What qualifies as 'Old money'?

[Anonymous]

Yes, it's really surprising how this board finds it so incredible that a family who was once wealthy ("millions upon millions") could -- gasp -- be almost middle class a few generations later. Money evaporates, especially with lots of children/cousins feeding at the trough, property taxes on all those houses/compounds, and tuition bills for even the dimmest members of the clan.

Just because you've inherited or even made lots of money does not mean you know how to hold on to it. That's a whole different set of skills.

[Anonymous]

I think the whole premise that money makes some interesting is ... well, interesting. In my mind, the biggest difference between old money and new money is simple the time between events. Half the new monied people I know are crass, status-seeking oafs who only give to charities where they can be listed in a brochure as a patron, and who happily toss thousands away on a purse or a briefcase but who constantly check to see that the tax was correctly computed on their restaurant bill, or that their housekeeper actually worked 6 hours that day and not 5 and a half.

Why would I think that my ancestors were any less crass in their pursuit, acquisition and consumption of wealth?

[Anonymous]

"I could tell if they were new money even if I met them at Starbucks but old money folks could blend in with the crowd. I always liked working for old money. They were classier and didn't always ask me within 5 mins where I went to school."

***For once I agree with the Nanny. 23:23 just sounds verbose, bitter, and time challenged.***

Why is it so difficult to accept that there is not much (if any) Old Money in this area? It is how you act, compounded with your bank account/properties/other intangibles. But somehow, typical D.C., people want to complicate how very simple the definition of OM. Old money is NOT pretentious. Get it?

[Anonymous]

Seems D.C. REALLY has a problem with not having old money - Not surprising!

[Anonymous]

Anonymous wrote:Yes, it's really surprising how this board finds it so incredible that a family who was once wealthy ("millions upon millions") could -- gasp -- be almost middle class a few generations later. Money evaporates, especially with lots of children/cousins feeding at the trough, property taxes on all those houses/compounds, and tuition bills for even the dimmest members of the clan.

Just because you've inherited or even made lots of money does not mean you know how to hold on to it. That's a whole different set of skills.

Yes PP! I am the PP with the father's fam, and while my grandmother paid for 13 grandchildren's college tuition, ALL private colleges, many of cousins took their sweet time "at the trough", dragging their feet through college, opened and closed businesses of little hope, and generally made bad decisions b/c THEIR parents also made poor decisions. Not to mention the multiple divorces where assets were not properly protected, etc. The work ethic of the EARLY family never really carried through, but thankfully, my own father had the good sense to invest his piece and it has done well for him. But while the family, for a long time, could control the money and who spent it, that simply could not last forever (esp. given the amount of alcoholism in the family....VERY BAD JUDGMENT).

I do not know about old money here in DC. It is here, no doubt, all I know about is Philly. None of it really matters. For all the good it brought my father, it brought an equal amount of heartache and stress. I am not sad to see it largely gone...money can make people truly insane. I will take my solid middle class life and sleep well.

[Anonymous]

I work in a part of the country that has a lot of "old money" families. It's quite typical to see the money drained down to the "running on fumes" level by the third generation. And it also seems that the further a descendant is from the creation of the wealth, but still on the receiving end of a trust fund, the more likely the descendant is to be basically a worthless failure, in debt, living beyond means, drug/alcohol use, generally a wreck. But that's just my observation.

[Anonymous]

Anonymous wrote: "I could tell if they were new money even if I met them at Starbucks but old money folks could blend in with the crowd. I always liked working for old money. They were classier and didn't always ask me within 5 mins where I went to school."

***For once I agree with the Nanny. 23:23 just sounds verbose, bitter, and time challenged.***

Why is it so difficult to accept that there is not much (if any) Old Money in this area? It is how you act, compounded with your bank account/properties/other intangibles. But somehow, typical D.C., people want to complicate how very simple the definition of OM. Old money is NOT pretentious. Get it?

