Warren Buffett's Daughter Slept In A Dresser Drawer Instead Of A Bassinet As A Baby — For His Second Kid, He Borrowed A Crib
Warren Buffett is one of the richest men in the world today, with a net worth of $129 billion. He's also notoriously frugal. Many know he still resides in the house he bought for $31,500 in 1958 and drives a ten-year-old Cadillac with hail damage. However, lesser-known aspects of Buffett's life highlight his commitment to simplicity and prudent spending.
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Buffett's frugality was evident in his family life in the early years. When his first child, Susie, was born in 1953, he and his wife, Susan, lived in a small apartment in New York. The space was so limited that they had to use a dresser drawer as a makeshift bassinet for their newborn. Roger Lowenstein's biography of Buffett detailed this story. For their second child, Howard, born a year later, they borrowed a crib.
Buffett's upbringing had a profound influence on his attitude toward money. Born in 1930, he grew up in a financially cautious environment. His father, Howard Buffett, was a stockbroker and later a Congressman, making discussions about money and politics common in their household. Emotional expressions were rare, and the atmosphere was strict and disciplined.
From a young age, Buffett displayed a talent for business and numbers. By 15, he had saved $2,000 (a significant sum) from delivering newspapers, which he invested in a shop and a farm in Nebraska. His frugal habits continued into his college years at the University of Pennsylvania and later at Columbia University, where he was known for his modest clothing and social awkwardness.
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Buffett's thriftiness extended into his professional life. While working as a stockbroker in New York, he earned a reputation for his frugality. He struck deals to buy week-old magazines at a discount, borrowed neighbors' cars without refilling the gas tank, and maintained a simple lifestyle despite his growing wealth.
In 1956, Buffett returned to Omaha to start his investment firm, managing over $1 million of investors' money. Despite his financial success, his habits remained unchanged. Buffett's diet was simple: he preferred Pepsi, crisps, chocolate, popcorn, steaks, hamburgers, and the occasional sandwich. He wrote unsigned checks to his children for $10,000 to maintain his weight, promising to sign them if he didn't meet his weight goal — a promise he never had to fulfill.
Susan played a crucial role in supporting Buffett's frugality. She ensured his needs were met, from keeping Pepsi in the refrigerator to preparing simple meals. She even cut his hair because he was afraid to go to the barber. Their marriage, though unconventional, was grounded in simplicity and practicality.
Regardless of his wealth, Buffett's frugality and modesty remained constant. He continues to use cash instead of credit for most transactions, enjoys inexpensive hobbies like playing the ukulele, and even once treated Bill Gates to a meal at McDonald's using coupons.
Buffett's success story shows that whether you choose a frugal lifestyle like his or prefer a more extravagant one, the key is to be intentional with your money. Consulting a financial advisor can help you navigate your financial journey, ensuring that your spending habits align with your long-term goals. Just as Buffett found success with his unique approach, you can achieve financial security by making informed choices that suit your personal preferences and financial situation.
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This article Warren Buffett's Daughter Slept In A Dresser Drawer Instead Of A Bassinet As A Baby — For His Second Kid, He Borrowed A Crib originally appeared on Benzinga.com
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