World-renowned billionaire Warren Buffett has generated a stir online after recounting his response to his daughter Susie’s request for a $41,000 loan. At 94 years old, Buffett is one of the wealthiest individuals globally, boasting a net worth of $142 billion, according to Bloomberg. Known for his philanthropy, having donated billions to charitable causes, he takes a notably frugal approach when it comes to financial assistance for his children.
In the HBO documentary Becoming Warren Buffett, Susie shared an anecdote that underscores her father’s steadfastness in financial matters. This isn’t the first time she has addressed his frugality; in a 2011 article for the Globe and Mail, Susie recalled asking Warren for a loan to renovate her kitchen ahead of welcoming a new baby. His straightforward advice was to “go to the bank like everyone else.”
This response has sparked a range of opinions online, highlighting Buffett’s principle of encouraging financial independence, even among his family.
In a 2017 revisit of the kitchen renovation story, Susie Buffett clarified that her request for a $41,000 loan from her father, billionaire Warren Buffett, was not for a handout, but rather a genuine loan. “I thought I was asking for a loan. I was not asking him to give me the money,” she explained. Despite her intentions, Warren’s refusal surprised her. “I thought, oh come on, can’t you do this?” she shared.
Jokingly, Susie expressed her concern that her father’s legendary thriftiness might leave her in a precarious situation. “I’m going to be on the cover of People magazine someday, homeless, because my dad will be like this super-rich guy, and we’ll all be wandering around,” she quipped.
Despite the apparent stinginess, Susie never perceived her father as cheap. “I never felt like he was cheap or whatever word you want to use – thrifty,” she stated. Growing up in the Buffett household, she enjoyed a relatively normal upbringing, even as her father became one of the world’s wealthiest individuals. “We grew up in this very normal sort of situation… kind of the regular father-knows-best situation,” she recalled, mentioning how she and her siblings would quickly spend their allowances on candy and magazines. She also shared a humorous anecdote about a slot machine their dad owned, noting how they would put their money in, but Warren would simply open the back to retrieve it.
In the documentary, Susie highlighted the influence of her mother in softening Warren’s approach over the years. “He definitely has loosened up as we’ve gotten older,” she remarked. “I think part of it is my mother. I’m sure she was just poking at him slowly for years.” She added that as they matured, it became clear that their personalities were set. “Whatever we are, we are, and it’s not that bad,” Susie noted, explaining that Warren’s anxiety about money has gradually eased with time.
Susie Buffett has expressed a deep appreciation for her father Warren Buffett’s careful approach to money, viewing it as a positive influence on their lives. Reflecting on her experience, she concluded that despite not receiving the $41,000 loan she requested for a kitchen renovation, “I basically think he’s been right.”
In a 2017 interview with Business Insider, Susie voiced her agreement with her father’s financial principles. “I actually agree with his philosophy of not dumping a bunch of money on your kids. And, by the way, my dad gets a bad rap for that,” she stated. She emphasized that Warren has been more generous than many people realize. “I feel extremely grateful to have the parents I had and for what they’ve given us. But certainly, he’s not going to leave us $50 billion and shouldn’t. It would be crazy to do anything like that,” she added.
Susie’s reflections highlight her belief that her father’s frugality has instilled valuable lessons in financial responsibility, reinforcing the idea that true wealth comes from hard work and wise choices.
Leave a Reply