Definitions: Old Rich

When I use the term "old rich" (OR), I'm not necessarily talking about the Carnegie or Vanderbuilt families from the early 20th century. The "old rich" term as I'm using it is more about mindset and lifestyle, rather than inherited family money. The OR have sound financial principles that they have followed religiously for years that have gotten them to the position of millionaires.

The mindset and lifestyle that have made people wealthy in the past includes the following , but not limited to these characteristics:

1. They avoid debt; no debt
2. They live on less than they make
3. They are generous givers; tithers
4. They pay themselves first and save
5. They live on a monthly budget/plan
6. They are goal setters - short and long term
7. They are hard workers, and put in many hours as CEO's, business owners, or professionals (i.e. doctors, attorneys, etc.)
8. When making large purchases, they always ask "how much," not "how much a month."
9. They make cash purchases, looking for bargains
10. They drive used, quality, paid-for vehicles
11. They typically purchase homes in older, well established neighborhoods

There are many other characteristics I could list, but these gives you a general idea.

Sources: Dave Ramsey's Financial Peace Revisited, Thomas J. Stanley's The Millionaire Next Door, and David Bach's Automatic Millionaire.