Investment Planning for Immigrants
Investment Planning for Immigrants My friends often talk about their investment strategies. They have 401(k) and Roth IRAs, health savings accounts, brokerage accounts, and investment properties. I live in a very nice area, and my friends are well-educated business leaders who had successful parents who taught them well. They are wealthy people. Their parents often encouraged them to set up their investment accounts in their twenties, and they benefited from compounding growth over decades. Many have education savings and investment accounts to pay for their children’s education. Some have just one child. Yet, they often seem incredibly stressed about finances, investing, and retirement. They often tell me I am lucky not to have kids because it’s too expensive and tiring. As an immigrant, my financial obligations are far larger than that of my friends. And I do not have support. I have to do my investing and retirement planning to ensure I can support myself and my extended family. I am not just planning for my retirement. I am planning everyone's lives and their retirements as well. I am the backstop. Yet, I do not have anyone to bail me out if I even need support. What makes it hard is the limited influence one has…