When I first arrived in the U.S., I would calculate the exchange rate and think, "Wow, this doesn't cost much in Korean won!" and feel unnecessarily excited.

Also, after starting a business and earning in dollars, I had this unfounded confidence that I could just spend in dollars.

When I listen to stories from the Korean community around me, there's a common phrase that comes up. Instead of saying, "I should have bought that," they usually say, "I shouldn't have bought that."

I also hear a lot of, "I should have saved that money." The spending habits formed in the early days of immigration have a significant impact on asset formation later on.

First, the most regrettable purchase is clothing. When you come to the U.S., it's easy to get overwhelmed at stores like Target, Marshall's, or TJ Maxx. These are clothes you can't buy at these prices in Korea, so you end up buying a lot. You end up buying more coats, dresses, and shoes than you expect.

However, as you live in the U.S., you find that there aren't many occasions to wear those clothes. Most workplaces have a casual atmosphere, so there's hardly any need to wear formal attire. I usually just wear jeans and a polo shirt to work. In the end, there are quite a few clothes that end up deep in the closet.

The second regret is the choice of the first car. It's true that life can be inconvenient without a car in the U.S. However, many people choose their first car based on emotions. You might think, "Since I'm in America, let's drive a nice car."

The problem is that initially, without a credit history, even a luxury car can come with high auto loan interest rates. The interest rates can be surprisingly high. So, there's a regret that you should have started with a used car at a more affordable price for the first few years.

The third regret is buying too many Korean food ingredients. In the early days of immigration, there's a tendency to think, "I might not find Korean food ingredients in the U.S.," leading to bulk purchases of items like gochujang, doenjang, and ramen. However, these days, most cities in the U.S. have Korean markets, and you can easily find them online. In the end, you end up with a lot of ingredients that expire and go to waste.

Another regret is the cost of visiting Korea. In the early days of immigration, some people visit Korea frequently due to homesickness. Round-trip tickets are expensive, and there are various expenses when you go to Korea, so it ends up costing more than expected. Of course, visiting family is important, but frequent visits can become a financial burden.

Setting up your first home in the U.S. also incurs a lot of expenses. Many people buy appliances like vacuum cleaners, air purifiers, coffee machines, and air fryers all at once. However, in reality, you only end up using the essentials. So, I think it's much better to buy only what you really need at first and take your time with the rest.

What I've felt is that immigrating to the U.S. feels like a kind of financial reset. The spending habits and lifestyle patterns from Korea are reset here.

The reason these spending mistakes happen in the early days of immigration is due to several psychological factors at play. First, the biggest reason is price illusion. Earning and spending in dollars makes the sense of converting to Korean won gradually fade. At first, you calculate, "How much is this in Korean won?" but over time, that process disappears, and spending naturally increases.

The second reason is the compensation psychology. Starting anew in an unfamiliar environment can create a desire to reward yourself. You might think, "This should be okay," and start buying one thing after another, but if this spending repeats, it adds up to a surprisingly large amount.

The third reason is a lack of information. When you buy things without fully understanding the American lifestyle, you end up preparing things that you don't actually need. Especially for household items, clothing, and cars, you often need to experience local life to know what's necessary.

Ultimately, these mistakes can be seen as costs incurred during the adaptation process rather than waste. So, developing a habit of making spending decisions a bit more slowly during the first few years can be very helpful.

Therefore, I think it's a much more stable approach to live a bit conservatively for the first few years, build credit, create an emergency fund, and establish a financial foundation.