““Old Money” Old Money” vs. vs.

“New Money”“New Money”By: Miss Cara Cleek

In regards to wealth, two classifications have been

established.

Old MoneyOld MoneyThe 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 CarnegieAndrew Carnegie

Carnegie is known for having built one of the most

powerful and influential

corporations in United States

history.

Carnegie SteelCarnegie SteelIn 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 If Carnegie were alive today…today…

his fortune would be

worth 298.3 billion dollars.

John D. RockefellerJohn D. Rockefeller

Was an American industrialist and philanthropist.

Rockefeller revolutionized the petroleum industry

and defined the structure of modern

philanthropy.

PhilanthropyPhilanthropy(fĭ-lăn(fĭ-lăn''thrə-pē)thrə-pē)

The effort or inclination to increase the The effort or inclination to increase the well-being of humankind, as by well-being of humankind, as by charitable aid or donations. 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 HistoryThe Richest Person in History

Rockefeller Rockefeller

became the world's became the world's richest man and richest man and

the first American the first American billionaire.billionaire.

If Rockefeller were alive If Rockefeller were alive today…today…

His fortune would be worth

318.3 billion dollars.

Rockefeller Center New York

Cornelius VanderbiltCornelius Vanderbilt

The tenth The tenth wealthiest wealthiest person in person in history. history.

He created railroad He created railroad and shipping empires.and shipping empires.

His descendants went on to build His descendants went on to build great Fifth Avenue mansions, great Fifth Avenue mansions,

Newport Rhode Island summer Newport Rhode Island summer cottages, and various other cottages, and various other

exclusive homes.exclusive homes.

The Vanderbilt family The Vanderbilt family members were the leaders of members were the leaders of

the high society scene.the high society scene.

New MoneyNew MoneyOn the other side of the wealth On the other side of the wealth

spectrum are individuals and spectrum are individuals and families that have acquired families that have acquired

money within the last few years. money within the last few years. This type of wealth is often This type of wealth is often

referred to as “new money.”referred to as “new money.”

Some individuals that we Some individuals that we would recognize today would recognize today

asas“new money” are…..“new money” are…..

50 cent50 cent

As a successful rapper, As a successful rapper, he rose to fame with he rose to fame with

the release of two the release of two albums which sold albums which sold over twenty-one over twenty-one million records million records

worldwide.worldwide.

But before he was But before he was successfulsuccessful……

He lived in the He lived in the South Jamaica South Jamaica neighborhood neighborhood of Queens in of Queens in

New York City. New York City.

He grew up He grew up without a without a

father and was father and was raised by his raised by his

mother, a mother, a cocaine dealer, cocaine dealer, who gave birth who gave birth to him at the to him at the

age of fifteen. age of fifteen.

50 even spent time in jail.50 even spent time in jail.

But now…But now…

This is the house 50 calls home.This is the house 50 calls home.

And 50 loves hisAnd 50 loves hisBLING!

And his cars!And his cars!

Jennifer LopezJennifer Lopez

She is the She is the richest person richest person

of Latin of Latin American American descent in descent in Hollywood Hollywood

today. today.

Lopez was born and grew up in Lopez was born and grew up in South Bronx, New York to South Bronx, New York to

Puerto Rican parents.Puerto Rican parents.

Jennifer Lopez’s

Senior Picture

Even though she has achieved Even though she has achieved success, she still proclaims to success, she still proclaims to

be…be…

“Jenny From the

Block”

But would But would people from people from ““the the

block” own block” own numerous numerous homes?homes?

and wear expensive designer and wear expensive designer gowns with million dollar gowns with million dollar

jewelry?jewelry?

or even have or even have their booty their booty insured for insured for One Million One Million

Dollars?Dollars?

I don’t I don’t

think so!think so!

In the past, "old money" meant In the past, "old money" meant living and dressing modestly. living and dressing modestly.

Flashiness was considered a kind Flashiness was considered a kind of vulgar, tasteless expression of of vulgar, tasteless expression of

wealth. wealth.

While "old money" hid behind While "old money" hid behind modest, dark cars and plain A-modest, dark cars and plain A-

line dresses line dresses

"new money" was bedecked "new money" was bedecked in jewels and low necklines. in jewels and low necklines.

