Peter Buffettthe son of a legendary investor Warren Buffettmade a life-changing decision 47 years ago when he traded his inheritance “to buy time.” Despite missing out on what could have been hundreds of millions of dollars in profits, he stands by his choice, confident his father would agree.
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Finding your way: 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), for $90,000, according to CNBC. His father made it clear that he would only receive that amount for his own 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 in San Francisco, and invested in upgrading his recording equipment. He devoted his time to 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 he was a “struggling songwriter” and the neighbor offered to introduce him to his son-in-law who was a host looking for commercials for a new cable channel – it turned out to be MTV.
Buffett is now 66 years old and has released around 15 studio albums during his illustrious career.
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The path not taken: If the legendary investor’s son had stayed in college and kept his $90,000 investment in Berkshire Hathaway, it would be worth more than $400 million today.
“But I didn’t make that choice, and I don’t regret it for a second. I used my little capital to buy something infinitely more valuable than money: I used it 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 the most money, but rather doing something you love to do.
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Buffett acknowledged that the money was a privilege, calling it a gift he didn’t earn.
“Without those hundreds of unpaid hours spent tinkering with my recording equipment, I wouldn’t have found my sound or my approach,” Buffett said.
The musician used the money to buy time to dedicate himself to an activity he loves to do every morning, which is exactly what his father recommends to young people. The billionaire has previously recommended that people pursue the career they want, even if money is not part of the decision-making process.
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This story is part of a new series of articles on the theme of success, Essence inspires. 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 Berkshire Hathaway Inheritance 47 Years Ago to ‘Buy Time,’ He’d Have This Much Money Today originally appeared on Benzinga.com
