In the era of Joseon Dynasty of Korea, the Choi family of Gyeongju lived in a mansion that encompassed 99 rooms, 100 servants, and a ware-house that could store up 800 sacks of rice (144 ㎏ each). There’s a saying, “Wealthy families lose their fortunes in three generations,” as the second or third generations often squander their parents’ hard-earned wealth. However, the Choi family maintained a good reputation as a millionaire in the course of 300 years and 12 generations. What was the secret?
The Choi family had a deeply-rooted family motto made up of six rules: “You can be an officer, but do not apply for a position higher than Jin-sa1. Give back to society if you have more than 10,000 sacks of rice. Do not buy land in the year of a bad harvest. Give a traveler warm hospitality. Let no one living within 40㎞ [24-mile] radius die of hunger. Let your daughter-in-law wear plain cotton clothes for three years after marriage.”
1. Jin-sa: A person who has only passed the first examination for office in the Joseon Dynasty
The Choi family always lived frugally and helped travelers and their neighbors in need with generosity rather than living an extravagant life. The secret of staying as a prestigious family for a long time was the wise idea and virtue with good examples and strict teachings that their ancestors passed down instead of wealth itself.