The Old Money Book: How To Live Better While Spending Less: Secrets of America's Upper Class

This is one of those books that’s better than it first appears. It’s pretty basic, but don’t mistake basic for bad. Sometimes the simplest ideas are the ones we need to hear the most. The principles in this book lay a solid foundation for building wealth, but more importantly, for living well. The “old money” mindset isn’t about looking rich. It’s about being disciplined, intentional, and playing the long game. I read it with a pencil and highlighter in my hand the whole time. That’s usually a good sign. It helped me slow down, think about what I was reading, and actually remember it instead of just turning pages. The themes are straightforward: be simple but classy. Effective, but not loud. Think before you speak. Be careful what you share and who you share it with. Stay in control of your emotions and your actions. There’s a quiet confidence woven throughout the book that I appreciated. Is it Pulitzer Prize-winning literature? No. It’s not trying to be. It’s an easy read filled with practical ideas that most of us would be better off putting into practice. I’d absolutely recommend it.

What if you had plenty of money, and had gotten used to having it for many years? Better yet, what if your family had plenty of money going back multiple generations? What would your values and lifestyle be? This book purports to provide the answers by telling us how Old Money thinks and lives, and suggests that we can experience the benefits of thinking and living like Old Money even if we have middle-class money. Since I'm neither Old Money nor New Money, I've had limited exposure to these worlds, but I do find that the author's advice makes sense and resonates with my values, so I can highly recommend this well-written book to anyone who senses that the treadmill of consumerism is shallow and pointless, and wants to instead live a truly better life. Here's a summary of the main points: (1) Old Money is defined as three or more generations of wealth. (2) Personal reality matters far more than public perception. (3) The main purpose of money is freedom, not consumption. Live below your means in order to save, invest, and preserve capital. Don’t be seduced by advertising or wanting to ‘keep up’ with the consumption of others. Teach your kids to manage money and don’t spoil them. Purchases should emphasize things which will be used frequently rather than infrequently. The general idea is to preserve money so that it will securely be there throughout your life, and possibly future generations. (4) In terms of values, emphasize enjoyment of life, personal growth, learning about the world, work, social contribution, and family, rather than material possessions or social status. The priority is ‘quality of life’, including self-development, rather than ‘standard of living’. (5) Health is vital, so eat properly and exercise regularly. (6) Lifelong education, including a quality university, is essential. Turn off the TV and video games and read quality materials, and read to your kids when they’re young. ‘Education’ also includes extracurricular activities such as sports, music, theater, debate, etc. (7) Do work which you feel passionate about, work hard at it, and strive to excel. Laziness and wasting time are unacceptable, and don’t complain about doing the tedious aspects which come with all work. When working, be disciplined, avoid distractions, and be in the moment. (8) Be discrete, modest, and polite toward others. Never talk about how much money you or others have. Maintain your privacy and respect the privacy of others. Be articulate, but not pompous or loud. (9) Avoid electronic devices and spend more time face to face with family and friends. Eat meals as a family. Have plenty of good conversations, and be tolerant of diverse political and religious views. (10) Don’t waste time dating people you know you wouldn’t marry, don’t marry too early, choose your partner carefully based on shared values and goals, have a long engagement to make sure the two of you are compatible, don’t have too many kids or have them too early (use birth control), and keep your marital issues and sex life private. (11) Wear quality clothing which has understated timeless style and will last many years, rather than the latest fashion. Avoid jewelry other than a wedding band and decent watch. (12) Buy a home you can easily afford in a good neighborhood. Don’t make it bigger than it needs to be. Auctions are a good way to find quality furnishings at low cost. To free up your time, hire help for services such as cleaning the house. (13) Buy a reliable car and keep it for a long time. It shouldn’t cost more than 10% of your annual income, and used cars are often the best value. (14) Travel and see the world. It’s part of your education. When traveling, see more by walking more.

Lots of great advice, very wise. But the advice to save money by having no children is the worst possible advice! Unless you're really, really poor. The point of being alive is to have children. There's a whole wealth of love missed if you don't. Very sad! How can you be old money if you don't have children? The family is ended! Other advice is good and sensible though, and I'm enjoying the book.

