If you own a fortune worth $ 44 billion ($ 4,400,000,000), what will you do? Spend like no tomorrow? Leave the fortune to your family? Just throw the monies on the street to watch someone pick it up? Actually, the possibilities are infinite. Though, to use this huge sum of monies in the needy, useful ways, it requires the owner’s wisdom. Warren Buffett mentioned before that while his circle of competence is within investment world, to use the monies his accumulated wisely is not within his circle of competence. Thus, it makes sense to hand it over to the one whose is in his circle of competence in distributing his wealth. He admires the way Bill and Melinda Gates in running their foundation. Although the foundation does not carry his name, he does not mind. This is in contrast to many “generous donator” that when they donate, their name must appear prominently.
“I still believe in the philosophy - FORTUNE quoted me saying this 20 years ago - that a very rich person should leave his kids enough to do anything but not enough to do nothing.” How brilliant this billionaire. While, many rich people after many years of hard work and accumulated a tremendous sum of monies, they normally give the wealth to their children after they pass away. Very often, the wealth accumulated might not even pass down to 3rd generation. It’s pity to see that.
We need to learn from this Greatest Investor cum Philanthropist of the century. Warren’s wisdom not only lies in investment but in many scopes. We are delighted to share these through our on-going “Berkshire’s 40 Years Wisdom of Life” series postings.
TV interview with Warren Buffett, Bill and Melinda Gates could be view here.
There is also a short video clips during the announcement of Buffett’s gift to Bill and Melinda Gates Foundation. Check it out here.
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