The Lucky Sperm Club - Saturday, June 27th, 2009
We know Warren Buffett has a way with money. He also has a way with words.
Wanting his kids to carve out their own place in the world, Buffett believed that “setting kids up with a lifetime supply of food stamps just because they came out of the right womb can be harmful for them and is an antisocial act.”
He is quoted as saying that “children should not inherit vast fortunes just because they are part of the lucky sperm club.”
The Buffett siblings say that life as a Buffett was just like life for their friends. They attended the same grade school in Omaha as their mother and the same high school as their grandfathers.
Buffett gave most of his billions to the Bill Gates Foundation a few years ago. His kids will get a billion dollars each for their own charitable foundations, but hardly anything for themselves. (They will be on salary, hopefully enough to live on.)
Are the Buffett kids bitter? In an interview on CNBC, they said they couldn’t be more proud of their dad and what he’s doing with his money. His daughter says the person who would be the proudest of all, if she were alive to see it, would be their mom.
Billions of dollars to put to use making the world a better place. Good head on the childrens’ shoulders. Good values and feet on the ground. Apparently, there are constructive ways to be part of the lucky sperm club.
