"Money, to some extent, sometimes lets you be in more interesting environments. But it can't change how many people love you or how wealthy you are."
The truth is that excessively large amounts of money can actually create a great deal of misery in your life. Your children won't work because they think they are going to inherit a fortune, which means that they never develop any of the self-esteem that work creates. This will lead them to being bitter and spending their time wishing you an early demise. And if you are insanely rich, you may end up being surrounded by a bunch of sycophants who will fill your life with lies to stoke your illusions of grandeur till you look like a fool to the rest of the world. And instead of doing adventurous things with your money and life, you end up spending all your time guarding your wealth from your servants, lawyers, accountants, and so-called money managers, all of whom will assist you in making your money theirs.
Warren believes that children who inherit great wealth tend to do nothing with their lives, nor does he believe that it is good for society if there is an upper class created by inherited wealth. IT IS NOT GOOD FOR A SOCIETY TO HAVE HERITAGE FUELED WEALTH. He believes that a country prospers better if society is a MERITOCRACY, with people earning what they get. For this reason, he donated the $32 billion fortune he made from investing to charity, so that it would go back to help the VERY SOCIETY that created it. Let this noble thought find a place in the hearts of all who make their fortunes IN THIS WORLD.
No. 22 from The Tao of Warren Buffett.
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