“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.
He created railroad
and shipping empires.
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.
50 even spent time in jail.
But now…
This is the house 50 calls home.
And 50 loves his
BLING!
And his cars!
Jennifer Lopez
She is the
richest
person of
Latin
American
descent in
Hollywood
today.
Jennifer
Lopez’s
Senior Picture
Lopez was born and
grew up in South
Bronx, New York to
Puerto Rican parents.
Even though she has achieved
success, she still proclaims to
be…
“Jenny
From
the
Block”
But would people
from “ the block”
own numerous
homes?
and wear expensive designer
gowns with million dollar
jewelry?
or even have
their booty
insured for
One Million
Dollars?
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 Aline dresses
"new money" was bedecked in
jewels and low necklines.
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.
But there was a time when
wealth came with responsibility.
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:
HARD WORK
SOBRIETY
DEDICATION
and THRIFT
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.
Paris’ great-grandfather was
Conrad Hilton.
He started the
Hilton Hotel
chain in 1919.
He even has two colleges
named after him.
The Hilton College of
Hotel and Restaurant
Management at the
University of Houston.
The Hilton College of
Business Administration at
Loyola Marymount
University in California.
But is Paris someone we think of
as “old money”?
Why not?
Is it because Paris likes to
party into the night?
Or wears lavish clothes and
expensive jewelry?
Maybe it’s because of her
excessive shopping purchases
or because she got arrested
and served time in jail.
Paris is definitely someone
who is “old money,” but
acts like “new money.”
Author, F. Scott
Fitzgerald
noted,
”the rich are
different from
the rest of us.”
In his book, The
Great Gatsby, he
explored the
concept of
“old money” vs.
“new money” as
the setting of his
book.
The setting is designed to
differentiate between
three groups of people.
East Egg
Is where the
“old money”
lives.
The East Eggers are the
aristocrats and have lived with
. generations.
their money for
The characters Daisy, Tom, and
Jordan all live in East Egg.
West Egg
This is
where the
“new money”
lives.
They are all lower and middle class
people who have found themselves
with outrageous amounts of money,
and as a result, spend it in an
outrageous manner.
The characters Gatsby and Nick
live on West Egg.
The Valley of Ashes
This is
where the
“working class”
lives.
The characters Wilson
and Myrtle live in the Valley of
Ashes.
Throughout the book, you will
be expected to make
judgments about the characters
based on where they live
because you have an
understanding of “old money”
vs. “new money.”
Now, list as
many examples of
“old” and “new
money” as you can
come up with on your
own.
The End