Smart Money Happy Hour with Rachel Cruze and George Kamel - Old Money vs. New Money: Which Aesthetic Wins With Wealth?

Episode Date: April 6, 2023

Cheers, old sport! The TikTok teens have spoken, and we’re here to ask the hard-hitting questions on the latest viral hashtag. What is “old-money aesthetic,” and how does it relate to your money? What does it really take to build generational wealth? And if you were a RollerCoaster Tycoon kid, are you an old-money adult now? We tackle it all.   In This Episode:   ·      George advocating for the coastal grandfather movement ·      Marie Osmond, Bill Gates and thoughts on big inheritances ·      The Kennedys, the Vanderbilts and other old-money history   Helpful Resources:   ·      Get your finances organized, make a plan, build up your confidence, and kick money stress out of your life for good with the EveryDollar budgeting app. Go to www.everydollar.com/smart to get started today! ·      Be entered to win a $100 Visa gift card when you take our listener survey! Click here to let us know what you think.  ·      Do you have a Guilty As Charged question for Rachel and George? Send a DM to @rachelcruze or @georgekamel on Instagram! Be sure to type “GUILTY?” at the top of your message so we don’t miss it.      ·      Learn more about your ad choices. https://www.megaphone.fm/adchoices   Ramsey Solutions Privacy Policy     This Week’s Happy Hour Special: Lemon Drop   Ingredients: ·      2 ounces vodka ·      1/2 ounce Cointreau ·      1 ounce fresh lemon juice ·      1 ounce simple syrup ·      Sugar   Instructions: Apply a light layer of lemon juice to the rim of a cocktail glass. Dip the coated rim into sugar, then set the glass aside. Combine vodka, Cointreau, lemon juice, simply syrup and ice in a cocktail shaker and shake until chilled. Strain the liquid into the prepared cocktail glass and enjoy! Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey guys, I'm Rachel Cruz. I'm George Camel. And this is Smart Money Happy Hour. Oh, I thought we were doing it later. Okay. I just tried now. The Great Gatsby Cheers. Why are we doing a great Gatsby style cheers, Rachel?

Because this episode of Smart Money Happy Hour, we're talking about old money versus new money. Who will win? It's the great showdown. It is the great showdown. That no one ever talks about. Yeah, and, you know, like the old money. aesthetic is very in right now, like the coastal grandmother style. People are going back to like the old school ways of life, George feels like style-wise. Do we cover what the show is, Rachel?

Do people know already? Do they know? I assume they know. It's not their first rodeo. It might be their first rode. If it is, this is a show. We're two friends who happen to be when I'm experts talk about what you're talking about, including pop culture, current events, and money. It's got a mouthful of sugar. So good. And we do it with a drink and which just makes it more fun. So today we're talking about that old money versus new money. And we may be millennials, but we love a good TikTok trend. And this is one of them that's been popping up.

And so we thought, let's talk about it. And it goes way beyond just aesthetic. This is like a cultural war, Rachel. Yep, it's happening. It is happening. Now, we do recognize that old money has a lot of connotations around it, right? There's some weight to that term. Yes, and there's a lot of dialogue and conversations happening, which are really important.

but for this purpose in this episode, we kind of go more of the pop culture routes. And how it affects your money. Your money, yeah. So that's kind of the angle we're taking with this episode. And we are sipping on a lemon drop. This is a great classic old school drink. I would say old school, what, martini?

It's a martini, right? Well, I think that's what helps us channel the Gatsby vibe, which have you seen the movie with Leo? I have not. But I know the meme you're talking about. So give me the cheers. Okay, so you have to hold it. Oh, he looks like that.

That's an underhold. Which is not. And then it's kind of a smarmy, very confident. It's good. There we go. I don't want to spill it. Please don't. It's too good to spill.

