I take this to heart...
He could have had the world handed to him by his father Warren. But as Peter Buffett tells it now, that would have been the worst thing for him.
Peter, in his new book Life Is What You Make It: Finding Your Own Path to Fulfillment, says that the values instilled in him by his parents and the opportunity to find his calling in life were worth more than any financial gift he could receive. As his father put it, people who are born with a silver spoon in their mouths end up with a silver dagger in their backs (meaning a sense of entitlement and a lack of personal achievement). Peter wound up, by his own words, normal and happy instead of spoiled.
"Entitlement is the worst thing ever, and I see entitlement coming in many guises. Anybody who acts like they deserve something ‘just because' is a disaster," he said.
When you have a sense of entitlement, nothing is ever good enough. You'll buy a car, then want a nicer car. Your house is never big enough—you'll constantly want to move up. Think of how bitter you'll become from a lifetime of wanting better stuff. Even after you get it, it's not good enough, thus you want even nicer stuff.
Fathers can be more susceptible to this because guys tend to place a higher value on stuff. Money is a scorecard and if we're not doing well financially, we feel we haven't accomplished anything. As Father's Day approaches, remember how important it is to set the right example for your child.
It doesn't take money; just a parent who cares. You don't need to be a millionaire to teach your kid how to put in a hard day's work, or how to live with integrity, or how to care for the people around him or her.
The best things in life can't be bought. When you teach your kids a valuable lesson and see them start to live by that principle, that's priceless. You can give your son or daughter true security in life by letting them find what their calling is (and allowing them to bump their knees while finding it) and instilling in them the values and discipline to become a self-sufficient adult.
When you say no, your kids will grow.