Anonymous
Post 06/21/2024 16:22     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:A handbag from a boutique or atelier is preferable, unique. Or a vintage designer piece with quality features.
I guess it’s not “old money vs new money”, but rather “trendy tacky vs quiet quality”


It's what women who cannot afford latest styles of designer bags do. They buy used vintage items or keep their designer purses from 2 decades ago when they used to have money before kids to spend on these frivolities
Anonymous
Post 06/21/2024 15:08     Subject: What Are the Tell Tale Signs of 'New Money' People?
Horseshoe theory: old money and WT like the same things. Horse racing, dogs, alcoholism, marrying your cousin, stealing, living in a falling down house because you can't afford to get it fixed, boats, black sheep family members and racism.
Anonymous
Post 06/21/2024 13:58     Subject: What Are the Tell Tale Signs of 'New Money' People?
New rich doesn’t have the mothball/death smell with a tinge of inbreeding that you find with generational wealth. It’s tacky.
Anonymous
Post 06/21/2024 13:51     Subject: What Are the Tell Tale Signs of 'New Money' People?
A large SUV, a house with siding that is not wood or stone, travel sports and paying a lot for catholic school.
Anonymous
Post 06/21/2024 13:48     Subject: What Are the Tell Tale Signs of 'New Money' People?
I visited the house of one of my DD's schoolfriends, it was a $14 million house in the Hills in LA. Everything inside was white, the furniture, the rugs, the ornaments. There was nothing "inherited" or old of value.
That is new money. A LOT of new money, but new nonetheless.

I've seen similar on a smaller scale in Bethesda. We had neighbors with a lovely old house from 1910 that they'd lived in since the 1980s but everything in it was new and bland, like they just replaced it all every decade. Again, new money, nothing of real value that was worth keeping.
Anonymous
Post 06/21/2024 13:02     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:Well no hope for me. My nails are purple and I had pasta salad for dinner. 😟


Is your name Lauren Sanchez?
Anonymous
Post 06/21/2024 09:26     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:
Anonymous wrote:
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.


Well what kind of conversation do they have?


You think they all talk about the same stuff?

Some of you are just too much. It is crazy.
Anonymous
Post 06/21/2024 09:24     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:Well no hope for me. My nails are purple and I had pasta salad for dinner. 😟


No no, new money hates pasta salad because it might give them away as former LMC. Old money doesn’t care if someone eats pasta salad.
Anonymous
Post 06/21/2024 09:14     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:
Anonymous wrote:
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.


Well what kind of conversation do they have?

We are old money and we talk about the Bible
Anonymous
Post 06/21/2024 09:10     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:
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.


Well what kind of conversation do they have?
Anonymous
Post 06/21/2024 04:22     Subject: What Are the Tell Tale Signs of 'New Money' People?
Old money = white

New money = everyone else
Anonymous
Post 06/21/2024 04:18     Subject: Re:What Are the Tell Tale Signs of 'New Money' People?
Spending a lot on things they don't need, and especially in front of other people.
Anonymous
Post 06/21/2024 04:15     Subject: What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:Talking about money. At all ever.
This is not a topic ever brought up by individuals from old line families. Unless it’s behind closed doors with your financial advisor or the most trusted people in your family. It’s considered extremely gauche.

Dressing flashy. Wearing lots of expensive or expensive looking jewelry. Old line families dress very plainly and conservatively. They’re clothes and shoes and jewelry might be very expensive, but you never know - they invest in specific pieces to last.

Old line people listen more than they talk.
New money people talk more than they listen.
They want other people to know about their money and run their mouth constantly about it. Old line people don’t want anyone to know about their wealth, and they purposely don’t want it known.


Old line people are dying out. They are only a very small percentage of the 1%.

Anonymous
Post 06/21/2024 00:57     Subject: What Are the Tell Tale Signs of 'New Money' People?
Well no hope for me. My nails are purple and I had pasta salad for dinner. 😟
Anonymous
Post 06/18/2024 21:03     Subject: Re:What Are the Tell Tale Signs of 'New Money' People?
Anonymous wrote:
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.


The NP that’s now a PP.
I don’t think Bogoeheads is “new money” as much as it’s “Im not at the level of needing an Advisor” wealth (say low millionaire) or “I don’t understand/recognize/value the services of an Advisor” where as multi-generation wealth has just always had those relationships to engage in information gathering.

I disagree that the family doesn’t have control over the principal, and only defer to the Trustees, should they want to be involved (yes, if they could not care less) but often the trustees will (attempt to) engage the family to understand what type of initiatives the family wants to get involved in and customize the investment process. Going to school, buying a home, having and raising kids are all common conversations an Advisory team would engage on that your average non- old or new -wealthy people would just need to google or crowdsource.