Warren Buffett's son preaches values as wealth

Mon May 10, 2010 8:36am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Christine Kearney

NEW YORK (Reuters) - The son of billionaire investor Warren Buffett has an old-world spiritual message for today's money-rich parents: teach your children values and do not give them everything they want.

Musician and now author Peter Buffett preaches the message in his new book "Life is What You Make it: Finding Your Own Path to Fulfillment". Recently released in the United States, it describes how he wound up a "normal, happy" person instead of a spoiled child to one of the world's richest people.

Buffett, 52, teaches the rewards of self-respect and pursuing one's own passions and accomplishments rather than buying into society's concepts of material wealth.

"I am my own person and I know what I have accomplished in my life," he said. "This isn't about wealth or fame or money or any of that stuff, it is actually about values and what you enjoy and finding something you love doing."

People who are born with a silver spoon in their mouth can fall victim to what Buffett said his father has called a "silver dagger in your back," which leads to a sense of entitlement and a lack of personal achievement.

"Entitlement is the worst thing ever and I see entitlement coming in many guises," he said. "Anybody who acts like they deserve something 'just because,', is a disaster."

But Buffett wasn't always this wise. His own family gave him $90,000 in stock when he was 19, a small sum from such immense financial wealth. After studying at Stanford University, he moved to San Francisco and lived in a studio apartment with just enough room for his musical instruments.

"I was really searching," he said, adding that he began his musical career by working for free writing music for a local television station.   Continued...