I’m not a fan of talking about money. Not because I don’t think it is important, but because I think we should spend time talking and discovering our WHY, perfecting our skills, and being really good at what we do, and then we will be able to generate wealth.
There is something very interesting about what happens when those who have managed to build wealth, move it from one generation to the next.
Not only is the money transcending from one generation to another, but the habits that goes with preserving and building on that wealth is something that is worth noting.
Old money people are those who have been raised with money most of their life.
Individuals who are new money, are those who come from low or middle classes, and recently made their way into upper tax brackets.
I’m not writing this as a way to look down or up on people.
I’m not a fan of elitism and classicism. I’m writing this in general terms but I’m very well aware that there are exceptions to each observation.
I’m also not a fan of status levels, a while ago, I wrote about status levels and how status has been used as a tool to shame and undermine others.
I’m writing my observations about old money habits in comparison to new money habits.
I just finished reading Steven Pressfield’s book called Turning Pro. In the book, Pressfield talks about habits of amateurs and habits of professionals. He says we all have habits. We either have good habits that takes us forward or bad habits that inhibits us.
Either way we have habits.
The old money habits are habits that usually do not like spending money for flash.
Old money habits do not constantly talk about money when they are with people in social events.
Wealth is quiet, rich is loud and poor is flashy.
Old money habits teaches their kids about the importance of saving, budgeting and living simply. But important, they inculcate and encourage these habits in their kids.
New money habits talks about money as if it is a spectator sport. How to make it, how much they made and living it up, holiday destinations check-in’s, expensive bags and exotic drinks.
New money kids are given everything they need, the latest gadgets, sneakers, toys etc.
New money habits says: “you are what you drive.”
Your car is your rolling net worth statement.
Old money habits says: “Cars are transportation.”
Cars are not meant to attract attention. Maintain something well and it will last forever.
To the new money habits: you only live once, and must make the best of it.
To the old money habits: you live everyday but you die once, therefore you have to plan for the future generations.
The new money habits, are work hard and spend hard, be seen as moneyed and successful.
The old money habits, are to preserve, to build assets that generate more wealth. Be modest about your lifestyle.
Old money habits, tend to hide their wealth behind a veneer of civility.
New money habits, tend to overcompensate for growing up without lavish display of wealth.
You grew up without, now that you have, show it.
Legacies are built and maintained by having old money habits.
Forget inspiration, develop good habits. Habits are more dependable. Habits will sustain you whether you are inspired or not.
Habits will help you finish and polish your stories. Inspiration won’t.
Habits are persistence in practice.