Warren Buffett Brilliantly Explains Levels Of Wealth

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you spoke of people being rich and very very rich it seems to me there’s a difference between being rich and being wealthy i assume you consider yourself to be both which is the more important to you well i i think we may ask you to define i don’t want to sound like president clinton here too much but if you really define the rich and wealthy so that i get the distinction then i i think we can give you a better answer on it um well in my mind being rich is having an awful lot of money being very very rich is having even more and being wealthy doesn’t necessarily equate to having a lot of money but what does it equate to then i just i i think i know what you mean but i i i still want you to clear it up before i give you an answer on it well this of course is my opinion i mean you could be wealthy in health for example and i agree with you that certainly there’d be nothing you’d value more than good health for you you know yourself and your family but you go ahead well i i believe you’re starting to get it uh have patience no i there’s no question about it i mean being the money makes very little difference after a a moderate level i tell this to college students that i talk to i mean they are basically living about the same life i’m living you know we eat the same foods i mean i that i can guarantee you and and you know there’s there’s no important difference in our dress there’s no important difference at all in in in the car we drive there’s no difference in the television set that we sit there and you know watch the super bowl on or anything of the source there’s really no difference in you know they’re they’ve got air conditioning in summer and i got air conditioning they’ve got heat in the winter and almost everything uh so any importance in daily life we equate on the one thing i do is i travel a lot better than they do you know net jets uh so the travel is travel i do a lot easier than they do everything else in their lives it just you know i’ll switch places anytime it doesn’t make any difference uh so the then you get down to the things of of health and and who loves you i mean that that’s if you have a minimum level of i mean you want to have enough so that uh you eat three times a day and and that you sleep in reasonably comfortable surroundings and so on but everybody in this room has that and yet some of the people by the definition that you’ve given are obviously much more wealthy than others and it’s not measured by their net worth if you define it that way and i i don’t disagree with that definition i wouldn’t i might not use the term wealth in describing it but i’d certainly just you know maybe call it well-being or something of the sort charlie sure there are a lot of things in life way more important than wealth all that said some people do get confused i play golf with a man he says what good is health you can’t buy money with it do i ever tell you about charlie’s twin brother that he golf a lot no i’ll take health any time incidentally so uh but no the important thing even in your work i mean is to an extreme extent it seems to me is who you do it with i mean that you can have if you’re going to spend eight hours a day working the most important thing isn’t how much money you make it’s it’s how you feel during those eight hours in terms of the people you’re interacting with and how interesting what you’re doing is and all of that well you know i consider myself incredibly lucky in that respect i can’t think of anything i’d rather do and i can’t think of any group of people i’d rather do it with and if you ask me to trade away a very significant percentage of my net worth either for some extra years online or being able to do during those years what i want to do you know i’d do it in a second

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