A very rich person should leave his kids enough to do anything, but not enough to do nothing.
Interpretation
Wealth should empower children, but not create dependency.
Warren Buffett's quote emphasizes the importance of balancing inheritance with personal responsibility. He suggests that while wealthy parents should provide their children with opportunities and resources to thrive, they should also instill a sense of initiative and work ethic, ensuring that their children do not become complacent or overly reliant on inherited wealth.
In practice
In a discussion about family values and financial planning.
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. _x000D_ You need to fill your mind with various competing thoughts and decide which make sense.
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
It is easy to say that you can adopt the whole human race as your children, but it is not the same as living in a home with a child and shaping all you do to help him learn to be happy and whole and good. Don't live your life without ever holding a child in your arms, on your lap, in your home, and feeling a child's arms around you and hearing his voice in your ear and seeing his smile, given to you because you put it into your heart.
When everything happened to my family, my focus was just take care of my children. That led me to believe I might not ever be able to coach again, and I was cool with that.
My grandmother spent her whole life working as a maid, a cook and a babysitter, barely scraping by, but still working hard to give my mother, her only child, a chance in life, so that my mother could give my brother and me an even better one.
When you have a father and a mother who work all their lives so you can have an education and build your body - it's a blessing.
I love conversations with kids in the meet and greet lines — little people with little voices! I love babies. Someday I would love to be a parent, but I want that time to come when I’ve experienced so much of the world. My life will be devoted to making that child’s life as wonderful, beautiful, magical and perfect as it can possibly be. I want to wait until there is no ounce of me left that has anything self-centered to experience.
A good father is one of the most unsung, unpraised, unnoticed, and yet one of the most valuable assets in our society.
Subscribe for the occasional hand-picked quote. No noise.