Back in 2010, Forbes paired Warren Buffett with Jay-Z for an unlikely but unforgettable conversation about money, independence, and what really matters when you have billions.
Jay-Z was already a mogul, known for luxury and status. Buffett, on the other hand, leaned into his folksy image, reminding the audience that wealth doesn't have to mean extravagance.
During the interview, Buffett admitted with a grin, "It sounds obnoxious but I really did know I was going to become rich." He explained that even in his twenties, he had already mastered something that "was going to work." It wasn't a guess or a dream—it was math. He was confident he'd compound money at a rate "well above average," and that gave him freedom. "It meant independence so I could do what I wanted to do," he said.
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But Buffett quickly followed with the kind of frugal wisdom that has defined his public image for decades. "I think a $5 dinner in many cases is better than a $100 dinner, so I don't whine," he said, adding that cost of living and standard of living aren't the same thing. For a man often seen grabbing McDonald's for breakfast and living in the Omaha house he bought in 1958, it wasn't just talk.
He went on to describe a philosophy he shared with his late wife, Susie. "We decided we'd live well. We never denied ourselves anything," Buffett recalled. But that didn't mean lavish excess. The couple agreed they'd enjoy life, but ultimately, "one way or another, we would give it back to society." Buffett assumed Susie would outlive him and handle much of the charitable giving herself, since she "loved the actual process of seeing people with problems that money would help."
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When Susie passed away in 2004, Buffett was left to decide how best to distribute his fortune. True to form, he delegated. "I came up with the idea of splitting among five foundations, the largest of which is the Gates Foundation," he explained. Back then, it seemed the most efficient approach—handing money over to specialists, the same way you'd trust a doctor or dentist. That was the plan then, though in the years since, Buffett has adjusted his giving strategy.
Buffett stressed he hadn't sacrificed a thing. "I haven't denied myself anything. I eat everything I want, I travel any place I want. I didn't have to give up what I love doing every day. I didn't have to give up any material thing in the world." For him, the joy came from "the game I was in"—investing, compounding, building. The rest, he insisted, was about giving back intelligently and promptly.
The image stuck: Jay-Z, a mogul who built his fortune in the studio and boardroom, listening as Buffett, the Oracle of Omaha, described why he still prefers a burger over a $100 entrée. Even in an interview designed to highlight wealth and power, Buffett made it clear that the true flex wasn't a luxury dinner or a flashier car. It was independence—and the ability to give it all away.
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