Warren Buffett's Son Says He Had 'No Clue' What His Dad Did For Work And Thought His Job Was Checking Security Alarm Systems
Unlike the stereotypical son of a billionaire, Peter Buffett, legendary investor Warren Buffett's youngest child, enjoyed a down-to-earth childhood. Despite his fatherโs wealth, Peter Buffettโs upbringing lacked the trappings of extreme riches.
As he said on a 2011 Freakonomics podcast, โGrowing up, we really had no clue what my dad did for a living. It was quite mysterious.โ
This captures the normalcy of Peter Buffett's early years. In the podcast, he recalled that in the fourth or fifth grade, his sister wrote down their fatherโs job title as โsecurity analystโ on a form, which he mistakenly assumed meant someone who checks alarm systems.
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This lack of awareness about his fatherโs investment empire speaks volumes. Peter Buffettโs childhood was deliberately distanced from the complexities of Wall Street and billion-dollar deals. It wasnโt until he was 25 that he fully grasped his fatherโs profession, a gradual realization rather than a sudden revelation of their extraordinary wealth.
"The truth is it just wasn't around," he said. "I can't say enough for actions speaking louder than words. So we didn't grow up around the exposition of wealth."
Warren Buffett's decision to shield his children from the pressures of wealth seems to have paid off. His son's brief consideration of joining Berkshire Hathaway Inc. wasnโt driven by family obligation, but rather a fleeting thought. His fatherโs advice to chase a passion over a paycheck resonated deeply โ the Buffetts valued personal fulfillment over following the money.
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A turning point came in 1977 when, at 19, Peter Buffett received an inheritance from his grandfatherโs farm, cleverly converted by his father into $90,000 worth of Berkshire Hathaway stock. He mentioned in the podcast that his dad began the letter by letting him know he'd receive the inheritance with something like "Bonanza time has arrived."
He explained how his father didn't pressure him to pursue a business career or join the company. He knew he wanted to invest the money in his music career and Warren Buffett was supportive. He grew up consistently being told to do what he loved and to follow his heart when it came to a career. This decision became a launching pad for his successful career as an Emmy-winning musician, New York Times best-selling author and philanthropist.
However, had he held that stock, reports say it would have been worth over $300 million today. Being the son of Warren Buffett, he is well aware of what the stock would be worth today. Yet he never regretted his decision.
"I would much rather have invested in myself, taken the time and grown my own life with all the mistakes and all the successes and everything else that I can say is mine โ as opposed to have a pile of money that essentially belonged to somebody else's success," he said.
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