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Buffet is a Skinflint
- Thread starter MandelbrotSet
- Start date
That is what my wife and I are planning on doing. Not to say I wouldn't give them my money. I would give them money at any time in their life. It all just depends on the circumstances when it arrives.
Its what my father has done for me and I will do the same to my children.
Its what my father has done for me and I will do the same to my children.
Quote from Sam Mcgee:
I'll make sure that my kids get a useful education and good career. I tell them to worry about their marks in school, I'll worry about the tuition bills and such. Beyond that I would be very careful about any more money that I gave them. I'd want to make sure that I'm not causing them more harm than good with any gifts, that I'm not giving them a white elephant.
Is that your answer to James Dolan?Quote from Sam Mcgee:
I agree 100% with Buffet and his opinions about inheritance. He says that inheritance taxes need to be kept high. The rewards should go to the people who did the right work, not the people who were born in the right family.
His father is the power house behind the multi-media conglomerate, not him ... but you had better believe, he's still getting his.
Huh?Quote from Sam Mcgee:
If you don't keep inheritance taxes high, you'll end up with just a few families controlling most of the wealth. Nobody else will have any motivation to develop new industries, the economy will stagnate.
Where is your empirical proff of the above statement?
That's right, there isn't any.
Your statement doesn't actually mean anything.Quote from Sam Mcgee:
I know of a family where the father did quite well and gave each of his children a lot of money. None of his kids had any motivation to succeed, they all ended up as alcoholics and drug addicts.
We all know of peple who are well-to-do and who went down that path, and we all know of people who are from poverty and went down that path also.
There is no correlation between wealth and drug addition.
Yeah, I think that's a good idea too. Nobody is talking about giving away money to riff-raff, spend thrifts or layabouts.Quote from Sam Mcgee:
I'll make sure that my kids get a useful education and good career. I tell them to worry about their marks in school, I'll worry about the tuition bills and such. Beyond that I would be very careful about any more money that I gave them. I'd want to make sure that I'm not causing them more harm than good with any gifts, that I'm not giving them a white elephant.
Quote from BlueHorseshoe:
His relationship with her is tenuous at best. That she didn't know better than to appear on the show demonstrates that she in fact didn't know 'grandpa' all that well.
It's idiotic IMO to constrain one's behaviour because of what one of your relatives will think.
To the other people on the thread who don't seem to get it - she was not moaning about not getting handouts. She was upset because she had a familial relationship, he acted and behaved as her grandfather, they spent time together and were probably affectionate in the way most distant relatives are. Then, all of a sudden, he basically says she's not part of the family anymore and totally cuts her off - and in a letter, not even a phone call or personal meeting. Bear in mind this was not because she committed a crime, mooched off him, called him a greedy capitalist pig, or hung around with a bad crowd and caused him trouble. All she did was *one* interview in a film where she gave her (moderate and restrained) personal opinion about her status as a relative of his.
Any normal person would have called her up to discuss things and say they were a bit unhappy with what she said, then she would almost certainly have apologised and the matter would have been forgotten. Buffett's reaction is to *cast her out permanently* from the family.
Mandelbrotset is right - that is extremely callous, a total overreaction, and demonstrates a shocking lack of empathy.
<i>"it's his STEP granddaughter and DIVORCED so it's not his real grandchildren."</i>
Forget about the money aspect (he says to a board filled with people who are fixated on $$ alone) and think about him telling her that she was never adopted emotionally as a granddaughter, or whatever the hell blather was said.
How cold and heartless is that? Unneccessary and cruel. Truth is it's just a big ego trip for him to control the money, play who gets some versus who doesn't, how the whole family has to live, what their mindset needs to be, etc.
Money doesn't make the man. It never has, and never will. Class is something that cannot be bought... you either have it, or you don't.
Forget about the money aspect (he says to a board filled with people who are fixated on $$ alone) and think about him telling her that she was never adopted emotionally as a granddaughter, or whatever the hell blather was said.
How cold and heartless is that? Unneccessary and cruel. Truth is it's just a big ego trip for him to control the money, play who gets some versus who doesn't, how the whole family has to live, what their mindset needs to be, etc.
Money doesn't make the man. It never has, and never will. Class is something that cannot be bought... you either have it, or you don't.
Quote from austinp:
<i>"it's his STEP granddaughter and DIVORCED so it's not his real grandchildren."</i>
Forget about the money aspect (he says to a board filled with people who are fixated on $$ alone) and think about him telling her that she was never adopted emotionally as a granddaughter, or whatever the hell blather was said.
How cold and heartless is that? Unneccessary and cruel. Truth is it's just a big ego trip for him to control the money, play who gets some versus who doesn't, how the whole family has to live, what their mindset needs to be, etc.
Money doesn't make the man. It never has, and never will. Class is something that cannot be bought... you either have it, or you don't.
well said.