Thursday, May 6, 2010

What Warren Buffet Did, and Didn't, Give His Children

An interesting interview on today's "Morning Edition" program on NPR with Peter Buffett, son of Warren Buffett, the world's third richest person (according to the March, 2010, Forbes ranking). Warren Buffett plans to leave his children with a good bit of training, but very few dollars. Peter Buffett, a musician, inherited $90,000 from his grandfather when he was 19. It would have grown to $73 million if he'd invested it in his father's holding company, but instead he bought music equipment to begin his successful career in music, and happily so. The money that the elder Buffett will leave his three children is $1 billion each with which to do charitable work, but none for themselves personally. An interesting perspective on how one of the world's richest people taught his children about money. (Like not being willing to give Peter a small loan when he was in his twenties. It made the younger Buffett angry then, but now he is glad for his father's decision.)

You can read or listen to the interview on the NPR web site here.

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