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Money and Finances
Reply to "Old Money? Are they smart or just lucky dumb people?"
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[quote=Anonymous]I think the PP who made the generational observation is spot on. The only way New Money gets to be Old Money is by making sure there is one fiscally responsible person calling the shots in each generation. Otherwise, in my experience, the kids of New Money will just piss it away on stupid investments trying (and failing) to live up to Daddy's (or Mommy's) business acumen---especially if they have never been expected to hold down a real job or live on a lowly starting salary. The best thing that rich people can do for their kids is to teach them how to live without money for at least some period of their lives. The next best thing ---especially for family business owners--is to make sure your kid does as stint in someone else's business---starting at the bottom. And the fundamental rule of remaining Old Money is "Thou shalt not touch principal"[/quote]
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