Old Rich and New Rich Under The Microscope

Comparing two sets or groups of people ... involves identifying similarities, resemblance, sameness, kinship, and homogeneity. It also integrates the obvious differences, distinctions, contrast, and disparity. 

Just like showing the similarities between Pure to Halfie (e.g they are both Filipinos) and contrasting them (the pure has both Filipinos as parents ... while the Halfie has one parent Filipino and the other parent is from another country.)

The same thing can be done to the Old Rich and new Rich. It is quite interesting to know the similarities and differences. And to understand them better we can compare them by asking these questions:

1.  Where did they get their wealth? For the old rich their wealth is handed down and shared from one generation to another. In short, they are wealthy from the get-go. 

Whereas the new rich have their wealth only recently by a stroke of fate or stroke of luck - for example becoming a famous actor, singer, or athlete who commands millions, winning a sweepstakes, building a tech empire, discovering Yamashita's treasure on your porch, or having a marital relationship with the old rich or just being successful in your profession abroad.

2. What is their attitude towards their money? For the old rich they have the tendency to shield and shelter what they have. They are not into extravagant spending and by nature they are frugal, cautious, and prudent.  They are always on guard to protect their wealth and their legacy for future generations.

The new rich enjoy what they have as they strike the iron while it is hot and enjoy while it lasts. They don't have a saving temperament like the old rich and they can be subject to poor and malicious tips and advice from kibitzers whose only goal is to bring them down.

3.  What are their spending habits? Are they more in tune with making investments? Both enjoy a lavish lifestyle although the old rich are more stingy and more calculated when it comes to spending. Spending to them is more akin to investment or making subsidies - that are used to offset market failures to achieve greater economic efficiency. 

The new rich motto is" They work hard for the money ... so they might as well enjoy it. They consider making investments too and because they were not schooled, they often incorporate luck and gambling into their system ... they often go with risky investment schemes like those enticing ads that give cash incentives.  easy money ... double the profit double the fun attraction.

4. What are their hobbies and pastimes? The old rich go with the orthodox and the conventional ways of leisure. While most of us enjoy time hugging our askals, the old rich enjoy polo, yachting, collecting antiques, and golfing.

The new rich may enjoy more showy endeavors like collecting exotic animals (nay wild animals for an added impact) and making a portion of their house a zoo. The ringside may not be the best location when they watch Gilas Filipinas ... it has to be the courtside and if the sports commentator acknowledges their presence in TV ... that is an added bonus. The feeling will be at an all-time high.

5.  What is the public perception of them? The old rich are often perceived by onlookers as having class, well-bred, and cultured Ivy Leaguers.

The new rich perceptions are hardworking, diligent, and conscientious and people admire them for being innovative. While they don't have the handcuff to cut on their spending melee and are more free to enjoy what they earn... their rags-to-riches story may just end sooner than they think if they don't watch out.

We heard horror stories of "many are called but only a few are chosen" people who win the lotto ... and their being rich becomes just a footnote in their town's history... as they zoomed back to anonymity after squandering the good fortune given to them.  Let their sob stories be a lesson to us all.