How did your waspy old money ancestors show their thriftiness?

[Anonymous]

Anonymous wrote:I think people understand old WASP. The never had real money in today's terms. They were thrifty because they had to be.

They are all gone now. None are left.

A newer generation is there. But old WASPs died int he inflation of the 1970s and early 80s. The blow up in the 80s, 90s, and until today is all new money. Still white but way more Catholic and no affiliation.

This -- WASPs had almost no money then. A bleeds out each generation thrifty or not. By the 1980s no WASP family had any money left. There are none left.

There are Yankees -- New England WASPy types with no money. They were thrifty but also are gone.

[Anonymous]

Anonymous wrote:By the 1980s no WASP family had any money left. There are none left.

That's a bit melodramatic, no? I'm friends with a member of a very WASPy family out in Middleburg and get the sense that they have a whole passel of friends who fit the description.

[Anonymous]

Anonymous wrote:

Anonymous wrote:By the 1980s no WASP family had any money left. There are none left.

That's a bit melodramatic, no? I'm friends with a member of a very WASPy family out in Middleburg and get the sense that they have a whole passel of friends who fit the description.

What is your definition of WASP? I think that is key. The main definition is a New England or Northeast white Protestant family that gained its money no later than the 1800s. They may have the big house, also big vacation house both worth a ton but the money that bought them comes from well over 100 years ago. Think establishment from a different time. Those families mostly died out and no longer have those properties. There are exceptions. The Bush family. But in that family, each generation added to the pot and did not subtract. They are still there but not really waspy anymore as they live in Florida and Texas — one is catholic. Maine home is a gathering place that would have been sold to a hedge fund manager by now if each generation did not make money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By the 1980s no WASP family had any money left. There are none left.

That's a bit melodramatic, no? I'm friends with a member of a very WASPy family out in Middleburg and get the sense that they have a whole passel of friends who fit the description.

What is your definition of WASP? I think that is key. The main definition is a New England or Northeast white Protestant family that gained its money no later than the 1800s. They may have the big house, also big vacation house both worth a ton but the money that bought them comes from well over 100 years ago. Think establishment from a different time. Those families mostly died out and no longer have those properties. There are exceptions. The Bush family. But in that family, each generation added to the pot and did not subtract. They are still there but not really waspy anymore as they live in Florida and Texas — one is catholic. Maine home is a gathering place that would have been sold to a hedge fund manager by now if each generation did not make money.

They were an old English family going back hundreds of years before the US branch arrived in the 1600s. I'm sure if you look at the old social registers in New York you'd find their name listed quite a few times.

Anyway, I don't actually know anything about their financial situation now (although there are signs they're just fine) but this person is both the WASPiest person I know and one of the kindest, warmest, and most charming people I've met. Since I don't know anyone else who fits the bill I can't tell whether this is a coincidence or that WASPy families and private schools just produce exceptional human beings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:By the 1980s no WASP family had any money left. There are none left.

That's a bit melodramatic, no? I'm friends with a member of a very WASPy family out in Middleburg and get the sense that they have a whole passel of friends who fit the description.

What is your definition of WASP? I think that is key. The main definition is a New England or Northeast white Protestant family that gained its money no later than the 1800s. They may have the big house, also big vacation house both worth a ton but the money that bought them comes from well over 100 years ago. Think establishment from a different time. Those families mostly died out and no longer have those properties. There are exceptions. The Bush family. But in that family, each generation added to the pot and did not subtract. They are still there but not really waspy anymore as they live in Florida and Texas — one is catholic. Maine home is a gathering place that would have been sold to a hedge fund manager by now if each generation did not make money.

They were an old English family going back hundreds of years before the US branch arrived in the 1600s. I'm sure if you look at the old social registers in New York you'd find their name listed quite a few times.

Anyway, I don't actually know anything about their financial situation now (although there are signs they're just fine) but this person is both the WASPiest person I know and one of the kindest, warmest, and most charming people I've met. Since I don't know anyone else who fits the bill I can't tell whether this is a coincidence or that WASPy families and private schools just produce exceptional human beings.

I can confirm that it is not the private schools. Those places produce plenty of terrible human beings.

[Anonymous]

I have family furniture from the 1700s that I'm using.

[Anonymous]

Wool sweaters. Heat at 62.

[Anonymous]

Buy good quality classic clothing. Wear it forever.

[Anonymous]

Do your own nails.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They manage their own money. Heaven forbid they pay anyone else to do it.

This!

And I’m still like this. My husband wants to pay people for everything - taxes, legal advice, financial advice. So far, the only thing we’ve paid for is legal advice for our estate planning. Everything else I’m doing myself!

Oh, and we buy cars in cash in Nov-Dec when the next year is coming out. Then we drive them for 10+ years. And never buy a status symbol car! My grandparents had Cadillacs, my parents Volvos, my generation Subarus - I’m looking hard at the EVs for next time.

This thread is comical. A true, wealthy WASP family doesn't manage their own money...or perhaps they have a family office where they hire their own money managers, but those people aren't cheap.

These folks are managing multiple asset classes, some illiquid, some not, many held in various trusts some domiciled outside the US with their own tax filings and implications.

The "family office" is managed by family members who are strong investment bankers.

Not usually…as old money family members don’t become investment bankers…however, investment bankers don’t manage money but you may have some if you are buying private companies.

So not true. All of the real WASPs I have known my whole life (and I grew up on the Upper East Side and summer with them) all work in finance, as did their dads. Now, there's definitely a difference between the older generation who had paper pushing jobs at old line banks like Morgan Guarantee and BBH then today when all of the little WASP bros want to get into PE.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They manage their own money. Heaven forbid they pay anyone else to do it.

This!

And I’m still like this. My husband wants to pay people for everything - taxes, legal advice, financial advice. So far, the only thing we’ve paid for is legal advice for our estate planning. Everything else I’m doing myself!

Oh, and we buy cars in cash in Nov-Dec when the next year is coming out. Then we drive them for 10+ years. And never buy a status symbol car! My grandparents had Cadillacs, my parents Volvos, my generation Subarus - I’m looking hard at the EVs for next time.

This thread is comical. A true, wealthy WASP family doesn't manage their own money...or perhaps they have a family office where they hire their own money managers, but those people aren't cheap.

These folks are managing multiple asset classes, some illiquid, some not, many held in various trusts some domiciled outside the US with their own tax filings and implications.

The "family office" is managed by family members who are strong investment bankers.

Not usually…as old money family members don’t become investment bankers…however, investment bankers don’t manage money but you may have some if you are buying private companies.

So not true. All of the real WASPs I have known my whole life (and I grew up on the Upper East Side and summer with them) all work in finance, as did their dads. Now, there's definitely a difference between the older generation who had paper pushing jobs at old line banks like Morgan Guarantee and BBH then today when all of the little WASP bros want to get into PE.

Finance covers many different areas, whereas investment banker is a specific role within the finance universe. So, PE is not investment banking, nor is money management or hedge fund trading, investment banking.