Old Money Vs. New money The 1920’s and today

The economy today is very different than it was in the 1920’s

Economy of the 1920’s The 1920s earned their moniker—the "Roaring Twenties"— through the decade's real and sustained prosperity, dizzying technological advancements, and lively culture.  The decade marked the flourishing of the modern mass- production, mass-consumption economy, which delivered fantastic profits to investors while also raising the living standard of the urban middle- and working-class. This is very different from the economic recession we are experiencing today in 2013

One thing that has remained constant is the social class system in our society Most sociologists define social class as a grouping based on similar social factors like wealth, income, education, and occupation.

New Money and old money have always been present in society since the 1920’s Includes people whose wealth has been around only for a generation or two Tend to flash their money and possessions as “status symbols” Tend to be careless with their money because they’re not accustomed to managing it Old Money People who have managed their money carefully over many generations and increased the value of their holdings by careful financial management. They do not follow the popular fashion fads and wear good quality clothing that has a timeless look.

So, who is an example of new money?

Who is an example of old money? Paris Hilton is a prime example of old money, as her grandfather Barron Hilton founded the Hilton hotels, and he was a great role-model for his children because he managed his money very responsibly. Paris; however, is a socialite who is said to be famous for being famous. It is rumored that her grandfather is going to give her inheritance all to charity because she is so irresponsible. Paris, as you will see, is very similar to some of the characters in The Great Gatsby.

More examples of old money… The Kennedy family The Rockefeller Family Julia Luis Dreyfus

Discuss your reaction to this video with a neighbor after watching. How do celebrities make money, and what does it mean to be a socialite? Discuss your reaction to this video with a neighbor after watching.

Here is the link to the video just in case the embedded version on the previous slide did not work: http://www.youtube.com/watch?v=a--M8-Tsl4A

More characteristics of People with “new money” The nouveau riche (new money) count. They count their houses and cars. They count their vacations and airplanes. They even count on the most lavish displays in public events. Most of their wealth did not result from generations of hard work. Many of these people simply got “lucky!” Oprah spent millions at a party in which she announced her fiftieth birthday. Would John D. Rockefeller have engaged in such a charade? Just because someone has money does not make him or her upper-class. Class also has to do with education and mentality!!

More characteristics of people with old money These people tend to look down upon people with new money American locations such as the Upper East Side of Manhattan; the Gold Coast of Long Island; Westchester County, NY; and Fairfield County, Connecticut; are associated with old money.  In the metro-Atlanta area, the West Paces Ferry area in Buckhead is well-known for old money

Discuss with a neighbor. Your assignment Pick a well-known person with old money and a well-known person with new money and compare and contrast these people on a piece of paper. Discuss with a neighbor.