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), amounting to $90,000, according to CNBCHis father made it clear to him that this was the only financial support he would receive for his personal needs. Although he knew this 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 pursue something he loves to do every day when he wakes up,…
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