Peter Buffett knows his message — that limiting or eliminating an inheritance actually benefits children more than if they receive it — might be met with some pushback. But the 52-year-old son of billionaire investor Warren Buffett contends he is living proof that withholding money is the only way to help young people truly reach their full potential.
Buffett does not stand to inherit any of the $37 billion his famous father has made. And that, the younger Buffett maintains, is a priceless gift, one that has pushed him to become an Emmy-award-winning musician and composer of film scores, commercial jingles and songs.
In fact, Buffett is adamant that denying an inheritance is the only way to build character and "durable confidence" in heirs.” There’s not a minute that I would choose the money over the experiences and lessons I've had," Buffett said. "My life has been so much richer, and that's dead-on true."
"If you have a credit card in your pocket, it's very easy to buy a kid a toy," Buffett wrote. “That will make her happy for a few minutes — and, maybe more important to certain kinds of parents, will keep her occupied, so they can return to their own preoccupations." More demanding, and rewarding, is the act of getting "down on the floor" and playing, Buffett argues. "But that takes real involvement, and not just an American Express card," he writes.
Buffett acknowledges that his life has been privileged. He fully admits that he has received financial benefits from being the son of one of the world's wealthiest men. When he was 19, for instance, Buffett received $90,000 from his father. The more meagre amount, however, allowed him to "buy time" and devote himself to music, Living in
and composing with little tangible success, Buffett had a chance meeting with a
neighbour while washing his car. The neighbour’s son worked for a start-up
cable television channel that needed quick splashes of music to punctuate their
logos. MTV paid $1,000 for just 10 seconds of music. That work led to
commercials and eventually, albums on major record labels San Francisco
The irony of Buffett's story is that today, he is flush with more money than he might be able to reasonably spend in his lifetime, thanks to his father. "I've never felt entitled to my dad's success," Buffett said. "And that was a great motivator to me, that I needed to pay rent and put food on the table, rather than pondering that my father has a bunch of money, and why doesn't he give some to me?"
Question 1 (2 points) Indicate whether the following statements are true or false and write down which part of the text justifies your answer.
a. Having little money makes your talent rise.
b. Buffet feels happy about not having inherited his father’s fortune.
c. Spending time with your children is better than buying them things.
d. Buffet considers his father gave him a lot of money.
Question 2 (2 points) Answer the following questions in your own words.
a. How did Buffet’s father help him?
b. How did Buffet start his profitable business?
Question 3 (1.5 points) Find words or phrases in the text that correspond in meaning to the words and definitions given.
a. really (paragraph 1)
b. advert (paragraph 2)
c. richest (paragraph 5)
d. finally (paragraph 5)
e. consider, think (paragraph 6)
Question 4 (1.5 points) Complete the following sentences without changing the meaning.
a. He fully admits that he has received financial benefits
b. Buffet said: “There is not a minute that I would choose tha money over the experiences I’ve had”.
Buffet said that…
c. Buffet was very motivated because he needed to pay rent and put food on the table.
Question 5 (3 points) Write a short essay (120-150 words) on the following topic:
“Money gives no happiness”. Do you agree with this statement?