What Are the Tell Tale Signs of 'New Money' People?

[Anonymous]

Anonymous wrote:New money: always talking about grinding, hustling, starting something new, investing, account types for tax advantages. In summary making money

Old money: mostly talks about spending money. If the smart earner didn’t set up a trust they’d probably piss through it all in less time than it took to make

No. Never.

Y'all are always so far off with this stuff.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Purses and accessories with obvious brand labels/patterns.

I married into old money and none of them would ever be caught dead schlepping an LV bag around.

New money people are also more flashy in all aspects of life. They want you to know they have money. Old money people are more understated. New money rents a luxury yacht and throws a wild party. Old money hosts intimate dinners on their yachts. New money people have several high-end cars at the same time. Old money people know that a person can only drive one car at a time and they depreciate fast. They still buy a luxury car like a BMW, Benz, Lexus, etc. but not the flashiest on the market.

And finally, new money people like to leave their ATM receipts behind for others to see they have $800k in the bank. New money people probably have less than $20k in their bank account. They know that the best place for their money is in investments making them more money.

Absurd. Are you arguing that an heir is more financially savvy than a tech founder? Old money people may live more quietly, but it's because they are spending down someone else's fortune; often, they only have access to distributions, and they have a chip on their shoulders because they didn't earn their money and they haven't accomplished anything. Taylor Swift doesn't give AF what you think about her cars, her parties, or her wardrobe. Neither do the billionaire tech founders.

NP. I would argue that. Actual true Old Money (that’s still there) has had a lifetime of financial advisors up to and including Family Office access. A now billionaire tech founder was scrappy and motivated but may not have had the same access through as many cycles of the market, life and likely until the sale negotiations wasn’t advised (see. This site where people can do it all themselves by being on Bogleheads 24/7)

[Anonymous]

Anonymous wrote:New money drives a Rivian or Tesla and lives in a modern new build with contemporary design elements. As new money people are self-made, often via an early exit, they have "F U" money with no strings attached or family to please - they don't care about all the old money decorum and other nonsense. They will dress and spend however they want. They hang out with other relevant people and generally don't care about all the old money people hanging on to whatever was left to them by other generations of people who did something to accomplish their wealth.

New money apparently owns stock in Rivian. Never heard of it, is it as cringey as Tesla?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Purses and accessories with obvious brand labels/patterns.

I married into old money and none of them would ever be caught dead schlepping an LV bag around.

New money people are also more flashy in all aspects of life. They want you to know they have money. Old money people are more understated. New money rents a luxury yacht and throws a wild party. Old money hosts intimate dinners on their yachts. New money people have several high-end cars at the same time. Old money people know that a person can only drive one car at a time and they depreciate fast. They still buy a luxury car like a BMW, Benz, Lexus, etc. but not the flashiest on the market.

And finally, new money people like to leave their ATM receipts behind for others to see they have $800k in the bank. New money people probably have less than $20k in their bank account. They know that the best place for their money is in investments making them more money.

Absurd. Are you arguing that an heir is more financially savvy than a tech founder? Old money people may live more quietly, but it's because they are spending down someone else's fortune; often, they only have access to distributions, and they have a chip on their shoulders because they didn't earn their money and they haven't accomplished anything. Taylor Swift doesn't give AF what you think about her cars, her parties, or her wardrobe. Neither do the billionaire tech founders.

NP. I would argue that. Actual true Old Money (that’s still there) has had a lifetime of financial advisors up to and including Family Office access. A now billionaire tech founder was scrappy and motivated but may not have had the same access through as many cycles of the market, life and likely until the sale negotiations wasn’t advised (see. This site where people can do it all themselves by being on Bogleheads 24/7)

I wouldn't put Bogleheads in the category of "new money." Bogleheads are a category unto themselves - "millionaires next door," not rich, but far better off than their coworkers. If we are talking specifically about tech billionaires (or even lowering the bar to decamillionaires +), their skills include not just a great idea but also managing employees, investors, and lenders. Managing one's own fortune is easy in comparison. In any case, Old Money typically doesn't even have control over the principal; they collect distributions.

[Anonymous]

New everything: new house with new cars and lots of showy new toys like a pool, a custom installed playground and or sport court for the kids, hosting lots of big parties for every occasion. Vacationing in “prestige” locations to see and be seen. Joins country club. Loves to participate in fundraisers and auctions but never as an anonymous donor. Joins the right church, gets DC in right sports, right schools always with social engineering a priority.

Also: new - friends. Their best friends are their new neighbors/country club members/maybe new church friends but few if any childhood friends and typically family is on periphery kept hidden so as to keep appearances and mystery alive.

You’re never entirely certain how this family gained all of this wealth and that’s part of the mystique. Maybe he’s some sort of wealth manager and maybe she does really well in sales but no one knows for sure. You’re not to ask.

[Anonymous]

Anonymous wrote:

Anonymous wrote:New money drives a Rivian or Tesla and lives in a modern new build with contemporary design elements. As new money people are self-made, often via an early exit, they have "F U" money with no strings attached or family to please - they don't care about all the old money decorum and other nonsense. They will dress and spend however they want. They hang out with other relevant people and generally don't care about all the old money people hanging on to whatever was left to them by other generations of people who did something to accomplish their wealth.

