Skip to Content

Go back to school with your Mac, iPhone and TUAW

Posts with tag warren buffett

The gospel of celebrity wealth: Don't leave it to the kids

Filed under: Kids and Money, Wealth, Charity

warren buffettMost parents want to leave their kids with a safety net. And for some, that net could be several million dollars strong. But a growing number of parents are afraid inherited wealth could damage their children. So rather than letting their children enjoy the laurels of their drive and perseverance, these 10 famous names won't have their children living off their fortunes. See who's trying to teach their children the ultimate lesson on the value of money and work.

Forbes Top 400, aka "The Billionaire Shuffle"

Filed under: Entrepreneurship, Wealth

Remember when a million dollars was a lot of money? Maybe, like me, you dreamed of growing up, becoming a millionaire, and living a life of ease. Of course, I always stretched out the syllables and imagined that my "Meeeeeelion" dollars would land me a place "above the law." Now I just dream of becoming Vice President.

At any rate, Forbes recently released its "Top 400 list," outlining the 400 richest people in America and demonstrating once again that a million dollars really isn't all that much money anymore. For the second year in a row, the entry price to the big list is $1.3 billion, meaning that 89 billionaires weren't even able to claim basic membership in the ultimate plutocrats' club.

This year, there were a few shakeups, notably Bill Gates' return to the number one position after he edged aside that scruffy upstart Warren Buffett. In another interesting advance, Michael Bloomberg, mayor of New York, shot up from number 65 to number 8 on the list, demonstrating that there is, actually, a lot of money in public service.

There were also some very interesting new names in the 400. Facebook's Mark Zuckerberg made the list for the first year, debuting at number 321 with a measly $1.5 billion. He was joined by 32 other new plutocrats, including fertilizer magnate Alexander Rovt and John Paul DeJoria, who made his money in Patrón tequila.

Of course, every new person on the list means that somebody else has entered the depressing, plebian world of people who are worth less than $1.3 billion. Perhaps the most interesting of these was Maurice "Hank" Greenberg, former head of AIG. I wonder how long it will be before a few of his former colleagues also find themselves tumbling into the land of normal (obscenely rich) people!

Bruce Watson is a freelance writer, blogger, and all-around cheapskate. He thinks we should eat the rich.

Warren Buffett, the most expensive lunch, and a bargain-priced alternative

Filed under: Bargains, Budgets, Entrepreneurship, Extracurriculars, Food, Wealth, Charity, Investing

Actually, that title is probably an exaggeration. While the $2.1 million that Zhao Danyang paid for a three-hour lunch with Warren Buffett is a ridiculous amount of money, I'm sure that some smartass classics scholar is going to point out that Cleopatra had a more expensive meal at some point.

That having been said, the fact that the Chinese investment fund manager was willing to shell out such an exorbitant sum for three hours with the famed "Oracle of Omaha" says a lot about uncertainty in the economy and the incredible amount of respect that Buffett commands.

In a characteristically modest statement, the guru himself admitted that "It kind of blew me away." The money will go to support the Glide Foundation, a San Francisco-based charity.

While previous Buffett lunch winners have attested to the wonders of a little private time with the investment guru, the sad fact is that most of us will never be able to come up with the necessary funds to meet the master. With that in mind, I am offering a value-priced alternative. For a mere $12, the cost of a Reuben at Junior's Delicatessen, Walletpop readers in the New York City area can have the joy of a half-hour lunch with me. While I have neither the wisdom, investing skill, or snappy wardrobe of Mr. Buffett, I can speak intelligently about a variety of topics for up to a half hour (hence the time limit). Moreover, I can pretty much guarantee that I will be a far more interesting lunch partner than Keanu Reeves, Andie McDowell, or even David Beckham. Call now, as spaces are limited!

Bruce Watson is a freelance writer, blogger, and all-around cheapskate. Although he is a big fan of the Junior's Reuben, he would also be willing to meet at Katz's, Barney Greengrass, or Dojo. Mendy's is out.