Old money demonstrates elegance and classiness, the minimalist look of its fashion is timeless and will be prominent for centuries to come. The unnecessary patterns and designs for new money fashion are outdated and tiring. Wealthy people show class and mannerism. They know their place in society and are aware of their money status, not feeling the need to show it off to the world in order for them to be seen.
Rich people, however, do want to be seen, seeking the attention of others and showing off all of their new money. What those in wealth do not understand is their economic status does not matter, nor does it determine who is better in society.
Gucci, Louis Vuitton and Fendi are some of the many “new money” brands that run the shopping industry. Designer brands such as Tiffany & Co, Van Cleef & Arpels and Dior are “old money” brands. The differentiation between old and new money is not dependent on the founding date but the overall style of the designer brands.
Old money people, people who inherited wealth, are typically more humble and reserved, preferring to stay to themselves, which is called “silent luxury.” “Silent luxury” refers to a lifestyle characterized by underestimated elegance with fashion that does not show its true brand name.
With that, there are certain factors that lead to unnecessary spending within new money people. Uncontrolled habits typically connect with humans with no self-control, and they may have some mental issues as well.
Financial literacy, a vital skill for navigating the complexities of managing wealth effectively, is something new money people are missing. Those who receive new wealth are clueless of how to responsibly spend their money and manage their finances. The large amount of spending leads to purchasing non-attractive clothing items when the money could be used for other purposes. Without proper education, they may lack the necessary knowledge and understanding of financial concepts and may struggle to make informed decisions about investing, budgeting and planning for the future.
Those who suddenly gain wealth may lack the social graces or sophistication compared to old money. New money’s expectations and mannerism’s bars are set low. They are more snarky and rude, believing they are better than others. Newly wealthy individuals also often face challenges adapting to the social nuances and expectations associated with their newfound status.
Old money carries a sense of refined sophistication and ingrained knowledge of wealth management and social etiquette. In the sense that the people are well-educated and demonstrate more elegance and class compared to new money. New money is a representation of rookies handling money and their actions toward it. Ultimately, the value of wealth should not be solely determined by its age or origin, but rather by how it is utilized to positively impact society and improve the lives of others, something both old and new money should strive to do.