This is a “MUST READ” for every single person in the country and other countries. I regret that I did not have this book oh around 1986. I was 17. I’m now 51. As I read through, I realize that 75% or more I DID learn from my grandparents and Great Aunt who were hard-working farmers...not wealthy but land rich in a time when land in my area...just outside Raleigh, NC wasn’t worth much. But my grandparents and especially my grandmother’s sister (my great-aunt) could have written a book similar to this one. Class and intelligence that is born into a person goes an extremely long way. This book is so easy to read. It’s got just enough dry wit to make it perfectly, perfect! I’m sending it to my 28 year old son who is so “tight” with his money, he won’t date. Lol! He also saves every penny, does not use charge cards, does not discuss finances with me unless he absolutely must. But my oh my, there is so much greatness (understatement) in this thin book. I have also shown it to my entire young staff and encouraged them to buy a copy. Thank you Byron Tully, for being unselfish I’m sharing your knowledge and for all the time (I can’t imagine) you spent writing it. You will forever have my gratitude. By the way, my parents now own the land that wasn’t worth much many, many years ago. It’s worth about 2 million as I write this review. I never want them to sell it. I want to keep passing it down. Thank you Byron Tully, a billion times over for so much advice I needed in my own life.

This is the book I wish I had read years ago. It’s very insightful and informative without being condescending or pompous. I love that it’s concise and covers the basics and things you need to know in various aspects of life — how to dress, speak, raise your children. Love the values it instills and wish I had known this sooner. Highly recommended read for anyone that wants to elevate their life and lifestyle.

Much of the book is excellent, and long-standing, advice on behavior. Books on how to live as a gentleman, or gentlewoman, have been around for millenium. The ancient Greeks and Chinese both wrote on the subject. What Mr. Tully has done is condense and repeat the advice in more modern terms. Basically, his book is correct, but he has gotten a few points wrong. 1) The idea that "old money" must be three generations old, is wrong. That idea was created by Mrs. Astor in the nineteenth century, when she was snubbing the Vanderbilts. "Old Money" is a state-of-mind, not a balance sheet. 2) Mr. Tully seems to think that all "truly" Old Money people inherit their houses, furniture, money, silver, and perhaps clothes. I agree that paying full retail for many items is a waste of money, but just because a person buys a newly made table, that doesn't make them New Money. Everything starts out new. 3) I find it odd, that a person with no children, gives so much advice on how to raise them. His advice is the ideal, not the reality. The best point Mr. Tully makes, and makes it repeatedly (which it deserves), is that money is freedom. If a reader remembers nothing else, remember this: That having money set aside allows a person freedom from day-to-day worries.

I came across this author's blog on a random search one day and after reading some, decided to pick up his book as well. I don't think the writing style is for everyone, but it jives with me and I enjoyed the read. My wife rolls her eyes, but I enjoy learning about etiquette, mannerisms, and habits of what one might consider Old Money and Mr. Tully captures this wonderfully. Hollywood portrays Old Money as fat cats in too-expensive suits counting their money from penthouse suites, but Mr. Tully reminds us that being Old Money isn't the number of digits in our bank account balance, or how many generations haven't had to work for a living in our family - it's a mindset and a way of life. It's placing value on education and experiences over material goods. It's about investing in what material goods we need. Reupholstered old, solid wood furniture over the snap-together trend of the month. Timeless styles, simple fabrics. Things and clothes that looked good 50 years ago, look good now, and will look good 50 years FROM now. Give it a read, I'm glad I did.

Great book if you're interested in money and how to hold on to it. Really taps into old fashioned values - something we seem to be lacking into today's fast paced world, where focus is typically on the latest gadget and/or shiny new car etc etc. This books focuses on quality over quantity and solid values over flashy and new. A wonderful read - I actually read it twice. I bought it on kindle but like it so much I will probably buy it in 'book' format - it was such a joy. A witty and entertaining (and well written and informative) account on how to get ahead in life - just not by being a 'flash harry'! Can't recommend it highly enough. One of the best reads in a long time for me!

This is a must read book for anyone wanting to live life well. While the title might suggest that the book is strictly financial in nature, that would be a misconception. The book covers many topics - from health and education to living well while living simply. Mr. Tully writes about the values that so many of us were raised with with eloquence, and an understated style that mirrors his philosophy and prescription for living well. Everyone - but especially young adults first starting out on their own - would benefit from Mr. Tully's wisdom. An excellent read.

Lectura interesante, con buenos consejos prácticos.

Si vous souhaitez en savoir plus sur le mode de vie et les valeurs qui régissent l'existence des vieilles fortunes alors ce livre est tout indiqué. On y apprend qu'il ne suffit pas d'être riche pour avoir les codes des gens biens et fortunés. Encore faut-il embrasser certaines valeurs ( éthique du travail, dépenses parcimonieuses, savoir-être, et humilité). Pour toute personne qui aspire à vivre telle une personne fortunée, ce livre est un excellent guide . Vous serez surpris.e de constater à quel point tout n'est que ( essentiellement) question de mentalité et de discipline.

Very useful

Very helpful