The difference between old money and new money

The “old money” trend has taken Gen Z by storm, sparking fascination with what sets old money apart from new money. FFT Founder and CEO Keith Bloomfield joins Wealth! Host Brad Smith to discuss the differences between generational and self-made wealth, noting that old money is passed through trusts with a focus on preserving assets across generations. For new money, Bloomfield highlights that wealth creators often invest in alternative assets like private equity, hedge funds, and real estate to grow their capital faster. The democratization of information via social media has fundamentally changed the way people make money today, he says. Families understand how crucial it is to educate the next generation, Bloomfield explained. “If you have a multi-billion dollar family, there’s a lot of responsibility that goes with that wealth, both to manage it properly, do good with it.”
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