I’m quietly turning around the fortunes of my family. I’m determined to do this for myself and the future generations of my family and I’m happy to share my version of how to become Old Money. This is what we will briefly outline in this short article. Hopefully it will whet your appetite to look into Old Money and how to become Old Money yourself.
There are a couple of lesser-known authors on the subject of Old Money namely the Bonner family and Byron Tully – they are worth a read if you are thinking about the concepts of Old Money. I personally take some of their writings with a grain of salt, but both are very engaging in their writing styles about Old Money.
I’ve written about Old Money before here and here, but in this article, I want to be more practical and personal.
So, here is my take on how to become Old Money.
Why do I want to become Old Money?
The WHY is always important. Without a very clear reason, then all the obstacles on the journey to become an Old Money family will floor me – so I have my WHY.
Why I want to become an Old Money family is so we can live the life we want to live.
This is the ultimate freedom.
It means freedom from wage slavery, freedom from other people’s agendas and demands …. but MORE importantly it is freedom to build a meaningful life, freedom to contribute meaningfully to society and freedom to evolve ethically as a human being.
I want to do this generationally, not just for myself. I also want to quietly teach others how to do it too. Hence this website and my poorly written articles (thanks for reading them btw).
How I’m becoming an Old Money family
I only want this article to be short – not a boring treatise on the subject of how to become old money.
So here are the steps we’ve taken and are taking to become an Old Money family. It might give you some inspiration.
Step 1. Create a clear end picture
Without a clear vision of what the end result of being an Old Money family will look like, you will not achieve it.
Clarity is key. Know what your life and the life of your family will look like in detail before you begin. I specifically use this book to create the clarity I need.
This clarity will inform the path, actions and the decisions required to become an Old Money family.
My goal is not a one of ostentatious opulence and being in the middle of high society and fame. In fact, quite the opposite.
Most Old Money families you probably have never heard of – they live quiet lives. This is a critical paradigm shift.
They live in quiet quality suburbs, drive Toyotas, work hard in meaningful businesses or ventures, give generously and anonymously, dress in classic quality clothes that last for years, are well educated and keep up with current social and global topics, stay out of the media, are good neighbours, contribute time and effort into their communities and actively make the world a better place without drawing attention to themselves.
That’s what I want – exactly that.
Step 2. Create an Old Money action plan
My plan initially had a strong bias towards wealth creation. It’s a bit hard to be Old Money without the money!
However, it’s also important to instil into the Old Money plan the non-financial seeds pertaining to it (e.g. social and community involvement, self-awareness and the general feel and purpose of the life you choose to live). This is important, because I do not just want our family to be cashed-up bogan red necks.
The money should support the greater purpose – money is a tool and a servant, not a god.
My plan was initially (and still is) a 3 fold one:
- Initially earn more money to seed passive income investments.
- Invest in a diverse portfolio of self-managed passive income assets to purposely create a private income.
- Build a business to support the future of the family and to continue feeding passive income investments. Building several small businesses as a micropreneur is how I have started and these will grow over time.
More details of the particulars of this approach can be found in articles I have written previously here and here.
Step 3. Take action (get stuff done!)
Starting from zero like we did, means committing to years of repetitive actions, being patient, staying the course and creating good habits.
It’s knowing that the proverbial tree we plant today will mean our children’s children will enjoy its shade. We also know that we will never sit in its shade.
Here are the basic steps we took and are taking:
- Investing 40% of every dollar that comes our way (without exception) into wise, diversified, long term, income producing assets.
- Stayed quiet and told nobody (even this website and blog are fairly anonymous) and live using some gray-man principles.
- Found many ways to earn more money to feed into point 1. This is snowballing our earnings.
- Started living like we were already Old Money wherever practical. We realigned our community and global outlook, ethics, purposes, careers, vacations, diets, friends, religion, assets, consumables and beliefs accordingly.
- We learned how to set clear intentions, write goals that work and focus on taking habitual massive action (without being annoying to everyone else). In many ways this is probably the most important of these five points – the rest flow from this.
Finding Personal Sovereignty with Old Money
I’m a quiet believer in the concept of personal sovereignty – to live the life I want to live. In my quest for personal freedom, passive income has emerged as the number one tool to build my personal sovereignty. By generating income with minimal ongoing effort, passive income liberates us from the constraints of traditional employment.
Old Money principles makes this all possible, not only for me, but for generations to come.
What is Personal Sovereignty?
Personal sovereignty refers to the state of having complete autonomy and control over our own life and decisions. It is the ability to exercise independence, freedom, and self-governance in various aspects, including financial, personal and professional domains. Personal sovereignty includes the freedom to pursue one’s passions, make choices aligned with personal values and live a life that is self-determined.
There is a favourite book of mine on this subject called How I Found Freedom In An Unfree World – it’s worth the read. This is the best part and the power of quiet Old Money.
In terms of financial sovereignty, it means having the means and resources to support ourselves without being dependent on a single income source or traditional employment. It involves generating passive income through various channels like Old Money families do, allowing us to break free from the limitations of a traditional job and gain generational independence.
Furthermore, personal sovereignty extends beyond financial aspects. It includes the freedom to express oneself authentically, make decisions based on personal beliefs and values and live a life that aligns with one’s true purpose and aspirations. Personal sovereignty empowers us to take control of our lives, pursue our passions and create a fulfilling and meaningful existence.
Ultimately, personal sovereignty is about embracing self-ownership and taking responsibility for our own happiness and well-being. It involves making choices that honor individual desires, values and dreams, rather than conforming to societal expectations or external pressures. Evidently, by embracing personal sovereignty, we can design our lives on our own terms and experience a sense of empowerment, fulfillment and self-actualization. The Old Money pathway is a perfect fit for this ethos.
