Peter Buffett, the son of Warren Buffett, made a decision 47 years ago to trade his $90,000 inheritance in Berkshire Hathaway to pursue his passion for music. Despite potentially missing out on hundreds of millions in profit, he stands by his choice, believing his father would agree. After receiving a portion of the proceeds from the sale of his grandfather’s farm, Peter sold his Berkshire stock and invested in upgrading his recording equipment to pursue a career in music. He dropped out of Stanford University and dedicated his time to honing his piano and music production skills.
Buffett’s big break came when a neighbor connected him with an animator looking for ad tunes for a new cable station, MTV. Since then, he has released around 15 studio albums and has had a successful music career. If Peter had held onto his $90,000 investment in Berkshire Hathaway, it would be worth over $400 million today. However, he doesn’t regret his decision, as he used the money to purchase something he considers more valuable than money: time to pursue what he loves.
Warren Buffett taught his son that work isn’t just about making money but about doing something you love. Peter believes that the money he received was a privilege, acknowledging that it was a gift he had not earned. He used that money to buy time to pursue his passion for music, a decision that his father would be proud of. Warren Buffett has previously advised young people to pursue careers they would want even if money was not a factor in the decision-making process.
Buffett believes that the unpaid hours he spent honing his music skills were essential in finding his sound and approach. This allowed him to create a successful music career that he enjoys waking up to every day. By following his passion, he was able to find success in the music industry. This story is part of a new series on success by Benzinga Inspire, highlighting individuals who have followed their interests to achieve success.
While Peter Buffett may have missed out on potential financial gains by selling his Berkshire Hathaway inheritance, he believes he gained something more valuable by pursuing his passion for music. He used his inheritance to buy time to focus on something he loves to do every day, which has led to a successful and fulfilling music career. Through his story, he exemplifies his father’s advice to pursue work that brings joy and fulfillment, regardless of monetary gain.
