Omaha (Nebraska), Sept. 19, 2024 – Warren Buffett, one of the wealthiest people in the world with a net worth of $142 billion, according to Bloomberg, is also known for his generosity.
He has donated billions to charity over the years, but when it comes to his kids, handouts aren’t part of the deal.
In the HBO Becoming Warren Buffett documentary, Susie Buffett shared a story that gives a glimpse into her father’s frugality.
This wasn’t the first time she had discussed it. Back in 2011, a Globe and Mail article mentioned that Susie once asked her father for a $41,000 loan to renovate her kitchen after she had a baby.
She needed to make room for the high chair, but Warren’s response was to tell her to “go to the bank like everyone else.”
By 2017, Susie revisited the well-known kitchen story, explaining that she wasn’t asking for a handout.
“I thought I was asking for a loan. I was not asking him to give me the money,” she said. His refusal still caught her by surprise.
“I thought, oh come on, can’t you do this?” she shared.
Susie jokingly admitted to her mom that she sometimes felt like her dad’s legendary thriftiness might leave her out in the cold, saying, “I’m going to be on the cover of People magazine someday, homeless, because my dad will be like this superrich guy, and, you know, we’ll all be wandering around.”
Despite how it might sound, Susie never felt like her dad was being cheap.
“I never felt like he was cheap or whatever word you want to use for him – thrifty,” she explained.
Growing up in the Buffett household meant having a pretty normal upbringing, especially for kids whose dad would become one of the richest people in the world.
“We grew up in this very normal sort of situation … kind of the regular father-knows-best situation,” she said.
She and her siblings got allowances, which they quickly spent on candy and magazines.
She also shared a funny memory about how her dad had a slot machine the kids would put their money into, but he’d just open the back to get it back.
Susie explained in the documentary that her mother played a big part in softening Warren over the years.
“He definitely has loosened up as we’ve gotten older,” she said.
“I think part of it is my mother. I’m sure she was just poking at him slowly for years.”
She also added that as the kids became adults, it became clear they wouldn’t change.
“Whatever we are, we are, and it’s not that bad,” Susie explained, saying that Warren’s nerves about money have eased up with time.
In her view, Warren’s careful approach to money wasn’t something to resent.
Looking back, Susie felt like her dad’s principles shaped their lives in the right way.
Even when she didn’t get the loan, she reflected, “I basically think he’s been right.”
In a 2017 interview with Business Insider, Susie clarified that she agrees with her father’s financial philosophy.
“I actually agree with his philosophy of not dumping a bunch of money on your kids. And, by the way, my dad gets a bad rap for that,” she said.
“He has been much more generous than people are aware. I feel extremely grateful to have the parents I had and for what they’ve given us. But certainly, he’s not going to leave us $50 billion and shouldn’t. It would be crazy to do anything like that.” (Bezinga Edge)
