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Fortune
Fortune
Eleanor Pringle

Warren Buffett used to gift his family $10,000 every Christmas—until he noticed they were spending it too fast

Warren Buffett, CEO of Berkshire Hathaway (Credit: JOHANNES EISELE—AFP/Getty Images)

If you’re spending Christmas with a billionaire, you might expect an extravagant gift or two underneath the tree, and despite Warren Buffett’s reputation for living a frugal lifestyle, his family did grow accustomed to being gifted piles of cash for the holidays.

However, when the Oracle of Omaha found out how his family were behaving after receiving their gifts, he changed tack—ensuring that his wealth wasn’t just a present for Christmas, it was for life.

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