If there’s one thing you learn quite quickly when coming to Taiwan is that the people here have no social security. Their strategy for the last thousand years? Have kids.
Children when raised right (with love, a solid work ethic and a sprinkle of ambition) will grow up to be productive adults and will take care of you.
As the world de-globalizes and population shrinks,
Think you can’t afford to have kids? Get ready to struggle for the second half of your life because you choose NOT to have them.
”But expatdad!” I hear you say, “How can you view children as mere units of labor or a retirement plan?
First off I don’t. I quite love having kids. But knowing that they can and will take care of me and my wife as they will have more leverage moving forward…it’s a good feeling.
So if you’re a young buck and wonder how to take care of your retirement…then consider being a family man (or gal) and get at it!
This video is quite interesting although I don’t agree with its Doom and Gloom photo here lol
this is an interesting perspective as someone who’s parents are nearing retirement age. my mother told me that culturally, kids are the retirement plan, but she said that she doesn’t want to rely on us. She just started her own business that should make her more income before retirement.
she would rather see all four of her kids go on and do something for themselves instead of spending years taking care of them as they grow old. i’d never put my mom in a retirement home, but i’d pay for a care-taker. if that’s what you mean, then i agree. But there’s no way in hell I’m living with my retired parents in my prime. they had their whole life back when shit was affordable to built wealth, it’s not on me if they’re broke after 50 years of work.
Yes this worked well in the globalization age of the 20th century. An age where people had pensions, excess capital, social security….but what if all that goes away?
Yes of course - however that is a luxury for some now…heck even investing in kidS (capital S) is a luxury in taiwan.
Taiwan..a place that enjoyed a rapid boom followed by inflationary land prices (this took care of the older generations but not us.)
We need to resort to the tried and true of old: have children and then turn our kids into financial assets (from an economic perspective)
and before I get all this (boo boo kids can do what they want) I assure you that the elites of our society are grooming THEIR kids to take over their businesses and create the next generation..
My perspective is a bit different because my parents came from a rural third world country and moved to the US indefinitely. they had maybe a 5-10 year setback just being new immigrants. but things have changed indeed. I don’t think social security will be there for long. Maybe in the next few years, but definitely not when gen z retires. that’s why I started my Roth IRA already.
I want kids but can’t afford them. Unless i meet a guy in Taiwan who is willing to work hard af to build wealth quickly before having a kid, I probably won’t have any. that’s just me though.
this is true. but elites will always be fine. im not even close to high class, let alone elite status, so this doesn’t apply. maybe youre an elite idk.
I just told my parents to invest in real esate if they can. We have a house, they might buy another to rent out with me as a co-signer. I suppose that could be our business i can take over?
If they struggle while old, they have one of their many kids to fall back on. 100% not leaving my parents in the dust, i very much agree with you on that.
Their strategy is work for the government and get amazing retirement deals (there’s millions of those ), be a farmer and get a farmers pension , invest in properties and inherit their parents and grandparents properties , invest in stocks and businesses , put money in their laobao account and especially invest in mutual and insurance funds. Another favourite strategy was to create a laoshu hui and grab your neighbours money. AFAIK Taiwanese have the most money per head in insurance funds in the world.
Funny how poorly some people know the country they live in.
If you get married or have underaged children in Taiwan, even if you have committed a crime or rule violation, most likely you won’t be deported, you will have the right to stay in this country.
And If you aren’t married or have a family in Taiwan, once you committed a crime being sentenced to more than 1 year or even a minor drunk driving offence, you may get deported immediately right after your sentence.
And you will likely be transferred or incarcerated at Taipei Prison (unless you have a short sentence) which is there they house most foreigners it is one of the worst and overcrowded prisons in Taiwan, life is really difficult for a foreign prisoner, after you get released the immigration people will pick you off from prison and if you are from the third world of a South East Asian Country they most likely take you to immigration detention to do additional time unless you have an embassy to help you and pay for your ticket.
Go to any police station and look at the photos of confused looking elderly who have been abandoned. Relying on your kids to look after you carries a risk. It also feels a bit selfish, to me at least.
What’s the point though? With a criminal record you won’t be getting a decent job anymore to support said family unless the spouse is loaded. (Or you are independently wealthy already)
But it produces results. In the armed forces, boot camp turns boys into men. In Taiwan prisons, Johnny Foreigner is turned from a drug dealer into a manufacturer of joss sticks. And to me, that’s an amazing story. Worthy of a Disney drama!
