Singer Kim Yong-bin Says a Single Loan Guarantee Wiped Out His Grandfather's 7–8 Billion Won Fortune

Singer Kim Yong-bin said a single mistaken loan guarantee wiped out his grandfather's fortune, even though, as he was told, the family had once owned land across Daegu's main districts. He said the story lies behind his frugal habits and strict view of money.

A grandmother's repeated warnings

Kim spoke on the episode of KBS 2TV's entertainment show "Boss in the Mirror" that aired on the 18th. While getting a manicure with his manager, he talked about his attitude to money. He recalled what his grandmother had told him again and again from childhood: "You never know how the world will turn out. I think you have to manage your money in advance, from a young age." He said he heard "don't lend or borrow money, don't stand guarantor, and don't write your name just because the ballpoint pen is leaking" far too often growing up. Words that might have sounded like nagging were, for him, warnings rooted in something that actually shook the family's life.

Land across Daegu, then "complete beggars"

Kim said his grandfather had been one of the wealthiest people in Daegu. "My grandfather was incredibly rich in Daegu," he said, adding that he had been told the land under Hyundai Department Store, Shinsegae, Suseong Lake, the middle school he attended and the area around Yongdusan had all belonged to the family. The other cast members could not hide their surprise.

That wealth collapsed in an instant, he said. "He signed a guarantee by mistake because the ballpoint pen was leaking, and everything was gone. In those days that was 7 billion to 8 billion won (70 to 80 hundred-million-won units). We became complete beggars." No detail was given on the exact size of the assets or the circumstances at the time. Taken at his word, though, the guarantee shook the family's economic foundations to the core. The experience changed the family's whole way of life, not just its bank balance, and appears to have left a strong wariness that has lasted across generations.

No lending, no matter what

What Kim guards against most are loans between individuals and guarantees. He said people need to save steadily from a young age to prepare for the day they can no longer work or suddenly need money for hospital bills. "Save up bit by bit from now, and don't lend or borrow money. You never know what will happen. Never lend money or anything like that," he said firmly.

His manager then shared an experience of lending money at a acquaintance's request, saying he now receives several million won back every month. Kim reacted: "Why would you do that? Even that is a huge relief. It's only a relief because you're getting it back. What would you do if you weren't?" He went on: "You save until your back breaks. I was brainwashed with it all my life: lend money and you lose your friend, you lose your money, you lose everything." He again stressed his principle of avoiding such dealings.

Sixty passbooks and a ledger kept by hand

His meticulous habits show up in daily life as well. When keeping a household ledger, he said, he writes it by hand rather than using a smartphone app, because records can vanish when an app is deleted or when he changes phones. He appeared to trust checking with his eyes and writing with his hand more than the convenience of digital tools.

Kim also revealed that he has been collecting bank passbooks since he was young. "I must have about 60 passbooks from way back. I opened my first one when I was 7. I still have that one too," he said. The family's past, in which his grandfather's property vanished through one guarantee, and his grandmother's repeated warnings have become for Kim more than a habit of saving: they are the standard by which he looks at money and at relationships.

Read the original (Korean)