tsaord
Posts: 1267
Joined: Thu Aug 04, 2005 2:46 pm

The Billionaire's Black Sheep

Thu Dec 18, 2008 4:09 am

I thought this was an interesting story about the sort of granddaughter of billionaire Warren Buffet. After reading it it reinforced the urge in me to get my life together, finish school, do something I love, and be able to survive on my own independently. Plus you never know when money will tear apart the family.

http://www.marieclaire.com/world/new...n&dom=yah_buzz&mag=mar&ha=1&kw=ist

"What's it like when your grandpa is the richest man in the world? For Nicole Buffett, it means forgoing cable TV and health insurance and making do on $40,000 a year. Here, she dishes on her upbringing and why her grandfather Warren Buffett disowned her."
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signol
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RE: The Billionaire's Black Sheep

Thu Dec 18, 2008 11:35 am

There's a TV show in the UK called "Dragons' Den", where millionaire investors watch pitches from people wanting them to invest in their companies. Anyway, one of the investors was on another TV interview, and he explained the setup he'd given to his kids. Basically, as an inheritance, they would receive nothing straight off. All inheritance would go into a trust fund, and whatever the child earned himself, would be doubled from the trust fund. Or tripled if they chose a "good for society" career, such as a nurse or social worker. Quite a good idea I think, and helping to prevent his kids becoming another "society heiress" like the Hilton girl.

signol
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N328KF
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Joined: Tue May 25, 2004 3:50 am

RE: The Billionaire's Black Sheep

Thu Dec 18, 2008 12:51 pm



Quoting Tsaord (Thread starter):
"What's it like when your grandpa is the richest man in the world? For Nicole Buffett, it means forgoing cable TV and health insurance and making do on $40,000 a year. Here, she dishes on her upbringing and why her grandfather Warren Buffett disowned her."

You have to keep in mind that, for the most part, Buffett lives a mostly middle-class lifestyle. He made his kids work for real, and they aren't getting very much of his money when he dies. Almost all of it is going to either the Buffett Foundation or the Gates Foundation.

Sure sounds like she's a whiner who thinks she's entitled to Grandpa's cash.
When they call the roll in the Senate, the Senators do not know whether to answer 'Present' or 'Not guilty.' -Theodore Roosevelt
 
wn700driver
Posts: 1475
Joined: Wed Aug 29, 2001 10:55 pm

RE: The Billionaire's Black Sheep

Thu Dec 18, 2008 1:50 pm

Interesting.

I would see her point of view, except that she's not even really one of them. Yeah, I know adoption and all, but not real nonetheless. Sounds crass, but I can sympathize with the man.

My father and mother are both independently wealthy (certainly not to that degree though,  Wink ) My wife and I are currently going through a rather protracted divorce, and one of the sticking points is that she wants her daughter (whom she had before we met) to have the same inheritance rights from my father that our daughter has. Of course I see no cause for this, but it must be arbitrated anyway.

Now, if I added to that that my about to be former stepdaughter decided to become our extended family's spokesperson, I'd have no trouble telling her to inherit the wind.
Base not your happiness on the deeds of others, for what is given can be taken away. No Hope = No Fear

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