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“Old Money” vs. “New Money”. By: Miss Cara Cleek. In regards to wealth, two classifications have been established. Old Money.
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“Old Money” vs. “New Money” By: Miss Cara Cleek
In regards to wealth, two classifications have been established.
Old Money The first class is referred to as “old” money and is made up of families that have acquired wealth over many generations, such as the Carnegies, the Rockefellers, and the Vanderbilts.
Andrew Carnegie Carnegie is known for having built one of the most powerful and influential corporations in United States history.
Carnegie Steel In the 1870s, he founded the Carnegie Steel Company, a step which cemented his name as one of the “Captains of Industry.” By the 1890s, the company was the largest and most profitable industrial enterprise in the world.
If Carnegie were alive today… his fortune would be worth 298.3 billion dollars.
John D. Rockefeller Was an American industrialist and philanthropist. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy.
Philanthropy(fĭ-lăn'thrə-pē) The effort or inclination to increase the well-being of humankind, as by charitable aid or donations.
In 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s.
The Richest Person in History Rockefeller became the world's richest man and the first American billionaire.
If Rockefeller were alive today… His fortune would be worth 318.3 billion dollars. Rockefeller Center New York
Cornelius Vanderbilt The tenth wealthiest person in history.
His descendants went on to build great Fifth Avenue mansions, Newport Rhode Island summer cottages, and various other exclusive homes.
The Vanderbilt family members were the leaders of the high society scene.
New Money On the other side of the wealth spectrum are individuals and families that have acquired money within the last few years. This type of wealth is often referred to as “new money.”
Some individuals that we would recognize today as“new money” are…
50 cent As a successful rapper, he rose to fame with the release of two albums which sold over twenty-one million records worldwide.
But before he was successful… He lived in the South Jamaica neighborhood of Queens in New York City.
He grew up without a father and was raised by his mother, a cocaine dealer, who gave birth to him at the age of fifteen.
But now… This is the house 50 calls home.
And 50 loves his BLING!
Jennifer Lopez She is the richest person of Latin American descent in Hollywood today.
Lopez was born and grew up in South Bronx, New York to Puerto Rican parents. Jennifer Lopez’s Senior Picture
Even though she has achieved success, she still proclaims to be… “Jenny From the Block”
and wear expensive designer gowns with million dollar jewelry?
I don’t think so!
In the past, "old money" meant living and dressing modestly.
Flashiness was considered a kind of vulgar, tasteless expression of wealth.
While "old money" hid behind modest, dark cars and plain A-line dresses
Truly rich people wouldn't be caught dead in a Cadillac Escalade.
Cars, like the Escalade, would be considered the liking of “new money” and in bad taste." “Old Money” Prefers the Rolls Royce or the Bentley.
Of course, the rich are as free to spend their money as they wish.
Rich folks were expected to set a standard that might be emulated and possibly striven for. Celebrity Mug Shots
Wealth was presumably a reflection of four major principles:
What characterizes wealth most accurately for “new money” is excess.
The nouveau riche (new rich) count.They count their houses and cars.
They count their vacations and airplanes. John Travolta’s House
They even count on the most lavish displays in public events.
And what do you think about Paris Hilton? This one is a little tricky, after all, she is an heiress.
