If you’ve ever wondered what it would be like to be Warren Buffett’s son, Peter Buffett has a story that might surprise you. Forty-seven years ago, Peter made a life-altering decision that changed the course of his financial future. He traded his $90,000 inheritance in Berkshire Hathaway, a company his father, Warren Buffett, had invested in, for a shot at pursuing his passion for music.
At 19 years old, Peter received a portion of the proceeds from the sale of his grandfather’s farm, which his father had invested in Berkshire Hathaway. Warren made it clear that this was the only financial support Peter would receive for personal use. Despite knowing the potential value of the stock he held, Peter decided to sell it to fund his dream of becoming a musician.
Peter dropped out of Stanford University, bought a modest studio apartment in San Francisco, and invested in upgrading his recording equipment to pursue a career in music. His big break came unexpectedly when a neighbor inquired about his profession, which eventually led to a successful career in music, with Peter releasing around 15 studio albums.
If Peter had held onto his $90,000 investment in Berkshire Hathaway, it would be worth over $400 million today. However, Peter stands by his decision, stating that he used his inheritance to buy something more valuable than money: time to pursue his passion. This decision is one that his father, Warren Buffett, would be proud of, as he has always emphasized the importance of doing what you love.
Peter acknowledges that the money he received was a privilege and not something he had earned. He believes that pursuing something you love, even if it means turning down a lucrative opportunity, is essential for true fulfillment in life. This aligns with Warren Buffett’s philosophy of work not being solely about making money, but about doing something meaningful and fulfilling.
So, while Peter could have been incredibly wealthy if he had held onto his Berkshire Hathaway stock, he values the time he bought to pursue his passion for music. This story serves as a reminder that financial decisions are not always about maximizing profits but about finding fulfillment and happiness in life.
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