So we're going to talk about what is in this drink, how to make it, and what it costs at the end of the episode. So stick around for that. All right. So let's dive in, George. So old money. What's the difference between old money versus new money? What is it? our friends at Google say that old money represents generational wealth, money that has been

passed through generations in the form of cash, investments, or property. New money refers to self-made millionaires and billionaires who earned their money during their lifetime. So I'm thinking about like the old school families, the Kennedys, the Vanderbilt's, versus like entrepreneurs, celebrities who they didn't come from money. That's right. But now they have millions. Well, and here at Ramsey, we talk a lot about generational wealth and changing your family tree

and about being intentional with your money and how important that is because that not just changes your life, but those habits that your kids or your community, your family is seeing as habits like can be passed down. And also, if you invest and all that, then you would have money to continue to pass down generationally. Yeah, I think we should all aspire to eventually, they're going to look back at my roots and go, So old money because George invested wisely and passed it down generationally. Yeah. And we've done this for over 30 years, Harry Ramsey, so we have a lot of surveys and stories and testimonies of people doing this.

And a lot of the millionaires we find are first generation. They are new money. I think it's like 79%. Which that's really encouraging. Yeah, we're giving nothing. So people think, well, if I didn't come from money, I'll never have money. That's right. But there's a lot of new money out there.

So we're going to talk about both. But the old money aesthetic is very popular now. People are dressing the part, Rachel. Which is so funny. So it's a style trend going on, and it kind of embodies the socialite lifestyle of Gossip Girl and the talented Mr. Ripley. So it's very opposite of like California rich. So like it's not Kardashians. Not Kardashian.

No, it's not selling sunset. It's a very classy. I tend to lean old money in my fashion. When they said, when they said gossip girl style, I was like, oh, yeah. You understand that at a deep core. I really do. I'm just picturing Martha Stewart. It's a little bit of that.

There's a level there, yeah. But I go more there. Which we call now Coastal Grandmother. You've heard this term? Not until researching for this episode. It's a big trend, and I'm a little upset that Coastal Grandfather is not a trend. I think I'm going to start that as I get older, wear a lot of shawl collar cardigans. Shawl collardigans.

You sound like Sean Connery when you say it. You can't not. Shaw collar cardigans. And you've got to talk like that with a kind of a lot. transatlantic accent, Rachel. Yeah, it's pretty powerful. But what's interesting is how this affects people's spending habits. So it ties in with debt and this comparison culture because new money, you know, it's all about

dressing well and being very showy with your wealth, you know, designer handbags, heavy makeup, flashy watches, the jewelry, the nice cars, the tracksuits, tiny dogs inside of purses. You've seen it. You've done it probably. No, not that one. You haven't put June in your purse yet? Nope. Dang.

Negative. Missed opportunity. Have you put your dogs in a purse? Why would I be carrying around a purse? The question number one, there's many. Has Whitney? No, but when all of was a puppy, we could have done it. We definitely, there was moments.

You thought about it. You thought about it. There was a photo shoot. There was a photo shoot. So, yeah, more than 75% of millionaires. We surveyed in our national study of millionaires spend less than $150 per month on clothing. So the people that you see driving the nice cars, they may be secretly drowning in debt.

Yes. That's interesting. Because you assume, well, they have nice stuff, they must be wealthy. Yeah, wealth today is like very fuzzy. We've seen studies that show you can make $250,000 and still live paycheck to paycheck. Oh, for sure. But look like you're making even more than that because of everything you're spending in the amount of debt. So it's a tricky comparison road that people walk down.

So you definitely, we are all about spending with cash, living below your means, all of that. Is there anything, Rachel, that wealthy people splurge on that you would never pay for? You could never bring yourself to do it. Oh, man. I don't know why a sailboat came in my head that wealthy people. My head went yacht. I feel like yachts. Ooh, you wouldn't do a yacht, though?

I would do that over a sailboat, this is probably right more. I would rather, like, I'd rather know a guy with a yacht. It just feels like a lot of maintenance. Okay, yeah, but my thing is, but if you have the money and people just fix it for you, wouldn't that? Fair point. I take it back. I'm buying a yacht, Rachel. Thank you for encouraging me.

