When I looked at the growing popularity of over-the-top reality shows and the young, rich, and misguided personalities they glorify, I thought to myself, they must have inherited generational wealth because they were missing the character of a wealth-builder. I don’t ever want my children to grow up like that, throwing money away, taking no thought for the sweat and blood sacrificed to accumulate it.
I was determined to find a way to keep my children grounded so that no matter what type of success they were raised in, they wouldn’t go through life thinking it was built around them. They need to develop their own drive; their own hunger.
Then, I learned about the then richest man in the World, Warren Buffett who still drove a Lincoln, and drank cherry coke from the can, while he was worth over $40 billion. He spoke, I listened. When they showed his children, who seemed to be level-headed adults, I saw a real example of what I wanted for my children. As I wondered how he did it, they interviewed him and he spilled the beans. The richest man in the World had found a way to keep his kids grounded and I wanted to know how he did it.
He said that he taught them to appreciate work and encouraged them to earn a living even though they could have bought their whole office if their father wanted it. He also told them that when he dies, he would only will $100,000.00 to each child and donate the rest to charity. While it may seem like a slap in the face, they understand why he is doing it and respect his decision.
This helped them to develop their own drive for success. Though he was criticized for this decision, I think it is important for wealthy parents to instill the same values that helped them to build their wealth, in their children.