Since the creation of social media it has allowed the richest and at the same time the most stupidest to boast about their wealth. For me due to these people the world of luxury has lost its exclusivity and its class. We have rich kids inheriting their parents wealth smashing expensive Remy Martin Louis X111 Cognac. A gesture to the world that they can afford to buy and be seen as cool by simply wasting such tasteful creations such as cognac. Where as parents have we gone wrong, to create such youthful disrespectful, selfish children? For me I would be so embarrassed as a parent, creating such disrespectful, spoilt children. A failing business is nothing to be ashamed about, but failing your children by not teaching them the value of money is a crime to humanity.
Warren Buffet Fortune To His Children
Historically it has been proven time and time again. That if you just give anyone money for the sake of giving. The end result is disaster in the making. I know from my own experience of working from the age of 13 and learning the value of money. That I value what I spend and never ever had the stress of not been able to provide food on the table or going out to buy a pair of shoes. That peace is why I am always told, I look ten years younger than I really am. That discipline of saving for a rainy day is essential. Three years ago when I lost everything due to a house fire, and three years on, a legal battle with my insurance is still happening due to them not paying up. Left me with no choice but to, rebuild my life very quickly, due to having extra cash. This self control, was taught to me by my parents.
Warren Buffett has been very clear on the reasons why he isn’t leaving more money to his children. The passage below is from an interview in Fortune magazine in 1986
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.
Social Media Has Created A False Sense Of Wealth
I have been using social media marketing since 2011 and can honestly say it is a love and hate relationship. The simple reason for the impact it has towards you as a person and exposing your every move. In recent months due to venturing in the world of luxury. I tweet and video what I am experiencing whilst in a spa or a 5 star hotel. In a recent conversation with my business partner. We realized the negative impact my social media may have on those who would like to have my job. My work life is not my personal life and therefore people can get depressed or disheartened through envy wanting to be me.
My advice is, If you are finding that the person you are following on social media, is not inspiring you to be a better person or pursue your personal dreams. Then stop following them.
It has taken me many years to get to the stage where I am wanting to be. It is so hard work on an emotional level.
Be inspired by me but remember, Rome was not built over night. Success comes at a cost.
Understated Luxury And Wealth
I know people that are literally worth millions. I have met people that are worth over £250million, they were very discrete about their wealth. She in fact would clean her own house as a reminder of being connected to reality and where it all began for her. Even though he owned 20 luxury cars, he would not boast about it let alone drive those cars to show off. This couple, would include their closets friends as part of their wealth and also when needed knew how to advice others in business. For me those boasting about their wealth are normally people that won the lottery, inherited it and never worked hard for it. These people, are lying to themselves about proving to others about who they are as people. There is something to be said about gifting lots of money to people that don’t understand the emotions and discipline it took to earn it in the first place.
There are others who have worked very hard and love to flaunt their wealth. I am genuinely pleased for them, because they earned it. So to those who are wealthy, there is power in giving and receiving. There is no harm in enjoying your hard earned cash. Just remember you reap what you sow.
Bill Gates & Warren Buffet
Bill Gates basically said what Timothy said, “he wanted to leave his kids with enough to do anything, but not enough to do nothing.” – so he’s basically planned to leave them with $10mln each – more than fair.
Buffett on the other hand is a little bit of a conundrum, he sticks to similar methodology, in fact all of his kids had shares in Berkshire but most of them liquidated to follow their dreams and so forth, had they kept their stock they would all be worth over 10’s of millions of dollars easily, but what I find interesting is that Warren has donated $3bn to his children’s charities.
Warren & Bill understand the power of giving, until it hurts. These two men full of class and brains are a huge example that we will never ever forget about the balance of wealth.
I know that their children will with pride and dignity earn their own right within continuing their legacy regarding on how to handle and maintain wealth. For the simple reason they have to WORK hard for their wealth. It was not handed to them on a golden platter.