Kim Yong-bin reveals family lost 8 billion won due to bad guarantee

During a broadcast of 'Boss in the Mirror' on the 18th, singer Kim Yong-bin explained his strict money management, including maintaining over 50 bank accounts, after his great-grandfather lost 8 billion won in assets due to a faulty guarantee.

Singer Kim Yong-bin has revealed the reasons behind his extreme caution regarding money transactions and guarantees. Having been educated on financial concepts by his grandmother since childhood, he shared a family history where his great-grandfather lost a massive fortune due to a faulty guarantee, and confessed that he himself suffered emotional wounds after lending money to a friend. Interest has also focused on his unique money management style, as it was revealed that he maintains more than 50 bank accounts and even writes his household account books by hand.

During the broadcast of the KBS2 variety program 'Boss in the Mirror' on the 18th, Kim Yong-bin emphasized the importance of money management to his manager. He advised that "money management must be done from a young age" to prepare for situations such as being unable to work due to old age or needing medical expenses. In particular, he emphasized his economic principles by stating firmly, "You must never engage in money transactions."

His grandmother's teachings had a significant influence on why Kim Yong-bin is so wary of money transactions. He revealed that since he was a child, he was told never to lend money or stand as a guarantor for others. Using the expression "don't draw pictures because water comes out of the pen," he explained that he heard warnings repeatedly that standing as a guarantor could lead to irreversible losses.

The danger of guarantees conveyed through his family history was even more shocking. Kim Yong-bin said that his great-grandfather once enjoyed significant wealth, owning land in the areas of the department store, Suseong Lake, Suseong Middle School, and Yongdusan in Daegu. However, due to a faulty guarantee, he lost all his assets, which were worth approximately 8 billion won at the time, and became penniless. The family experience of wealth that could have lasted for generations collapsing due to a single wrong decision instilled in Kim Yong-bin a unique standard for viewing money and trust.

However, Kim Yong-bin did not learn the dangers of money transactions solely through his family history. He also became more clear about the boundaries between money and human relationships because of an experience he personally went through during his school years. He confessed that when he was a middle school student, he lent 200,000 won to a friend he really liked, but never received it back. Recalling that time, Kim Yong-bin said, "At that time, I felt like a person worth less than that 200,000 won." He confessed that the feeling of having his own value perceived as low by someone he trusted was a greater wound than the regret of losing the money.

His manager also revealed that he is still receiving small amounts every month after lending money to an acquaintance. Upon hearing this, Kim Yong-bin expressed frustration, asking, "So why do you do such a thing?" While showing a reaction that it was at least a relief that the money was being returned, he pointed out that one can lose hard-earned money because of human relationships. He repeatedly emphasized that money transactions can cause one to lose not just money, but friends as well.

Kim Yong-bin's thorough economic sense was also evident in his usual way of managing assets. He revealed that instead of using smartphone household account book applications, he writes his account books by hand. The cast members could not hide their surprise at his explanation that he has more than 50 bank accounts and still keeps the first account book he made when he was seven years old. He noted that the records of his income increasing from 50,000 won during his unknown days before debut to 1 million won remain intact in his bankbooks.

The manager drew laughter by saying that Kim Yong-bin, who is only five years older than him, feels particularly like an elderly person when talking about money. However, for Kim Yong-bin, money management is not simply a matter of reducing spending and increasing savings. It is the result of experiencing the impact of money on human relationships through the loss of property experienced by his family and the bitter experiences of his school years. As his lifestyle of not treating even a single penny's record lightly was revealed, contrary to his glamorous appearance on stage, Kim Yong-bin's solid economic principles are drawing renewed attention.

Read the original (Korean)