It is the time of the year our journey with money involves HONG BAOS!! After an entire year of doing value investing and financial planning, finally it is the time to receive some money!! As value investors, we find ways to most efficiently give our money too.
The hongbao that you receive can be use to invest in the stock market too
Be it receiver or to giver. It is a festival that we either love or want to escape from for various reasons.
What is a Hong Bao?
Giving Hong Bao is a custom during Chinese News Year. Typically, it contains money (or you might receive bitcoin if you are lucky). It is often given to children from their parents, grandparents and others.
Am I eligible to give Hong Bao?
In general, older people give to younger ones. Married people give to unmarried ones. There are also some confusion due to changing social landscape. you might find yourself in these categories.
1) If you are unmarried and above a certain age (maybe above 40), it is okay to give Hong baos as well. There is no rule or etiquette to this. Feel free to give it to us too!
2) If you have started to work, you can also give Hong Baos to your parents.
3) If you are just married and without children, there are some traditions that you can be “exempted” from giving Hong Baos during first year. We couldn’t find any rule or etiquette to these, so feel free to give if you want to.
How much to give?
This is heavily debated every single year. As a simple rule of thumb, it should be an even number and shouldn’t end with 4. This is for auspicious reasons.
Interestingly, there was a survey done by UOB of 503 people aged 25 to 55 in 2016. These are the figures
In Laws: $232
No research can be found in 2017 or 2018 which leave us to do a simple poll with other friends (most of us are in between 30 to 50 of age with an annual income of between $30,000 to $100,000). Here is the range that we found.
A guide on how much to give in 2018 Chinese New year.
This only serves as a guide, feel free to give more especially to people that you care about.
Journey With Money will like to wish everyone a wonderful Happy Chinese New Year in advanced. May your year be blessed with good fortune, good health and great wealth.
Remember to say something nice when you receive your hong bao.