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"Old Money" isn't really considered a technical term anymore, in relation to the War of Northern Aggression. It mostly means that the family has been wealthy for several generations. Yes I know that wealth does not equate to class, but its impossible to deny some connection. It is true that "a fool and his money are soon parted" so the very fact that a family is able to maintain their wealth should be an indication that they're doing something right.
That said, I'm not from an old money family (not ashamed of it either), neither are some of my pledge brothers, and I can tell you that there is honestly no distinction between the two within our fraternity.
In terms of certain towns producing more top-house guys, that's also true. Just as with family money, a town or neighborhood that has money will likely have better high schools, etc. For example in Dallas, even if you're not from a high-class background, if you go to a good private school or Highland Park, some of that is going to rub off on you.
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