You're so welcome. I will say designer stuff. The idea of spending $1,000 on a purse. It just blows my mind. Even if I had millions of dollars and I'm just like, whatever. See, mine is less about the bag. What's funny to me is, like, the clothes. Because no one knows what the label is.

Like, your shirt right now could be Gucci or whatever. It could be generic as botchable. It could be T.J. Max. But you don't know. Like, I look at that shirt and I'm like, I don't know. And maybe old money people know. Well, there's a word for that. Because a bag, at least I'd see the bag and I'm like, oh, yeah.

It's recognizable. Yeah, like, that's a Celine bat. Or, like, that's a really nice bag because you, but clothes, people have no idea. So mine's closed. I think there's a term, it's like stealth wealth or hidden wealth where wealthy people, they keep it real casual. Yeah, they don't care. That feels like old money, do you? That is, yes.

I respect that. I respect that, too. Okay. For sure. So, so watch out for that comparison culture because it can lead to a road of debt. Can you talk about when it is okay? Because I don't want to be like. It's dumb to buy things and you shouldn't have stuff.

That's great. I don't want to be that guy. No, and you just were with a bag, but that's okay. I still will die on that hill. I will die on the bag hill. We'll keep moving on. It's a bag. Yeah, if you're on Baby Step 7, so the Ramsey plan, that means you have no debt,

your house is paid off, your kids' college fund is funded, you are funding retirement, like all the bases are covered. And you're at that point, we're like, okay, I have no debt, I have savings. the bank, and I can, yep, just enjoy. So there's a level there, but you always, always still want a lip-blower means. That's a good call. We're not against stuff. We always say it's okay to have nice stuff. Don't let your nice stuff have you. And when you do with payments, it has you. Yeah, it has you. And your happiness and your joy. I think a lot of this world that we're talking about with all the new money, old money, I think there's a level of our world that just consumes thinking

that it's going to identify them. Something is going to be fulfilled. That's a good point. And it's And it doesn't. I mean, it doesn't. So let's hit on old money here. This style shows up in a lot of movies we've seen. Any good Diane Keaton movie, at least vaguely smells of old money? Any other movies or TV shows that you think like this has a vibe? Crazy Rich Asians.

Yes. Like, that's just classic. I mentioned great Gatsby. Yeah, that's a good one. The 1920s elite vibe. Yes. I think Clueless could have a level of like an old money feel. I could see that.

Yeah. You know, but the new. You know what has old money vibes? What? Is the new series, the Knives Out series with Daniel Craig. 100% old money vibes. Really? Yes.

Haven't seen it? A lot of like turtleneck kind of sweaters, but tasteful. A lot of people who are like, what are these people do for a living? They don't seem to work, but they have tons of money. Yeah, that's old money vibes. Where new money to me is like selling sunset, Kardashian. 100%. It's very flashy, very like this on-trends, not timeless because of what they're going to wear and all that.

It's going to be out of style. I hate months. I feel like you would lean new money as far as like you're keeping up with the trends. Oh, really? Because I feel like I'm old money. No, because I remember you walked in and you didn't have like skinny jeans on. You're like, oh, skinny jeans are out. We're doing the like cropped mom gene now.

And I was like, no one told me. I refuse to let go of skinny jeans. So I feel like you are, you're pretty on trend. But I would do that with a sweater, though. Sure. Very basic stuff. Yeah. Maybe I'm in between.

But I'm just, I'm timeless, Rachel. I'll wear the shirt 80 years from now. I'm not going to grow. Like, the doctor says there's hope, but we all know. We all know what's happening. That's a farce. So I like this. So there's tons of song references that reference old money and new money.

Did you know this? Taylor Swift is one of them. Sing it. New money. No, I can't suit and tie. You don't have to sing it because Taylor generally doesn't sing. She just like talks on pitch. I just saw videos of ERA's her new tour.

