Old money is when the wealth has been in the family for many years. The money is passed down through generations. They were able to maintain their wealth over the years. They are able to increase their wealth by investing smart. This is the class that everyone wishes to be in. In The Great Gatsby, Tom is an example of old money. He did not waste his money by showing it off, yet everyone still knew that he was wealthy. When people have old money, they tend to be a bit more arrogant than the rest of the world.
New money, on the other hand, comes from a new business that is in the process of succeeding. People with new money need to flaunt or boast about their money by wearing flashy clothes or having the latest gear.They don't spend money well due to the excitement of having that much money. Gatsby, for instance, had parties every week, had nice flashy clothes, and a flashy car. He had to work hard for his money, nothing was handed to him on a silver plate.
Everyone else just live a regular life, hoping to become like old money. They try their hardest to keep up with the cost of living.