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How Old Money and New Money habits differ HYPERLINK "" By?Bryce Sanders??–?Contributing Writer,Mar 10, 2017, 3:15am ESTF. Scott Fitzgerald?famously?said: “Let me tell you about the very rich. They are very different from you and me.” We live in America, the land of opportunity, but you have old money families and new money in your own area.The differences between old and new moneyHere’s the most amazing thing about Old Money. You don’t need to have money to be considered Old Money! You’ve probably heard people described as: “She comes from Old Money.” Old Money is often about behavior vs. actual wealth.Homes —?It’s been said “A man’s home is his castle.”?Old Money —?Properties may be large, but they are hidden from the road by a line of hedges or a brick wall. The house should not be visible from the road.?New Money —?Properties are large with large expanses of power lawns. The grand house has lots of curb appeal.Public service— Many people from established families follow a career in government.?Old Money— Sees public service as an obligation that comes with inherited wealth. Their way of giving back.?New Money— Sees government services as a career opportunity, a stepping stone to consulting and business when they return to the private sector;Charitable giving— Americans are the?most charitable people?in the world.?Old Money— Sees supporting the arts and cultural institutions an obligation that comes with wealth.?New Money— Sees naming opportunities as a path to immortality.Investing —“People with significant assets tend to be wary. If they still have money, it’s because they have been careful about it,” a retired portfolio manager in Martha’s Vineyard explained about Old Money attitudes.?Old Money —?Capital preservation while keeping up with inflation is their primary objective. They are a steward of the family’s wealth for future generations.?New Money —“You must speculate to accumulate.” (anonymous)Talking about wealth —?Financial news programs have turned making money into a spectator sport.?Old Money —“A very well-bred man intensely dislikes the mention of money and never speaks of it (outside of business hours) if he can avoid it.” (?Emily Post, 1922)?New Money —?They talk about it constantly. “Remember, they love money, so pretend like you?own a gold mine?and you are in the club.” (Molly Brown,?Titanic)Who knows who —?Who is in your circle??Old Money —?Doesn’t volunteer names. Will readily admit to knowing someone if asked.?New Money —Constantly name dropping. Refers to how rich they are or size of home to establish affiliation by association.Cars —?A lot has been written on the subject of “You are what you drive.”?Old Money —?Cars are transportation. They aren’t meant to attract attention. Maintain something well and it will last forever.?New Money —?Your car is your rolling net worth statement.Home décor —“Your lot buys it, my lot?inherits it.” (Lady Mary,?Downton Abbey)Old Money —?Happy with period furniture.?New Money —?Keeps current with trends. Works with interior designers. Invented “fashion furniture,” disposing of it every few years.Clothing —?Quality comes first.?Old Money –?Owns well-made clothing, maintained over time. Designer items are often years old.?New Money —Stylish, lots of designer labelled items.Spending habits —?Surprisingly, wealthy people often come across as cheap. They like getting a good deal, but don’t talk about it.?Old Money —?Never talks about how much they paid. Might complain about high prices.?New Money —“A man who knows the price of everything and the?value of nothing.” (?Oscar Wilde)Travel —?If they have spare time, they likely travel.?Old Money —?They’ve been everywhere, but maybe not recently.?New Money —?They’ve stayed at the most expensive hotels. They can’t wait to tell you about it.Making friends— Everyone needs friends for something, even if it’s someone to talk about hobbies or interests.?Old Money— Makes friends with people they consider interesting or subject matter experts.?New Money— Determines if people are in same social class or able to help them advance socially before considering new friendships.Keeping friends— Do people maintain long-term friendships through periods of adversity??Old Money —?Remain friends even if people they know fall on hard times or get bad publicity.?New Money —?Will drop people as they climb the social ladder.New Money wants to transition into Old Money. This happens over generations. ................
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