WEBVTT 00:00:00.799 --> 00:00:02.331 Hi. My name is Christin Lovegrove. 00:00:02.331 --> 00:00:03.888 I'm a Senior Finance Major. 00:00:04.119 --> 00:00:07.012 And our society that's so material and you 00:00:07.012 --> 00:00:08.686 and your families are so well-off, 00:00:08.686 --> 00:00:10.874 how do you ensure that your children value 00:00:11.500 --> 00:00:13.206 things that aren't material and things 00:00:13.241 --> 00:00:14.848 that will truly make them happy in the end? 00:00:17.507 --> 00:00:20.133 Well, I was a little lucky in that respect 00:00:20.168 --> 00:00:22.071 in that my kids didn't think I was rich. 00:00:23.664 --> 00:00:25.022 And I wasn't rich for a while, 00:00:25.057 --> 00:00:27.573 but even after I was, you know, 00:00:27.573 --> 00:00:30.069 we lived in the same house...There's only one house 00:00:30.104 --> 00:00:31.774 they've known in their life in terms of 00:00:31.809 --> 00:00:34.888 a primary home and they went to public schools in Omaha. 00:00:34.923 --> 00:00:38.021 And we lived in a neighborhood where, 00:00:38.056 --> 00:00:40.184 and we still do, where the average income 00:00:40.219 --> 00:00:42.069 is probably more or less average for Omaha. 00:00:42.104 --> 00:00:44.286 So they really didn't have that problem. 00:00:44.633 --> 00:00:45.992 My kids didn't even know what I did. 00:00:46.027 --> 00:00:49.390 I mean 'cause I - probably 'cause 00:00:49.425 --> 00:00:50.447 I couldn't explain it very well. 00:00:50.482 --> 00:00:53.252 But they didn't grow up in a rich environment. 00:00:53.287 --> 00:00:58.250 Now, Bill's situation's different and just in terms of you know, 00:00:58.285 --> 00:01:00.273 being a celebrity and all of that sort of thing. 00:01:00.308 --> 00:01:02.303 And that came late enough with me that it 00:01:02.338 --> 00:01:05.133 didn't really pose - pose problems for the family. 00:01:05.168 --> 00:01:08.176 But it has to be a - it's a significant factor. 00:01:08.211 --> 00:01:09.272 And I'll turn it over to Bill. 00:01:09.307 --> 00:01:12.255 Yeah I can verify what Warren said about his house. 00:01:12.290 --> 00:01:15.404 I was very excited to go visit. 00:01:15.404 --> 00:01:16.720 You know, I think what has he done. 00:01:16.755 --> 00:01:19.284 What amazing things he's going to have 00:01:19.319 --> 00:01:21.115 and I went to his dining room. 00:01:21.150 --> 00:01:23.352 He didn't even have seats on the chairs. 00:01:23.387 --> 00:01:27.172 And he didn't even know they were missing either. 00:01:29.581 --> 00:01:31.616 There's no hurry on these things, Bill, I mean. 00:01:33.568 --> 00:01:37.906 I think it is tough and perhaps particularly so 00:01:38.496 --> 00:01:41.329 when children grow up and have 00:01:41.364 --> 00:01:43.599 a very nice house and they think, 00:01:43.634 --> 00:01:45.746 you know, what are the real limitations? 00:01:45.781 --> 00:01:47.495 I do think there are some very basic 00:01:47.530 --> 00:01:49.501 things around giving them an allowance 00:01:49.580 --> 00:01:51.600 at a young age and sticking to that 00:01:51.635 --> 00:01:53.063 and having them decide that ok 00:01:53.063 --> 00:01:54.510 you want to buy a candy bar today. 00:01:54.599 --> 00:01:57.729 That means you can't buy one in the future. 00:01:57.764 --> 00:02:02.285 Start to figure out that there are real limits. 00:02:02.320 --> 00:02:05.715 I do think we're lucky that our children will 00:02:05.750 --> 00:02:10.478 get to go to Africa and Asia and see how people live 00:02:10.513 --> 00:02:12.869 and even from a young age, 00:02:12.904 --> 00:02:16.840 understand that the United States is in terms 00:02:16.875 --> 00:02:19.441 - statistically an aberration that the lifestyles 00:02:19.441 --> 00:02:23.141 we have we should wish that many decades 00:02:23.176 --> 00:02:24.846 in the future that the world at large 00:02:24.881 --> 00:02:26.373 can live in these same ways. 00:02:26.408 --> 00:02:29.855 And, you know, hope that people treat 00:02:29.890 --> 00:02:32.241 them in a normal way and treat them 00:02:32.276 --> 00:02:34.456 for what they're actually good at. 00:02:34.491 --> 00:02:36.145 That, you know, would bother me a lot 00:02:36.180 --> 00:02:39.102 if they were being approached because somebody 00:02:39.202 --> 00:02:40.843 thought they could influence something, 00:02:40.878 --> 00:02:41.931 you know, it's an awful thing. 00:02:41.931 --> 00:02:44.326 Every kid should be evaluated based 00:02:44.361 --> 00:02:46.746 on who they are and what they're doing. 00:02:46.781 --> 00:02:49.480 Our kids are rich or are going to be rich 00:02:49.515 --> 00:02:52.313 by the standards of the world, 00:02:52.348 --> 00:02:53.849 they don't think they're going to inherit 00:02:53.884 --> 00:02:57.992 a significant portion of the fortunes of either of us. 00:02:58.027 --> 00:03:00.732 I mean 99 percent of what I have will 00:03:00.771 --> 00:03:02.544 - it'll go to philanthropy one way or another 00:03:02.579 --> 00:03:05.843 and Bill has the same attitude that basically 00:03:05.878 --> 00:03:09.972 that we are not going to turn out 00:03:10.007 --> 00:03:12.489 some super wealthy, super-super wealthy. 00:03:12.524 --> 00:03:13.536 'Cause they'll be wealthy, 00:03:13.571 --> 00:03:15.348 I mean there's no question about that. 00:03:16.517 --> 00:03:20.856 But the idea of dynastic fortunes, 00:03:20.856 --> 00:03:23.351 you know, I find it turns me off. 00:03:23.386 --> 00:03:25.511 I don't think it's what America's about. 00:03:25.546 --> 00:03:27.519 And I don't think - and if you talk about equality 00:03:27.554 --> 00:03:28.952 of opportunity in this country 00:03:28.987 --> 00:03:31.154 and really having everybody with talents, 00:03:31.189 --> 00:03:33.470 having a fair shot at getting the brass ring and all of that, 00:03:33.470 --> 00:03:36.955 the idea that you hand huge positions 00:03:36.990 --> 00:03:38.896 in society on simply 00:03:38.896 --> 00:03:40.507 because someone came from the right womb, 00:03:40.780 --> 00:03:45.195 you know, I find that - I just think it's almost un-American.