““Old Money” Old Money” vs. vs.

“New Money”“New Money”By: Miss Cara Cleek

In regards to wealth, two classifications have been

established.

Old MoneyOld MoneyThe 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 CarnegieAndrew CarnegieCarnegie is known

for having built one of the most

powerful and influential

corporations in United States

history.

Carnegie SteelCarnegie SteelIn 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 If Carnegie were alive today…today…

his fortune

would be worth 298.3 billion dollars.

John D. John D. RockefellerRockefellerWas an American

industrialist and philanthropist.

Rockefeller revolutionized the petroleum industry

and defined the structure of modern

philanthropy.

PhilanthropyPhilanthropy(fĭ-lăn(fĭ-lăn''thrə-pē)thrə-pē)

The effort or inclination to increase The effort or inclination to increase the well-being of humankind, as the well-being of humankind, as by charitable aid or donations. 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 The Richest Person in HistoryHistory

Rockefeller Rockefeller

became the became the world's richest world's richest man and the man and the

first American first American billionaire.billionaire.

If Rockefeller were alive If Rockefeller were alive today…today…

His fortune would be

worth

318.3 billion dollars.

Rockefeller Center New York

Cornelius Cornelius VanderbiltVanderbilt

The tenth The tenth wealthiest wealthiest person in person in history. history.

He created railroad He created railroad and shipping empires.and shipping empires.

His descendants went on to His descendants went on to build great Fifth Avenue build great Fifth Avenue

mansions, Newport Rhode mansions, Newport Rhode Island summer cottages, and Island summer cottages, and

various other exclusive various other exclusive homes.homes.

The Vanderbilt family The Vanderbilt family members were the members were the leaders of the high leaders of the high

society scene.society scene.

New MoneyNew MoneyOn the other side of the wealth On the other side of the wealth

spectrum are individuals and families spectrum are individuals and families that have acquired money within the that have acquired money within the last few years. This type of wealth is last few years. This type of wealth is often referred to as “new money.”often referred to as “new money.”

Some individuals that we Some individuals that we would recognize today would recognize today

asas“new money” are…“new money” are…

50 cent50 centAs a successful As a successful rapper, he rose rapper, he rose to fame with the to fame with the release of two release of two albums which albums which

sold over sold over twenty-one twenty-one

million records million records worldwide.worldwide.

But before he was successful…But before he was successful…He lived in He lived in the South the South Jamaica Jamaica neighborhooneighborhood of Queens d of Queens in New York in New York City. City.

He grew up He grew up without a without a father and father and

was raised by was raised by his mother, a his mother, a

cocaine cocaine dealer, who dealer, who gave birth to gave birth to

him at the age him at the age of fifteen. of fifteen.

50 even spent time in 50 even spent time in jail.jail.

But now…But now…

This is the house 50 calls home.This is the house 50 calls home.

And 50 loves hisAnd 50 loves his

BLING!

And his cars!And his cars!

Jennifer LopezJennifer LopezShe is the She is the

richest richest person of person of

Latin Latin American American descent in descent in Hollywood Hollywood

today. today.

Lopez was born Lopez was born and grew up in and grew up in

South Bronx, New South Bronx, New York to Puerto York to Puerto Rican parents.Rican parents.

Jennifer Lopez’s

Senior Picture

Even though she has Even though she has achieved success, she still achieved success, she still

proclaims to be…proclaims to be…

“Jenny From the

Block”

But would people But would people from from “ “ the block” the block” own numerous own numerous

homes?homes?

and wear expensive and wear expensive designer gowns with million designer gowns with million

dollar jewelry?dollar jewelry?

or even or even have their have their

booty booty insured for insured for One Million One Million

Dollars?Dollars?

I don’t I don’t

think so!think so!

In the past, "old money" In the past, "old money" meant living and dressing meant living and dressing

modestly.modestly.

Flashiness was Flashiness was considered a kind of considered a kind of

vulgar, tasteless vulgar, tasteless expression of wealth.expression of wealth.

While "old money" hid While "old money" hid behind modest, dark cars behind modest, dark cars and plain A-line dressesand plain A-line dresses

"new money" was bedecked "new money" was bedecked in jewels and low necklines.in jewels and low necklines.

