How do you define success? Is it a reflection of a person’s total accumulated wealth? Accomplishments? Materialism? Happiness?
Philip Wang has been an industry leader in the content creation and creative entrepreneur space for twenty years.
Helen Wu and her fellow Asian Boss Girls share stories about vastly different yet similar experiences for Asian American women.
Ryan Alexander Holmes is tackling racism and dismantling stereotypes about growing up as a Black Asian in America.
And Kelly Mi Li is shifting the scarcity mindset as a serial entrepreneur through Bling Empire while building her own.
These Asian creatives are redefining wealth and success for the next generation of the Asian diaspora.
The origins of our relationships with money
The connection we have to our heritage shapes our identity and how we see the world. So, when it comes to redefining wealth and success, we can’t help but look at the origins of our relationships with money. The cultural values our parents and elders taught us are a major factor in shaping our relationship with money.
Content creator and actor Ryan Alexander Holmes shares that growing up and even now as an adult, he has a whole drawer of plastic bags. “In my culture, we save those bags for future use – and that saves money.”
Growing up “as the son of a Chinese immigrant and Black man who grew up in poverty in the Deep South,” he still often considers “how can this help me pursue my passion?” when considering a purchase.
Similarly, Wong Fu Productions Co-Founder Philip Wang recalls that the idea of saving and his money sensibilities came from watching how his parents spent. “[There was]…a lot of frugality.”
Wang’s wife, Helen Wu, who has a professional background in finance, could never bring herself to accept the money that her parents offered for her to have fun with friends. “I could see how hard they worked for their money, and I didn’t want to take that away from them to spend it on something that’s just for fun.”
Redefining wealth and success by learning the value of money
As parents to a young son, Helen Wu and Philip Wang want their son to grow up knowing they will support him when it comes to money. “It’s not unlimited for him to be frivolous with, [but we want him] to understand what the weight of this is.”
As an expectant mother, Kelly Mi Li wants her child to “be a good person and contribute to society,” regarding the mindset about money she wants for her child.
With Li’s role as executive producer and cast member in Netflix’s Bling Empire, her perspective on money might be surprising. She notes that “Money is just a tool,” says the serial entrepreneur. “We put so much importance on money, but… it doesn’t buy you happiness at all.”
As an entrepreneur, Li knows firsthand how unpredictable money can be. “Sometimes I might not make anything, and other months I will make it up,” Li shares. Accepting unpredictability has been integral to Kelly’s mindset as an Asian creative. “Some people think [entrepreneurship] is a straight line up, but no, it’s a lot of different waves and ups and downs,” says Li.
Similarly, Phil Wang and Helen Wu recognize how challenging waves of uncertainty can be. “As a creative, it can be very volatile. This is a different lifestyle for me,” shares Wu, who previously worked in investment banking, business valuation, and financial consulting.
Whereas husband and Bopomofo Cafe co-founder Phil Wang so bluntly describes his journey as “I went from hourly barista to okay, let’s try and make this business happen,” with a laugh. “A lot of it comes down to what type of lifestyle you want to live,” says Wang.
“As a parent and entrepreneur, it takes a lot of discipline to figure out how much energy we want to put into our career or family because we want to be able to build for our family, but at the same time, we don’t want to miss out on anything with our child,” shares the Asian Boss Girl.
See also: Five money saving tips even your parents would be proud of
Knowing your worth and the value of money
Ryan Alexander Holmes and Kelly Mi Li know that one’s mindset towards money can affect how you value yourself – and how others might value you, too.
“When it comes to money, I’m no longer scared of it,” says Holmes, who previously studied business and had the intention to work on Wall Street. The change in money perception has been a pivotal shift that has led him to more opportunities.
Holmes is not in pursuit of wealth as defined by money. “I’m not pursuing the money; I’m pursuing the passion and asking for an equivalent exchange of monetary value for the talent value I’m giving,” he says.
When it comes to redefining wealth and success, Kelly Mi Li sees a common perspective amongst other Asian entrepreneurs. In her experience, she shared, “Subconsciously, we feel like we don’t deserve the money. But what if you open your mindset up and tell yourself you deserve so much more? I want to manifest this.”
Li shares that when people look at her story or only know her from Bling Empire, they make assumptions. “They think that money just happens…[but] wealth is a lot of hard work,” says the producer.
“I worked so hard to the point where my body broke down.” Having worked intensely early in her career, Li now greatly values time for herself. Her advice to emerging entrepreneurs is “Just go and do it, but keep a balance… It’s okay to set boundaries and take a day off.” Li encourages. With this, Li wants to redefine wealth and success as an Asian creative.
Redefining wealth and success as Asian creatives
Helen Wu defines wealth and success as abundance. “Having a wealthy life… would be having a lot of time with family while also doing something that I love and I’m passionate about, which is Asian Boss Girl.”
Kelly Mi Li’s definition of wealth includes happiness, friendship, and love.
When redefining success as an AAPI entrepreneur and creative, Li reminds us that “the highest level of success is happiness. It’s not measured by money, it’s not measured by your accomplishments. It’s measured by how happy you are.”
See also: Paths to Prosperity: How young Asian Americans are redefining wealth
For the Asian diaspora and Asian Americans, the times are changing. Whether it’s about money, wealth, or opportunities, nearly anything is possible if we can take control of our own narratives . We define what success looks like for us as individuals – and as a community.
How do you define success?
I’ve learned from my conversations that however I define success or wealth, I want to do it on my own terms – and I wish the same for others, too – because every generation deserves an opportunity to achieve their dreams.
This story was created in partnership with U.S. Bank. Learn more about how U.S. Bank can support your financial journey with personalized guidance from a banking consultant and online financial resources here.
