At the TED ideas
confab which took place yesterday in Vancouver, the billionaire couple revealed
that in order for their children to learn the value of using money in
constructive ways, they will not shower their children with money
indiscriminately.
In an interview
with Chris Anderson, the
organizer of the TED Ideas confab, the Gates’ expounded on this philosophy:
“You’ve easily got enough money despite your vast contributions to the
foundation to make them all billionaires,” Anderson said of the Gates
offspring. “Is that your plan for them?”
“Nope, they won’t have anything like that,” Bill Gates said. “They need
to have a sense that their own work is meaningful and important.”
Gates said he and his wife came to this point of view about
child-rearing before they were even married after reading an article by Warren
Buffett, who had taken a similar approach to raising his own children. They
came to believe that bestowing massive sums on their heirs wasn’t doing a favor
for society or the kids.
The Gates parents’ attitude toward their kids and money — call it the
anti-Paris Hilton approach — resonates with an attitude
toward wealth that runs as a subtext through TED itself. As an event, TED
manages to gather some of the world’s richest people into one room. Once there,
they’re bombarded with the message that money is not for having but for doing.
As the world’s richest people, the Gates family could spend lifetimes doing
nothing at all. But for the TED set, at least, the only points you get are for
making something happen.
Gates said that as parents, they have been very clear with their
children about their philosophy that most of their money would go to the
family’s charitable foundation. “We want to strike a balance so they have the
freedom to do anything,” Gates said, “but not sort of a lot of money showered
on them so that they can go out and do nothing.”
What do you think?
If you had billions of dollars, would you shower your kids with money and
everything they’ve ever wanted? Or would you take the Bill and Melinda Gates’
approach? Let’s talk about it.
www.wired.com was
first to report this story.
Photo credit: bbc.co.uk
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