Old Money In The 1920's

Through the decade's real and steady prosperity, extraordinary technological advancements, and vibrant culture, the 1920s earned their name—the "Roaring Twenties"—. This decade marked the thriving of the modern production and a consumption economy, which brought fantastic profits to investors while also raising the living standard of the urban middle- and working-class. The Roaring Twenties were, in fact, a great time to be rich. Treasury Secretary Andrew Mellon, himself a very successful investment banker, lowered the top marginal income tax rate for the wealthiest Americans from 73% to just 24% while investors enjoyed one of the greatest markets in American history. In fact, The Associated Press confirms the difference between the richest 1% and the rest of America is the
In reality, there was no class superior than another, the simple fact was that the behavior of some individuals who acquired wealth very quickly offended others. The difference between old money and new money has nothing to do with the amount of money each class possesses; the terms have been made to define the individuals in these classes, how they act, how their money is earned, what they wear, what they buy, and the general differences in how they live their lives. Financially speaking, new money individuals tend to spend more money than old money individuals.From donating to charities to spending money on extravagant homes, the fanciest cars, and the top name brands, they are willing to spend. Old money is more disciplined, and prefers saving, rather than spending, and prefers keeping the money in the family. Jay Gatsby in The Great Gatsby by Scott Fitzgerald is a perfect representation of new money. Jay Gatsby was born in a poor family and through dedication and illegally acquiring his money from being a “bootlegger” he was able to become this person he dreamed of