Warren Buffett by In His Own Words

Author:In His Own Words
Language: eng
Format: epub
Publisher: Agate Publishing
Published: 2019-09-14T16:00:00+00:00

PART TWO: WEALTH

Personal Wealth

POSSESSIONS

I have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possess them, rather than the other way around.

—CBS News, February 8, 2012

THE FREEDOM OF WEALTH

I like to be inventive. I want to be able to do what I want to do every day. And money lets you do that.

—CBS News, January 20, 2013

MONEY’S MAGNIFYING POWER

WHAT MONEY DOES is magnify you. Whatever kind of person you are going in—and age does this too as people get older—it magnifies both … good and bad tendencies. Money gives you a chance if you’re a slob to be a big slob—a huge slob. On the other hand, if you’re inclined toward doing good things, it gives you the power to do a great many great things.

—Georgia Tech Alumni Magazine, Winter 2003

WEALTH AND SATISFACTION

AS PEOPLE GET wealthy here, they start casting their eyes about, and they don’t get more satisfied. Sometimes they get more dissatisfied. That’s happened in the United States. Right now we have six times the GDP per capita, in real terms, as when I was born. Now, I don’t know whether people are happier now or more discontent or what than they were in 1930. But people have a way of adjusting very quickly to things becoming better, and then any little tiny adjustment downward they can get quite unhappy about.

—CNBC, November 14, 2011

THE SOURCE OF BUFFETT’S WEALTH

My wealth has come from a combination of living in America, some lucky genes, and compound interest.

—The Giving Pledge

THE SOURCE OF BUFFETT’S WEALTH

WHEN WE GOT married in 1952, I told Susie I was going to be rich. That wasn’t going to be because of any special virtues of mine or even because of hard work, but simply because I was born with the right skills in the right place at the right time.

—Fortune, June 25, 2006

INHERITANCE

IF A KID comes out of the right womb in this country, they have got food stamps for their rest of their life. They just call them stocks and bonds. And their welfare officer is their trust officer.

—PBS NewsHour, June 27, 2017

INHERITANCE

A very rich person should leave his kids enough to do anything but not enough to do nothing.

—Fortune, June 25, 2006

INHERITANCE

NEITHER SUSIE NOR I ever thought we should pass huge amounts of money along to our children. Our kids are great. But I would argue that when your kids have all the advantages anyway, in terms of how they grow up and the opportunities they have for education, including what they learn at home—I would say it’s neither right nor rational to be flooding them with money.

In effect, they’ve had a gigantic head start in a society that aspires to be a meritocracy. Dynastic megawealth would further tilt the playing field that we ought to be trying instead to level.

—Fortune, June 25, 2006

INHERITANCE

WEALTH IS JUST a bunch of claim checks on the activities of others in the future. You can use that wealth in any way you want to.

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