In recent months, TikTok has become an unlikely hub for discussions around old money. Videos featuring descendants of old money families, displaying their luxurious homes and possessions, have been going viral and sparking a lot of interest among the platform’s young and diverse audience.
As someone who grew up with some exposure to the world of old money, I found myself shocked at the statements made on these videos. What kind of lives do these people lead? What are their values, and how do they view the world? TikTok is the last place to turn to, trust me!
As I delved deeper into this topic, I quickly realized that there are a lot of misconceptions surrounding old money and the people who possess it. For many people, old money is synonymous with privilege, elitism, and entitlement. We imagine trust fund babies lounging on yachts, sipping champagne, and looking down on the rest of us from their ivory towers.
However, the reality is far more complex than that. Old money families have a rich and nuanced history, and their values and beliefs are often shaped by their unique backgrounds and experiences. In this blog post, we’ll explore some of the common misconceptions about old money and the realities that lie beneath the surface.
There are several misconceptions about Old Money you need to know if you’re interested in this world.
Old Money is All Inherited Wealth
Most people assume all old money families inherited all of their wealth. While Old Money is often associated with inherited wealth, many old money families have also built their fortunes through entrepreneurship, investments, and hard work. After all, the industries that were successful hundreds of years ago aren’t always around today. Each generation must do the work to keep the family business running and pivot when necessary. Old money families can’t just rest on their laurels and expect money to keep making itself in a changing world. The main truth to this misconception is that yes, old money had the resources and capital to invest in new technologies that most people don’t have.
Luxury and Extravagance
This is definitely the biggest misconception about old money you’ll see on TikTok! While Old Money families may have access to luxury goods and services, they are often much more restrained and understated in their spending than new money families. Old money values quality over quantity and tends to be more focused on preservation and legacy than on flashy displays of wealth. They know that overpaying for an item means there is less money to reinvest back into the family business. They aren’t buying the latest Ralph Lauren designs or Loro Piana loafers, especially if there is a more affordable and suitable alternative.
Old Money Only Flies Private or First Class
You may be shocked to learn that old money is more likely to be found in Economy class than first! Particularly when it comes to domestic flights, the “old money” crowd is more interested in preserving and growing their wealth instead of spending it frivolously on ultra-expensive private or first-class flights.
People with Old Money are Exclusive and Closed Off
Old Money families prioritize privacy and discretion, they are not necessarily closed off or exclusive. Many Old Money families are involved in philanthropy, cultural institutions, and other community activities. While you may not be invited to their grandmother’s birthday celebration, you can certainly form connections and solid friendships with those from old money families with a bit of effort.
Old Money Families Resist Change
While Old Money values tradition and heritage, this does not mean they are resistant to change or innovation. Many Old Money families have adapted to changing times and are involved in forward-thinking ventures and social causes. In fact, they must be open to change and innovation in order to keep up with the times and maintain their wealth.
While Old Money families may share certain values and lifestyles, they are not all the same. Old Money families come from diverse backgrounds and may have different interests and priorities. I hope this post gave you some insight into the most common misconceptions about old money!
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