As 2026 gets underway, I’ve decided to offer a curriculum of sorts (hence the name) for our Members of the Tribe, old and new.
In each lesson, I’ll be presenting a specific Old Money concept or a collection of related fundamentals. Some of the information will be a refresher course for those of you who’ve read The Old Money Book or for those who’ve followed the blog for a period of time. Some other readers will find the insights and strategies I offer to be new and hopefully helpful.
So without further delay, let’s dive in…
Lesson One: Introduction/Definition of Old Money/Why I’m doing this
As there’s a lot of talk these days about the concept of ‘Old Money’, let me clarify my focus. It has not changed since I published The Old Money Book and launched this blog over ten years ago.
My mission is this:
I’m going to show you how anyone from any background can adopt the values, priorities, and habits of America’s Upper Class in order to live a richer life.
Definition of Old Money
With that in mind, I think the next order of business should be to provide you a working definition of Old Money.
Old Money is the culture that develops after a family enjoys three consecutive generations of wealth and privilege.
It’s very important to understand that it’s not enough to simply ‘be rich’ for three generations. If your grandfather made a fortune, and your parents preserved that fortune, but no one in your family has been educated or socialized to best enjoy an elevated quality of life as a result of the fortune, then you, as the third generation will most likely not be considered ‘Old Money’. You’ll simply be someone with money who doesn’t know how to behave or to make the most of their lucky situation.
However, most wealthy families who don’t prioritize education won’t have anything to worry about: the money will be squandered long before it gets to the third generation. (Refer to the Introduction found in The Old Money Book for a classic example.)
That’s where the word ‘privilege’ comes in. In this context, it does not mean ‘advantage’. It means having the good fortune to be raised and influenced by educated, ethical, polite, healthy, and far-sighted people who embrace what I call ‘Old Money Values’.
You can adopt these values and benefit, just like someone who was born into this culture. And you do need to see it as a culture, like French culture or hip hop culture. There are rules, rituals, codes of behavior, and modes of dress.
Contradict them at your peril. Embrace them and prosper. It’s that simple.
The Origins of Old Money
The culture of Old Money in America has its roots in Boston. Not so much with the first settlers who landed there, but more as a result of the merchant princes whose self-made wealth (shipping, banking, railroads) established Boston’s First Families in the 1800s. (Read The Proper Bostonians by Cleveland Amory for a detailed and enthralling history of this.)
These hardworking and high-minded entrepreneurs not only had strong ideas about making money for themselves; they had definite ideas about making their city a great place to live. They prized education, morality, culture, and family and were not hesitant to press their philosophy on their descendants and the general public. This is one of the reasons that Boston has been referred to as ‘the Athens of America’.
In short, the culture they created–emphasizing modesty, thrift, education, and hard work–is the basis for what we think of when we refer to ‘Old Money’ today. It should be noted that many of these families and fortunes are still intact, with generation after generation of discreet, healthy, happy, and productive individuals contributing to society and enjoying life.
Characteristics of Old Money
Very briefly, here are some obvious and not-so-obvious attributes you’ll find in Old Money Gals and Old Money Guys (OMGs):
Focused on Accomplishing rather than Slacking/Spending
Focused on Purpose rather than Distraction
Focused on Experiences rather than Material Possessions
Focused on Quality of Life rather than Standard of Living
Focused on the Long Term rather than the Short Term
Focused on Value rather than Price
Focused on Discretion & Privacy rather than Bragging & Showing Off
How this helps you: adopting this philosophy, you’ll be more likely to live better, spend less, and become financially independent sooner rather than later. You’ll enjoy a higher quality of life, and you’ll be more likely to enjoy meaningful relationships and raise happy, healthy kids.
Pearl of wisdom: as you’re reading this, don’t be put off and think that Old Money Values are just for snobs. We are snobs: we think that this is the best way to live. We don’t understand why everyone doesn’t live like we do (quietly, productively, with the long term in mind). But ignore us for now. Just look at the Old Money way of life as a resource you can use to improve your life, right now.
Why I’m doing this: to level the playing field, to give everyone a chance to succeed. This way of life has served me and my family well for generations. There’s no reason it can’t benefit you and your family going forward.
Join me next time for Lesson Two, and remember…
Class is never dismissed.
- BGT
Really looking forward to this, Byron. I read the Old Money Book years ago and benefitted from it immensely. My quality of life far exceeds what my lower-middle class income would normally provide. I realize that lifelong learning is even more important now than it was when I was younger.
I was thinking recently about how the liberal arts, as opposed to the STEM subjects, fits nicely with the old money approach not just to education but to life. Education is, or at least should be, about more than just making money.
I’m wondering about the definition. My husband is 5th generation (meaning the money in our trust fund started 5 generations ago). Cousins have university education, as do I, but with one exception my husband and his brother are by far the most successful of his generation. They took on the family business and expanded it. Their addition to the trust was equal to or greater than the body of the trust passed to them. Circumstances were such that time off for university would have been detrimental to the business. Thoughts?