Music What Can We Learn from Peter Buffett's Journey Beyond His Father's Wealth?

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Peter Buffett, son of billionaire investor Warren Buffett, inherited $90,000 in stock at age 19, a modest sum compared to his father's wealth. In his memoir, "Life Is What You Make It," Peter expresses gratitude for his father's decision to provide emotional support rather than substantial financial aid, which he believes helped him succeed as an Emmy Award-winning musician. Warren Buffett maintains a consistent daily routine, reflecting his passion for work. The discussion highlights the importance of teaching financial management over simply providing wealth, emphasizing that instilling values and a strong moral compass is more beneficial than offering material security. The conversation also touches on the potential pitfalls of wealth inheritance and the idea that financial success should be earned rather than handed down.
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I heard an interesting interview with Peter Buffett, son of Warren Buffett.

http://www.npr.org/templates/story/story.php?storyId=126538348

When Peter Buffett was 19 years old, he inherited $90,000 in stock — no more, no less. That isn't exactly a small sum, but when you consider that Buffett's father — billionaire investor Warren Buffett — is one of the richest people in the world, that inheritance starts to look a little skimpy.

But Peter Buffett doesn't seem to mind. In his new memoir, Life Is What You Make It, he explains that he's glad his father didn't let him take the easy way out. With plenty of emotional support — but little financial support from his parents — Peter Buffett has become an Emmy Award-winning musician. He talks to NPR's Renee Montagne about how he learned to "make the best of a good situation."

. . . .
Warren Buffett still lives in the house where Peter and his siblings grew up. Peter says that his father has essentially maintained the same routine since 1964 — every day he drives himself to work, parks in the same parking space, goes to work in the same building. It's a "well-worn groove" that works for the legendary investor, because he "loves what he does so much," his son explains.
. . . .
That was a lot of money when I was 19. That would have paid for my parents house!

Peter Buffet's website - http://www.peterbuffett.com/index3.html

He is a musician and philanthropist.

One may encounter something affiliated with Berkshire Hathaway any day.
http://en.wikipedia.org/wiki/List_of_assets_owned_by_Berkshire_Hathaway
 
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Also note that the initial $90K would today be worth 70 million if he hadn't spent it...

Maybe his dad was trying to teach him an object lesson, and he just didn't follow it.

I believe Buffet had 3 children and he did the same with all of them.

Just handing someone money teaches them nothing.. teach them how to manage money and they'll go much further..

IMHO having the right values and moral compass trumps a few creature comforts and security. I'm right on board with Warren.

Go Dad!
 
This is a hard problem. I've thought about it for years. The answer is to do what Buffet did but then after your kids turn out well you give them the billions anyway. If they think the money is heading their way it will corrupt them.
 

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