Truly rich people wouldn't be Truly rich people wouldn't be caught dead in a Cadillac caught dead in a Cadillac

Escalade. Escalade.

Cars, like the Escalade, would Cars, like the Escalade, would be considered the be considered the

liking of “new money” liking of “new money” and in bad taste."and in bad taste."

“Old Money”

Prefers the Rolls Royce

or the Bentley.

Of course, the rich are as free to Of course, the rich are as free to spend their money as they wish. spend their money as they wish.

But there was a time when But there was a time when wealth came with responsibility.wealth came with responsibility.

Rich folks were expected to Rich folks were expected to set a standard that might be set a standard that might be

emulated and possibly emulated and possibly striven for.striven for.

Celebrity Mug Shots

Wealth was presumably a Wealth was presumably a reflection of four major reflection of four major

principles:principles:

HARD WORKHARD WORK

SOBRIETYSOBRIETY

DEDICATION DEDICATION

and THRIFTand THRIFT

What What characterizes characterizes wealth most wealth most

accurately for accurately for “new money” “new money”

is excess.is excess.

The nouveau The nouveau riche (new riche (new rich) count.rich) count.

They count They count their houses their houses and cars. and cars.

They They count count their their

vacations vacations and and

airplanes. airplanes.

John Travolta’s House

They even count on the most They even count on the most lavish displays in public events.lavish displays in public events.

And what do you think about And what do you think about Paris Hilton?Paris Hilton?

This one is a little tricky,

after all, she is an heiress.

Paris’ great-grandfather was Paris’ great-grandfather was Conrad Hilton.Conrad Hilton.

He started He started the Hilton the Hilton

Hotel chain Hotel chain in 1919.in 1919.

He even has two colleges He even has two colleges named after him.named after him.

The Hilton College of The Hilton College of

Hotel and Restaurant Hotel and Restaurant

Management Management

at the University of Houston.at the University of Houston.

The Hilton College of Business Administration

at Loyola Marymount University

in California.

But is Paris someone we think of But is Paris someone we think of

as “old money”?as “old money”?

Why Why not?not?

Is it because Paris likes to Is it because Paris likes to party into the night?party into the night?

Or wears lavish clothes and Or wears lavish clothes and expensive jewelry?expensive jewelry?

Maybe it’s because of her Maybe it’s because of her excessive shopping purchasesexcessive shopping purchases

or because she got arrestedor because she got arrested

and served time in jail.

Paris is definitely Paris is definitely someone who is someone who is “old money,” but “old money,” but

acts like “new acts like “new money.”money.”

Author, F. Scott Author, F. Scott Fitzgerald notedFitzgerald noted, ,

”the rich are ”the rich are different from the different from the

rest of usrest of us.”.”

In his book, In his book, The The Great GatsbyGreat Gatsby, ,

he explored the he explored the concept ofconcept of

“old money” “old money” vs. vs.

“new money” “new money” as the setting as the setting of his book.of his book.

The setting is designed to The setting is designed to differentiate between differentiate between three groups of people.three groups of people.

East EggEast 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 EggWest Egg

This is where This is where thethe

““new new money” money”

lives.lives.

They are all lower and middle class They are all lower and middle class people who have found themselves with people who have found themselves with outrageous amounts of money, and as a outrageous amounts of money, and as a result, spend it in an outrageous manner.result, spend it in an outrageous manner.

The characters Gatsby and The characters Gatsby and NickNick

live on West Egglive on West Egg..

The Valley of Ashes The Valley of Ashes

This is where This is where the “working the “working class” lives.class” lives.

The characters WilsonThe characters Wilsonand Myrtle live in the Valley of and Myrtle live in the Valley of

Ashes.Ashes.

Throughout the book, you will be Throughout the book, you will be expected to make judgments about expected to make judgments about the characters based on where they the characters based on where they

livelive

because you have an understanding of “old money”

vs. “new money.”

Now, list asNow, list as many examples of many examples of

“old” and “new “old” and “new money” as you can money” as you can

come up with on come up with on your own.your own.

The The EndEndOf the PowerPoint, but just the beginning of my torturing you

with Gatsby