Peter Buffettson of the legendary investor Warren BuffettHe made a life-changing decision 47 years ago when he traded his inheritance to “buy time.” And even though he lost what could have been hundreds of millions of dollars in profits, he stands by his choice, confident that his father would approve.
Don’t miss:
Finding his way: At age 19, Buffett received a portion of the proceeds from the sale of his grandfather’s farm, which his father had invested in Berkshire Hathaway (NYSE:BRK) (NYSE:BRK), which was worth $90,000, according to cnbcHis father made it clear that this was all the financial support he would receive for his personal use. Despite knowing that this was his entire inheritance, Peter sold his Berkshire shares to finance his passion for music.
See also: Don’t miss out on Nvidia’s next release – You can invest in the future of artificial intelligence for as little as $10.
Buffett dropped out of Stanford University, bought a modest studio apartment in San Francisco, invested in upgrading his recording equipment, and devoted his time to honing his piano playing and music production skills.
His big break came unexpectedly when a neighbor asked him what his profession was, setting him on the path to a successful career in music.
Most popular: Mark Cuban believes that “the next wave of revenue generation is around real estate and entertainment” – This new real estate fund allows you to get started with just $100.
He told his neighbor he was a “struggling composer,” and the neighbor offered to introduce him to his brother-in-law, an animator looking for commercial tunes for a new cable station—which turned out to be MTV.
Buffett is now 66 years old and has released about 15 studio albums during his successful career.
Most popular: This Jeff Bezos-backed startup will let you Become a property owner in just 10 minutes, and all you need is $100..
The path not taken: If the legendary investor’s son had stayed in college and kept his $90,000 investment in Berkshire Hathaway, his investment today would be worth more than $400 million.
“But I didn’t make that choice and I don’t regret it for a moment. I used my savings to buy something infinitely more valuable than money: I used it to buy time,” Buffett said.
He noted that this decision would be a source of pride for his father. The billionaire taught his son that work is not about making as much money as possible, but about doing something you love.
Most Popular: How Billionaires Pay Less Income Tax Than You Deferring taxes is their first strategy..
Buffett admitted that the money was a privilege, describing it as a gift he did not deserve.
“Without those hundreds of unpaid hours I spent tinkering with my recording equipment, I would never have been able to find my voice or my approach,” Buffett said.
The musician used the money to buy time to pursue something he enjoyed waking up and doing every day, which is exactly what his father advised young people to do. The billionaire has previously advised people to pursue the careers they want even if money isn’t part of the decision-making process.
Check this out:
This story is part of a new series of articles on the topic of success, Gasoline inspiration. Some elements of this story were previously published by Benzinga and have been updated.
“The Secret Weapon of Active Investors” Power Your Stock Market with the #1 “News and Everything Else” Trading Tool: Benzinga Pro – Click here to start your 14-day trial now!
Get the latest stock analysis from Benzinga?
This article If Warren Buffett’s son hadn’t sold his $90,000 inheritance from Berkshire Hathaway 47 years ago to “buy time,” he’d have that much money today. Originally appeared on Benzinga.com