Warren Buffett's son who famously cashed in his $90,000 inheritance at age 19, spending millions on a small New York town converted 'Buffett Box'

Warren Buffett has always been clear about how he wants to manage his wealth with his children, famously saying that he will give them “enough so they can do something but not enough so they can do nothing.”

His son, Peter Buffett, really took it to heart. At 19, Peter took the bold step of cashing in his $90,000 inheritance – Berkshire Hathaway stock – and using it to chase his dream of becoming a musician. Although that stock would be worth tens 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.

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In 2010, Peter and his wife Jennifer moved to Kingston, a small town in New York's Hudson Valley. From there, they began using their foundation, NoVo, to invest in the community. We're not even talking about pocket change – NoVo's contribution rivals Kingston's annual budget. One of the more attractive investments? The introduction of a local currency, known by some as the “Buffet Box”.

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Yes, you read that right – Buffet Box. 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 circulate money within the city, supporting local businesses and enterprises. It's an unconventional move, but it's part of Peter's larger mission to strengthen the area's economy in a way that builds resilience and keeps things local.

Of course, NoVo's influence extends beyond currency. The foundation has invested millions in projects like the Hudson Valley Farm Hub, which they bought in 2014 for $13 million. The farm is 1,500 acres of land, growing grains, vegetables and dry beans to become the mainstay of local agriculture. It is not just about food production; The farm is a training ground for future farmers, focusing on organic and sustainable practices.

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But it's not all smooth sailing. Some Kingston locals reportedly expressed concerns about the foundation's decision-making process, particularly the lack of public input. Transparency becomes a big deal when so much of a city's economy is tied to a private company. According to Tablet Mag, there's a whisper of an unspoken rule: If you want to get funded, don't talk bad about NoVo.

Still, Peter is not one to shy away from criticism. In response to some concerns, he emphasized that NoVo is not trying to claim all the answers. They are in it for the long haul, committed to finding solutions through dialogue and cooperation. It's all part of Peter's belief in using his resources not to control but to empower the community.

So, while Peter Buffett's journey may have started with that $90,000 inheritance, his real legacy seems to be his transformative work in Kingston. Whether it's creating a local currency or funding key community initiatives, Peter is using his “Buffet Box” to go beyond just spending money – it's about creating something sustainable, tangible.

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This article Warren Buffett's son, who famously transformed a small New York town by cashing in his $90,000 inheritance at 19 in the 'Buffett Box', originally appeared on Benzinga.com.

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