New money apparently owns stock in Rivian. Never heard of it, is it as cringey as Tesla?

Really? I see them every where now. Not cringy.

[Anonymous]

Asking for Tell Tale Signs of 'New Money' People.

[Anonymous]

I come from no money whatsoever, but have several old money friends from school. Thing is, I never learned they were even wealthy — much less, WEALTHY — until years later when I visited their families. They didn’t talk about money AT ALL. It was a huge surprise to me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Purses and accessories with obvious brand labels/patterns.

I married into old money and none of them would ever be caught dead schlepping an LV bag around.

New money people are also more flashy in all aspects of life. They want you to know they have money. Old money people are more understated. New money rents a luxury yacht and throws a wild party. Old money hosts intimate dinners on their yachts. New money people have several high-end cars at the same time. Old money people know that a person can only drive one car at a time and they depreciate fast. They still buy a luxury car like a BMW, Benz, Lexus, etc. but not the flashiest on the market.

And finally, new money people like to leave their ATM receipts behind for others to see they have $800k in the bank. New money people probably have less than $20k in their bank account. They know that the best place for their money is in investments making them more money.

Absurd. Are you arguing that an heir is more financially savvy than a tech founder? Old money people may live more quietly, but it's because they are spending down someone else's fortune; often, they only have access to distributions, and they have a chip on their shoulders because they didn't earn their money and they haven't accomplished anything. Taylor Swift doesn't give AF what you think about her cars, her parties, or her wardrobe. Neither do the billionaire tech founders.

NP. I would argue that. Actual true Old Money (that’s still there) has had a lifetime of financial advisors up to and including Family Office access. A now billionaire tech founder was scrappy and motivated but may not have had the same access through as many cycles of the market, life and likely until the sale negotiations wasn’t advised (see. This site where people can do it all themselves by being on Bogleheads 24/7)

Agreed. My uncle became an investment banker. An old money bf of mine wasn't in finance (he's a professional), but most of the kids in the family worked for the family in wealth management. Managing just the family's wealth, which is well into the billions.

[Anonymous]

Anonymous wrote:I come from no money whatsoever, but have several old money friends from school. Thing is, I never learned they were even wealthy — much less, WEALTHY — until years later when I visited their families. They didn’t talk about money AT ALL. It was a huge surprise to me.

First rule of fight club, don't talk about fight club.

[Anonymous]

Anonymous wrote:Asking for Tell Tale Signs of 'New Money' People.

This whole thread has basically summed it up for you -- if you see obvious signs of wealth, you are looking at new money.

[Anonymous]

Botox for the woman; hair dye for the man. Upgrading to a large house even though they are empty nesters; buying a Suburban for two people; buying a second house in Delaware and claiming residency there for the tax break; constantly posting on FB

[Anonymous]

Anonymous wrote:Botox for the woman; hair dye for the man. Upgrading to a large house even though they are empty nesters; buying a Suburban for two people; buying a second house in Delaware and claiming residency there for the tax break; constantly posting on FB

To me all of this just days someone got lucky with a pension, not actually a lot of money

[Anonymous]

Anonymous wrote:New everything: new house with new cars and lots of showy new toys like a pool, a custom installed playground and or sport court for the kids, hosting lots of big parties for every occasion. Vacationing in “prestige” locations to see and be seen. Joins country club. Loves to participate in fundraisers and auctions but never as an anonymous donor. Joins the right church, gets DC in right sports, right schools always with social engineering a priority.

Also: new - friends. Their best friends are their new neighbors/country club members/maybe new church friends but few if any childhood friends and typically family is on periphery kept hidden so as to keep appearances and mystery alive.

You’re never entirely certain how this family gained all of this wealth and that’s part of the mystique. Maybe he’s some sort of wealth manager and maybe she does really well in sales but no one knows for sure. You’re not to ask.

Pretty spot on

[Anonymous]

Anonymous wrote:

Anonymous wrote:New everything: new house with new cars and lots of showy new toys like a pool, a custom installed playground and or sport court for the kids, hosting lots of big parties for every occasion. Vacationing in “prestige” locations to see and be seen. Joins country club. Loves to participate in fundraisers and auctions but never as an anonymous donor. Joins the right church, gets DC in right sports, right schools always with social engineering a priority.

Also: new - friends. Their best friends are their new neighbors/country club members/maybe new church friends but few if any childhood friends and typically family is on periphery kept hidden so as to keep appearances and mystery alive.

You’re never entirely certain how this family gained all of this wealth and that’s part of the mystique. Maybe he’s some sort of wealth manager and maybe she does really well in sales but no one knows for sure. You’re not to ask.

Pretty spot on

Why, thank you! Outing myself as one of the lauded PPs on the Tell Me your DC Name and I’ll Tell You your Story. I love writing and character study.

For the above, I simply described two families I’ve known.