Tully - The Old Money Book: How To Live Better While Spending Less: Secrets of Americas Upper Class

The Old Money Book

How to live better while spending less:

Secrets of Americas Upper Class

By

Byron Tully

Copyright 2013 Byron Tully. All rights reserved.

TABLE OF CONTENTS

Introduction

CORE VALUES

Health

Education

The Work Ethic

Etiquette & Manners

Financial Independence

Family & Marriage

Privacy

HOW OLD MONEY DOES IT

Attire

Diction and Grammar

Furnishings

Reading

Housing

Socializing

Cars

Travel

Staff vs. Services

SUMMARY

The Purpose of this Book

The purpose of this book is to help people who want to live fuller, happier, and more productive lives do so by learning about and emulating the values, priorities, and habits of Old Money. The term Old Money refers to individuals whose families have enjoyed wealth and privilege for three generations or more.

In the United States, Old Money generally refers but is not limited to established families in the northeast of the country whose ancestors accumulated large amounts of money and then invested and spent it in a certain way. In Europe, Asia, Africa, and the Middle East, Old Money may include aristocratic and royal families as well, most of whom are not household names.

These families have lived in a certain way and raised their children in a certain way which tended to ensure the preservation of their wealth and the happiness and overall well-being of their descendants. Many of these descendants are still benefiting from this way of life, both financially and emotionally. Therefore, anyone wishing to experience financial independence, wealth, and happiness in their own lives might do well to study this way of life and adopt its principles.

Please note: t he possession of money alone for a period of time does not mean that a family or a person is Old Money. To be Old Money definitely requires money, but also refers to a set of values and a way of life that are detailed in this book.

Ironically, t o enjoy and benefit from the values and way of life of Old Money does not require money, but will often result in the accumulation of it.

What This Book Is a nd Is Not

This book is a guide. It is by no means the final word on the subject, but the fundamental concepts in it are accurate, enduring, and sound. To be beneficial, the information in it must be assimilated by each individual reader and applied appropriately to his or her life. This is best done gradually and thoughtfully. One small habit is worth a thousand drastic changes.

This book was written because so many of the middle class , especially in America, have had good incomes, but, after years of hard work, have little or nothing to show for it. This book may show anyone of any income level or social class how to keep more of the money earned or inherited while increasing the overall enjoyment of life. Given the current state of the global economy, this book may also help anyone do more with less.

The suggestions in this book on such topics as wardrobe and furnishings can be easily followed: one can simply go buy new clothes and furniture in an attempt to act like Old Money. Whoopee damn doo. The way Old Money dresses and lives are symptomatic of its values, not the core of them; these values may require more time, effort, and discipline to understand, adopt, and put into practice. However, they tend to pay handsome dividends in quality of life.

This book is not a guide on how to get rich. Most people become wealthy through vision, hard work, calculated risk, and no small amount of luck. They stay rich by adhering to the principles detailed herein. If you are newly rich, this book may help you preserve your wealth...and your sanity. If your family is already rich, this book will detail many of the concepts youve experienced but may not have been able to articulate.

This book is not about how to marry rich. Most people who marry for money earn every penny of it and seldom find permanent wealth or happiness. But if you genuinely seek to marry well, this book may offer insight into what contributes to an enduring, fulfilling relationship.

This book is not about passing yourself off as rich. A cting like a snob is the very antithesis of Old Money, so pass yourself off somewhere else.

This book is brief and to the p oint. Old Money and the author abhor waste.

An Overview

A cornerstone of Old Money thinking is to prioritize personal reality over public perception. This means that Old Money is more concerned with the way things actually are with their personal situation than the way they appear to others.

In short, Old Money doesnt much care what other peopl e think, as confirmed by the colorful pants some Old Money men wear and the nicknames some of the Old Money women go by. (Wink, nod.)

Personal reality is the amount of money one actually has; public perception is the amount of money one wants others to believe one has.

Old Money has a strong identity that is rooted in self, work, and family, not in material possessions and not in perceptions of social status, and certainly not in fame. Material possessions can be lost or stolen, and social status is an illusion. Ones contributions to family in particular and society in general through hard work, discipline, discretion, and charity are much more important than public opinion or approval.

A life built on purpose, infused with poise, filled with joy, and framed with self-imposed guidelines for what is and is not permissible, is preferable. Being inner-directed and seeking approval from oneself rather than others leads to greater fulfillment. Judging others is not necessary. Proclaiming ones accomplishments is in poor form. Old Money speaks softly, and says so much in doing so.

Old Money does not do what is illegal, and may not do even what is legal if it is not ethical. Old Money holds itself to a higher standard: its own. If talent does what it can and genius does what it must, Old Money does what it should.

Old Money does what is best for the long term, not what might only be pleasant or immediately expedient.

The Philosophy

The philosophy of Old Money is to enjoy life to the fullest; to learn and grow as a person; to work hard and excel in a profession that one enjoys and is passionate about; to preserve and expand ones financial resources while using them well; to share a rich life with friends and family; to explore the world in order to better understand it, and ones place in it; to prepare ones children for a productive, healthy and rewarding life of their own; to benefit society and its less fortunate members through charitable giving or vocation; to leave a legacy for future generations.

The Basics

The basics of Old Money are its values. These are the concepts it holds dear which evolve into priorities. These priorities dictate the order and manner in which choices are made with the resources available. The resources available are most obviously time and money, but also include opportunity. The choices you make with time, money, and opportunity shape your future and determine, to a large extent, the quality of your life.

An Example

One example is worth a thousand proclamations. So lets consider a hypothetical but all too common scenario to illustrate the philosophy, values, priorities and resulting actions of Old Money, in contrast withsomeone else.

Someone else is Jim. Jim, who is not Old Money, is a young, single working guy with a college degree, living in an apartment without too many commitments. He is saving some money, but generally living paycheck to paycheck. When Uncle Harry dies, he leaves Jim one million dollars in his will. Jim is ecstatic. He deposits the check for one million dollars, quits his job immediately and tells all his friends and family the good news. He throws a party. Women suddenly find him incredibly intelligent and attractive. (Wink, nod.) He buys an expensive carwhich he pays cash forand an expensive watch and some fine new clothes, paying retail prices for everything.