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Warren Buffett’s advice on wealth

By Judy Martel · Bankrate.com
Friday, July 9, 2010
Posted: 11 am ET

How do you define wealth?

Warren Buffett

Warren Buffett

Billionaire investor Warren Buffett sat down with interviewer Willow Bay to discuss and dispense some advice about wealth. And, as is typical of the truly wealthy, the conversation didn't focus on money. If you listen to the interview, Buffett essentially talks about the one luxury the rich always come home to: their legacy.

He says the best advice he ever received was from his father. "He taught me how to live," he says. Throughout his life, in a variety of ways, his father taught him the power of unconditional love, and he believes it would make for a better world if we all practiced that lesson.

Buffett was in Sun Valley, Idaho, attending the Allen & Co. conference, a gathering of technology and media leaders. He is also promoting a cause: The noted philanthropist says in the interview that he hopes it will become the norm for wealthy people to dedicate at least half of their fortunes to helping others -- either during life or through a charitable bequest at death. He counsels people to live well, take care of their families, but if there is money that will be left over, to enrich society by giving back.

For the record, Buffett has indeed put his money where his mouth is. He's donated 99 percent of his fortune to the Bill and Melinda Gates Foundation.

What do you think about Buffett's advice? How do you define wealth?

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randy tangco
July 11, 2010 at 5:09 pm

Warren Buffett work is commendable. Wealth is not only
limited to money. Sharing our material wealth will to
others can provide well-being to others thus living a
legacy and at the same time serve others through
our gift.