Humans logo

Buffett's legacy to his children

Buffett's legacy to his children

By Mohandas YorkPublished 2 years ago 3 min read

Buffett is not a natural father. Once when he was walking home from work to his study, he whistled past his youngest son, Peter, who had fallen to the ground. When Peter was shopping with his mother, he came across a copy of His Father's Notebook. Thinking that his father was lacking in fatherhood, Peter encouraged his mother to buy the book. He unceremoniously placed it on Buffett's desk.

That's a situation that worries Buffett. He felt deeply the disappointment of his children. He took a hard look at himself and began to let his life free up space and put his family and children into his heart. Buffett began to keep track of his children's growth. Every year, he writes down the details of his children's growth and his own feelings, accumulating more than 30 books. The book later became one of Bill Gates' favorite reads.

The most important part of Buffett's teaching to his children is the way he cultivates their money views and values. Buffett thinks the best thing parents can do for their children is to "teach them a skill if you have a daughter." In order to help his children learn how to manage money and stay away from gambling, he set up a machine in his home. Every time he gave his children pocket money, he used the machine to win the money back, so as to teach his children not to participate in gambling activities.

Another problem for the kids: Everywhere they go, they wear Buffett's son or daughter's hat. The world will look at their achievements more in terms of the Buffett children's achievements than Susan's, Howard's or Peter's. This can be accompanied by a strong sense of frustration, and can even lead children to hate their parents. Unlike other billionaires, Buffett understands how his children feel.

When the children were young, Buffett did not ask too much, but let them do what they like to do, playing mud, gardening, listening to music and singing, watching photography, running crazy in the field, are the content of the children's life. What he did was to make the children as happy as possible and to give them as many things as possible so that they could have more choices.

After son Howard does business failure, begin Buffett and do not want to help him, because oneself fell to be about to oneself climb up, but cannot withstand the wife's repeated persuasion, Buffett still bought a farm to son Howard, but Howard, must pay very high rent on time, otherwise the farm recovers immediately. Buffett asked Howard if he dared to accept it. Howard accepted. A few years later, Howard's farm is thriving and constantly involved in different industries. Later, Howard realized that business didn't make him happy, so he gave it up at the height of his business career to focus on photography, which is still doing well.

In Buffett's own view, he has achieved some success largely because he thinks hard and summarizes some rules. Therefore, he often warned the children to have the habit of thinking, and learn to be good at thinking in thinking. After setting up shop on the farm a few years ago, Howard's business has gone from strength to strength by capturing market information, thinking and summarizing. In his photography career, he also benefited from thinking hard. The younger son Peter also often in the quiet time thinking innovation, looking for inspiration, created many moving music works. Susan also likes to think about things that interest her.

When Buffett announced he was giving away 85 percent of his wealth, The New York Times asked Buffett if that meant his children had lost everything. In this regard, Buffett is like this: live, happiness is the most important, millions of wealth will not give people ability and growth, but will kill your passion and ideal. In a sense, money is just a string of numbers. Only those who are optimistic, confident, brave and diligent in thinking can reap a happy and rich life. Therefore, it may be said that he has given his most precious possessions to his children.


About the Creator

Mohandas York

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights


There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.