How Warren Buffett’s Son Spent $90 Million of His Inheritance

How Did Warren Buffett’s Son Spend His Inheritance Millions?

The Oracle of Omaha, Warren Buffett, has always been transparent about his views on wealth distribution among his children.
He famously stated that he would provide them with “enough to do anything, but not enough to do nothing.”

His son, Peter Buffett, made a bold choice at just 19 years old by cashing in on his $90,000 inheritance (in Berkshire Hathaway stock) to pursue his dream of becoming a musician.
Although those stocks could now be worth hundreds of millions, Peter has no regrets about investing in his passion.

Peter Buffett’s Unique Approach to Wealth

Today, Peter Buffett is utilizing his millions for an unconventional project that even led him to create a local currency.
In 2010, he and his wife Jennifer relocated to Kingston, a quaint town in New York’s Hudson Valley.
There, they began using their NoVo Foundation to invest heavily in the community.

Their contributions are significant; NoVo’s financial input is comparable to Kingston’s annual budget.
Among their most intriguing investments is a local currency known informally as “Buffett Bucks.” To promote sustainable and community-focused economic development, Peter has utilized NoVo’s funds to establish a currency strictly for Kingston.
This initiative aims to facilitate local spending and support businesses, contributing to a resilient local economy.

Broadening the Vision Beyond Currency

NoVo’s activities extend well beyond merely creating a currency.
The foundation invested millions in projects such as the Hudson Valley Farm Hub, acquired for $13 million in 2014.
This farm has become a local agricultural beacon, growing grains, vegetables, and dry beans across 1,500 acres.
Furthermore, it serves as an educational platform for aspiring farmers eager to learn organic and sustainable farming practices.

Scrutiny and Transparency Concerns

However, Peter Buffett’s foundation hasn’t been without its critics.
Some Kingston residents have expressed concerns over the foundation’s decision-making process and the perceived lack of community involvement.
Transparency remains an issue, particularly since a significant portion of the town’s economy is tied to NoVo’s operations.
Reports from Tablet Mag have suggested an unwritten rule: avoid speaking negatively about NoVo if you wish to continue receiving funding.

Despite this scrutiny, Peter remains unflinching.
In response to concerns, he emphasized that NoVo is dedicated to working collaboratively with the community to find solutions.
This commitment is rooted in his belief that resources should empower rather than control.

While Peter Buffett’s journey began with that $90,000 inheritance, his true legacy seems to be transforming Kingston.
Through creating a local currency and funding key community initiatives, Peter is using his “Buffett Bucks” to build something sustainable and meaningful.

For more detailed insights on investments and strategies inspired by Warren Buffett, check out [Investing Like Warren Buffett: The Definitive Guide](https://www.money.it/investire-come-warren-buffett-guida-definitiva).