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.
Oneβs objective should be to get it right, get it quick, get it out and get it over. Your problem wonβt improve with age.
There are two facts that all children need to disprove sooner or later; mother and father. If you go on believing in the fiction of your own parents, it is difficult to construct any narrative of your own.
I am very protective. I just want to make sure that she can have a healthy, safe, normal life...in the back of my mind, she's my priority. And life is completely different now. I feel really, really just lucky that I can still do what I love, and now have a way bigger meaning. And that's to be her mother.
When we're dealing with the people in our family - no matter how annoying or gross they may be, no matter how self-inflicted their suffering may appear, no matter how afflicted they are with ignorance, prejudice or nose hairs - we give from the deepest parts of ourselves.
Our entire family is replete with sentiments of patriotism. Uncle Swarna Singh left for his heavenly abode in jail in 1910, two or three years after my birth. Uncle Ajit Singh is leading the life of an exile in foreign countries.
Fortunately for me, my grandfather gave us a life I could never dream of. He was my high school football coach, my best friend, my school teacher - really my dad.
There are fathers who do not love their children; there is no grandfather who does not adore his grandson.
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