She had her like one of her first stops. It was all over. And she is belting it out. I'm so proud of her. She's a great singer. Focally, she's done great. I'm a big T-Swift fan. Let me make that very clear

before the Swifties come after me. But her songs tend to be like, New Money, Sueton, Ty. Here you go. That's literally how it sounds. I'm not mad at that. But New Money is the first lyric right there. Which means...

And if you're a Hamilton fan, did you see Hamilton in the theater? No. I just feel like going to the theater is old money. You know? Have you gone to the theater? Yeah, if you're a Hamilton fan.

Aaron Burr flaunts his trust fund baby status to try to win over Angelica. Ah. I've heard that's a great show. You should go. And I love Broadway. I love Wicked. I love it all of it.

Out of all people, you would love it. I know. I don't know why I haven't because I love history. I love politics. Well, you've been busy. You know, with kids and such. There's just things happening. Charles and his queen-sized bed.

There's a lot of time. There's a lot of stuff happening. Okay, but now what people are talking about again because hobbies are associated with old money versus new money. This is fun. So like golf, tennis, boating, all of that. You lean old money if you're into those hobbies. Yeah, that's the vibes of old money for sure.

And I'll say that they're pretty proud of it. Very. But new money. Have you met people that like to play tennis and do boating? Is it do boating? Is that the term? I don't know. We boat.

I love a boat. I do do. Producer Lindsay loves a boat. We do boats on Tennessee lakes. Boating by old money. That's a different scale. But even golfing. Like I've tried.

I have a set of clubs I got from 50 bucks. And it just feels like it's a, it's a, not for me. I know. It does feel like an old money. Old man slash old money sport. Old man old money. But what's funny is new money, it can be, you know, kind of poked at. So Titanic, do you remember this? Where Rose's mom was like, oh yes, to Kathy Bates' character, she was like, she's new money. And then Kathy Bates' character took Leo kind of under her wing. Yes. And helped him do like the old money. Yes. But they like turned their noses up at her because she was new money.

There's a lot of snootiness in both worlds. I think we can admit that. I think that's fair. So as we're talking about this, Rachel, I got to know what is one shameless splurge or social behavior that you might indulge in that would make the old money crowd cringe? Like what's like a new money thing you could see yourself doing? Oh, my gosh. I think the old money crowd would cringe at us driving Teslas.

Oh, that's probably true because it's not like a Mercedes or something. Yeah. Yeah. They want like old money clad. Yep, I would say that. I would say like the new, like, cool part of town. Oh, yeah. Or they're like, no.

Versal the established part of town. That would be a thing. Oh, that's a great question. Where would they cringe? A shameless splurge or social behavior. I think I would always ask, like, what do you mean? You know, like, I summer here. I'm like, what does that mean?

That's an annoying one. That's the way they talk sometimes. Stop doing that. Do we know a lot of days, though? I don't really. I did have one girl that I know, and she said, say, well, I summered, da-da-da-da-da. She used it as a verb.

And I was like, wow, you may not be good friends. If you use summer as a verb, you are old money. I think we can all agree on that. Wow. Well, there's a lot of this. Or New England. No, you're Boston. You would know.

I am from Boston. Is it more of that, though? I feel like it's a culture thing. I'm just so southern. Let's be honest. I didn't grow up in the old money crowd in Boston. I know. But is that, would summering be more of a verb in the Northeast?

Yes. I feel like that's true. Well, old money, traditionally, there's a lot of northeast roots to that. That's fair. When you think about Cape Cod, you know, New York City. Martha's Vineyard. That's the place that happened. Oh, man.

I kind of wish I was old money right now. You'll get there. One day, one day when, you know, you're a thousand years old. Your great grandkids would be like, oh, my great, great-grandmother, who's still dressed in pearls and always wore her sweaters. Pearls are old money. Till the day she died. I like pearls. I think they're classy.

