Interesting article from "Money"

[HFWR]

http://money.cnn.com/2005/05/26/pf/millionaire/rp_tieu/index.htm

 

[retire@40]

Good article about a typical hard-working immigrant living below his means. 

I've met lots of these types of people, some with much more amazing stories than this guy.  The common theme with all these people is that they started with practically nothing, lived below their means, made some sacrifices, had strong family ties, and that they wanted to make sure they had enough wealth so they would never go back to being poor again.

Sometimes, having nothing and being poor gives you the fire-in-the-belly mentality that it takes to achieve your goals.  Much of middle-class America lacks that fire-in-the-belly.

 

[Texas Proud]

Not to say too much negative, but about 60% of his 'half million' is home equity in a market that is way over priced. It is not due to great savings that he has this .... a dumb person who bought at the same time would have $300,000 or so equity and would look like someone who was 'saving' for retirement......

NOW, the $200,000 of liquid assets is a good thing and a tribute to his savings.

 

[Lazarus]

Still, he is doing better than most. I personally don't rely on home equity as a retirement fund. I hope to have a paid for house when I retire. Since you have to live somewhere. Accessing home equity is a problem unless you downsize or move to a cheaper area. I never upsized and already live in a low cost area so it wouldn't work for me in any case.

 

[P.S.]

Not to be racist (?), but this is not unusual for an Asian. If he weren't as the article described, then he would be considered a shame to his parents and looked on askance by his "own" community.