Earlier quoted context omitted.
> Instead the typical means to wealth is inheritance or luck of birth providing access to investment capital The typical means to wealth is spending below one's means and investing the rest. https://www.nytimes.com/2018/09/01/style/fire-financial-inde... And there's the book "The Millionaire Next Door" which shows that 85% of American millionaires are self-made, usually through spending below one's means and investin…
Are those actual early millionaires or just retirees with retirement savings?
How Indian Americans Came to Run Half of All U.S. Motels
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Re: How Indian Americans Came to Run Half of All U.S. Motels
#172The story totally checks out. I moved from Boston to San Francisco in 2006, did a cross country drive. Back then we only had flip phone, so I would use my laptop and The Microsoft Streets software with a GPS. Every day, around 3 PM, I would pull in into the parking lot and locate a Motel 30 or 40 miles ahead using the GPS and Streets software, and call and book a room. 8 out of 11 motels I stayed in were owned and ru…
Re: How Indian Americans Came to Run Half of All U.S. Motels
#173Earlier quoted context omitted.
Indian food is labor intensive and uses expensive ingredients. Restaurants are also low margin businesses that don't scale well and are super risky, not something I'd advise someone to do unless they have a passion for it and ability to fail and carry on with life. I have not been to a single Indian restaurant that can compare to a home cooked Gujarati meal, especially made by someone who grew up there.
You should try Rajdhani in Artesia, CA if you get a chance. But that's the only one I have found.
Re: How Indian Americans Came to Run Half of All U.S. Motels
#174Earlier quoted context omitted.
I think it's much deeper than "individualist streak in American culture". Western Europe in the last 1000 years or so has been a very unusual place... one aspect of which is having nuclear families not extended ones. Because (crudely speaking) the catholic church wished to diminish alternative power structures, such as clans. This led to an unusually open society, which had many benefits... with generally higher leve…
Unless you have some references, I'd call this a "nice theory" (to be read with a British accent). Spontaneously: * South America appeared to be more catholic than any Western European or US-American place I've visited, but family and extended family are still a big thing. * Calvinists seem to be much more "open" than catholics to me. * Damn, I want the secret recipe that lets me set a policy and enforce it in vast a…
The Origins of Political Order by Francis Fukuyama, which has a pretty long section about how the Catholic Church in medieval Europe worked really hard to break up the power of clans. (It is one reason why they forced priests to become celebate.)
Along the same lines see History of Sacerdotal Celibacy in the Christian Church by Henry Lea.
South America's conversion to Catholicism came long after this period was largely over.
Family & extended family in Western Europe and the US is nothing like it is in some other places in the world. Do you -- and 50 other descendents -- take a plane trip every year to go to your grandfather's grave 1,000 miles away to pray to him on the anniversary of the day he died for good luck? We do that here.
Re: How Indian Americans Came to Run Half of All U.S. Motels
#175Re: How Indian Americans Came to Run Half of All U.S. Motels
#176Earlier quoted context omitted.
It's not (just) that most Americans feel these jobs aren't worth their time. There is a very strong individualist streak in American culture and a very strong taboo against lending friends or family members money for any reason. There are plenty of American families who have relations who could easily help bootstrap a profitable small business in the way described here. It just doesn't happen that way very often. Ins…
I believe Gates started Microsoft with a $5000 loan from his parents. Not that "immense".
Re: How Indian Americans Came to Run Half of All U.S. Motels
#177On the same note, I recently watched this video covering how Cambodian immigrants ended up running so many donuts shops, especially here in SoCal: https://www.youtube.com/watch?v=LQLtRRe5EBc
Re: How Indian Americans Came to Run Half of All U.S. Motels
#178This model has led to success for other immigrant groups in other industries. > Many followed his advice. “They would give each other handshake loans—no collateral, no payment schedule, just pay when you can,” Doshi explains. Once a family purchased a motel, they would live there, and the family members would do all the tasks needed to run it, from cleaning rooms to checking in guests. That helped keep costs down, an…
Re: How Indian Americans Came to Run Half of All U.S. Motels
#179Re: How Indian Americans Came to Run Half of All U.S. Motels
#180Earlier quoted context omitted.
In my area it already does. My Indian colleagues informed me that grocery stores that cater to their culture typically have exclusive agreements with local Indian farmers, which results in significantly reduced prices. I thought that was wonderful--I'm a fan of frugality. I'm curious if this is common in the US in other immigrant communities.
> I'm curious if this is common in the US in other immigrant communities. Yes absolutely. As an Indian American, I'm familiar with the Indian grocery store model. However, I grew up in a majority vietnamese area of Southern California, and most of my friends growing up were vietnamese. They had a few interesting hustles going on: 1. A few families were involved in growing produce in their backyards, and grocery store…