24 October 2020

Old Money Duel Income

Read time: About 1 minutes 45 seconds.

In this article, I have two thoughts that I want to share.

  • Old Money
  • Dual Income Careers

Old Money

I noticed that the fancy places famous people show off on their Instagram are rentals, they don't own it. I always assumed these people were rich. Apparently not.

When I say personalities I mean models, famous actors, sports players etc. IF you look at their stories and posts, they are always living in fancy places, visiting expensive resorts, roaming around. What do they do? How are they about to finance this entire thing?

They have money but they don't have wealth. Sure, they make thousand's of dollars every year, but they don't come close to the people who have wealth.

They don't come close to the people who own those fancy places.
They don't come close to the people who cut their paychecks.
They don't come close to the people who run corporations.
They don't come close to the people who build businesses.
They don't come close to the people who provide value.

The more I give this a thought the more I learn about wealth. There are levels to this wealth game. You must have heard the song The Last Great American Dynasty by Taylor Swift. The lad in the story comes from wealth, what people refer to as "Old Money".

These people who come from Old Money have been wealthy for generations. They must have been thought something different in their childhood. But of all things, their family did one thing that most people don't. They held on to their wealth.

They didn't sell their land to celebrate their only daughter's wedding. They accumulated their wealth and added more assets, one by one.

Dual Income Careers

For a few jobs out there, there are two ways to earn money. Primary and Secondary. One is obvious, and the other... not so much.

Primary income: A first-order source. Making money by directly using your skill.

Secondary Income: A second-order-source. This depends on the quality of result your showcased using your skill.

  • Salespeople don't get high Salary. The real money is in Commissions.
  • Sports Personalities get low money to play in. The real money is in Advertisements.
  • TV and movie actors get small checks for movies. The real money is in Royalties and Syndication.
  • Models don't make money on ramp walk. The real money is in Campaigns deals.
  • Music Bands don't much money on concert tickets. The real money is in Merchandise.
  • Startup founders take a $1 salary. The real money is in proprietorship.
  • Instagram Influencers don't get much for sponsorships. The real money is in ebooks and courses.

I'd love to find more similar examples.

Now you may point out a few people or instances where they got paid in millions. Ok. But if you look around, you will find secondary ways through which they made more money.