Newsletter: How to Use Old Money Secrets to Creating Lasting Wealth

read time 11 minutes

Welcome to the FI Mastery Journey, a weekly newsletter where you receive actionable ideas from me to help tame financial chaos, get your financial house in order and live your legacy.

Here’s how it works: each week, you’ll receive one article written by me. You’ll also get three simple questions that go along with the week’s article to help jog your mind and inspire you to take small, bite-sized financial wellness actions.

And, you’ll also get an inside look at the research I’m reading.

Follow along for one year and you will have completed all the work necessary to keep your financial house in order.

My goal in all of this work?

To provide you with the tools, resources, and insights to help you take one step closer to becoming the master of your own financial independence journey.

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This Week at a Glance

  • What are the secrets that the wealthy families use to manage their money? They focus on principles. That’s why in this week’s article, I cover three principles that old money families use to pass wealth down from one generation to the next.
  • Risk assets find their footing after last week’s selloff. Inflation and labor market data will be closely watched by market participants for signs of the Fed’s next move. Check out the resources at for more market insights.
  • ICYMI – be sure to check out last week’s post and podcast on preparing for benefits enrollment. This resource will help you cut through the noise and help you create your own framework for choosing the best options for you.

Manage Your New Money Like Old Money

So, you’ve finally made it big in your career, or your startup has finally taken off.

What should you do with your money now?

Well, whatever you do, it’s crucial to be mindful of the advice you take.

You see, all you need to do is log in to any social media website, and you’re likely to find accounts that claim to have wealth “secrets” available only to the rich and famous.

But you know the truth is that when it comes to prudently managing your newfound wealth, there are no shortcuts out there.

In fact, Old Money families typically follow a tried-and-true principled approach to managing their money rather than spending their time looking for cheat codes.

To be sure, what distinguishes Old Money wealth from the New Money rich is not just how long a family has held on to their money but also what they do to keep that wealth growing from one generation to the next.

That’s because it’s one thing to make a lot of money and double it in short order and quite another to keep it steadily growing, decade after decade.

Look, Las Vegas wouldn’t exist if tourists didn’t have the chance to win big, but in the end, the house always wins.

So then, if you’ve made a lot of money and want to look for potential shortcuts that claim to pay off big, then more power to you.

How to Use Old Money Principles

But if you’ve accumulated substantial sum of money and want to utilize a proven approach that allow your money to grow from one generation to the next, then here are three Old Money principles that you’ll likely want to consider.

Principle #1: Embrace Generational Thinking:

When setting financial goals, consider the next few generations, not just your immediate future.

Ask: How do I envision my family’s financial health a century from now?

Adopting a multi-generational perspective ensures the wealth you’ve earned today endures the test of time, creating a legacy that benefits not just you but those who come after.

Principle #2: Distinguish between Wants and Needs

Successful old money families differentiate between essential needs and luxury desires within reason because they understand that their wealth will serve future generations.

Ask: Is this purchase driven by a genuine need, or is it an impulse buy that I should reconsider?

By making this distinction, you’re demonstrating sustainable spending habits for your family, which may prevent an unnecessary erosion of wealth.

Principle #3: Include Younger Generations

Make money management a collective family affair, involving younger family members early on with age-appropriate engagement.

Ask: Have I laid the foundation for a shared family vision that younger members will embrace and carry on?

Engaging younger family members now not only prepares them for future responsibilities, it also creates money traditions that can influence the lives of those yet to come.

What I’m Reading

We’re all busy in the daily rush of things. That’s why I’m sharing a list of articles that I’ve read this week to help me stay on top of my own financial independence journey.

You can find links to these articles in the daily feed at

  • Optimizing for joy
  • Overdoing delayed gratification
  • 5 big lessons popular personal finance gets wrong
  • Make doing nothing the default
  • This is your stressed-out brain on scarcity
  • Markets react to hawkish Fed revisions
  • Say goodbye to the Great Moderation

Thanks for taking a look,

Peter Donisanu