That's a southern, like, sorority girl thing, too, when I was in school. Agreed. Well, Nashville's got a lot of that. this going on. A lot of old money, a lot of new money, because when you think about the new money vibes from country artists, we got a lot of those, you know, they're from small towns, they made it big. Totally. A lot of them didn't come from money. Some did. Taylor Swift might be a mix. Her family had money. No, they had a Christmas tree farm in Pennsylvania. They had a Christmas, tree farm. I didn't have a Christmas tree farm. Okay. It wasn't like a, it wasn't like a fun addition to

their life. That was like their job. I think she kind of came blue-class. I think it was a little bit like, yeah, no, I wouldn't say that. Fine, you can disagree. But I do think it is funny because some of the stars, like country music artists, like I have seen them on social media or their wives and stuff. You can tell, like, oh, yeah, that's a new money vibe. Versus in Nashville, you have like your Belmead, you have your private schools, like Harpeth Hall, Reese Witherspoon went there, your MBA.

Like, you have the generational. Is that just a tagline? Reese Witherspoon went here? Yeah, I feel like that's a big deal. MBA is where Dead Poet Society was based off of Robin Williams. I had no idea. You didn't? Yeah, that was MBA out of Nashville.

What does MBA stand for? Mama's Boy Academy. So we always call it in high school. Shots have been fired. That's what we call it in high school. Montgomery Bell Academy. Yeah, but it's very, I mean, I think those at Ensworth are like the priciest private school. So anyways, but those would tend to lean in all-boy school, all-girl school, right?

That tends to lean more old money. Well, at any time I, Vanderbilt University, I mean, it just feels old money. It does, yeah. When you see that word, I mean, that's a nod to the Vanderbilt family, railroad. tycoons. Again, if you were a tycoon, that's old money. That's old money. Okay, so here's what's fun. You ever play the game growing up? No. Rollercoaster tycoon? Oh, yeah. That's old money. That's old money. They got that roller coaster money. I ain't got that kind of money. I have forgotten about that. That was the best game ever. That is so funny. It always looked better on the

commercials. I can remember the commercial. Was that like firing up the AOL trial disc to get that going? I forget like what era that was. Oh, godly, roller coaster tycoon. Tycoons. Thank you. Cheekwood. Thanks for bringing that back. Beautiful gardens and estate built in the 30s. And the Cheek family's Maxwell House coffee fortune.

That's the same family. Oh, I didn't know that. Yeah. It's like Nashville's little mini-builtmore. Let's go really old. More old money. Are you ready? How much older can you go?

Catherine the Great. Don't know her. A Russian monarch. She inherited and controlled a lot of land and family investments. Today it would have been worth $1.5 trillion dollars. What's the face, George? You don't believe it? I mean, how many followers does she have on TikTok? I'm just not super impressed.

Caesar Augustus would be worth 4.6 trillion. Hold on. These are, like, trillionaires. Do we have any trillionaires today? I don't think there's a trillionaire. Here's my thing. There is. Savannah.

Savannah on our team is a trillionaire. She's just here for fun. She's just here for her. Here's my thing. Of course, if you base inflation from like 3,000 BC to today. Why is that of course? Because if you looked at my net worth 4,000 years from now, we'd be like, the man was a trillionaire in today's money, I'd feel like that's unfair.

I'm just saying, I'm not unimpressed by Caesar. I want him to know, I love his salads, but I'm not impressed with the money that would have been today thousands of years later. There's a lot of stuff, though. That's a lot. Yeah. Gangus Khan. You've been to Genghis Grill? Oh, no. The guy's got that franchise money. Oh, no. Rachel's like, is that on the paper?

I was like, make it. No, Genghis Khan, he created the largest empire of all time in China and Central Asia. And estimated net worth, Rachel, what would it be today based on inflation? Tell us. 120 trillion. But here's what's crazy about him. His Mongol empire is so wide-reaching, his DNA can be found in an estimated 16 million men today. What?

That is insane. That means like... I know. I mean, who can rival that other than Nick Cannon himself? That's impressive. The stats on that are impressive. Oh, my gosh. It's a lot.

16 million. It's a lot. What does this 23 and me look like? Let's move to America. Okay. Let's move to America. Listen, you got the Vanderbiltz. You got the Kennedys.

