Peter Buffettthe son of the legendary investor Warren Buffettmade a life-changing decision 47 years ago when he traded his inheritance “to buy time.” Despite missing out on hundreds of millions of dollars in profits, he stands by his choice, confident his father would approve.
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Finding his path: At age 19, Buffett received a portion of the proceeds from the sale of his grandfather's farm, which his father invested in Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), worth $90,000, according to CNBC. His father made it clear that this was all the financial support he would receive for his personal use. Despite knowing it was his entire inheritance, Peter sold his Berkshire shares to fund his passion for music.
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Buffett dropped out of Stanford University, bought a modest studio apartment in San Francisco, and invested in upgrading his recording equipment. He spent his time honing his piano and music production skills.
His big break came unexpectedly when a neighbor asked him about his profession, setting him on the path to a successful career in music.
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He told the neighbor that he was a “struggling composer” and the neighbor offered to introduce him to his son-in-law, who was an animator and was looking for commercial music for a new cable station – it turned out to be MTV.
Buffett is now 66 years old and has released approximately 15 studio albums in his successful career.
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The Path Not Taken: If the legendary investor's son had stayed in college and held on to his $90,000 investment in Berkshire Hathaway, it would now be worth more than $400 million.
“But I didn't make that choice, and I don't regret it for a second. I used my savings to buy something infinitely more valuable than money: I used them to buy time,” Buffett said.
It’s a decision his father would be proud of, he noted. The billionaire taught his son that work isn’t about making as much money as possible, but about doing something you enjoy.
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Buffett acknowledged that the money was a privilege and called it a gift he had not earned.
“If it weren't for the hundreds of unpaid hours I spent tinkering with my recording equipment, I never would have found my sound or approach,” Buffett said.
The musician used the money to buy time to do something he enjoys every day when he wakes up and does it, which is exactly what his father tells young people to do. The billionaire has previously advocated that people pursue careers they would like, even if money wasn’t part of the decision-making process.
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This story is part of a new series of articles on the topic of success, Benzinga Inspire. Some elements of this story were previously reported by Benzinga and have been updated.
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This article If Warren Buffett's son hadn't sold his $90,000 inheritance from Berkshire Hathaway 47 years ago to 'buy time,' this is what he'd have today originally appeared on Benzinga.com
