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There is a pervasive, cultural narrative that newbies often spend more, show off more generously and burn through money much faster than their typical, generationally wealthy counterparts. After all, who can forget The Great Gatsby’s depiction of a sophisticated, aristocratic East Egg versus a gaudy and gaudy West Egg?
But is this “spending, new money” narrative fact or fiction?
To find out, GOBankingRates asked experts, “Who keeps their wealth longer: self-made earners or the inherited rich?” Surprisingly, the answer actually had nothing to do with where the wealth of both groups came from.
inherited rich
According to Hayley Dixon, CFP, founder and wealth management advisor RIPPL Wealth ManagementPeople who inherit money are born with direct access to “(financial) advice, education, infrastructure and tax strategies”.
In other words, they also inherit built-in wealth management systems like trusts, estate planning, and advisors that create a coordinated financial ecosystem to preserve and grow their wealth over time. Theoretically, this is a step forward in terms of wealth preservation.
self made earners
However, insurance and finance experts clearsurance.comMelanie Musson said that, because self-made earners have created their own fortunes, they better understand the value of a dollar and are more judicious about their spending than generationally wealthy people—who often “spend mindlessly.”
He also argued that the skills of self-made earners give them the ability to maintain income over a long period of time and/or develop additional revenue streams.
What is the decision?
“Where things go wrong (or right) for each group is more behavioral than structural,” said David Kang, a taxation consultant and founder. protector tax. If the next generation doesn’t understand how money works, inherited wealth can quickly disappear; Self-made wealth can quickly disappear due to ego.
A report from September 2025 barclays supports this claim.
When it comes to which group is most likely to keep their money longer, Andrew Latham, CFP and content director supermoney.comA similar sentiment was echoed: The “heirs versus self-made” framing is too broad; True change is financial literacy.
While financial literacy and discipline around budgeting are often skills that self-made earners develop naturally through the process of building something, making money is an entirely different skill than preserving it.
Similarly, heirs may be born with financial infrastructure. They develop financial literacy only when someone intentionally teaches them or takes the initiative to learn it themselves.
Latham said it’s not at all unusual for the inherited wealthy to be “handed the keys without a manual.”
“Take away the labels and the real question is, ‘Does the person with the money understand how it works’?” Latham said.
In the end, the group that keeps their money the longest is their own subgroup: the disciplined and financially literate.