Peter Buffet’s Lesson on Wealth

In 1977 at the age of 19, Peter Buffet received a $90K inheritance from the sale of his grandfather’s farm. Warren Buffet was clear in telling his kids that he’d give them “enough so they can do anything but not enough so they can do nothing.” ⁽¹⁾ The $90K would be the only inheritance he would ever get for his personal use.

What did Peter do with the money?

He decided to pursue his dreams of becoming a musician, sold his shares of Berkshire Hathaway stock, and he moved to San Francisco. Had he left the money in his dad’s stock in 1977, the investment would be worth more than $300 million for a return of over 300,000%. ⁽²⁾

Does he regret it?

“Not for a second,” he writes. “I used my nest egg to buy something infinitely more valuable than money: I used it to buy time.” The time allowed him to find success in doing the work he loved. ⁽²⁾

By the age of 62, Peter released over a dozen studio albums, mostly in the new age and ambient categories. You may even recognize a few. His first gig was the tune for what was the newly conceived cable channel, MTV, and he also worked on the score for “Dances with Wolves.”

Does Warren Buffet help his kids?

Yes, but only to support their philanthropic endeavors.

Through Warren Buffet’s endowment, Peter and his wife are transforming a small town, Kingston, in the Hudson Valley of New York. Their foundation, NoVo, uses “Buffet Bucks” (yes, that is the local community currency) to form a sustainable society that supports local businesses and initiatives that promote interconnectedness and healing within the community. The farm, Hudson Valley Farm Hub, is the cornerstone for local agriculture and is training future farmers on how to sustainably grow organic food.⁽³⁾

In my opinion, that’s a very rich life!

I wonder what would happen if we all spent more time pursuing our passions and supporting our local communities?

Life is short. Let’s use our money to create joy.

Barbara

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