"old money" Rolex - Does it exist?

[Krash]

Originally Posted by BraveBold

Bezos is new money in the sense of the sheer magnitude of his success. No disputing it. But he is from arguably significant family wealth.

Grandparents owned land. Lots of it (tens of thousands of acres). He attended a Montessori school (I believe private) from a young age. His parents weren’t “rich” but clearly had substantial family resources to fall back on. No surprise that they “loaned” him essentially a VC type investment of $250k in the mid 90s. That isn’t small potatoes for 95%+ of the population today, nevermind in the mid 90s.

Musk is clearly from multigen wealth. As much as he tries to distort the facts (his MO generally) his dad was wealthy and he was from an upper class background.

Are they both “new money” - sure, but because of the enormous increase in their wealth. Not because they are from middle class (or lower) backgrounds.

Gates, Buffett, and a whole slew of others too.

You’re wrong about Musk and Bezos.





Sent from my iPhone using Tapatalk

[Krash]

Originally Posted by BraveBold

I think they do.

If you are from aristocracy you are old money. I have several friends in that category. They often have titles and/or towns named after their families.

There is also multi-generational wealth. Not really old money but no direct reliance on a job. Often the source of entrepreneurs that make it big. The ability to take risk is supported by “fall back wealth” but there is enough newness that they have hunger…

Many of my old money friends run family funds. That is what they educate themselves to do (including through a period of “normalish” jobs)…

Yes. Paris Hilton is a good example of old money. Same with the Waltons, the heirs of Walmart. I could go on and on…


Sent from my iPhone using Tapatalk

[favx]

I suppose old money is Daydate, right?

[Wrist King]

In 2024 it’s a 16610. Timeless classic.


Sent from my iPhone using Tapatalk

[physicist]

Originally Posted by Krash

I knew someone was going to confuse old money / new money with being young vs old. It was inevitable.


Sent from my iPhone using Tapatalk

Old money is the day date that is handed down from grandpa, rather than acquired by buying trinkets at the AD in order to acquire one at retail from a sales associate who will probably be working at the Mazda dealership in six months. Old money holds onto valuable things and passes them down, generation to generation; furniture, watches, cars, whatever, new money has a bunch of new things, but might not be able to keep them all long enough to pass them down.

[BraveBold]

Originally Posted by Krash

You’re wrong about Musk and Bezos.

I posted facts. Dig deeper rather than regurgitating headlines.

That family ranch Bezos worked on was 25,000 acres.

He was loaned $250k in 1995 by his parents for a high risk venture.

[BraveBold]

Originally Posted by physicist

Old money is the day date that is handed down from grandpa, rather than acquired by buying trinkets at the AD in order to acquire one at retail from a sales associate who will probably be working at the Mazda dealership in six months. Old money holds onto valuable things and passes them down, generation to generation; furniture, watches, cars, whatever, new money has a bunch of new things, but might not be able to keep them all long enough to pass them down.

Old money has capital working for them and minimal taxation - capital gains. Structures to shield taxation.

From the ground up new money is heavily taxed. Harder to build assets from scratch - definitely harder to have more stuff to gift…

[BraveBold]

Originally Posted by Krash

Yes. Paris Hilton is a good example of old money. Same with the Waltons, the heirs of Walmart. I could go on and on…


Sent from my iPhone using Tapatalk

Yes, definitely Hiltons are old money. Passed down from the 1800’s - multi generational wealth (at least 5 generations that I can see) that allowed immigrants into the US to acquire hotels… ultimately expanding their wealth.

You nailed it.

[KatGirl]

Originally Posted by Krash

Yes. Paris Hilton is a good example of old money. Same with the Waltons, the heirs of Walmart. I could go on and on…


Sent from my iPhone using Tapatalk

Sam Walton, founder of Walmart, was the first of his family to become wealthy. He opened his first store in 1946. We all know what happened after that. I don’t consider his heirs, as coming from old money. They certainly aren’t in the same category, as the Hiltons.

Kat


Sent from my iPad using Tapatalk