Peter Buffett, son of billionaire Warren Buffett, says money-rich parents shouldn´t spoil their children and should instead teach them values in his new book, "Life is What You Make It: Finding Your Own Path to Fulfillment."
In the book, the younger Buffett says it is more rewarding to pursue your own passions and interests than to buy into society´s materialism. "I am my own person and I know what I have accomplished in my life," he said.
Warren Buffett said that children of money-rich parents often grow up with a "silver dagger in your back" -- a sense of entitlement and a lack of personal accomplishments. Peter Buffett eventually decided to compose music for TV and movies.