Four tips from billionaire Buffett on how to raise children

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Warren Buffett has achieved incredible success and wealth. Entrepreneurs and investors looking to make their own $101 billion have long studied Buffett's business practices, writes Go Banking Rates.

Four tips from billionaire Buffett on how to raise children

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At an event in California a few years ago, Buffett talked about wit and wisdom, not in business, but in raising children.

Buffett is the father of three children. Known for his love of simple pleasures, he instilled the same simplicity in his family. His children – Susan, Howard and Peter – grew up without the trappings associated with wealth: they worked, held jobs, took the bus to public school. At the same time, they learned about the work and success of their father only in their teens.

Warren Buffett spoke about his methods of parenting, which everyone should adopt.

Here are his tips for parents:

Don't give everything to your children

Buffett plans to leave most of his wealth to the Buffett Foundation and not to his children. “My children were looking for their place in this world. They know that I was ready to help them with this”, – he said. Buffett advises that instead of providing money for children, follow this principle: “You should leave your children enough for them to do something, but not enough for them to do nothing.”

Let your children will find their way

Forcing children to engage in certain activities may be against their will or ability. Don't set out to shape a child in your own image.

“I've seen people try to control their children, and the worst thing you could do is use money, – Buffett said. – I told my children that they should use their talents in whatever way they thought would create the greatest net benefit to society.”

Do not keep the essence of your will a secret

Your departure may come as a surprise to children. Don't let the contents of your will surprise them. Buffett stressed the need to be open with his heirs. “They have two questions they need to answer. Firstly, do they understand their duties, and secondly, do they think that I did the right thing”, – said Buffett.

Know that you can't combine under duress

Each of the three Buffett children has a charitable foundation with their own unique philanthropic goals. This helps maintain harmony among siblings, Buffett explained. “I don't force them to be together”, – he said.

Thus, the Howard George Buffett Foundation supports efforts to improve the quality of life in conflict regions.

The Susan Sherwood Foundation focuses on social justice initiatives in Nebraska, where the family lives. The Peter Foundation works to change global society.

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