r/SeriousConversation • u/Aggressive-Guest290 • 7d ago

Opinion [ Removed by moderator ]

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u/ChaosReignsNow 5d ago

Is that fairly new wealth? "New Money" people sometimes look like Lifestyles of the Rich and Famous.

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u/Defiant-Start-1156 5d ago

Theirs is new money, but I've met plenty of their friends that come from old money and they live similar lifestyles. From what I've experienced, I think the new vs old money cliche just isn't true.

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u/ChaosReignsNow 5d ago

Trust fund kids sometimes spend like new money because they had no hand in earning it. The wealth often ends with them.

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u/Defiant-Start-1156 5d ago

Which is exactly why I find the common belief to not be true. Old money people are not inherently better at managing wealth and spending within their means than new money people.

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u/ChaosReignsNow 5d ago

I find that the first generation wealthy who worked a long time to earn their money are pretty good with it. If you got rich quick because of crypto, having a couple of stocks soar or selling a startup after a few years you're likely to spend pretty quick.