“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 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. 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 Rockefeller became the world's richest man and the first American billionaire.

If Rockefeller were alive today… His fortune would be worth 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. 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.

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”

But would people from “ the block” own numerous homes? 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 A- line 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 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 their money for generations..

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. 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 This is where the “working class” lives. 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 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. many examples of “old” and “new money” as you can come up with on your own.

The End