Four tips from billionaire Buffett on how to raise children

Warren Buffett has achieved incredible success and wealth. Entrepreneurs and investors looking to make their own $101 billion have long studied Buffett's business practices. Go Banking Rates.

At an event in California a few years ago, Buffett talked about wit and wisdom, not in business, but in raising children.

Buffett is the father of three children. Known for his love of simple pleasures, he instilled the same simplicity in his family. His children - Susan, Howard and Peter - grew up without the trappings associated with wealth: they worked, held blue-collar jobs, rode the bus to public school. However, they learned about their father’s work and successes only in adolescence.

Warren Buffett spoke about his methods of education, which should be adopted by everyone.

Here are his tips for parents:

Do not give everything to children

Buffett plans to leave the majority of his wealth to the Buffett Foundation rather than to his children. “My children were looking for their place in this world. They know that I was ready to help them with this,” he said. Instead of giving your children money, Buffett advises following this principle: “You should leave your children enough so that they can do something, but not enough so that they don’t do anything.”

Let your children find their way

Forcing children to engage in a particular activity may be against their wishes or abilities. Do not be worth the goal to form a child in his own image.

“I've seen people try to manage their children, and the worst thing you could do is use money,” Buffett said. “I told my children that they should use their talents in whatever form they felt would create the greatest net benefit to society.”

Do not keep the essence of your will secret

Your departure may come as a surprise to your children. Don't let the contents of your will surprise them. Buffett emphasized the need to be open with his heirs. “They have two questions they have to answer. First, do they understand their responsibilities, and second, do they think I acted fairly,” Buffett said.

Know that you can not unite under duress

Each of Buffett's three children has a charitable foundation with their own unique philanthropic goals. This helps maintain harmony among siblings, Buffett explained. “I don’t force them to be together,” he said.

Thus, the Howard George Buffett Foundation supports efforts to improve the quality of life in conflict regions.

The Susan Sherwood Foundation focuses on social justice initiatives in Nebraska, where the family lives. The Peter Foundation is working on changing the global society.

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