You got all those people. So there's like the American wealth for sure, for sure. See, the Kennedy's at. accent, that's old money. If you have that accent, you're old money. Yeah, and like Maria Shriver, Kennedy, who married Arnold Schwarzenegger, but they divorced. Taylor Swift actually dated Connor Kennedy back in the day. What? Yep, they were seen on a sailboat. Google image it. They were boating, Rachel. They were boating, I know, I know. They were summering in Martha's Vineyard while boating. So, yeah, so there's just a lot of old money in our world today. But I think that, like, honestly, you know, good for them.

But the question, good for them. But my encouragement would be that you can start a trends with your own life and money now. That's true. But would you pass it on. I think I would, but I wouldn't do it in a way where the kids were super aware. Like, I want to live my life in such a way that my kids are like, I don't know if he has a million dollars or $50 million. I've got no clue. Oh, but you're still in the millions, George.

Yeah. Yeah. No, I'm not going to, I have no aspirations of even becoming. a billionaire, Rachel. No, I was saying, though, like, millions. That's great. Yeah. It's great.

So that's great. But I do think there's a level of, you know, entitlement that can come with generational wealth. That's hard to push back against. I mean, as you raise your kids, even the way, like, I'm living now is very different from my parents and their parents. Sure. And that's hard because, you know, Charles is in a queen-sized bed.

And so how do you raise your kids? And you have anecdotal evidence of this. As you raise your kids, how do you kind of push back against that entitlement? Yeah, we've talked about it a lot Because it's hard Because you guys can't afford to get them toys And back in the day it was like We can't afford that

Now it's like it's not in the budget I say that though And I tell them like that cost money Charles speaking of in his queen size bed He ripped off like his book He like has a ton of books And he like shredded half of them And I told him I was like you're not buying

Wow Any more of this And he said which I appreciate it at three years old He goes cost money He said that and I was like This is the same child who said, mommy, just Amazon. He just said that too. He's brilliant. But he said cost money. And I was like, that's right.

And we don't have, we don't have that. And we'll tell the girls that. And it's so funny because we're like, well, we just don't have the money for that. And it's good for them. I'm like, because you need a bit, yeah, it's not a free, free for all. You can't do that. But I still want to leave an inheritance to my children's children, as Proverbs says. That's a big, that's a big thing for me. But it is hard to do it in the right way. I know. And here's what I'm a little bit challenged with because I think that scripture, I'm not a theologian, but I do think the inheritance can be like knowledge. Here's how you can build it.

And I almost wouldn't want, I mean, again, handing cash over. There's a part of me that's like, I think I would rather leave like assets. Oh, yes. Do you know what I'm saying? Like a real estate portfolio versus like, here's $20 million in cash. Do what you want with it. I mean, kind of. Because I want my kids to have dignity, right?

That's fair. and pay their bills, like all of that. So it's a very, very thin line. I think that's really hard, right? Because the goal is you want to keep the ball in the air. You want to keep that money alive for multiple generations. Yeah, and I think it's awesome if it's like, yeah, maybe you, because I've seen a big trend right now on social media is if you have a kid,

buy a rental property. Oh, I've seen this video. Have you seen that? Yeah, yeah, it's everywhere. People send it to me all the time. Yep. And when they're 18, you can sell it, use that for their college fund, or they can keep it and live it.

and live in it, and then you make the, like, right? So people are trying to, like, do all this maneuvering. Yep. But I'm like, yeah, that is something that's awesome. That's like, yeah, instead of having a mortgage payment and you pay for 50% of their first house or, you know, even buy their first house, and they have to invest their own money, the mortgage payment and invest it. And it makes them money. Like, do you know what I'm saying? Like, there's, I don't know, I feel like there's smart ways to go about it that's still, they still have skin in the game.

