who was looking for a match. Back then (and still the case now), Asian donors were rare, and finding a match if you are of Asian ethnicity or hapa unlikely. It’s almost 20 years later after I joined the registry, and while the issues around bone marrow donation haven’t changed much, the available methods to recruit new donors has.

In today’s web-centric world, social networking sites like Facebook have changed the way searches for bone marrow donors can be executed, sometimes with incredible results. The 32 year old founder of Photojojo, Amit Gupta, turned to social networking when he was diagnosed with leukemia and was in need of a bone marrow donor. And there’s no doubt as to why. Gupta has 17,700 followers on Twitter, 13,000 friends on Facebook (plus 422 subscribers) and a strong web presence on Tumblr, Flickr and other social media platforms. Gupta and his supporters have used social networking to spread news about “swab” parties, where potential donors can be swabbed and added to the donor list to see if they are a match.

As an Indian-American, Gupta’s odds of finding a donor are slim, about 1 in 20,000 (compare that with over 90% of Caucasians finding a match in the U.S.). South Asians, like other minorities in the US, are dramatically under-represented in the national bone marrow registry. We’ve discussed on 8Asians previously why Asians are reluctant to be donors of any type and even mentioned Gupta’s search for a bone marrow donor. But what surprised me most was finding out that among those South Asians that sign up to be a bone marrow donor and subsequently match someone looking for a donor, approximately half decline to actually donate when told they are a match.

The reason so many South Asians decline have to do with why they joined the donor list to begin with. Many agreed to be “swabbed” and typed because someone they knew personally, usually a friend or family member needed a bone marrow donation. The prospective donor didn’t match their friend, but instead matched a complete stranger waiting for a donation. Partially because of cultural norms, they declined to give a part of themselves to a complete stranger. So, while we may be getting the word out through new mechanisms like social networking, there’s still a lot of cultural barriers to overcome to help those in need of a bone marrow donation.

While I personally disagree with some of the policies in the bone marrow donation program, specifically around gay men, I still continue to recommend people join the list, especially if you’re a minority or mixed race. I myself joined the list in defiance of the policy against gay men in place at the time I joined. If I match, I plan on being completely up front to any recipient family about my “gay” status, and I’d be willing to submit HIV tests to the recipient and their family. It would be up to them to turn me down as a donor.

I have one final story to relay about bone marrow donors. Last year, my cousin agreed to be swabbed as part of a drive to find a donor for a local patient in his area of the country. Incredibly, he matched, and because the recipient was in the last stages where they could receive a transplant, my cousin cancelled a family vacation with his wife and kids so he could undergo the donation procedure that same week. So kudos to my cousin, and may many of you follow his example. And remember donating bone marrow isn’t as painful or difficult as it used to be, so there’s really no excuse for not finding out if you can be the match.