Hello, my name is Armando Sandoval and my Gatsby presentation is about historical wealth in America.

For my essential question, I decided to investigate the concepts of "old and new money" with regards to "the American Dream". I believe this to be an interesting topic given America's relatively short history of less than 250 years.

I am sure that most of you have at least heard of the phrase "the American Dream", but what is its true definition? According to the Boston Globe, James Truslow Adams coined the term and claimed its definition as: "the American dream, that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement"(10). Thus, according to Adams, the American dream was a a way for anyone from any background to thrive economically, socially, spiritually, and physically.

A key characteristic of the American Dream is the concept of working hard to attain one's goals and affluence. This concept is significant because it is still seen as a relevant concept of the American Dream more than a couple of hundred years after the creation of the United States. However, different wealth classes within the United States gain and maintain wealth in different ways than hard work, as is seen next.

Wealthy people in America have always been in one of two categories: old money, or new money. These two are often times extensively different in multiple ways, yet both are rich. Old money was established, calm and cool. They thought like rich people and were rich people. New money often spent wildly, never having spent before, thought like poorer people as they were often originally poor themselves, worked extremely hard.

Old money describes wealth that is inherited rather than worked for. It usually is a family line that can trace its wealth at least more than three generations back but usually has more than a century with a great deal of money. Traditionally, old money have generally seen themselves as higher compared to new money. This is the rough equivalent to an American Aristocracy.

Old money families prevail to this day. Some notable ones are Astor, Vanderbilt, Rockefeller, and Du Pont. Ironically enough, many of these "old money" were originally new money. It usually takes about a hundred years of wealth to establish a family as old money.

Unlike old money, new money are relatively new at being rich and, as a result are often more easily distinguished by their extreme extravaganzas. Also unlike old money, new money worked hard following the American Dream model for financial success. Some new money, like Gatsby, long to be like the old money who are on a higher level socially than new money.

A person can find him/herself in a state of new money overnight potentially, today just as 90 years ago. Most new money in the early 20th century occurred very rapidly; either a result from illegal activities to a new invention or exploiting a previously untapped market.

At the turn of the Twentieth century, both old money and new money were being established and/or expanded. Yet, because of the unique American Dream, everybody now had a chance at becoming rich through their own accomplishments. In a never before seen situation, even the poorest and lowest could become rich in America. The new opportunities changed the way many thought about life and wealth forever.

What caused old money to treat new money with contempt?
Why didn't the two sides get along?
Why are/were the two sides thoughts so different that they could not understand each other?

Does anybody have any questions?