The difference between old money and new money has nothing to do with currency at all; the terms have been derived to define the individuals in these classes, how they act, how they earned their money, how they spend it, and the general differences in their ways of life. Depending on whether you are considered to be old money or new money, there are a number of factors that will differentiate you from each social group.
10. Refined: Does New Money Try To Hard?
When it comes to old money, the term lady or gentlemen is thrown around. Women wear older style dresses, their nails don’t have the fun color polish, but they are always buffed to look good. Men wear great suits, they wear suit and tie to any occasion, and are coined as being more refined. New money does not fit this bill, and they generally are trying to be “hip” or with the current trends in society.
9. Big Spender: Who Spends More?
New money individuals are those who tend to spend. From donating to charities, to spending money on lavish homes, the finest cars, and the top name brands, they are willing to spend. Old money is more disciplined, and prefers saving, rather than spending, and prefers keeping the money in the family. A recent purchase made, as an example of new money, was Mark Zuckerberg spending $30 million, to buy the four homes surrounding his current home. In comparison, old money would purchase a mansion, or home, for a much lower price tag, and would not spend lavishly, just to have more.
8. Generations: Latest Trends
Old money refers to families who have been wealthy for generations, and pass the fortune on. With new money, the individuals in this category tend to have made their millions on current trends, and they are willing to spend their money, on any and all the latest trends.
7. Laid Back: Is New Money Less “Snooty”?
New money tends to be more laid back, closer to the general public, and not as “snooty.” Old money are individuals who tend to turn their noses and backs towards those who are not as rich, and do not have the wealth that they have been able to earn over their lifetime.
6. Who Is More Willing To Help Others?
Individuals who are coined as old money, tend to look down on anyone outside of their class, and only socialize with those in their earnings bracket. With new money, this is not the case; individuals seem to be more down to earth, closer to the general public, and more willing to help the less fortunate.
5. Tradition: Keeping It In The Family
Old money tends to follow the classic, traditional European societies, where generations pass down their inheritance, and keep it all in the family. New money does not really have a tradition, and the individuals in that class are current, and have only recently made their way into money.
4. Who Spends More On Cars?
New money is more about flash and style. They are willing to spend more on the Porsche, or the latest “new” car to hit the production line. Old money does not really go for the “flashy, or most luxurious” but will instead opt for a classy name, classic style, and something that gets them around safely. New money will easily drop $250,000 for a Bentley, while old money would opt for a classy car, at a much lower price range.
3. Not Used to Wealth: Does New Money Struggle?
Individuals who are new money, are just that; they were individuals who were in low or middle classes, and just recently made their way into an upper tax bracket. On the other hand, old money individuals are those who are always raised in the highest class, have been raised with money their entire life, and do not know what struggles the rest of society has to deal with.
2. Working: Who’s Not Afraid to Get Dirty?
Old money is not willing to get their hands dirty. If they do have to work, it is indoors, and they are in a relaxed setting. Individuals who are new money tend to be more driven, they are willing to get their hands dirty, and they came from much less, so they know what its like to have to work your way to the top.
1. Save or Spend: Who Is More Likely To Do Which?
Old money saves – they keep it in the family. Generation after generation has had millions, and they have this money from savings and investments. New money is more willing to spend, donate to charity, buy something lavish, and won’t think forward to the future. Sam Walton, owner of Walmart, grew up in a family considered old money; at his death, his family was worth an estimated $23 billion, which had been saved and passed down through generations. In comparison, new money individuals are far more likely to spend, rather than have this net fortune at the time of their death.
New money are those who have had to work to make their way to the top; they are used to having much less, and now have a harder time saving and planning. Old money are planners, savers, and know what its like to have been rich their whole lives, and never have gone through major struggles, financially, or in other aspects of their lives.
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