Duncan Mabona

Risk Manager,

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Does it really matter whether you have old money or new money?

Does it really matter to have old money (wealthy for multiple generations) or new money(acquired wealth within own generation). I understand the people with old money scorn the people with new money saying they lack political and cultural sophistication. Please let me have your thoughts on the subject.

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    Oct 29 2011: Maybe they scorn the new up and coming people because they are a threat to their standing. The old money is use to being rich and likes the rest poor. It makes them feel special. If others get rich too then they are not that special any more. I'ts an ego issue I think
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    Oct 29 2011: Well of course there may be some lack of sophistication with new money. The people who have it usually were very busy acquiring it.
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    Oct 30 2011: The key to money attitudes is almost always how YOU feel about it. And an understanding, now matter new or old, that great wealth brings great responsibility, not just great toys.
  • Oct 29 2011: Heck, I'm just happy for the money I have!
    Old money is jealous of new money and feel threatened by it.....at least thats my take on it.
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    Oct 28 2011: 'ever read the Great Gatsby? good book...
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    Oct 28 2011: Just a thought: old money might breed petulant discontent, whereas new money might more likely breed joie de vie.