Balancing Wealth And Wisdom
Every now and then, I get into this wondering course on what it means to be rich from a first person perspective. Thanks to the digital age, I've observed most of it from different levels and angles.
Also heard different kinds of stories with mostly one unified message behind all of them, which is they're not that different from any other person.
It seemed unbelievable to me initially. I mean, yes, we're all humans but we all clearly don't look or behave like humans. Who even defines what it means to be human? Was it some kind of trick to not reveal the secret to how they achieved their riches?
Later, the pieces of the puzzle start falling into place but there are still many missing pieces to make sense of it all.
However, I've noticed that there's a seemingly two distinct classes of wealth, inherited and earned wealth. What's interesting is studying their similarities and differences through the lens of their beliefs, principles and way of life.
Old money folks(inherited wealth) prefer to be in the background, growing and multiplying their wealth, building legacy. While new money folks(earned wealth) are basically the opposite, they crave for the attention and be on the spotlight.
For me, I would like to take from both sides through working like new money folks but behaving like old money folks.
Working Like New Money
One major characteristics of new money is that the wealth is first of its kind. A typical rags to riches type of story. Working like new money means earning or creating wealth through one’s own efforts, rather than inheriting it from previous generations.
One of the angles I view it from is that it is a way to develop one's individuality through pursuing one’s passions, interests, and talents, and turning them into profitable ventures.
During the process, one acquires a myriad of skills like being innovative, entrepreneurial, and calculated risk-taking.
For example, given her background and come up story, Oprah Winfrey is part of the new money folks. She is a media mogul, philanthropist, and cultural icon who has founded a number of ventures like the OWN Network and Oxygen Media.
But not all new money are rags to riches type of story. Some are riches to more riches type of story. This is the case for Bernard Arnault who's currently amongst one of the most richest men in the world.
It is reported that he inherited a civil engineering company from his father who was a successful businessman. But he went on to transform the business and entered new markets to create his own wealth.
Basically, there's an asymmetric upside in creating one's own wealth in terms of outcome. But even the process teaches invaluable lessons that reinforce our individuality and re-evaluate what it means to be 'human'.
Behaving Like Old Money
Only very few individuals doubt that wisdom comes with age because there's enough practical evidence backing the phrase. Like a seed planted on the ground, it will take time for it to grow and sprout.
Wise(old) money has lived for generations, through many economic and market cycles. The wealth has been incorporated into the family tree and legacy is built.
These are the popular surnames such as the Rothschilds and Rockefellers. They pretty much exist in every country and over here, I had the opportunity of crossing paths with one of them.
But it wasn't what I expected it to be! This Jah family who've inherited wealth from their grandparents were quite down to Earth and try as much as possible to blend in so that they can hide their true identity despite the immense wealth and influence that they have.
What really struck me was their value and principles. It could be that they were born into wealth but money had little influence on them in terms of corrupting their behavior or hijacking their mentality.
Behaving like old money means spending and investing wealth wisely, being discreet and modest, and putting more value in building social connections.
The Balance
We have the ability to create and manage our wealth in a way that aligns with our personality and goals in this era. And after through trial and error, combine the best of both worlds.
New money teaches us to venture out of our comfort zone and develop new skills, while old money teaches us the timeless wisdom on the fundamentals of wealth preservation.
Of course, these are generalizations and not every person with old or new money fits these stereotypes. But the point is that it is great to work hard and earn your wealth (like new money) but also act wisely and perhaps, discreetly (like old money).
What I like about new money is the ability to create an example that inspires and motivate others to follow their own path.
Furthermore, one can express one’s creativity and originality, as well as contribute to the advancement of science, technology, art, and culture. It's the unconventional path.
Thanks for reading!! Share your thoughts below on the comments.
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This pint got my attention as I personally believe on making my own money no matter what I have to inherit from my parents.
Planning for the long term run is also balancing wealth in wisdom as we all know how time flies fast. There is nothing as fulfilling as making your own money.
Great publication
Very true! Same here too, it's a good sense of ownership that I think everyone would want to experience. In a way, the only thing we really own is what we work for and earn. We also know and understand what it's worth or value is.
I like playing the long game, building discipline and not indulging in instant gratification. Those who inherit wealth are really good at that because there's a sense of detachment with their money.
Thanks for stopping by :)
Wealth without wisdom is not profitable. It's best to handle wealth with wisdom. One thing for sure is this, whether our money is earned or inherited, we need to apply caution
Absolutely, I believe wisdom is the foundation to achieveing anything great in life and wealth is no exception to it. Sometimes, we build sand castles with the hopes of it being strong enough to withstand the wind but it ends up getting washed away by the tide :(
Thanks for stopping by :)
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Besically wisdom is the foundation to greatness and with greatness,wealth is assured.But most people tends to grow very fast when they have access to early wealth mostly through inheritance unlike an individual who will get to the spot light from grass to grace
Nice write-up,thanks for sharing.
Came in from @dreemport #dreemerforlife.
Yes, it does happen that growing up very fast through access of wealth at one's disposal. This can be good in some cases as it is like having a headstart but oftentimes, the value is missed because one didn't neccesarily worked for it.
Thanks for stopping by from #dreemport :)
It doesn't really matter how the money was made, whether inherited or built by oneself. For me the most important thing is how we manage the money to keep it flowing. Either sides of the money, if properly managed can be a good source of motivation to people out there.
#Dreemerforlife #dreemport
Exactly, we need to keep it flowing and serve as a fountain for us and the people around us. Earning it is great and all, but keeping it and multiplying is a different type of achievement. True long term players know how to do it.
Thanks for stopping by from #dreemport :)
You are welcome 🤗
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Though you made mention of the argument I was about to point out "not all new money or old money fit into the stereotype mentioned", this is certainly true.
Based on my opinionated perspective, I believe it is the personality and moral conduct of a human that determines their ability to maintain their dignity while being in possession of wealth.
There is another difference have noticed among this two categories of wealth, it is about legacy and recognition.
One of the primary things people in the category of old money cares about the most is preserving of their legacy and good name among the members of the public, so they tend to inflict that morality in the personality of their offsprings so that the good name tradition can continue for generations, old money care less about recognition because they are already recognised by the world through their outstanding legacy. That is why you see their children act in line because that is what they have been taught and programmed to do😅😅
But for new money, in order to build a legacy, their worth and capacity must first be recognised by the elites or probably masses, this is why it feels like they are showing of with money because it seems that is one of the quickest way to gain the attention needed to attract recognition, legacy building is about authentication and the only way to authenticate their legacy is by others in that Caliber especially the old money. At least i learn a thing or two about this in public relations, called publicity strategy. That is why you hear of the statement such as once a celebrity, is always a celebrity it means the moment you create a name for yourself, the world we continue to see you in that good name as long as it last.
Pop in from #dreemport
#Dreemerforlife
Yes, indeed. There are some nuances to both of them. I believe that too, personality plays a huge part and the environment they were born into. Despite the casual or smiling face on the outside, old money people are quite strict on the inside with strong ethics that guide their behavior. I think they care too much about their reputation and social status and will do every thing to uphold it and keep it intact. I like many aspects of how they build a legacy and pass it down from generation to generation.
Lol, new money people just have to show off to make themselves seen and known. I think most of them, many parts if not the whole journey from poor to rich is documented out into the open. I think that's a good thing in terms of the transperancy that comes with it and it also serves as an inspiration for others who would like to take on a similar path. I heard something similar to public strategy in branding, there's lot of upside from it in terms of having influence, building connections and attracting opportunities. Sometimes, old money people are impressed by the actions of the money folks :)
Thanks for the insightful comment and got stopping by from #dreemport :)