Warren Buffett, one of the richest individuals globally, with a staggering net worth of $142 billion, according to Bloomberg, is well-known for his remarkable generosity. Throughout his lifetime, Buffett has donated billions to charitable causes, embodying his belief in using wealth for the greater good. However, when it comes to his children, this charitable disposition does not extend to financial handouts.
Buffett’s daughter, Susie Buffett, has shared glimpses into her father’s frugal approach to family finances over the years, which might come as a surprise to many given his immense wealth. In the HBO documentary *Becoming Warren Buffett*, Susie narrated a story that highlights her father’s thriftiness. This wasn’t the first time she had shared this experience. In 2011, *The Globe and Mail* mentioned that Susie had once asked her father for a $41,000 loan to renovate her kitchen after having a baby. Her need for a loan arose from the necessity to accommodate a high chair in the kitchen. However, instead of offering to help, Warren advised his daughter to “go to the bank like everyone else.”
In 2017, Susie revisited the story in the documentary, offering more insights into her perspective at the time. She clarified that she wasn’t asking for a free pass. “I thought I was asking for a loan. I was not asking him to give me the money,” she said, adding that her father’s refusal to lend the money took her by surprise. “I thought, oh come on, can’t you do this?” she recalled with a sense of disbelief at his reluctance.
Despite her father’s refusal, Susie reflected on the situation with humor. In a lighthearted moment, she shared with her mother how her father’s legendary frugality might leave her without support, even though he is one of the wealthiest men in the world. She joked, “I’m going to be on the cover of People magazine someday, homeless, because my dad will be like this super-rich guy, and, you know, we’ll all be wandering around.”
However, despite the occasional frustrations she might have felt, Susie was quick to dismiss the notion that her father’s behavior was driven by stinginess. “I never felt like he was cheap or whatever word you want to use for him – thrifty,” she said. Growing up in the Buffett household wasn’t about having endless luxuries, but rather, living a life that seemed quite normal, especially for the children of someone who would eventually become a billionaire. “We grew up in this very normal sort of situation … kind of the regular father-knows-best situation,” Susie explained, reflecting on her childhood.
As a kid, Susie, along with her siblings, would receive allowances, much like any other child. They would often spend their allowances quickly on candy and magazines, like many children of their age. In the documentary, she shared a humorous memory of her father’s frugality. Buffett had a slot machine in the house that his children would frequently use, but instead of them winning any money, he would simply open the back of the machine to retrieve whatever they put in.
In Susie’s view, much of Warren’s change in approach to money and life in general over the years was influenced by her mother, Susan Thompson Buffett. Susie explained that her mother played a pivotal role in softening Warren’s frugal tendencies. “He definitely has loosened up as we’ve gotten older,” she said, adding, “I think part of it is my mother. I’m sure she was just poking at him slowly for years.” This change became evident as the Buffett children grew into adults, and Warren seemed to recognize that they were unlikely to alter their ways. “Whatever we are, we are, and it’s not that bad,” Susie noted, indicating that Warren had come to terms with their personalities and his concerns about money had eased with time.
While it might seem that Warren’s stringent financial decisions could have caused friction, Susie insists that her father’s financial principles were not something to resent. Instead, she believes they shaped her and her siblings’ lives in the right way. Even when Warren refused to grant her the loan for the kitchen renovation, she didn’t harbor any long-term frustration. “I basically think he’s been right,” she reflected, showing a deep appreciation for his long-term view on managing money.
In a separate interview in 2017 with Business Insider, Susie offered further clarification on her thoughts about her father’s financial philosophy. She expressed her agreement with Warren’s stance on not giving his children large sums of money. “I actually agree with his philosophy of not dumping a bunch of money on your kids,” she said. She also defended her father from the public’s perception of his frugality, explaining that he has been far more generous than people realize. “By the way, my dad gets a bad rap for that,” Susie added, emphasizing that Warren has provided ample support for his family, even if it didn’t come in the form of massive inheritances or financial handouts.
Despite Warren’s wealth, Susie feels deeply appreciative of what her parents have given her, both financially and in terms of values. “I feel extremely grateful to have the parents I had and for what they’ve given us,” she said. Warren’s refusal to indulge his children with excessive wealth is, in her view, a rational and responsible choice. She concluded by stating that her father’s decision not to leave them billions of dollars is the right move. “Certainly, he’s not going to leave us $50 billion and shouldn’t. It would be crazy to do anything like that.”
Warren Buffett’s life philosophy, both in terms of his charitable giving and his approach to his children, reflects a balance between generosity and responsibility. While he is happy to give away vast sums to philanthropic causes, he also believes in ensuring that his children live lives where they can stand on their own two feet. This approach, while perhaps surprising to some, has undeniably shaped the Buffett family and the values they hold dear.
