Warren Buffett, who has three children, shared with Forbes in 2013 how important it is to encourage children to do what they want to do.
"We never gave any instructions on specifics, but I think they did pick up the values that were meaningful to their mother and to myself," Buffett said.
The business magnate noted that one of the things he is most grateful to his father for was his unrelenting support for whatever he wanted to do.
"He was not trying to live his life through me. I tried to pass that on to my children," Buffett said and he did.
Peter Buffett, his son, echoed this mindset in a Reuters interview for his book "Life is What You Make it: Finding Your Own Path to Fulfillment."
"I am my own person and I know what I have accomplished in my life," Buffett's son told Reuters.
"Economic prosperity may come and go," Peter noted in his book. "But values are the steady currency that earn us the all-important rewards."
Many people were shocked when Buffett disclosed to Fortune Magazine in 1986 that he planned to leave much of his wealth to the Buffett Foundation instead of to his children. But that's when he expressed the faith he had in his children and how he raised them.
''My kids are going to carve out their own place in this world, and they know I'm for them whatever they want to do," he said.
At the time of the interview, Buffett agreed with a psychoanalyst that worked with the children of wealthy families when he said, "Pay attention to your kids, spend some time with your kids, love your kids."
Buffett's response: ''Love is the greatest advantage a parent can give.''