The Chinese New Year Red Envelope is a favorite among Chinese traditions on New Year's Day. This red envelope or "hong pao" in mandarin , is filled with various amounts of money and often gifted to children and employees as part of the Chinese New Year tradition. For the Chinese, the color red represents good fortune and luck which is why many of the envelopes are adorned with lucky symbols like the dragon, phoenix, lion, wise men, etc., or old letters and messages of prosperity. Once you've created your own envelope and are ready to fill it with money , make sure to avoid any amounts with a "4," as this is the "bad luck" for the Chinese. The number "8" is their lucky number!