New Money vs Old Money; Is it possible to make the transfer?

New money vs. old money is the concept that money stature may change in ones life, but the attitude of having money and the appropriate way to act when blessed with great wealth is something that is inherited. It is not something that is simply gained with money.

Shawn Carter, also known by the world as Jay-Z, grew up in a world that many of us will never understand. He grew up in the projects of Brooklyn, New York, and began his life as a hustler. While in New York, he fell into drug distribution, dealing cocaine. He obtained his first record in 1996, and the rest, they say, is history. But why is it that Jay-Z doesn’t fall under the new money theme that many rags to riches stories seem to do?

Jay-Z has net worth of greater than 450 million dollars. He dines with some of the most powerful people in the world. But why is this? The old money way of life does not include working. Many old money owners have never worked in their lives, having instead gained money through their ancestors. Jay-Z works every day of his life. Why is Jay-Z an exception to this rule? The only explanation I can think of is that he understands what it means to have money, where many new people do not. Jay-Z invests his money, and uses it wisely. It is all too common to hear of professional athletes that made multi-millions file for bankruptcy. This is the case of new money. New money is the belief that people, not born into riches, will not understand how to use and preserve their money once they have obtained it. A perfect example of this is Mike Tyson. Mike Tyson earned a total about 400 million dollars during his career. He filed for bankruptcy in 2003. His net worth today is a little over one million dollars. A man, who grew up with nothing, was suddenly handed everything, and lost it all. He spent money on things that weren’t life essential. It is this thought process that separates the two.

It is impossible to understand how Jay-Z broke the mold, but he did just that. Another example is Sean Combs, or P-Diddy. These two have found a way to understand that money is used for life’s essentials, and not life’s extra curricular activities. For this reason, I believe, old money accepts people of new money. But only if they have proven they can understand the culture that money comes with.

Below is a Video that depicts the lifestyle Jay Z grew up in