Over many decades I have been an advisor to rich people. Some are newly and rich some are from established rich families.
The difference between the two is significant. People who come from established wealth already have financial advisors and are fully aware of the range of investment opportunities as well as the many threats to their wealth from con artists to Las Vegas strippers.
People who have recently come into money lack these resources. They can't tell when a friend is interested in their money and they do not have long-term friendships with people who clearly do not want or need their money. They have no idea of the range of investments or the volatility of the many investment opportunities around.
The first thing most newly rich men do is buy a fancy automobile. They know the depreciation on the car and they know the sex appeal.
Both newly rich men and women are most likely to put their money into houses. Again they know the price and sex appeal of houses and they have a sense of the general depreciation prospects. People with new money are usually unaware of commercial real estate, partnerships and investing in their own success. They certainly don't understand the need for pre-nuptial agreements.
Most rich people, new and old money, are forced to live in a world in which they can't hide their wealth and information about that wealth. They are too often ostentatious if the money is recent and they do not know how to adjust their lives to a sliding scale of expenses based on income going up and income going back down.
The most tragic problem of wealth is the inability to identify genuine friends. There is no way to deal with this simple fact of wealth.
The best advice for a person with new wealth is to invest in whatever it is that made them wealthy. The best advice for old wealth is to find what excites them and stirs their passion. Their investments and time need to go into genuine passions which are very hard to find because they are surrounded by people with other agendas.