Yeah, yeah, DC sucks, if you live here you can't possibly know the magical world that is Old Money. Old Money never shows off, it is founded on virtue - but an exclusive type of virtue that only OM can practice. What BS.

[Anonymous]

Your def of at least 3 generations of $$ is a fallacy. You're thinking of Mayflower-type WASPS. My DH is 3rd generation money, but there is hardly any of it left. His grandfather was Catholic who went to Georgetown U so he was excluded from a lot of the "society" things. He ended up building a house in Westmoreland Hills and joining the Kenwood Club even though it was frowned upon for Catholics to actually LIVE in Kenwood in the 1940's. His aunt sued his mother and uncle for portions of the millions, cutting it down by half (10 years of litigation, anyone). DH and his cousins have always had a problem with money because they saw so much grief coming from it and quite frankly, most of his cousins are tacky. We will have enough to send all three of our kids to college, but really don't consider ourselves "old money" in any way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My father's side was old money....

They had millions upon millions.

The women wore the SAME clothes until they fell off (albeit very nice) and the men, pretty much the same.

They all lived along the Main Line in Philly and has servants and cooks and nannies and houses strewn all over the place BUT NEVER TALKED ABOUT MONEY. There was nothing worse.

The money is largely gone now...but the point is that you NEVER would have guessed that they were old money. Most of the family lived quite frugally, by our standards.

I personally think that that is a hallmark of old money...NOT SHOWY.

How is the money gone is they lived so frugally and had so many properties? Millions and millions? Really?

I am the PP with the father's side from the old money. His fam came from another country with it, continued to make it hand over fist here, (over 100 years ago), and then as the family got bigger and bigger (try every sibling having 8 children or more), the money spread out far and wide, people made some BAD decisions, and my father grew up at the very tail end of it. There is still plenty of money, but nothing like it was. It has taken about 3 generations to wittle it away....shame really. But just b/c you had good money doesn't mean you have good judgment! The properties are still around, although some have been sold b/c of squabbling. As most people know, whether you have a lot of money or a little, nothing like family fights over it to end things quickly. I hope that answers your question.

That is why the British gave ALL of the money to the oldest son. There is an interesting recent article in Vanity Fair written by Princess Diana's brother about where the money goes. He writes about divorce being the easiest way to lose it.

[Anonymous]

"Yeah, yeah, DC sucks, if you live here you can't possibly know the magical world that is Old Money. Old Money never shows off, it is founded on virtue - but an exclusive type of virtue that only OM can practice. What BS."

...........Sooomeooooooone's biiiiiiiiteeer.............


Just a little!

[Anonymous]

Anonymous wrote:"Yeah, yeah, DC sucks, if you live here you can't possibly know the magical world that is Old Money. Old Money never shows off, it is founded on virtue - but an exclusive type of virtue that only OM can practice. What BS."

...........Sooomeooooooone's biiiiiiiiteeer.............


Just a little!

. . . . . Sooomeooooon's annnnnoying . . . .

Just a lot!

[Anonymous]

Doesn't make you any less bitter. I'll take annoying and rich!

[Anonymous]

Anonymous wrote:Your def of at least 3 generations of $$ is a fallacy. You're thinking of Mayflower-type WASPS. My DH is 3rd generation money, but there is hardly any of it left. His grandfather was Catholic who went to Georgetown U so he was excluded from a lot of the "society" things. He ended up building a house in Westmoreland Hills and joining the Kenwood Club even though it was frowned upon for Catholics to actually LIVE in Kenwood in the 1940's. His aunt sued his mother and uncle for portions of the millions, cutting it down by half (10 years of litigation, anyone). DH and his cousins have always had a problem with money because they saw so much grief coming from it and quite frankly, most of his cousins are tacky. We will have enough to send all three of our kids to college, but really don't consider ourselves "old money" in any way.

Poor people have grief too.

[Anonymous]

Hum.... it is better to be a bankrupted rich rather than a well off poor. Any day.

[Anonymous]

"Poor people have grief too."

No kidding.

Why are D.C.'ers only happy when the next person is perceived to not be doing as well?