Buffett does not believe that it is wise to bequeath great wealth and plans to give most of his money to his charitable foundation. ... Buffett is not cutting his children out of his fortune because they are wastrels or wantons or refuse to go into the family business - the traditional reasons rich parents withhold money. Says he: "My kids are going to carve out their own place in this world, and they know I'm for them whatever they want to do." But he believes that setting up his heirs with "a lifetime supply of food stamps just because they came out of the right womb" can be "harmful" for them and is "an antisocial act." To him the perfect amount to leave children is "enough money so that they would feel they could do anything, but not so much that they could do nothing." For a college graduate, Buffett reckons "a few hundred thousand dollars" sounds about right. (Warren Buffett)

Buffett does not believe that it is wise to bequeath great wealth and plans to give most of his money to his charitable foundation. ... Buffett is not cutting his children out of his fortune because they are wastrels or wantons or refuse to go into the family business - the traditional reasons rich parents withhold money. Says he: "My kids are going to carve out their own place in this world, and they know I'm for them whatever they want to do." But he believes that setting up his heirs with "a lifetime supply of food stamps just because they came out of the right womb" can be "harmful" for them and is "an antisocial act." To him the perfect amount to leave children is "enough money so that they would feel they could do anything, but not so much that they could do nothing." For a college graduate, Buffett reckons "a few hundred thousand dollars" sounds about right.

Warren Buffett

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