Like, they still have to go and make money and work because boating 12 months a year. probably doesn't bring a lot of, I don't know, fulfillment, maybe. But we should. Sounds pretty griff. You have a boat. Call me. We should try it. But there is a level of privilege that we have to just acknowledge and go like, yes, there is

privilege and your parents having handled money the right way or having it. And it does lead to a life with less money struggle. Yep, for sure. And so I want to create a sense of privilege without a sense of entitlement for my kids. That's the goal. That's good, George. That's good. Yeah.

You put this very negative spin on privilege in general. Right. But it's like, why wouldn't you set your kids up for success? Like, why would you want them to struggle and want them to be in debt? So I want them to earn it, but I don't want them to struggle. Because there's... In the sense of, like, being in debt for 20 years to hopefully retire with dignity. But I also don't want to hand them $20 million and just go, you never have to try in life.

That's it. Yes, I know. So there's something about the struggle. It's this, that struggle of like, oh, gosh, we have to choose this or this, like, right? Decisions that have to be made. And I don't know, I feel like, oh, that's really good. So I don't, I don't know. Talk to me in 50 years.

It's a good conversation. I don't know that anyone has it figured out. And I'm sure there's a lot of opinions out there about what you should and shouldn't do. Yeah, because also there's a beautiful thing of like passing on generosity and showing your kids what money can do to help people and like fund things that you're passionate about as a family. Like all of that, that's a very real part of money. That can be very powerful. So bringing that into the conversation. Right.

It goes beyond money. I mean, there's character. integrity that gets passed down as well. Yes. And that's far more important. Yeah, I think so. Than a dollar amount. Yep, for sure.

Good conversation. Yep, but it is interesting because Bill and Melinda Gates have chosen to donate majority of their wealth. So their kids will inherit less than 1% of their $130 billion fortune. So they get $10 million each. That's still plenty of money. You said 1% of $130 billion. Less than is what it says.

99% of... But to me, I'm like, okay, that, like... 0.99% of 130 billion. We're still talking about a billion dollars. But think about what that money... What do you think about $130 billion, what it's going to do? We can debate the giver of Bill Gates on another... On another podcast.

That's such an unreasonable amount of money to me that I would have no clue how to spend it. Well, and they don't... Yeah, and you can't. I don't think you could spend that in a lifetime. Maria Osmond says that she's not leaving her kids anything. She told us weekly individuals who are handed money often end up lacking drive and ambition, and she wants her kids to discover their own interests and meaningful career. I respect that.

Yeah, I do too. I think that's great. But also, leave nothing? Like, that is a little bit like, oh, man. Yeah. Could you have done something, Murray? Well, I mean, I'm thinking, yeah, she could have, but she's chosen to say, I want them to struggle a little bit. Now, if she's not leaving them in a bad position, hopefully you raise your kids in such a

that they know the value of hard work and they have character and integrity and all these important values. But as far as money goes, we know based on stats that anyone can become a millionaire in America today if they stop being, you know, playing the debt game and going, well, I want to be showy, I want to compare myself to others. Sure. It's a long game of investing and all that, yeah. Now, playing the billionaire game is a different game.

Oh, yeah, yeah, yeah. That's not going to happen in your 401K. Do you know there's only like just a little over 3,000 billionaires in the world? Wow. That is shocking. Mm-hmm. Now, millionaires, I imagine that number is in the millions. But the billionaires, it's just a few, it's a little over 3,000. Yeah. But we've made it so normal because now it's like-

Isn't that funny though? I thought it would have been more. 10, 20 years ago, I couldn't name like billionaires other than Bill Gates. Yeah. Now it's like, well, pick your poison. There's a lot. And so the times have changed. But it also gives me faith in the American economy. So before our guilty is charged segment, Lindsay is going to give us a list of phrases, and we have to say, old money versus new money. Is that the game?

Which one does this fall under? What category? Okay. Wearing designer items with flashy logos like Lou Vuitton or Gucci. New. Correct. Using nouns as verbs, where do you summer? Does your family boat take?

Old money all day long. Openly talking about money in the primary. prices of things. Oh. That's a new money thing. I feel like that's new money. I feel like it would be faux paw and old money. We don't talk about that.

