Money is an essential need in every human being's life. Without money, we can’t survive in this world. For fulfilling our basic requirements money is important.
It is the principal measure of wealth. It is also the medium of economic exchange. It is commonly known as Currency. People work hard to earn money. We can buy any items with the help of money.
Money is classified into four different types by economists
• The money which is recently earned by individuals is known as New money. New money is the wealth that is created and earned by individuals. This type of money is not inherited. It is the kind of money that is earned by people through the hard work they put in their work.
• The money which passes from one generation to the other generation is known as the old money. Old money is a kind of wealth that is inherited rather than earned. It is generally the inherited wealth of all the upper-class families. Generally, people whose families are very wealthy for a long period of time have old money.
The answer to this question depends on the perspectives of people. Some people don’t give importance to old and new money while others proudly present themselves expressing the kind of money they have.
Old money people take pride in telling about the wealth which they are having from many generations while new money people majority of the world’s current billionaires are self–made.
So the difference between these two forms of money depends upon how we look at it or what is our understanding and perspective towards these things.
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