Warren Buffett, the famous investor and CEO of Berkshire Hathaway, is often seen as a moneymaking legend. But according to his children, especially his daughter Susie, Buffett’s incredible fortune wasn’t the result of a grand plan to become the richest guy around. It was more about doing what he loved – and doing it very, very well.
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In 2017, Susie Buffett shared insight with People into her father’s life, describing him as a man whose love for investing drove his success, not the pursuit of wealth itself.
“He made the money sort of by accident because he was really good at doing what he loved,” Susie said. “When you do that particular thing really well, you end up with a whole bunch of money. But it's really true that he does not care about having a bunch of money.”
Buffett, now 94 and worth $145 billion according to Bloomberg, has always stayed true to his unassuming Midwestern roots, raising his children in a household where wealth didn’t define their lives.
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Despite his massive fortune, the Buffett family lived much like any other upper-middle-class family in Omaha, Nebraska. In fact, Susie and her siblings, Howard and Peter, didn't realize how rich their father was until they were in their twenties – and not because Warren told them. Susie only discovered the scope of her father's wealth after reading about it in the papers.
“We lived pretty much like everybody else,” Susie explained. Warren still lives in the same house he bought in 1958 for $31,500. Growing up, the Buffett kids got regular allowances and even those often disappeared into a slot machine that Warren kept in the house – only for him to eventually open the back and take the money right back out.
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Buffett’s careful approach to money even applied to his family's personal requests. Susie once asked her father for a $41,000 loan to expand her kitchen after she had a baby. She wasn't looking for a handout; she just needed the space. Warren’s response? “Go to the bank like everyone else.” While it might sound harsh, Susie didn't hold it against him. Instead, she respected his approach, saying, “I never felt like he was cheap … Whatever we are, we are and it's not that bad.”
In the HBO documentary Becoming Warren Buffett, Susie mentioned that her mother, Susan Thompson Buffett, helped “soften” Warren over time. “He definitely has loosened up as we've gotten older,” Susie said. And while Warren’s cautiousness with money sometimes made her joke about ending up on the cover of a magazine “homeless” because of her dad's thriftiness, she understood his philosophy – even if it meant not getting that kitchen loan.
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Warren Buffett's path to wealth was fueled by his passion for investing and a genuine enjoyment of the game, not a relentless pursuit of riches. His son Howard even noted to AP that “It's not so easy to give away money if you want to do it smart,” as the Buffett siblings prepare to handle the charitable trust that will distribute their father's $145 billion fortune within 10 years after his death.
For Buffett, money was always a byproduct of his dedication to investing – a fortunate accident of doing what he loved. Despite being one of the wealthiest people in the world, Warren’s life and the values he instilled in his children emphasize simplicity, hard work and finding joy in what you do.
As Susie put it, “I actually agree with his philosophy of not dumping a bunch of money on your kids.” And for the Buffett family, that approach seems to have worked out just fine.
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