What if you had plenty of money, and had gotten used to having it for many years? Better yet, what if your family had plenty of money going back multiple generations? What would your values and lifestyle be? This book purports to provide the answers by telling us how Old Money thinks and lives, and suggests that we can experience the benefits of thinking and living like Old Money even if we have middle-class money. Since I'm neither Old Money nor New Money, I've had limited exposure to these worlds, but I do find that the author's advice makes sense and resonates with my values, so I can highly recommend this well-written book to anyone who senses that the treadmill of consumerism is shallow and pointless, and wants to instead live a truly better life.
Here's a summary of the main points:
(1) Old Money is defined as three or more generations of wealth.
(2) Personal reality matters far more than public perception.
(3) The main purpose of money is freedom, not consumption. Live below your means in order to save, invest, and preserve capital. Don’t be seduced by advertising or wanting to ‘keep up’ with the consumption of others. Teach your kids to manage money and don’t spoil them. Purchases should emphasize things which will be used frequently rather than infrequently. The general idea is to preserve money so that it will securely be there throughout your life, and possibly future generations.
(4) In terms of values, emphasize enjoyment of life, personal growth, learning about the world, work, social contribution, and family, rather than material possessions or social status. The priority is ‘quality of life’, including self-development, rather than ‘standard of living’.
(5) Health is vital, so eat properly and exercise regularly.
(6) Lifelong education, including a quality university, is essential. Turn off the TV and video games and read quality materials, and read to your kids when they’re young. ‘Education’ also includes extracurricular activities such as sports, music, theater, debate, etc.
(7) Do work which you feel passionate about, work hard at it, and strive to excel. Laziness and wasting time are unacceptable, and don’t complain about doing the tedious aspects which come with all work. When working, be disciplined, avoid distractions, and be in the moment.
(8) Be discrete, modest, and polite toward others. Never talk about how much money you or others have. Maintain your privacy and respect the privacy of others. Be articulate, but not pompous or loud.
(9) Avoid electronic devices and spend more time face to face with family and friends. Eat meals as a family. Have plenty of good conversations, and be tolerant of diverse political and religious views.
(10) Don’t waste time dating people you know you wouldn’t marry, don’t marry too early, choose your partner carefully based on shared values and goals, have a long engagement to make sure the two of you are compatible, don’t have too many kids or have them too early (use birth control), and keep your marital issues and sex life private.
(11) Wear quality clothing which has understated timeless style and will last many years, rather than the latest fashion. Avoid jewelry other than a wedding band and decent watch.
(12) Buy a home you can easily afford in a good neighborhood. Don’t make it bigger than it needs to be. Auctions are a good way to find quality furnishings at low cost. To free up your time, hire help for services such as cleaning the house.
(13) Buy a reliable car and keep it for a long time. It shouldn’t cost more than 10% of your annual income, and used cars are often the best value.
(14) Travel and see the world. It’s part of your education. When traveling, see more by walking more.
Jasmine
Camber
Erika