"Old Money" vs. "New Money" parts of the San Antonio area (Olmos Park: leasing, houses)

[L3XVS]

Not everyone who lives in OP is old money. There are a number of people there who preferred to live in an older neighborhood, and conversely, some that would classify as "old money" (and perhaps are not from SA) live in The Dominion. I guess just as an observation, I don't understand why so many look down on "new money"...old money people mostly inherited their wealth, while new money had to work for it....to me, that's more of an impressive feat.

[JTL IV]

Originally Posted by L3XVS

Not everyone who lives in OP is old money. There are a number of people there who preferred to live in an older neighborhood, and conversely, some that would classify as "old money" (and perhaps are not from SA) live in The Dominion. I guess just as an observation, I don't understand why so many look down on "new money"...old money people mostly inherited their wealth, while new money had to work for it....to me, that's more of an impressive feat.

Moderator cut: orphaned

"Old money" and "new money" may refer to lifestyles as opposed to actual income, as well.

[V3rtigo]

Originally Posted by L3XVS

Not everyone who lives in OP is old money. There are a number of people there who preferred to live in an older neighborhood, and conversely, some that would classify as "old money" (and perhaps are not from SA) live in The Dominion. I guess just as an observation, I don't understand why so many look down on "new money"...old money people mostly inherited their wealth, while new money had to work for it....to me, that's more of an impressive feat.

it's not that old money is better, but old money tends not to waste it or make extravagant purchases without being able to support it. thats why they have money like someone else said, you can be poor and be old money or new money; its a way of thinking. its like leasing an escalade when you only make 50k a year, thats new money thinking. many people i know in the dominion bought there for the name (and to a lower $ level in stone oak) when they couldve had a unique, non-cookie-cutter house somewhere else, maybe even for less money, and definitely a better built house.

[L3XVS]

Originally Posted by JTL IV

Moderator cut: see comment "Old money" and "new money" may refer to lifestyles as opposed to actual income, as well.

Please explain to me the differing lifestyles, because I've heard this from more than one person. When I drive through a wealthy area, regardless if it's new or old money I see luxury cars, nice houses, and well dressed people. What constitutes a "lifestyle", and how are they so different?

[L3XVS]

Originally Posted by V3rtigo

it's not that old money is better, but old money tends not to waste it or make extravagant purchases without being able to support it. thats why they have money like someone else said, you can be poor and be old money or new money; its a way of thinking. its like leasing an escalade when you only make 50k a year, thats new money thinking. many people i know in the dominion bought there for the name (and to a lower $ level in stone oak) when they couldve had a unique, non-cookie-cutter house somewhere else, maybe even for less money, and definitely a better built house.

Ummmm not exactly. First of all, someone making fifty grand is not remotely a "moneyed" person in the least bit. You have plenty of new money folks who make well into the six/seven figures, and you're suggesting that new money people don't know how to manage their funds or make "extravagent" purchases they can't afford? I find that highly insulting.

You have "old money" who blow through their trustfunds to support their drug habits, and end up broke by the time their 50. It all depends on the individual not whether or not they come from "new" or "old" money.

[V3rtigo]

Originally Posted by L3XVS

Ummmm not exactly. First of all, someone making fifty grand is not remotely a "moneyed" person in the least bit. You have plenty of new money folks who make well into the six/seven figures, and you're suggesting that new money people don't know how to manage their funds or make "extravagent" purchases they can't afford? I find that highly insulting.

You have "old money" who blow through their trustfunds to support their drug habits, and end up broke by the time their 50. It all depends on the individual not whether or not they come from "new" or "old" money.

you didnt understand my post at all. of course 50k isnt moneyed and i never said it was. i was saying that a new money way of thinking would be spend an entire years salary on a car. and no, many new money people cant manage their money. that doesnt mean everyone. also, most old money trust fund kids dont become heroin addicts. some do, but most are doing pretty well. its not hard to when you have a head start.

im not knocking new money at all. every penny i have is self made. im knocking new money spending habits like buying in the dominion where a house that cost 500k (or less) to build sells for 1M.

[L3XVS]

I understand exactly what you posted and you're generalizing and stereotyping. "New money" way of thinking.....you have people making minimum wage on welfare driving Escalades....how is spending a majority of ones income on a car decisively a "new money" mentality? This is a backhanded insult at people who have worked to acheive wealth.

Do you have stats/proof to back up your claim that most new money can't manage their money? I think you sound absolutely ridiculous, and you should stop with the broad sweeping generalizations.

[JTL IV]

Originally Posted by L3XVS

Please explain to me the differing lifestyles, because I've heard this from more than one person. When I drive through a wealthy area, regardless if it's new or old money I see luxury cars, nice houses, and well dressed people. What constitutes a "lifestyle", and how are they so different?

I in no way am looking to argue about such an asinine topic. I was merely stating that someone was pointing out just ONE general difference between areas such as Olmos Park and the Dominion. Olmos Park is an older community with older residents, hence older money. The Dominion is a newer development with younger residents, hence newer money. That's all I was explaining in regards to another post about the subject. I am an older fellow who lives in Olmos Park and that's my spin.

[Eleanor Rigby]

If you're truly interested in learning about class and caste in America, and not in just butting heads with other posters over semantics and perceived insults, I can recommend a few books I read in college on the topic:

"Class: A Guide Through the American Status System" by Paul Fussell
"Bobos in Paradise" by David Brooks
"Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich" by Robert Frank
"Snobbery: The American Version" by Joseph Epstein
"Old Money: The Mythology of Wealth in America" by Nelson Aldrich.

I strongly, strongly recommend the Fussell book. Though it was written in 1992, and the signifiers he uses has changed, it's still incredibly interesting and relevant.

[L3XVS]

Eleanor, I'm probably older than you. I graduated from college in 1980, and I have read all of those books. I am what most would call "new money", and I suppose I'm tired of having the same tired mantra that "old money" is respected and everything else is less authentic, and not to be taken seriously. Yes, I've read those books and they are indeed fascinating.

I'm not trying to argue here, but I never saw much difference between old and new money. That's just my opinion.