Warren Buffett's Son Cashed In His $90,000 Inheritance at 19
Warren Buffett's Son Who Famously Cashed In His $90,000 Inheritance at 19 Spends Millions in 'Buffett Bucks' Transforming A Small New York Town
Jeannine Mancini Updated Sun, October 6, 2024 Benzinga
Warren Buffett has always been clear about how he wants to handle his wealth with his kids, famously saying he'd give them "enough so they can do anything but not enough so they can do nothing."
His son, Peter Buffett, really took that to heart. At 19, Peter made a bold move by cashing in his $90,000 inheritance – Berkshire Hathaway stock – and using it to chase his dream of becoming a musician. While that stock would be worth hundreds of millions today, Peter has no regrets. For him, it wasn't about the money but the time it bought him to explore his passion.
In 2010, Peter and his wife Jennifer moved to Kingston, a small city in New York's Hudson Valley. From there, they began using their foundation, NoVo, to invest in the community. We're not talking pocket change either – NoVo's contributions rival Kingston's annual budget. One of the more interesting investments? The introduction of a local currency, known by some as "Buffett Bucks."
Yes, you read that right – Buffett Bucks. As part of Peter's vision for sustainable, community-focused development, the NoVo Foundation has supported the creation of a local community currency. The idea is to keep money circulating within the city, supporting local businesses and initiatives. It's an unconventional move, but it's all part of Peter's broader mission to strengthen the area's economy in a way that builds resilience and keeps things local.
Of course, NoVo's influence stretches beyond currency. The foundation has invested millions in projects like the Hudson Valley Farm Hub, which they purchased for $13 million in 2014. The farm has become a cornerstone of local agriculture, growing grains, vegetables and dry beans on 1,500 acres. It's not just about food production; the farm is also a training ground for future farmers, focusing on organic and sustainable practices.
But it's not all smooth sailing. Some Kingston locals have reportedly raised concerns about the foundation's decision-making process, particularly the lack of public input. Transparency becomes a big deal when so much of a town's economy is tied to one private organization. According to Tablet Mag, there are whispers of an unspoken rule: don't talk bad about NoVo if you want to keep getting funding.
Still, Peter isn't one to shy away from criticism. In response to some concerns, he's emphasized that NoVo isn't trying to claim all the answers. They're in it for the long haul, committed to finding solutions through dialogue and collaboration. It's all part of Peter's belief in using his resources not to control but to empower the community.
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