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I would argue buying mega yachts and sports teams employs more people and boosts the economy more than many charities.
Buffett isn't just sleeping on his pile of money, he employs over 300,000 people.
I don't think that's less noble than "giving it all away".
I agree. And on a much lessor scale, the money in my checking account is not just setting in a bank vault, the bank is using the money to provide loans to individuals and businesses.
Right. But WB, his family, top associates and some secondary associates are very, very rich even after he gives away his 99%.
Let's not pretend this a vow of poverty for WB's crew.
Giving away 99% still means that his heirs stand to inherit over 1BILLION dollars. Split 25 ways it would still leave 40million for each of them. Nobody said it would mean his crew would be doomed for poverty.
I still think it's admirable that he's vowed to give a vast majority away even if it isn't everything. Think of all of the others who refuse to sign the pledge? Those are the folks we should be judging.
Giving away 99% still means that his heirs stand to inherit over 1BILLION dollars. Split 25 ways it would still leave 40million for each of them. Nobody said it would mean his crew would be doomed for poverty.
I still think it's admirable that he's vowed to give a vast majority away even if it isn't everything. Think of all of the others who refuse to sign the pledge? Those are the folks we should be judging.
That's fair. I just wanted to underscore that WB's family and nearly everyone close to him is in no danger of being on the soup line.
There's a little bit of Ross Perot in WB. Ross drove around Dallas in an old Buick and made sure to talk about that and eating cheap BBQ and using the same shoe repair shop for years - all of the was true FWIIW. Meanwhile he had a fleet of jet powered aircraft, boats to include a turbine powered yacht a private island and of course tended horse stables in the city and on and on. He bought acreage in North Dallas so he could control who built close to him. Of course that became one of the nicest sub-neighborhoods in the world.
I'm just saying Warren is not living on tortillas and peanut butter nor will his heirs or top dogs.
I'm just saying Warren is not living on tortillas and peanut butter nor will his heirs or top dogs.
He is known to drink Coca Cola and eat at McDonalds. Some people are just born modest and humble.
Meanwhile, people who don't even have a small fraction of Warren Buffett's net worth own mega-mansions, super-yachts and jumbo jets all over the world.
I don't blame them though. It is too tempting, and I would probably do the same.
I would argue buying mega yachts and sports teams employs more people and boosts the economy more than many charities.
Buffett isn't just sleeping on his pile of money, he employs over 300,000 people.
I don't think that's less noble than "giving it all away".
This is the Jeff Bezos/Amazon point. He is the richest man in the world and people expect him to give it all away/pay more taxes whatever but consider what he pays in payroll taxes for all those employees! Think about the 1.5 million employees and the healthcare costs alone!
Everyone focuses on the mansions/yachts/jets whatever but as mentioned that is a subset of higher end employees also. A big yacht costs millions a year to operate as can a single jet if you fly 400 hours a year.
I posted that to show that his Omaha house was not his only house. It’s an internet fallacy that continues to this day,
C'mon now. Google says since he sold his vacation house in 2022, the Omaha house is the only piece of house real estate HE owns. I'd expect his companies are heavily invested and may own 23,000 houses... but the man has slept the majority of the last 50 years in the same house.
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Originally Posted by Seguinite
... the man has slept the majority of the last 50 years in the same house.
I hope his county offers senior real estate tax relief. In the 34 yrs I've laid my head on my pillow, my property taxes have gone from <$3/ day to currently $48/ day. My last paycheck was over 20 yrs ago, so I eat peanut butter, but no Cokes. (And no bread). Don't need the carbs.
I think Warren has the better plan. Die happy, eating what you want (including Oreos for breakfast! ). I think he is built from, and displays a reasonable, non- self importance lifestyle. For which I'm grateful.(I'm born a Cornhusker), Not that he's without faults and errors. He's had plenty, and is comfortable exposing most. Seems WB is good material for a Paul Harvey segment. (Good news, no drama required)
He is known to drink Coca Cola and eat at McDonalds. Some people are just born modest and humble.
Meanwhile, people who don't even have a small fraction of Warren Buffett's net worth own mega-mansions, super-yachts and jumbo jets all over the world.
I don't blame them though. It is too tempting, and I would probably do the same.
Just about everyone has been known to drink coke and eat McDonald's. I wonder if WB orders in McDonalds for trips on his jet?...he's flown private since the '80s. He nominally/indirectly owns NetJets too.
Now Munger was really cheap, although word is Munger had a couple of phenomenal homes. Apparently Munger, when unable to hitch a ride with WB in the jet, flew coach often.
I want to be very clear I'm a big WB fan. His big bets have been right far more often than wrong and I like his buy and build strategy. But he's not living small.
I want to be very clear I'm a big WB fan. His big bets have been right far more often than wrong and I like his buy and build strategy. But he's not living small.
No, he is not living small. He is, however, living fairly small for someone with his astronomical net worth. Everything is relative.
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Think about the 1.5 million employees and the healthcare costs alone! 