To understand "new money," we first need to grasp the concept of "old money." "New money" and "old money" are sociological terms used to describe the source of wealth and the historical background of family fortunes.
Old money refers to the traditional wealthy class, those families who have passed down their wealth for generations. This wealth often comes from old industries, investments, or inheritance—sometimes rooted in colonial ventures, warfare, or similarly historical enterprises. These families, over time, have gained positions of power and influence, particularly in government. They typically maintain a prestigious lifestyle associated with aristocracy and elite culture—what we sometimes call "putting on airs."
Old money families are considered part of the upper class, holding significant social status. Their generational wealth provides not just material assets but also intangible ones, like cultural capital, social connections, and elite education. They often dominate new opportunities for wealth, further securing their position.
For example, American families like the Rockefellers and Carnegies are considered old money. Their fortunes were built during the Industrial Revolution or even earlier, marking them as part of the old world elite.
New money refers to individuals or families who have accumulated wealth in a relatively short time through modern industries such as technology, entertainment, or entrepreneurship. This wealth is typically self-made, built through ventures, investments, or career success.
In terms of wealth, new money may be on par with old money, but they often lack the social and cultural recognition that comes with generations of status. It takes many generations for new money to be accepted into the ranks of old money. However, the first step toward becoming old money is to start by becoming new money.
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I want to rally friends from various traditional industries to use AI technology to rapidly and efficiently transform their sectors. In this era, if we want to become new money, we can’t afford to miss out on the benefits brought by emerging technologies. We want to drive fast cars, be with the most beautiful women, pop the strongest bottles in the bars, and live in the biggest houses.
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