Forget the full-length fur coat and fuel-hungry Ferrari. Old Money has a very different idea of what constitutes luxury, and, not surprisingly, it has very little to do with material possessions.
So, without further delay, let’s learn about Old Money’s idea of what luxury really is…
The first big luxury enjoyed by Old Money is Peace of Mind. Old Money is living below its means. There’s no credit card debt. Financial concerns are limited to the growth and preservation of the nest egg.. The monthly bills could probably be covered by investments alone, even though many Old Money Guys and Gals are still hard at work, doing what they love for a living. “What? Me? Worry?” was probably first said by an OMG.
The second big luxury for Old Money is the ability to give to Charity. The only feeling that might be more rewarding than making a lot of money is giving it away to help others. Not everyone is in a position to give substantial amounts to charity. For Old Money, it’s a privilege, and an honor.
The third big luxury for Old Money is Privacy. By living quietly, dressing modestly, and behaving appropriately, Old Money dodges resentment and unwanted attention. This luxury also enables Old Money to interact with and enjoy the company of people from all different walks of life, and simply be accepted for who they are, not what they have.
The fourth and final big luxury for Old Money is Values. These values offer a framework in which their lives can be deliberately and soundly constructed for maximum meaning and enjoyment. Old Money has taken time to consider, articulate, and prioritize these values, which are then expressed in daily actions and habits. This creates a quality of life, irrespective of a person’s income level, net worth or perceived status.
The good news is that half of these luxuries are available to everyone, right now, regardless of income level or net worth.
So feel free to Live Luxuriously.
- BGT
So very true. Peace of Mind may be the most expensive luxury item, but worth it. Charities that I truly believe in give me more drive to earn more and stay grounded in modesty. Privacy, the often neglected luxury is truly only afforded with appropriate behavior at all times. Few can afford this fantastic one. Values give life meaning and make life fun and enjoyable each day. Great post Byron.
Thank you, Dario. Good comments regarding charity, privacy, and values. Much appreciated. – BGT
Don’t forget the old Volvo station wagon or occasionally the old Saab, Peugeot or ancient Mercedes, inherited furniture, a preference for wearing the same clothes forever, imperviousness to advertising, trendiness and consumer culture, a tendency to take the long view and therefore be unperturbed by unimportant, transient events and natural, seemingly instinctive good manners.
Bingo. How could I have forgotten the old Peugeot? And why are they always burgundy colored? Thank you, Amy. – BGT
Making public statements has never been my forte, but I felt the need to chime in with a couple of extras for the list, Byron. How freeing it is to know that education and medical needs/emergencies are something we needn’t fret over. These, to me are the most liberating. Thank you for enjoyable reads.
Thank you, Victoria. This is the place for habitually discreet and reserved people to sound off and contribute. So feel free: you’re among friends. – BGT
Well said.
Thank you, Ann. – BGT
You always pare it down to what really matters, Byron. Ditto Ann.
Well written! Thank you for the encouragement. I would like to add that I have also found great pleasure in having the funds to donate anonymously to necessary community causes. Nobody needs to know…
An aspiring OMG
Thank you, Hilea, and welcome! – BGT
This strikes a chord Hilea. I recently attended the funeral and wake of a friend’s mother. There was a small group of strangers in attendance (nobody knew who they were). At the wake a few short speeches were made and one of the group stood up and said “we know you are all puzzled so we thought we should explain. We are from the …(Charity) and Jill has supported us for over 40 years. We are here because we are so grateful for her support.”
It turned out that the lady had given them millions over four decades, and had put in the hours actually working with them as well. Nobody had any idea. Not her family nor her friends. She left them money in her will too. The only person who knew that was her lawyer. And the best part? This was considered quite normal behaviour. Any publicity, and particularly personal showing-off of either money or charity work is beyond the pale.
Those financially well-off can take advantage of credit card “bonus offers” and points without impacting their financial security, or paying outrageous interest rates. I’ve been able to buy 3 round-trip airline tickets, hotel stays, and a couple thousand dollars in Brooks Brothers and Amazon merchandise due to these offers this year.
My recent favorite is the Chase Sapphire Preferred, which gives a bonus worth >$1,000 in exchange for a $500 annual payment, and $300 in travel credits. It works out to a free $700 for using this credit card for a few months this year for normal purchases instead of cash/check/debit.
Ironically, having a lot of credit available seems to boost my Credit Score even though I don’t really need either.
Sorry, that should be $800. I also have a business which means more bonus cards and rewards.
Thank you for the information on the cards and their benefits, Andrew. Good to know. And welcome! – BGT
An afternoon nap tops my list of luxuries.
Excellent choice, Kathryn. Thanks. – BGT