The most famous quote attributed to billionaire investment tycoon, Warren Buffett, about parenthood is likely about what to leave your children with: “…enough to do anything, but not so much that they can do nothing.”
That quote’s been stretched into so many parenting lessons like making do, or preventing entitlement in have-everything kids, or in never forgetting to contribute in some way. Add your own interpretation here.
I hadn’t thought about the ‘Omaha Oracle’ in a while. But, as the billionaire (at age 94) announced that he was stepping down as Chief Executive Officer of Berkshire Hathaway earlier this week, I told myself that I’d have to tell my kids a thing or two about what I’d learned from him from afar.
Buffett, whose tenure will end at year’s end, has a long list of weighty, professional accolades after having built Berkshire to a $1 trillion valuation in his six decades of leadership. He bought a home in Omaha, Nebraska in 1958 for $31,000 and hasn’t moved. Buffett’s family included two sons (Howard and Peter) and a daughter (Susan Alice). All accounts that I could find describe him as the type of dad that provided support but likely didn’t play catch in the backyard much. I suppose that something had to give in trading the life of a C.E.O. and father – no one can do it all, right?
That, alas, is where the lessons in the study of Warren Buffett begin for me – as a parent and person.
Lesson #1: The Long Game
It is hard to stay the course. In fact, loyalty to an idea, a goal, or to others is a quality that seems to be squashed by quick-fixes all too often. When asked, Buffett would tell folks to select investments that you’d view yourself as an owner of the business. This is the opposite of day trading, chasing daily Wall Street ebbs and flows. Buffett played the long game in working with companies after careful consideration and research.
While the daily business of my day – taking the kids here or there while trying to salvage a decent meal – doesn’t allow for much deliberation in decision-making, I am trying to heed Buffett’s advice to stay loyal to prioritized principles that have worked over time. Play the long game.
Lesson #2: Modesty
In the ultimate outward show of bashfulness, Warren Buffett is said to have driven a Buick even while having amassed a fortune that could buy the company itself. Why? He didn’t need the ego stroke or flash of pulling up in a Lambo or “sick” (as my kids say) jacked-up truck.
No matter where you live, opulence is near. When I see it, I am careful to take it in. First, I say how cool it must be to have such a cool car/house/mansion/boat. I won’t rob my kids of the fantasy of owning those crazy, impractical things when they “grow up.” Next, though, I’d quickly remind them that the richest man they’ve never heard of drove a Buick. Why? Because why not? No one needs more than their share.
Things are often not what they seem – and, I guess, sometimes they are.
Lesson #3: Philantrophy
A quick search tells me that Warren Buffett has given an estimated $62 billion to-date. None of us are billionaires but all of us want to leave a legacy that our kids can be proud of, that sets an example to follow, and extends into the communities we care about.
I try to keep in mind that all infants are born selfish. We have to insist that they share when the start to encounter other kids. We should keep that teach-them-to-share mentality alive as we think about sharing whatever relative good fortune exists in our lives with those around us. That is true whether the amount of good fortune is in the billions or via the gift of time. Reading about the legacy of philanthropy that Warren Buffett will be remembered for, for me, far more impactful to my family.
Whether any of our kids want to hear about the keys to life as displayed by an old white man named Warren Buffett is debatable. In the quick, choppy, divisive news cycle the news of Buffett’s stepping down will be caught in the wash soon enough (if not already). Don’t, though, miss the chance to tell your kids about this icon before the tide receeds.
Let’s talk about the Omaha Oracle with our families – to give them anything helpful. Or else, we might be giving them the license to learn nothing at all.
