A couple of weeks ago, Warren Buffett published a letter outlining his plans to give his billions away.
It included information that his wife, Susie Buffett, left behind $10 million each to their three children. Sounds huge but for context, the three children only inherited 1% of her $3 billion estate.
However, Warren Buffett is also famous for this quote below:
“Leave your children enough money so they can do anything, but not enough that they don’t have to do anything.”
$10 million is an interesting amount of money. Admittedly, we have all heard of top athletes or lottery winners blowing off multimillions within a few short years. At the same time, I am sure 99% of people who achieved FIRE have <$10m net worth.
In fact, 8 digits probably constitutes generational wealth for the majority of the population.
I guess the learning point is that I probably have to work harder if I want to bequest a meaningful amount of money to my son. $1 million is not going to count for much two to three decades down the road.
