Much has been written about Warren Buffet's uncanny financial prowess and legendary wealth, but there is another side about him that doesn't usually attract as much attention. 52 year old Peter Buffet, youngest child of Warren, was recently featured in an article in Bloomberg, following the publication of Peter's new book:
"Most of that wealth, valued by Forbes at US$47 billion, will go to charity after he (Warren Buffet) dies. His children will be left with a legacy of ethics and independence that Peter, 51 says in a new book, is worth more than the cash."
"It is not about stuff, it's not about accumulation or the bling, it's about loving your life and doing something for the world around you and not just for personal gain. Those are the values my parents had."
"(Warren) Buffet owns a quarter of Berkshire and is its chairman & chief executive officer, making US$100,000 salary. He has not had a raise in more than a quarter-century"
"Peter decries the corruption, emptiness and bad parenting that often accompany great wealth. In contrast, he says that from his early 20's, he was forced by his father's design to live on a budget and find a career."
"His 'family inheritance' of about US$90,000 in Berkshire shares which he got at age 19, was no more than enough to quit Stanford University and get a start in music. 'It was understood that I should expect nothing more,' he said in the book. 'I used my nest egg to buy something infinitely more valuable than money: I used it to buy time."
You may think that with a last name like his, Buffett has enjoyed a life of endless privilege. But the son of billionaire investor Warren Buffett says that the only real inheritance handed down from his parents was a philosophy: Forge your own path in life. It is a creed that has allowed him to follow his own passions, establish his own identity, and reap his own successes.
"Most of that wealth, valued by Forbes at US$47 billion, will go to charity after he (Warren Buffet) dies. His children will be left with a legacy of ethics and independence that Peter, 51 says in a new book, is worth more than the cash."
"It is not about stuff, it's not about accumulation or the bling, it's about loving your life and doing something for the world around you and not just for personal gain. Those are the values my parents had."
"(Warren) Buffet owns a quarter of Berkshire and is its chairman & chief executive officer, making US$100,000 salary. He has not had a raise in more than a quarter-century"
"Peter decries the corruption, emptiness and bad parenting that often accompany great wealth. In contrast, he says that from his early 20's, he was forced by his father's design to live on a budget and find a career."
"His 'family inheritance' of about US$90,000 in Berkshire shares which he got at age 19, was no more than enough to quit Stanford University and get a start in music. 'It was understood that I should expect nothing more,' he said in the book. 'I used my nest egg to buy something infinitely more valuable than money: I used it to buy time."
You may think that with a last name like his, Buffett has enjoyed a life of endless privilege. But the son of billionaire investor Warren Buffett says that the only real inheritance handed down from his parents was a philosophy: Forge your own path in life. It is a creed that has allowed him to follow his own passions, establish his own identity, and reap his own successes.
In his book, Buffett observes, how today’s society has begun to replace a work ethic, relishing what you do, with a wealth ethic, honoring the payoff instead of the process. We confuse privilege with material accumulation, character with external validation. Yet, by focusing more on substance and less on reward, we can open doors of opportunity and strive toward a greater sense of fulfillment. In clear and concise terms, Buffett reveals a great truth: Life is random, neither fair nor unfair.
From there it becomes easy to recognize the equal dignity and value of every human life—our circumstances may vary but our essences do not. We see that our journey in life rarely follows a straight line but is often met with false starts, crises, and blunders. How we push through and persevere in these challenging moments is where we begin to create the life of our dreams—from discovering our vocations to living out our bliss to giving back to others.
Warren Buffet's financial successes will never outweigh or outlive the human legacy he has imparted so astutely to his children, and underscores the value of meaningful parenting we should all aspire towards.
