Recently I heard from a gentleman who is, shall we say… rich. Well, he isn’t but his family is, which means that eventually he will be wealthy too, one day…maybe.
 
It’s complicated.
 
He was amused by my 10 Commandments of Economic Justice in Milwaukee that appeared on both blog sites a few weeks ago.  After giving it careful thought, he decided to educate me about how the other half (percent) lives. (His family made their money in the early half of the last century). This is what we call old money.
 
It turns out that John Edwards was right. There are at least two Americas in America and the two, three, four or whatever number of Americas there are will never see eye to eye on how the world works, no matter how much Edwards and other lefties wish it so.
 
(By the way multi-millionaire presidential candidate John Edwards is new money. He doesn’t know the rules. He’s nothing more than an ambulance chaser and wouldn’t be given the time of day by this gentleman’s family. “At least Clinton practiced real law,” a family member once said at dinner.)
 
So here it is. For the first time in print: The Ten Commandments of People with Old Money. The names have been changed to protect the rich, but all kidding aside, this is the real deal. In other words, these are the principles that the other half (percent) lives by.

1. Thou shalt not talk about thy abundance of money or that of anyone else. Thou mayest, however, make condescending comments about thy neighbors lack of money or newness of money.


2. Thou may not assume, that though thy family name is on a trust fund, that thou may knowest its value, thy portion, or the time and method of its disbursement. Thou shalt, however, be very kind to all thy elders and keep thy fingers crossed.

3. Thou shalt teach thy children how to make, manage and multiply money.


4. Thou shalt provide thy children with a breadth and depth of experiences inclusive of, but not limited to, good schooling, music lessons, appropriate athletic involvement, travel - preferably foreign, museums, plays, and other cultural events such that they will draw on these experiences as adults in order to support themselves, thereby not embarrassing thy parents.


5. Thou shalt pay thy children's way through college. If thou rely upon financial aid, the strong academic record of thy child, or thy child's athletic ability, thou art not rich. Stop reading.


6. Thou shalt not allow thy adult children to be a financial burden.

7. Thou shalt not ever be a financial burden to thy children. Ever.


8. Thou shalt remember the following principles:

        a. cash is king

        b. diversify thy holdings

        c. earn interest, don't pay it.


9. Thou shalt give to charity. It will help make you feel less guilty about all thy money.


10. Thou shalt take care of thy own d_ _ _  self!
 
 
There is a scene from the movie, The Aviator, where Howard Hughes is having dinner with his then girlfriend, Katharine Hepburn, at her wealthy parents' family estate. The parents are uninterested in Howard Hughes' wealth (new money) and at one point, the Hepburns look down their noses at Hughes and tell him, "We don't care about money."  Howard shoots back, "Sure, that's because you have it."
 
Nice.
 
Old money tradition, new money arrogance. Oh to be so.... care free.