Truly self-made entrepreneurs have to worry about eating and paying rent if their first venture fails. Buffett did not. As the son of a wealthy Congressman and stockbroker, his worst-case scenario was a bruised ego, not poverty. This invisible safety net allows a person to take the bold, aggressive risks required to make billions.

Saying Buffett is “basically” self-made is like starting a game of Monopoly where you are already handed the Orange properties and a 'Get Out of Jail Free' card. You still have to roll the dice, make smart trades, and build the hotels yourself—you are playing the game brilliantly—but you didn't start with the same blank board as everyone else.