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Wealth Source
The most glaring difference between old and new money is the source of the wealth. People with old money receive their fortunes from at least one generation prior.
Old money is inherited wealth and often comes from family businesses or investments. Some examples of old money wealth sources would be the Walton family (Walmart), the Rockefeller family (oil and gas), and the Hilton family (hotel magnates).
New money, as we mentioned above, is money that was directly earned. Most of the publicly wealthy people we see today are new money. Think about a famous celebrity or professional athlete- one of the most notable being Bill Gates. These people are perfect examples of someone who is new money.
Habits
Old money vs new money habits differ just as much as the aesthetic. New money habits involve people spending their money more carelessly. Someone who is new money may participate in spontaneous spending sprees. New money may also take more vacations and splurge on first-class tickets.
Old money habits usually involve scheduled and well-thought-out activities. People with generational wealth are less likely to spend spontaneously. An old money family places practicality above convenience. People with old money spend their time attending high-class social events and participating in less accessible activities like polo or sailing.
Spending and Saving
Spending and saving patterns of old and new money mindsets are miles apart. New money is known for spending lavishly and spending often. People with new money may say things like, "spend it while you can." The rags-to-riches story often associated with new money makes people want to show off what they have earned.
New money is also not as financially literate as old money. Saving or investing might happen, but it is on a much smaller scale. While new money people fund their 401ks, old money opens multiple brokerage accounts.
Old money families tend to be much more frugal-minded. This mindset comes from a more communal sense of who the money belongs. Old money is family money. It is meant to span generations – therefore, it cannot be spent willy-nilly.
The financial education in old money families begins when they are young. A person inheriting old money will have the knowledge and resources to protect and grow their wealth.