Warren Buffett, the famed investor and CEO of Berkshire Hathaway, is often seen as a money legend. But according to his children, especially his daughter Susie, Buffett’s incredible fortune was not the result of a grand plan to become the richest man in the world. It was more about doing what he loved – and doing it very, very well.
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In 2017, Susie Buffett shared insight into her father’s life with People, describing him as a man whose love of investing drove his success, rather than the pursuit of wealth itself.
“He kind of made the money by accident because he was really good at doing what he loved,” Susie said. “If you do that particular thing really well, you make a lot of money. But it’s really true that he doesn’t care about having a lot of money.’
Buffett, now 94 and worth $145 billion according to Bloomberg, has always remained true to his humble roots in the Midwest, raising his children in a household where wealth did not define their lives.
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Despite its enormous fortune, the Buffett family lived like any other upper-middle class family in Omaha, Nebraska. Susie and her siblings, Howard and Peter, didn’t realize how rich their father was until they were in their 20s — and not because Warren told them. Susie only discovered the extent of her father’s wealth after reading about it in the newspaper.
“We lived pretty much like everyone else,” Susie explained. Warren still lives in the same house he bought in 1958 for $31,500. Growing up, the Buffett children were regularly given pocket money, and even that would often disappear into a slot machine Warren had in the house – only so he could eventually open the back and take the money right back out.
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Buffett’s careful handling of money even extended to his family’s personal requests. Susie once asked her father for a $41,000 loan to expand her kitchen after having a baby. She wasn’t looking for a handout; she just needed the space. Warren’s response? “Go to the bank like everyone else.” Although it may have sounded harsh, Susie didn’t blame him. Instead, she respected his approach, saying, “I never felt he was cheap… Whatever we are, we are and it’s not that bad.”
In the HBO documentary Becoming Warren Buffett, Susie said her mother, Susan Thompson Buffett, helped “soften” Warren over time. “He’s definitely loosened up as we’ve gotten older,” Susie said. And while Warren’s caution with money sometimes landed her on the cover of a magazine called “homeless” because of her father’s frugality, she understood his philosophy — even if it meant not getting that kitchen loan.
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Warren Buffett’s path to wealth was fueled by his passion for investing and genuine enjoyment of the game, not a ruthless pursuit of wealth. His son Howard even noted to the AP that “it’s not that easy to give away money if you want to do it smartly,” as the Buffett siblings prepare to manage the charity that will benefit their father’s fortune. worth $145 billion within ten years of his death. .
For Buffett, money was always a byproduct of his dedication to investing – a happy coincidence that he was doing what he loved. Despite being one of the richest people in the world, Warren’s life and the values he instilled in his children emphasize simplicity, hard work and finding joy in what you do.
As Susie put it, “I actually agree with his philosophy of not dumping a bunch of money on your kids.” And for the Buffett family, that approach seems to have worked well.
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This article Warren Buffett made his fortune ‘kind of by accident’, according to his daughter. Loving What He Did Led to Unexpected Wealth originally appeared on Benzinga.com
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