Every Christmas Warren Buffett gave $10K to his daughter-in-law, but she spent it all. 5 ways to use your own windfall

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Warren Buffett is known for his generosity — but also his frugality.

That might be why he pulled the plug on large cash gifts for his family after learning they were blowing through the money as quickly as they got it.

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In a 2019 ThinkAdvisor interview, Buffett's former daughter-in-law, Mary Buffett, recalled when he would gift her $10,000 in hundred-dollar bills (1). She reminisced, "As soon as we got home, we'd spend it — whooo!"

As the king of investing — not spending — however, the former CEO of Berkshire Hathaway soon decided the gift of shares would be a better investment for his family's future.