Tuesday, May 11, 2010

I Was Born With A Plastic Spoon In My Mouth

With Mother's Day now behind us, it's time to start shopping for the next solidly Hallmark occasion, The Day of the Father. Tools for the grill, perhaps a tie, or maybe a book, as long as it's not Peter Buffett's new book, "Life is What You Make it: Finding Your Own Path to Fulfillment." This fifty-two year old musician has some wisdom he'd like to share with us about growing up rich. If that name sounds familiar, that's because he is the son of one of the wealthiest beings on our planet: a Mister Warren Buffett. Perhaps his musical chops come from his distant cousin, Jimmy, but his world view is handed down from dad.
In short, he suggests that we teach our children values and do not give them everything they want. Far from being given "everything," his family gave him ninety thousand dollars in stock when he was nineteen. He went on to study at Stanford, where we can only assume that he paid his own tuition from the tips he made playing guitar at one of the local coffee houses. Peter tells us that there was no ugly scene when he told his pop that he didn't want to join the family business. "It was encouraged for a moment when I was open to the idea," he said, but he adds that as he grew older, it became clear the financial world "was not speaking to my heart." Apparently what did speak to his heart were his father's words about people who are born with a silver spoon in their mouth. They can fall victim to what Buffett said his father has called a "silver dagger in your back," which leads to a sense of entitlement and a lack of personal achievement.
I understand that the Buffett fortune, both Warren and Jimmy, would allow for much greater opulence and potential selfishness. But ninety thousand dollars at age nineteen? When did Stanford start offering "hard knocks" as a major?

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