We don't even look at price tax. Yep. You're correct. Nice. Handwritten thank you notes. That's old money. Old money. Yeah.

New people just would like DM you. Driving a range rover. New money. Yep. Is it new? Yeah. You're right. Repairing and taking extra care of possessions slash family heirlooms.

Old money. You're correct. Airloom, it's an old money word. Yeah, that's true. All right, last one. New construction homes as opposed to older homes. Oh, new money. Yep.

It's in the name. New construction. I know. Yeah. You're correct. That's it. Wow, we nailed it. We did.

Right. New money versus old money. It's a real thing, y'all. It is a real thing. But here's the deal. Regardless of what, this is not picking sides here. We're just showing both sides of the coin. Yeah, it's fun.

But I would have a goal to build wealth for the future regardless of, what stage I'm at. I don't, you know, obviously we can't take anything to the grave. But while I'm here, I want to be a good steward of what I was given to manage. I would agree with that. And that means living on a budget, staying out of debt, raising my kids in such a way to where they carry on the wealth. They carry on the character, the integrity. A great picture of old money and new money to me, Snoop Dogg and Martha Stewart's relationship. I mean, is that not new money and old money coming together in perfect harmony? It's the perfect fair. Oh my gosh.

All right, so it's almost the end of the episode, and we close out every episode with Guilty as charged. And this is where our producer, Lindsay, gives us a new guilty-as-charged question every week. And if we are guilty, we have to take a sip of the cocktail. All right, Lindsay, I'm ready at the helm. Have you ever tried out someone else's products when you were in their bathroom? Oh. I can't really say no. I don't think I've ever done that.

Like a friend or nobody? Products. Uh, no, I don't know Not without them knowing We're like your parents Oh Have you tried Sharon's And like you did tell her?

Yeah, you know what, yes I have with my mom Is she a pawns woman? What? Sorry I thought that was a thing All women knew Pond's cream

Yeah Pons cream Whitney has Pons cream And I was like I thought this Is that old money? It's an old money cream Okay, no But mom, like, perfute, yeah, I have used my mom's stuff. She may be the only one, though.

Way to go, Sharon. Okay, what about you? You know what? I have used my dad had, like, the old school, old spice cologne. Oh, nice. And so I'd get a spritz of that instead of my Giorgio Armani, which was new money. I went with the old spice, which was old money. There you go.

But going to a friend's house, generally I'm not, generally it's like a guest bathroom. That's what I was going to say. I usually don't go to their main. Which, again, that's some old money stuff. right there. I'm in the guest bath. The powder room versus the guest room. But yeah, I've never been like tempted to be like, I'm going to check out Michael's deodorant. See how that one does for me. But I would. I'm not above it. I would be willing to do it if the product struck me as intriguing. There you go. So it could be a possibility. All right, George, who finished our drink

first? Wow. You're about on the money. Oh, you think so? Yeah. This was delicious. I think let's finish it together. All right. We've never done that. Great Gatsby. Cheers for a great episode. That's great. That was a delicious drink. 10 out of 10. 10 out of 10. Loved it. Nailed the drink.

Okay. Loved it. Do you want to know what's in it? Yes, I do. Well, I'm excited to tell you. It includes, get this, vodka, quantro, lemon juice, simple syrup. Four ingredients that come together in beautiful cocktail matrimony. And it comes out to just $2.91 cents a glass.

No way. That's pretty, that's very affordable. If you got this, you know, a restaurant, you're looking at 15 bucks. $10 easily. Oh, 100%. Make it at home. 100%. Get the recipe in the show notes.

Give it a try this weekend. I mean, it got a 10 out of 10 from us. So what better review could you want? Great drink. Great drink. All right, it's closing time. So if you don't want to miss a future episode of Smart Money Happy Hour, make sure to subscribe. And one of the best gifts, whether your old money or new money that you can give us,

is leave a review. It really does help. It helps in so many ways. So we appreciate it. Please do that. Love it. And be sure to tune in next time for another episode of Smart Money Happy Hour.