Truly rich people Truly rich people wouldn't be caught dead wouldn't be caught dead in a Cadillac Escalade.in a Cadillac Escalade.

Cars, like the Escalade, Cars, like the Escalade, would be considered would be considered

the the liking of “new money” liking of “new money”

and in bad taste."and in bad taste."“Old

Money” Prefers the Rolls Royce

or the Bentley.

Of course, the rich are as Of course, the rich are as free to spend their money as free to spend their money as

they wish.they wish.

But there was a time when But there was a time when wealth came with wealth came with

responsibility.responsibility.

Rich folks were expected to Rich folks were expected to set a standard that might set a standard that might be emulated and possibly be emulated and possibly

striven for.striven for.

Celebrity Mug Shots

Wealth was presumably a Wealth was presumably a reflection of four major reflection of four major

principles:principles:

HARD WORKHARD WORK

SOBRIETYSOBRIETY

DEDICATIONDEDICATION

and THRIFTand THRIFT

What What characterizes characterizes wealth most wealth most

accurately for accurately for “new money” “new money”

is excess.is excess.

The The nouveau nouveau

riche riche (new rich) (new rich)

count.count.

They count They count their houses their houses

and cars.and cars.

They They count count their their

vacationvacations and s and

airplanesairplanes. .

John Travolta’s House

They even count on the They even count on the most lavish displays in public most lavish displays in public

events.events.

And what do you think about And what do you think about Paris Hilton?Paris Hilton?

This one is a little tricky,

after all, she is an heiress.

Paris’ great-grandfather was Paris’ great-grandfather was Conrad Hilton.Conrad Hilton.

He started He started the Hilton the Hilton

Hotel chain Hotel chain in 1919.in 1919.

He even has two colleges He even has two colleges named after him.named after him.

The Hilton College of The Hilton College of

Hotel and Restaurant Hotel and Restaurant

Management at theManagement at the

University of Houston.University of Houston.

The Hilton College of Business Administration at Loyola Marymount University in California.

But is Paris someone we But is Paris someone we think of think of

as “old money”?as “old money”?

Why Why not?not?

Is it because Paris likes to Is it because Paris likes to party into the night?party into the night?

Or wears lavish clothes and Or wears lavish clothes and expensive jewelry?expensive jewelry?

Maybe it’s because of her Maybe it’s because of her excessive shopping excessive shopping

purchasespurchases

or because she got or because she got arrestedarrested

and served time in jail.

Paris is definitely Paris is definitely someone who is “old someone who is “old money,” but acts like money,” but acts like

“new money.”“new money.”

Author, F. Author, F. Scott Scott

Fitzgerald Fitzgerald noted, noted,

”the rich are ”the rich are different different

from the rest from the rest of usof us.”.”

In his book, In his book, The Great The Great GatsbyGatsby, he , he

explored the explored the concept ofconcept of

“old money” “old money” vs. vs.

“new money” “new money” as the setting as the setting of his book.of his book.

The setting is designed to The setting is designed to differentiate between differentiate between three groups of people.three groups of people.

East EggEast Egg

Is where the “old money”

lives.

The East Eggers are the aristocrats and have lived

with their money for generations.

.

The characters Daisy, Tom, and Jordan all live in East

Egg.

West EggWest Egg

This is This is where thewhere the

““new money” new money” lives.lives.

They are all lower and middle class They are all lower and middle class people who have found themselves people who have found themselves with outrageous amounts of money, with outrageous amounts of money,

and as a result, spend it in an and as a result, spend it in an outrageous manner.outrageous manner.

The characters Gatsby and The characters Gatsby and NickNick

live on West Egg.live on West Egg.

The Valley of AshesThe Valley of Ashes

This is This is where the where the

“working “working class” lives.class” lives.

The characters WilsonThe characters Wilsonand Myrtle live in the Valley and Myrtle live in the Valley

of Ashes.of Ashes.

Throughout the book, you will be Throughout the book, you will be expected to make judgments about expected to make judgments about the characters based on where they the characters based on where they

livelive

because you have an understanding of “old

money” vs. “new money.”

Now, list asNow, list as

many examples of many examples of “old” and “new “old” and “new

money” as you can money” as you can come up with on come up with on

your own.your own.

The The EndEnd