Bowing to your elders on new years

Informant is a descendant of Korean immigrants who moved to the states in the early 80s and now resides in Utah.

Tradition as told by informant: When we were young, we bowed to a picture of (I think it was grandpa) at new years. Now we just bow to our elders.

Every new years in Korean culture we bow to our elders in a traditional way, and in return they give us cash as a form of good luck for the new year. This is also coupled with a word of advice and/or some kind of proverb with a moral lesson.

I usually look forward to this day for the money :).