According to Business Insider, examples include athletes like Mike Tyson and Dennis Rodman and entertainers such as 50 Cent and Nicholas Cage. We’ve all read countless articles of athletes and celebrities who became millionaires but then blew it all in a short time and ended up with nothing. This likely doesn’t come as much of a surprise. In other words, they’re known to flaunt their wealth. New money is often associated with more frivolous spending, including flashy homes and cars. Families with new money are more likely to consider the money theirs to live on versus theirs to pass down to future generations. The spending habits that you might think of with new money are very different. On the exterior, they might seem just like any other family, and they make an effort to stay out of the spotlight. But they tend to spend more practically and view large purchases as investments rather than splurges.Īnd on the outside, you might not realize just how wealthy an old-money family is. You can be certain they live in expensive homes, drive nice cars, and purchase luxury clothing. That’s not to say that families with old money don’t spend extravagantly. And they have a responsibility to ensure that wealth is passed down to the next generation. They’ve been raised with the understanding that their money isn’t their money. Stereotypically, families with old money tend to be more frugal. One of the biggest distinctions between old money and new money comes down to their spending habits and how their wealth affects their lifestyle. New money is more often associated with the West Coast. And while a family with new money might be just as wealthy as a family with old money, they still might not be considered as “upper-class” as a family with old money. Instead, they had success in business or entertainment and made their own riches. New-money families have more of a rags-to-riches story. Traditionally, they’re thought to be more educated, refined, and respectable. Old-money families are often found in the Northeast. Old money often has far more to it than just the number of generations the wealth has been inherited. Social perceptionĪnother difference between new money and old money comes down to their social standing. Instead, the other distinctions often help to categorize a family as either old money or new money. There’s no set number of years or generations money must be passed down before it becomes old money. New money can often be found in celebrities and entrepreneurs. In the United States, many old-money families are descendants of early industrialists. As mentioned, old money has been passed down through the generations, while new money has been recently earned. The simplest way to differentiate old money from new money is the source of it. The biggest differences between old money and new money come down to the source of their wealth, the social perception of them, and their spending habits. They’re often found in occupations such as sports, entertainment, or technology. New money families might be considered lower-upper class by some. As far as social status goes, new money is often found to be a peg below old money. Those with new money could be considered self-made millionaires or billionaires. New money is a term used to describe those who didn’t inherit their wealth but earned it. Examples of old money families are those who have been wealthy for many generations, such as the Rockefellers and the Vanderbilts. Old money families are often considered more upper class than those with new money. When a family has old money, it’s generally been passed down for many generations. Let's start by defining what these statuses mean for context! What is old money? The labels old money and new money describe not only where someone’s wealth came from but also their spending habits and the social perception of them. You’ve probably heard people talk about new money vs old money before, but what do they really mean? The simplest explanation is that old money is inherited, while new money is earned.
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