Warren Buffett offers insight into willpower

Legendary investor Warren Buffet has given the public a glimpse into his will, revealing how he intends to use his $130 billion fortune to help those in need.

The chairman and chief executive of Berkshire Hathaway, 93, said that after his death, almost all of his vast fortune will be put into a charitable trust to be managed by his daughter and two sons.

Buffett also clarified that his donations to the Bill and Melinda Gates Foundation would be terminated.

“The Gates Foundation has no money after my death,” Buffett told The Wall Street Journal.

The active philanthropist has already parted with more than half of his shares in Berkshire Hathway, the multinational holding company he gained control of in 1965.

On Friday morning, Buffett made his final round of charitable donations and still has nearly $130 billion in company stock left.

In order to donate money to the trust, Buffett’s three children will have to agree completely with the causes they choose to sponsor.

However, the billionaire did not prescribe exactly how his children should handle money and offered them nothing more than to return his philosophy.

“It should be used to help people who weren’t as fortunate as us,” said Buffet, who lives in Omaha, Nebraska.

“There are eight billion people in the world and my children and I were in the happiest 100 of the 1 percent or so. There are many ways to help people.’

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In 2006, Buffet, who had previously claimed that he would save philanthropy until his death, changed his mind and announced his desire to give.

He has committed to making annual donations to the Gates Foundation as well as four foundations that have been connected to his family.

At the time, however, it remained a mystery what she would do with her immense fortune after his death.

But Buffet about starting his children’s charitable trust instead of continuing to contribute to the five foundations after his death.

The Nebraska billionaire has changed his will several times, but told the paper he arrived at the current iteration after “watching his children grow up over the years.”

Buffett’s daughter Susie is the oldest of the family at the age of 71. Like her father, she lives in Omaha, where she chairs the Sherwood Foundation, an organization that promotes child education and social justice.

Susie also chairs the Susan Thompson Buffet Foundation, which is dedicated to supporting reproductive rights and providing college scholarships.

Howie Buffet, 69, lives in Illinois, where he owns and runs the Howard G. Buffet Foundation, which focuses on food security, conflict mitigation and human trafficking.

Along with his sister, Howie serves on the Berkshire Board of Trustees.

Peter Buffet, the youngest at age 66, is a composer who lives near Kingston, New York. Together with his wife, Jennifer Buffet, he runs the NoVo Foundation, which works with indigenous communities.

“I feel very, very good about the values ​​of my three children and I have 100 percent faith in how they will do things,” Buffet said proudly.

He added that after he dies, his children will have a clear advantage over him in deciding how to make the best use of his fortune.

“I like to think I can think outside the box, but I’m not sure I can think outside the box when it’s 6 feet below the surface and I’m doing a better job than the three people who are on the surface that I trust completely. ‘