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05/11/2010 04:08 PM ID: 84073 Permalink   

Warren Buffett´s Son Spreads Different View of Wealth


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.

    WebReporter: Ben_Reilly Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  I have a lot of respect..  
for people like him. He is very rare indeed.
  by: captainJane     05/11/2010 04:27 PM     
  G. W. Bush came to mind  
" -- a sense of entitlement and a lack of personal accomplishments"

  by: Jim8   05/11/2010 04:46 PM     
  ´@ Jim...  
I think you are being a little unfair picking on poor old Bush. :P
  by: captainJane     05/11/2010 04:54 PM     
  Nouveau Riche  
Putting funny car colors and tasteless frocks aside:

I find the critical difference between a "nouveau riche", and an "Established rich", is that the established wealth is much better at passing their wealth to the younger generation.

Established rich is much more likely to come up with offspring that can handle the wealth. Mainly due to reasons like what Buffet Jr is touting.

What will really suck is, when you go on being your own person, follow your own interests, and you still fail to accomplish something. You then become the failure of both worlds.

  by: kmazzawi     05/11/2010 05:03 PM     
  It is probably easier  
to pursue your passions and interests when you have an unlimited bank account and don´t have to worry about making enough money to house, clothe, feed, and transport yourself. I just had to quit college because I can´t secure more loans and have gone $25,000 in debt in two years. So much for pursuing my passions and interests...
  by: Rakulus   05/11/2010 06:14 PM     
Rakulus, You got the cheap made in china swiss army 1.5" fake stuck in your back buddy.
  by: kmazzawi     05/11/2010 07:12 PM     
Or maybe a spork.
  by: gryphon50a   05/12/2010 03:37 AM     
Hehe. I know what you mean, I had a similar conversation with a guy from czech republic. Education is free there and he couldn´t appreciate what I was saying about having to work and go to school and not having a fancy masters degree while only being 22. There´s a nice run on sentence.
  by: JayWar   05/12/2010 03:58 AM     
  The best part  
Now I am trying to find a full time job in this crappy economy and am going to have to settle for making about 30% less than I was making before I went to college. I guess I have to start my career back at the bottom and fight my way back to the top... at least it keeps things interesting.
  by: Rakulus   05/12/2010 04:14 AM     
  I admire  
people like Warren Buffet and Richard Branson (whose daughter is a doctor) for instilling a sense of real value into their children in a world where those children could have had everything at their fingertips.

Take note, Hiltons. This is how you raise rich kids.
  by: Lois_Lane     05/12/2010 10:02 AM     
  He´s got it all wrong  
Materialism is far more rewarding for those of us who are stifled by poverty than are craven pursuits.
  by: H. W. Hutchins   05/12/2010 12:38 PM     
  Neither extreme is fun  
... I think that´s the point. Peter Buffett wouldn´t have been as fulfilled living off Daddy´s money, but those of us who have gone through times where we couldn´t pay the bills, etc. know that a certain amount of material wealth is necessary for happiness as well.

I wouldn´t take Buffett´s message to be, "Wealth sucks. Live like a caveman," but that happiness does not, as so many people assume, grow in proportion to wealth, and that wealth can actually create unhappiness.
  by: Ben_Reilly     05/12/2010 05:28 PM     
You are absolutely right. Just look at Maslow´s Hierarchy of Needs. Once people have the basics covered, money is not a real issue. It just sucks being broke in a society that puts so much value on material possessions. People are usually judged first on material things. You just have to not really give a crap about what other people think and do what makes you happy.Just stay within the constraints of your locality´s legal system.
  by: Rakulus   05/12/2010 06:12 PM     
Or you could do what I do -- act like other people are crazy for *not* living in a $365/month apartment, owning a car built in 1992 and buying everything used, if possible : )
  by: Ben_Reilly     05/12/2010 06:31 PM     
  @Ben Reilly  
´a $365/month apartment...´

I would take a $365/month apartment, were it not for the unfortunate problem that where I live, the apartments in that price range usually come with bullet holes in the walls and dicey, drug dealing neighbors.
  by: hash slinger   05/14/2010 07:25 AM     
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