I remember not too long ago when petrochemical billionaire Jon Huntsman appeared on my show and I asked him about his plans to give away all his money. Everyone was asking him about where his dough would go and what charities would benefit?
My question was a tad more selfish:
"How do the kids feel about this," I asked him.
He just laughed. But I was very serious. I always wonder how the offspring feel when dad springs open the wallet on someone else, not them.
First, it was Bill Gates. Soon it will be Warren Buffett.
It's not that any of their kids or family will be hurting, as Huntsman himself told me — with trusts and the like, his kids and grandkids will have something. They just won't have everything: millions, but definitely not billions.
Apparently all the kids of all these billionaires say they're OK with that. I'm here to tell you, they're lying.
I mean, can you just hear the conversation at the dinner table?
"You're doing what with the dough, Dad?!"
How could they not be? Altruism aside, it has to burn them to see non-relations benefiting from dad's cash, and not them.
But dad's mind is made up. And the kids have to stand down.
They're lucky to be getting what they're getting and they're still getting a lot, so they shut up.
After all, things could be worse: They could still all have to work for a living.
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