Warren Buffett: The PROBLEM with RICH KIDS!

Warren Buffett and Charlie Munger discuss how rich children can become lazy and complacent when they grow up in wealthy families. They joke around a bit at first, and explain ways to deal with that horrible problem.
The question goes: “One of the most important things that drive people are incentives, but if you live in a rich society it’s very hard to get your kids to work hard and reach their full potential because they just don’t need to. So if you or Charlie decide to have a kid in the next 5 years, how would you incentivize him or her to compete among the hungry and highly motivated kids from emerging markets like China, Brazil, Russia, or India?”
From Berkshire Hathaway Annual Shareholders Meeting. (2011)
Warren E. Buffett is an American long-term investor, philanthropist, business tycoon, and the chairman & CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth over 100 billion dollars. Buffett was born in Omaha, Nebraska. He developed an interest in business and investing in his youth and made truly incredible stock market returns over his career.
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Warren Buffett: The PROBLEM with RICH KIDS!

[@mario7881]

If I was a rich parent, I'd tell my kids that my money isn't theirs. I'd program them early that they have to work their ass out to get things they want.

[@SecretsofInvesting]

You said it!