Warren Buffett, the famous investor, used to give his kids $10,000 in cash for Christmas. It was fun at first, but he wanted to give them more than just money for a holiday; he wanted to build a lasting legacy.
His former daughter-in-law, Mary Buffett, shared a story. One Christmas, instead of cash, he gave her $10,000 in shares of a company he had recently bought, like Coca-Cola. Mary thought the stock was worth even more than what he gave her, so she kept it, and it grew in value. Since then, Buffett has given his family stocks, including shares in Wells Fargo, which they appreciate and often invest more in because they know it will grow.
Even though he’s very rich, Buffett is known for living a simple life. He drives a 10-year-old Cadillac and still lives in the house he bought in the late 1950s. His daughter, Susie, said that just because he won’t give them billions when he’s gone doesn’t mean he isn’t a generous parent. She agrees with his idea of not giving too much money to kids, saying, “It would be crazy to do anything like that.”
At family Christmas gatherings, discussions are often about smart money management. Mary noted that when they gather at Buffett’s property in Laguna Beach, they chat about companies and investing, which is something Buffett loves to talk about.
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