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Warren Buffett's son says his father made him 'think for himself' about his life. Here are three things he learned

Warren Buffett's son says his father made him 'think for himself' about his life. Here are three things he learned

 


Warren Buffett's son says his father made him 'think for himself' about his life. Here are three things he learned

Billionaire investor Warren Buffett is one of the richest people in the world, but surprisingly, he has no plans to keep his vast fortune in the family.

While some ultra-wealthy families find themselves embroiled in succession battles, Buffett appears to have avoided it all by setting clear expectations: His children and grandchildren won't inherit much of his fortune, but will instead work it out for themselves.

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“There was no blank check anywhere,” Peter Buffett, the youngest Warren son, told KETV Newswatch 7 in April. Like many in the Buffett family, Peter had to find his own career path, and he became a musician and composer.

In 2010, he published a book documenting his father's work ethic and family values, “Life Is What You Make It.” Here are the three most important lessons Peter learned from his iconic father.

The challenge of self-discovery

Peter explains that the key to Buffett's success is that he's built a career on his underlying passion.

For my father, and now for me, the essence of a good work ethic begins with taking on the challenge of self-discovery — finding what you love — so that work can become enjoyable, perhaps even sacred, even when or especially when the work is particularly difficult and arduous, as my father wrote in his book.

Buffett has previously said he became fascinated with stock investing at a relatively early age, first investing at just 11. The legendary investor has also advised young people to find a job that they love, even if they become independently wealthy.

In other words, it's easier to devote hours to a project every day for decades if it's something you truly enjoy.

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Focus, focus, focus

Buffett, along with other iconic business leaders like Bill Gates, have spoken about the value of focus: Buffett, for example, focused on researching and acquiring companies, while Gates focused on technological innovation.

Peter writes that his father's focus on the process was almost mystical.

The story continues

Buffett's work ethic is a testament to the idea that great success requires dedicated attention.

Work is more important than pay

It's probably easy to think that the world's richest people began their careers with the aim of accumulating as much capital as possible, but Peter believes that his father's massive fortune, currently estimated by Forbes magazine at $134 billion, is a by-product of his work, not his main goal.

If his father had worked primarily for money, he wrote, his efforts would quickly have become monotonous and merely routine.

Peter suggests that his father's ability to separate his work from the potential rewards was key to his success.

Rewards like capital growth and income are fickle and outside of one's control, and bad economic times can wipe out years of hard work, but passionate entrepreneurs never feel like failures or are forced to give up.

Why stake our self-worth on factors beyond our control? Peter asks in his book:

Instead, people who are passionate about what they love may continue to work regardless of the reward — they may find fulfillment in completing the task rather than the potential reward.

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This article is for informational purposes only, should not be construed as advice, and is provided without warranty of any kind.

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