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Peter Buffett, the son of long-term investing legend Warren Buffett, made a life-changing decision nearly 50 years ago when he traded his inheritance “to buy time.” Although he missed out on what could have been hundreds of millions of dollars in profit, he stands by his choice, confident that his father would agree.
Finding His Path: At 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-A) (NYSE: BRK-B), amounting to $90,000, according to CNBC. His father made it clear that this was all the financial support he would receive for personal use. Despite knowing it was his entire inheritance, the legendary investor’s son sold his Berkshire stock to fund his passion for music.
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Buffett dropped out of Stanford University, purchased a modest studio apartment in San Francisco, and invested in upgrading his recording equipment. He dedicated 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.
He told the neighbor that he was a "struggling composer" and the neighbor offered to introduce him to his son-in-law who was an animator looking for ad tunes for a new cable station — it turned out to be MTV.
Buffett is now 66 years of age and has released around 15 studio albums over his successful career.
The Path Not Taken: If the son of the legendary investor would have stayed in college and held onto his $90,000 investment in Berkshire Hathaway, it would be worth over $500 million today.
"But I didn’t make that choice and I don’t regret it for a second. I used my nest egg to buy something infinitely more valuable than money: I used it to buy time," Buffett said.
That's a decision that his father would be proud of, he noted. The billionaire taught his son that work isn't about making as much money as possible, instead it's about doing something that you love to do.