Old Money – it’s more than just the money
Unlocking Personal Sovereignty via Old Money
Passive income, often hailed as the catalyst for financial independence, holds the key to unlocking personal sovereignty. It represents a means to break free from the monotonous cycle of trading time for money, offering a gateway to a life of autonomy and choice. Old Money families understand the ways in which passive income can empower us to regain control over our lives and embark on a path of personal sovereignty.
Escape the Time-for-Money Paradigm: Old Money Freedom
We can get more money, but we can’t get more time. With passive income, the traditional model of trading time for money becomes a thing of the past. Instead, we can generate income that flows consistently, irrespective of our further active involvement.
This newfound Old Money freedom allows us to allocate our time and energy towards our true passions and priorities, whether it be spending quality time with loved ones, pursuing personal hobbies, serving society, changing the world or engaging in meaningful pursuits that bring us joy and fulfillment.
Diversifying Income Streams: An Old Money basic
We ad-nauseum about diversifying our investments and completely forget about diversifying our incomes.
Relying solely on a single income source can unknowingly leave us vulnerable to financial instability. This is a generational scourge that Old Money cures.
Passive income provides a solution by enabling the creation of multiple income streams. By diversifying sources of revenue, we gain a layer of financial security that shields us from unexpected setbacks. Whether it’s through REITs, stock investments, bonds, business ventures or digital assets, passive income offers a robust safety net, instilling confidence and resilience in the face of financial uncertainties for generations. This is an Old Money foundational principle.
Leveraging the Power of Compound Growth: The Snowball Effect
The modern world nearly seems too impatient to ever experience compound growth. One of the most significant advantages of passive income is its ability to harness the power of compound growth. As income is reinvested or accumulates over time, it generates a snowball effect, multiplying its impact exponentially. By consistently reinvesting passive income into income-generating assets, we can accelerate our wealth accumulation, paving the way for greater financial independence and long-term prosperity.
Old Money live off their income producing assets and the surplus gets invested right back into those assets.
Old Money Location Independence
Old Money passive income liberates us from the confines of a traditional office-based job. The ability to generate income remotely and on a flexible schedule opens doors to an entirely different lifestyle. Imagine working/living from any location we want or traveling the world while our passive income sustains us. This newfound mobility not only enriches personal experiences but also expands horizons, fostering personal growth and cultural immersion.
Old Money knows that it is safer to be able to live anywhere in the world at a moment’s notice. And they do.
Pursuing Meaning
The pursuit of the personal sovereignty that Old Money offers goes way beyond financial independence. It encompasses the ability to align our work with personal values and passions. Old Money passive income provides the means to explore creative endeavors, turn hobbies into profitable ventures, or engage in philanthropic pursuits without the burden of financial constraints. By pursuing Old Money we and our children for generations can choose work that aligns with our true purpose, we can find fulfillment and meaning, enhancing our overall well-being and sense of personal sovereignty.
How to become Old Money & Find Personal Sovereignty
Old Money passive income serves as a perfect catalyst for personal sovereignty – It offers us the freedom to live life on our own terms. Through diverse income streams, freedom from the time-for-money paradigm and the ability to pursue meaningful passions, passive income empowers us to regain control over our lives and create a future filled with abundance and fulfillment. Embrace the transformative power of passive income and unlock your path to personal sovereignty. Take charge of your financial destiny. Quietly break free from the limitations of a traditional job and embark on a journey of empowerment.
As you begin your Old Money passive income transformation, keep these key principles in mind:
- Set Clear Goals: Define your financial objectives and create a roadmap to achieve them. Establish specific targets for the amount of passive income you aim to generate and the timeline for achieving those goals. Having a clear vision will help you stay focused and motivated throughout the process.
- Educate Yourself: Take the time to learn about different passive income strategies and investment opportunities. Read books, attend seminars, and connect with experts in the field. Acquiring knowledge will empower you to make informed decisions and maximize the potential of your passive income streams.
- Start Small and Scale Up: Begin by exploring one or two passive income avenues that resonate with your skills, interests, and resources. As you gain experience and confidence, gradually expand your portfolio and diversify your income sources. Remember, building passive income is a marathon, not a sprint.
- Embrace Risk and Adaptability: Passive income ventures involve some level of risk, whether it’s investing in stocks, real estate, or starting an online business. Embrace calculated risks, but also be adaptable to changing market conditions. Stay informed, analyze trends, and be willing to adjust your strategies as needed.
- Monitor and Optimize: Regularly review the performance of your passive income streams and make necessary adjustments. Monitor market trends, evaluate the profitability of your investments, and explore opportunities for optimization. Continual evaluation and refinement will ensure your passive income streams remain efficient and effective.
As you navigate the realm of passive income, keep in mind that personal sovereignty goes beyond financial gains. It is about designing a life that aligns with your values, passions and aspirations. Embrace the freedom that passive income offers and use it as a catalyst to live a purposeful and fulfilling life.
In conclusion, how to become Old Money with generational passive income is so under-rated. It is a transformative and foundational force that can empower you to reclaim your sovereignty. By diversifying income streams, breaking free from the time-for-money paradigm and pursuing meaningful passions, you can create a life of abundance, flexibility and purpose. Embrace the Old Money journey, invest in your future and quietly unlock the extraordinary possibilities that passive income has to offer. Your personal sovereignty is entirely possible as you learn how to become Old Money and take action.
Cheers
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