Financial Planning is an essential part of life. The United States of America is considered one of the richest developed countries but still ranks behind many Asian nations in financial planning and savings. Statistics show that Americans mainly invest their money in something concrete like real estates and mutual funds.
Young Laotian-Americans who grew up here in this new era have discovered that financial investment is a new way to make fortune for long-term financial security for their families. Many have taken up a career in life insurance and financial investment consultation with the aim to advise other members of their communities of the benefits of financial planning.
The Financial Group investment company held its annual Economic Family Planning Conference in Las Vegas, Nevada, on March 8-11. More than 7,000 members attended the conference, including many Laotian-Americans who are parts of a small group of women entrepreneurs of Lao descent who started their own business to help their communities to get a better understanding of the need for financial planning for their future.
Penchit Sithammavong-Chao, one of the first Laotian-American women who joined the Financial Group and established her own investment business based in Chicago about six years ago, explained to VOA:
“The main reason I wanted to open my own business is that I want to be my own boss and to work on my own time. In addition, I want to spend more time with my family and my children. I also have a back-ground in finance, and I love working in this field very much. On top of that, the Laotian-American community is still new to this financial thing. I want to educate and help prepare them for their future.”
Vongdara Joy Bounyavong and Nararack Xayavong Johnson are among many Laotian- American women whom Penchit recruited to join her team.
“It’s very difficult to balance between career and children,” says Joy, “I love this job because I have more time for my kids and I can bring some income to my family as well.”
“Laotians came to this country as refugees, and they don’t know much about the financial world. I am very happy to be a part of this new era in helping them to invest for their children in education, long-term investments such as IRA, health and life insurance,” remarks Nararack.
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